Merck & Co. reported strong financial results for the third quarter of 2025, with total worldwide sales reaching $17.3 billion, a 4% increase from the same period in 2024, or 3% on a constant currency basis. The growth was driven primarily by oncology, cardiovascular, and diabetes products, despite declines in vaccines, virology, and immunology segments.
Keytruda sales surged 10% to $8.1 billion, boosted by solid demand across metastatic and earlier-stage cancer indications including triple-negative breast cancer and non-small cell lung cancer. Meanwhile, Winrevair sales more than doubled, reaching $360 million. In contrast, Gardasil and Gardasil 9 vaccine sales declined 24% to $1.7 billion, mainly due to lower demand in China.
Merck’s GAAP earnings per share rose 87% to $2.32, while non-GAAP EPS increased 64% to $2.58. GAAP net income jumped 83% to $5.8 billion, reflecting improved operational performance and lower restructuring costs. The company incurred a $0.10 per share charge related to a milestone payment for technology transfer of MK-2010.
Strategically, Merck completed the acquisition of Verona Pharma, strengthening its portfolio with the COPD maintenance treatment Ohtuvayre. The firm also advanced its pipeline with FDA approvals for Keytruda QLEX SC injection across solid tumor indications and positive clinical trial results in oncology and cardiovascular disease settings.
Merck reaffirmed its full-year 2025 financial outlook, expecting sales between $64.5 billion and $65.0 billion, and raised its non-GAAP EPS guidance range to $8.93–$8.98. The company continues significant investments in U.S. manufacturing and R&D, including its $3 billion Center of Excellence in Elkton, Virginia, aimed at supporting long-term growth.
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