Merck anticipates underlying operating expenses to increase mid- to high-single digits in 2027
MRK•Merck expects underlying operating expenses to increase by mid- to high-single digits in 2027. The company expects moderating Keytruda growth as certain approved indications approach peak revenues, and said benefits for Keytruda and Winrevair will fully unwind in the fourth quarter of 2026.
1. Expense outlook
Merck anticipates underlying operating expenses will increase by mid- to high-single digits in 2027.
2. Keytruda and product benefits
Merck expects moderating growth for Keytruda as certain approved indications approach peak revenues, and said policy dynamics will affect the German market. Benefits for Keytruda and Winrevair are expected to fully unwind in the fourth quarter of 2026; the majority of vaccine benefits, primarily Gardasil, are expected to unwind in 2027.
