Merck Q2 Revenue Hits $16.6B, Raises 2026 Sales Outlook; Keytruda QLEX Launch Gains Traction
MRK sits 68% above its 52-week low of $77.53.
Summary
Merck reported Q2 2026 revenue of $16.6 billion, a 5% increase, and raised its full-year sales guidance. KEYTRUDA QLEX contributed $463 million, and WINREVAIR grew 75%. The company also highlighted FDA approval of LIPFENDRA and positive pipeline data.
Key Events · Earnings and Guidance · MRK
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Q2 Revenue Beats, Guidance Raised
Total sales of $16.6 billion grew 5% year-over-year, exceeding expectations. Full-year 2026 sales guidance was raised to $66.3–$67.3 billion.
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KEYTRUDA QLEX Launch Gains Traction
KEYTRUDA QLEX, the subcutaneous formulation, generated $463 million in sales, demonstrating strong early adoption and a potential strategy to extend the franchise beyond the 2028 patent cliff.
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WINREVAIR and New Products Drive Growth
WINREVAIR sales surged 75% to $588 million. Other new launches like OHTUVAYRE and CAPVAXIVE also contributed, diversifying revenue away from Keytruda.
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Pipeline Advances with Key Approvals and Data
FDA approved LIPFENDRA for hypercholesterolemia. Positive Phase 3 results were announced for sac-TMT in endometrial cancer and an oral once-weekly HIV regimen (islatravir/lenacapavir).
Analysis · MRK · Life Sciences
A strong second quarter saw total sales climb 5% to $16.6 billion, fueled by oncology and fresh launches. The subcutaneous formulation KEYTRUDA QLEX brought in $463 million in its first full quarter, signaling a successful transition strategy ahead of the 2028 patent cliff. WINREVAIR sales surged 75% to $588 million, and the company raised its full-year sales guidance to $66.3–$67.3 billion. The GAAP loss of $0.54 per share reflects a $2.31 charge for the Terns acquisition, but non-GAAP loss was only $0.13. Pipeline momentum continued with FDA approval of LIPFENDRA and positive Phase 3 data for sac-TMT and an oral HIV regimen. This report reinforces Merck's ability to grow through innovation and offset looming Keytruda exclusivity losses.
At the time of this filing, MRK was trading at $130.00 on NYSE in the Life Sciences sector, with a market capitalization of approximately $315.6B. The 52-week trading range was $77.53 to $135.05. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.