Merck Sees Strong Revenue Growth in Q2 2026 Despite Terns Acquisition Charge

Merck & Co., Inc. (NYSE:MRK) released its second-quarter 2026 earnings report, showing strong revenue growth driven by demand in Oncology and Animal Health. The company reported revenue of $16.6 billion, a 4% increase excluding foreign exchange impacts.

The key driver of this growth was the strong performance of KEYTRUDA, which generated sales of $8.4 billion, up 4% excluding exchange impacts due to increased uptake in earlier-stage cancers and metastatic indications. KEYTRUDA QLEX sales also rose to $463 million following the establishment of a permanent J-code in April.

WINREVAIR sales grew 75% year over year as more than 1,800 new patients in the U.S. received prescriptions. Animal Health revenue increased 5% excluding exchange impacts led by ruminant and poultry products in the Livestock segment.