Merck Q1 2026 Revenue $16.3B, Keytruda Grows 12% Ahead of Expectations

Merck disclosed in its April 30, 2026 SEC 8-K filing that Q1 2026 total revenue reached $16.3 billion, representing 5% year-over-year growth, with adjusted EPS beating market consensus by $0.20.

Q1 2026 Results at a Glance

Merck's Q1 revenue of $16.3 billion grew 5% versus the prior year period at $15.5 billion. Growth was driven by strong performance in oncology, particularly Keytruda, and gains in animal health. However, one-time Cidara Therapeutics acquisition charges of $3.62 per share resulted in a GAAP net loss per share of -$1.72. Excluding one-time items, adjusted (Non-GAAP) net loss per share was -$1.28.

• Revenue: $16.3 billion, +5% year-over-year
• GAAP net loss per share: -$1.72 (includes Cidara acquisition costs)
• Non-GAAP adjusted net loss per share: -$1.28, beat consensus by $0.20
• Keytruda/Keytruda Qiviut (oncology) revenue: $8.0 billion, +12%
• Animal health segment revenue: $1.8 billion, +13%

2026 Full-Year Guidance (Company Guidance)

Merck raised its 2026 full-year total revenue guidance to $65.8–$67.0 billion. Adjusted Non-GAAP EPS guidance was increased to $5.04–$5.16. The company noted this guidance excludes one-time costs associated with the Tunrus Pharmaceuticals acquisition, expected to close in May, estimated at approximately $5.8 billion or ~$2.35 per share. CEO Robert Davis stated: 'We are rapidly transitioning to a portfolio with growth drivers across diverse therapeutic areas.'

Market Reaction

According to StreetInsider, Merck's adjusted earnings per share beat market expectations by $0.20. Barron's analysis suggests structural risks beyond Keytruda patent cliff represent a greater concern. Stock price reaction metrics were not included in this disclosure.

Key Revenue by Business Segment

• Keytruda/Keytruda Qiviut (oncology): $8.0 billion, +12% — Increased demand in bladder, breast, cervical, and renal cell carcinomas
• Gardasil/Gardasil 9 (HPV vaccine): $1.1 billion, -19% — Reduced demand in China and Japan
• Januvia/Janumet (diabetes): $570 million, -28% — Intensified generic competition
• Winrevair (pulmonary arterial hypertension): $530 million, +88% — Launch impact in US, Japan, and Europe
• Bridion (anesthesia reversal): $470 million, +7%
• Lynparza (oncology, AstraZeneca collaboration): $340 million, +9%
• Prevymis (antiviral): $270 million, +31% — New indication launch benefit
• Welireg (renal cell carcinoma): $200 million, +45%
• Animal health segment total: $1.8 billion, +13%

This article was auto-generated based on the SEC 8-K filing and third-party reporting to provide rapid dissemination of key data following announcement. Review official company disclosures before making investment decisions.