Merck beats third quarter 2026 expectations as Keytruda and Winrevair drive 5% sales growth

Merck reported strong third quarter 2026 results, surpassing analyst estimates for both revenue and earnings. Performance was anchored by the sustained dominance of the Keytruda oncology franchise and the rapid commercial scale-up of Winrevair for pulmonary arterial hypertension. While generic competition impacted legacy brands like Bridion and Januvia, the company raised its full-year sales and non-GAAP EPS guidance midpoints to reflect robust demand and pipeline execution.

Key Highlights

• Keytruda franchise sales reached $8.6 billion, a 6% year-over-year increase supported by uptake in earlier-stage indications and increased inventory channel benefits.
• Winrevair sales surged 93% to $694 million, driven by strong demand in the U.S. and initial launch success in Europe and Japan.
• Non-GAAP EPS of $2.49 included a $0.12 per share one-time charge related to a new global license agreement with SciBrunch.
• Full-year 2026 sales guidance was narrowed and raised to a range of $66.8 billion to $67.3 billion, with adjusted EPS outlook increased to $2.77–$2.82.