Merck's second-quarter 2026 revenue rose 5% year-over-year to $16.607 billion (approx. ₩23.8 trillion), but the company swung to a net loss due to costs tied to its acquisition of Terns Pharmaceuticals, according to an SEC Form 8-K filing.
📊 Price at time of writing (August 5, 2026, 05:07 KST)
$128.00 ▲ +0.18%
≈ ₩182,912 (exchange rate: 1,429)
Earnings at a Glance
Revenue for the quarter came in at $16.607 billion, up 5% year-over-year, driven largely by higher sales of cancer drug Keytruda and pulmonary arterial hypertension treatment Winrevair. However, a one-time charge tied to the Terns Pharmaceuticals acquisition ($2.31 per share) pushed both GAAP and non-GAAP (adjusted, excluding one-time items) results into net-loss territory. During the quarter, cholesterol drug Lipfendra also won U.S. FDA approval, while trials for an endometrial cancer treatment and an HIV therapy produced positive results.
- Revenue: $16.607 billion (approx. ₩23.8 trillion), up 5% year-over-year
- Keytruda and Keytruda QLEX sales: $8.366 billion (approx. ₩12.0 trillion), up 5%
- Winrevair sales: $588 million (approx. ₩840.3 billion), up 75%
- GAAP EPS: -$0.54 loss (vs. $1.76 profit in the year-ago quarter)
- Adjusted (non-GAAP) EPS: -$0.13 loss (vs. $2.13 profit in the year-ago quarter)
Outlook
Merck narrowed and raised its full-year 2026 revenue guidance to $66.3–67.3 billion (approx. ₩94.8–96.2 trillion). Non-GAAP EPS guidance, however, was lowered to $2.66–$2.76, reflecting $2.43 per share in Terns-related costs — $2.31 in one-time charges plus roughly $0.12 in deal financing and follow-on development costs.
Market Reaction
Following the earnings release, Merck shares rose 0.18% to $128.00 (approx. ₩182,912) as of 5:07 a.m. KST on August 5. Reuters said the results topped expectations on strong Keytruda sales. The Wall Street Journal and Quartz, however, noted that Terns acquisition costs weighed on the full-year profit outlook. Bloomberg reported that full-year revenue guidance was actually raised, citing growth in newer drug sales.
Segment Breakdown
- Pharmaceutical segment: $14.76 billion (approx. ₩21.1 trillion), up 5% year-over-year
- Animal Health segment: $1.8 billion (approx. ₩2.6 trillion), up 8% year-over-year
This article was automatically generated based on the original SEC Form 8-K filing and international media reports, with the aim of delivering key data quickly after the announcement. Readers are advised to review the company's official disclosure before making trading decisions. Prices reflect the time of writing and may differ from current levels.
