Merck Stock Holds Steady After Q2 Earnings Beat Expectations

Merck & Co.'s stock price stood at USD 148.01 on September 24, 2026, down 0.05 percent from its previous close. The company's second-quarter earnings report beat expectations despite acquisition costs.

The Q2 revenue of USD 16.61 billion exceeded the consensus estimate of USD 16.33 billion, representing a 5 percent year-over-year increase. Merck also reported an adjusted loss per share of USD 0.13, better than the expected loss of USD 0.26 per share.

The company booked a one-time charge of USD 2.31 per share related to its Terns Pharmaceuticals acquisition. As a result, Merck's adjusted EPS guidance for 2026 was revised downward to USD 2.66-2.76 from the previous range of USD 5.04-5.16.

Key product sales were mixed, with Keytruda and Keytruda Qlex reaching USD 8.37 billion, a 4 percent increase from last year. Winrevair sales climbed 75 percent to USD 588 million, while Gardasil and Gardasil 9 sales rose 3 percent to USD 1.17 billion. However, Vaxneuvance sales fell 36 percent to USD 148 million.

Guggenheim raised its price target for Merck to USD 170 from USD 146 and maintained a Buy rating on August 25, 2026. The new target is 14.86 percent above the current stock price of USD 148.01. The next Q3 earnings release date is set for October 28, 2026.