NYSE$MRK
Merck & Co. · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Merck reported Q3 2025 sales of $17.3B with net income of $5.8B and diluted EPS of $2.32.
Worldwide sales increased 4% to $17.3 billion as Keytruda, Winrevair, and animal health grew, partially offset by vaccine and virology declines. Net income attributable to Merck was $5.8 billion; diluted EPS was $2.32. Oncology and cardiometabolic franchises remain the earnings engine while Gardasil and vaccine supply timing weighed on comparisons.
- Q3 sales $17.3B (+4% YoY); nine-month sales $48.6B.
- Keytruda global sales +10% in the quarter on demand and pricing.
- Net income $5.8B; diluted EPS $2.32.
- Winrevair and Capvaxive contributed to newer product growth.
- Vaccine manufacturing timing and competitive pressure hurt some franchises.
Headline financials
Revenue & EPS history
Merck · Revenue · Quarterly
$17.3B
Revenue by segment
Merck · $15B total across 2 segments · Q2 2023
- Pharmaceutical$13.5B+5.6%90.0%
- Animal Health$1.51B+0.6%10.0%
Forward guidance
Large-cap industrials and healthcare cite volume, pricing, and pipeline execution rather than single-quarter EPS targets.
Tailwinds
- Product mix and new launches support growth.
- Cost programs and productivity.
- Capital returns and balance-sheet capacity.
Headwinds
- Regulatory and reimbursement pressure.
- Input costs and FX.
- Patent cliffs or supply constraints.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2025
-0.4%
Avg return
Earnings day
-0.4%
Avg return
5 days after
+1.4%
Avg return
30 days after
51%
37 / 73 earnings
Positive
+8.0%
Q3 2021
Best reaction
-11.7%
Q3 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.0% | +2.0% | +6.9% | |
| Q4 2025 | +2.2% | +7.6% | +2.4% | |
| Q3 2025 | -1.0% | -3.1% | +21.1% | |
| Q2 2025 | +1.2% | +1.0% | +5.2% | |
| Q1 2025 | +1.5% | +7.6% | -1.5% | |
| Q4 2024 | -9.1% | -12.5% | -5.8% | |
| Q3 2024 | -2.8% | -3.0% | -3.0% | |
| Q2 2024 | -11.5% | -9.8% | -8.1% | |
| Q1 2024 | +3.3% | +1.7% | +2.0% | |
| Q4 2023 | +4.7% | +5.1% | +5.1% | |
| Q3 2023 | -0.8% | -0.9% | -1.7% | |
| Q2 2023 | -0.9% | -1.5% | +2.2% | |
| Q1 2023 | +1.8% | +3.9% | -2.1% | |
| Q4 2022 | -3.8% | -1.2% | -0.1% | |
| Q3 2022 | +2.4% | +1.4% | +9.2% | |
| Q2 2022 | -2.1% | -4.0% | -2.2% | |
| Q1 2022 | +5.1% | +3.2% | +10.3% | |
| Q4 2021 | -4.2% | -6.2% | -5.1% | |
| Q3 2021 | +8.0% | +9.2% | -2.9% | |
| Q2 2021 | -1.9% | -2.5% | -2.6% | |
| Q1 2021 | -3.4% | -1.4% | -1.6% | |
| Q4 2020 | -2.0% | -2.9% | -5.4% | |
| Q3 2020 | -3.4% | -4.6% | +1.5% | |
| Q2 2020 | +4.5% | +3.4% | +8.4% | |
| Q1 2020 | -3.8% | -7.5% | -5.9% | |
| Q4 2019 | -3.0% | -3.1% | -7.0% | |
| Q3 2019 | +4.9% | +3.3% | +6.6% | |
| Q2 2019 | +0.6% | +2.4% | +5.1% | |
| Q1 2019 | +2.5% | +4.2% | +3.8% | |
| Q4 2018 | +3.3% | +4.0% | +9.7% | |
| Q3 2018 | -0.2% | +3.3% | +5.9% | |
| Q2 2018 | +1.2% | +2.3% | +7.9% | |
| Q1 2018 | -2.7% | -1.9% | +1.1% | |
| Q4 2017 | -5.8% | -6.6% | -9.2% | |
| Q3 2017 | -11.7% | -10.7% | -12.3% | |
| Q2 2017 | +0.3% | -0.4% | -1.2% | |
| Q1 2017 | +2.0% | +2.5% | +4.6% | |
| Q4 2016 | +3.5% | +3.4% | +7.2% | |
| Q3 2016 | +0.2% | -3.1% | +1.5% | |
| Q2 2016 | +0.4% | -1.3% | +7.6% | |
| Q1 2016 | -2.2% | — | — | |
| Q4 2015 | -3.6% | — | — | |
| Q3 2015 | +4.1% | — | — | |
| Q2 2015 | +2.7% | — | — | |
| Q1 2015 | +4.5% | — | — | |
| Q4 2014 | -3.0% | — | — | |
| Q3 2014 | -3.1% | — | — | |
| Q2 2014 | +0.2% | — | — | |
| Q1 2014 | +3.3% | — | — | |
| Q4 2013 | +0.5% | — | — | |
| Q3 2013 | -2.1% | — | — | |
| Q2 2013 | -0.3% | — | — | |
| Q1 2013 | -2.7% | — | — | |
| Q4 2012 | -5.6% | — | — | |
| Q3 2012 | -1.4% | — | — | |
| Q4 2011 | -1.0% | — | — | |
| Q2 2012 | +2.6% | — | — | |
| Q1 2012 | +2.0% | — | — | |
| Q3 2011 | -1.5% | — | — | |
| Q2 2011 | -1.6% | — | — | |
| Q1 2011 | -0.7% | — | — | |
| Q4 2010 | +0.8% | — | — | |
| Q3 2010 | -1.8% | — | — | |
| Q2 2010 | +0.8% | — | — | |
| Q1 2009 | -0.1% | — | — | |
| Q1 2010 | +0.1% | — | — | |
| Q4 2009 | +1.4% | — | — | |
| Q4 2007 | +1.4% | — | — | |
| Q3 2009 | -3.5% | — | — | |
| Q3 2008 | -3.5% | — | — | |
| Q2 2008 | +1.7% | — | — | |
| Q2 2009 | +1.7% | — | — | |
| Q4 2008 | +1.7% | — | — |
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