Merck beats Q2 revenue estimates, raises FY revenue outlook

• Oncology sales — Growth was driven by strong global uptake of Keytruda and Keytruda Qlex in earlier-stage and metastatic indications.
• New product launches — Winrevair sales rose 75%, reflecting continued uptake in the U.S. and early launch uptake in Japan and Europe.
• Acquisition charge — Adjusted loss per share was mainly due to a $2.31 per share charge for the acquisition of Terns Pharmaceuticals.

The company raised and narrowed its full-year 2026 sales outlook to $66.3 billion-$67.3 billion.

Merck now expects 2026 non-GAAP earnings per share of $2.66-$2.76, including one-time charges. The outlook does not assume additional significant business development transactions.