Merck (MRK) Q3 2026 Earnings Review: Keytruda growth lifts sales and profit outlook
Earnings results
- EPS beat 19.1%
Adjusted profit/share: $2.49 · Cons.: $2.09
- Revenue beat 4.7%
Actual: $18.085B · Cons.: $17.28B
- Guidance raised
Sales: $66.8–67.3B vs $66.3–67.3B; adjusted profit/share: $2.77–2.82 vs $2.66–2.76
What the company reported
Keytruda and newer medicines drove a sales beat, while Merck raised the midpoint of its annual sales and adjusted earnings outlook.
Q3 2026 earnings recap
Merck beat third-quarter forecasts as Keytruda and newer medicines grew, lifting its full-year sales and profit outlook despite higher costs.
- Sales rose 5% to $18.1 billion, although about $550 million of favorable pharmaceutical purchase timing makes the underlying pace worth watching.
- Keytruda sales, including its newer injection, grew 6% to $8.6 billion, while Winrevair nearly doubled to $694 million and helped diversify growth.
- Adjusted profit per share of $2.49 beat the $2.09 forecast, but reported profit per share fell 12% as higher production and other costs weighed on margins.
- Merck raised its annual adjusted profit forecast to $2.77–2.82 despite a new licensing charge, with a lower expected tax rate also supporting earnings.
- At the October 28 close, Merck traded near 5.2 times trailing sales, while large research acquisition charges made its earnings multiple unusually high.
- Shares rose about 1.8% before the October 29 open, with the completed chart showing support near $139–140 and recent highs around $149–154.
The next test is whether newer medicines and promising cancer treatments can deliver durable growth as Merck manages costs and its reliance on Keytruda.
Financials, technicals and earnings
Charts through Oct 28, 2026.
Technical setup and risks
Watch whether newer drugs sustain growth beyond Keytruda and whether the stock holds repeated October lows near $139–140.
AI-assisted earnings research with verified issuer results. Charts use the stated completed session. Educational information; investing involves risk.