Merck raises profit forecast after strong Keytruda sales — CNBC

In the United States, pharmaceutical company Merck exceeded analysts’ expectations for the third quarter and raised its adjusted profit forecast. As CNBC reports, the stronger results were driven by higher-than-expected sales of the cancer drug Keytruda, including its new injectable form, Qlex.

Merck’s third-quarter revenue totaled $18.09 billion, up 5% from the same period a year earlier. Analysts surveyed by LSEG had expected $17.31 billion. Adjusted earnings per share reached $2.49, compared with the forecast $2.08. The company’s net income was $5.07 billion, or $2.04 per share, compared with $5.79 billion, or $2.32 per share, a year earlier.

Keytruda sales exceeded expectations

Quarterly sales of Keytruda reached $8.6 billion, exceeding analysts’ expected $7.73 billion. Of that amount, $830 million came from Keytruda Qlex, the highest quarterly figure for this form of the drug since its launch in 2025. According to StreetAccount, analysts had forecast Qlex sales of $649 million.

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Merck views Qlex as one of the key elements of its growth strategy. The company aims to transition patients from the intravenous form of Keytruda to subcutaneous injections, which are considered more convenient. This is expected to help it protect its market share and sustain sales of the drug after key patents begin to expire in 2028.

Updated forecast and results of other businesses

The company raised its adjusted earnings forecast to $2.77–$2.82 per share from the previous range of $2.66–$2.76. The new forecast includes one-time costs of $400 million, or 12 cents per share, related to a licensing agreement with Chinese cancer drug manufacturer SciBrunch.

Merck’s revenue forecast for 2026 stands at $66.8–$67.3 billion, with the lower end of the range raised from $66.3 billion. Sales of Winrevair, used to treat a rare lung disease, rose 93% year over year to $694 million. The Gardasil vaccine, which helps prevent cancers associated with the human papillomavirus, generated about $2 billion. Sales in the animal health division totaled $1.68 billion and were slightly below analysts’ expectations.