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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Umer Raffat | Evercore ISI | 7 (57%) |
| Chris Schott | JPMorgan | 7 (29%) |
| Akash Tewari | Jefferies | 6 (33%) |
| James Shin | Deutsche Bank | 5 (0%) |
| Daina Graybosch | Leerink Partners | 5 (0%) |
| Mohit Bansal | Wells Fargo | 5 (40%) |
| Vamil Divan | Guggenheim | 5 (0%) |
| Alex Hammond | Wolfe Research | 4 (0%) |
| Courtney Breen | Bernstein | 4 (25%) |
| Terence Flynn | Morgan Stanley | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Evercore ISI | 1 | 7 (57%) |
| JPMorgan | 1 | 7 (29%) |
| Citigroup | 2 | 6 (0%) |
| Jefferies | 1 |
| 6 (33%) |
| Deutsche Bank | 1 | 5 (0%) |
| Guggenheim | 1 | 5 (0%) |
| Bank of America | 2 | 5 (80%) |
| Leerink Partners | 1 | 5 (0%) |
Merck delivered total revenue of $16.3 billion, up 5% (3% ex-FX), led by the KEYTRUDA family at $8 billion (+8%, including roughly $250 million of favorable U.S. purchase timing) and WELIREG at $199 million (+43%), with Animal Health up 6% and newer launches WINREVAIR ($525 million) and CAPVAXIVE ($142 million) continuing to scale. GARDASIL remained the principal drag at $1.1 billion, down 22% on expected China and Japan weakness. A $9 billion one-time charge tied to the Cidara Therapeutics acquisition drove a reported loss of $1.28 per share (a $3.62 per share impact); excluding it, operating expenses grew just 2% and underlying profitability was intact. Management narrowed and raised the midpoint of full-year 2026 guidance to $65.8-$67 billion in revenue (1-3% growth) and $5.04-$5.16 in EPS, excluding the pending Terns Pharmaceuticals acquisition and its expected $5.8 billion charge.
Innovation & R&D | Competitive Dynamics | Regulation Policy | Product Launch | Demand | M&A | Guidance Reliability | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 2 | 3 | 1 | 5 | 1 | 2 | 1 |
| 2025Q1 | 2 | 1 | 5 | 2 | 2 | 2 | 3 | |
| 2025Q2 | 6 | 3 | 3 | 3 | 1 | 2 | 1 | 1 |
| 2025Q3 | 5 | 2 | 3 | 4 | 1 | 1 | 1 | |
| 2025Q4 | 8 | 4 | 1 | 3 | 1 | 1 | 1 | |
| 2026Q1 | 11 | 7 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 4 | 2 | 6 | 5 | 8 | 11 |
| Competitive Dynamics | 2 | 1 | 3 | 2 | 4 | 7 |
| Regulation Policy | 3 | 5 | 3 | 3 | 1 | 2 |
| Product Launch | 1 | 3 | 4 | 3 | ||
| Demand | 5 | 2 | 1 | 1 | 1 | |
| M&A | 1 | 2 | 2 | 1 | 1 | 2 |
| Guidance Reliability | 2 | 2 | 1 | 1 | 1 | |
| Trade Tariffs | 1 | 3 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $15.62B | +6.8% | $1.48 | +408.3% | 27.8% | 24.0% | $2.51B |
| FY2025 Q1 | $15.62B | -1.0% | $2.01 | +7.5% | 43.0% | 32.5% | $1.17B |
| FY2025 Q2 | $15.80B | -1.9% | $1.76 | -17.8% | 40.2% | 28.0% | $2.53B |
| FY2025 Q3 | $17.18B | +3.2% | $2.32 | +87.1% | 43.4% | 33.7% | $6.83B |
| FY2025 Q4 | $16.32B | +4.5% | $1.19 | -19.6% | 37.7% | 18.2% | $1.82B |
| FY2026 Q1 | $16.29B | +4.3% | $-1.72 | -185.6% | -11.6% | -26.0% | $2.93B |
| FY2026 Q2 | $16.61B | +5.1% | $-0.54 | -130.7% | -2.6% | -8.0% | $4.48B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What MRK and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Accenture, Nike and Merck are among the first of nearly 50 customers signing on to use our new model.”
Merck is among the first customers adopting Workday's new Flex Credits consumption pricing model.
“This quarter alone, we added Merck, who signed a very large strategic collaboration with us.”
Merck signed a large strategic data and modeling collaboration with Tempus, a read-through that Merck is investing meaningfully in de-identified oncology data and AI for its R&D.
“That includes major global brands like Bosch, Cityweft, Merck and Mars Inc.”
Merck is named among major global brands adopting Gemini Enterprise.
“This model has gained traction across a number of our clients, including Clorox, Dyson, Delta, Exxon, Kroger, Merck and Unilever.”
Merck is named as a client deepening its relationship with Omnicom.
“We expanded nationwide access to the first FDA-approved companion diagnostics that helps identify platinum-resistant ovarian cancer patients who may benefit from Merck's KEYTRUDA, which can reduce the risk of disease progression and improve overall survival.”
Labcorp launched the first FDA-approved companion diagnostic tied to Merck's KEYTRUDA for platinum-resistant ovarian cancer, a demand read-through for the drug.
“We and our partner, Merck, have been really excited by the clinical data that we've seen with Intismeran to date, including the Phase II.”
Moderna and partner Merck are jointly advancing Intismeran (INT) individualized cancer therapy, expanding into a Phase III lung-cancer monotherapy; positive read-through for Merck's oncology collaboration.
“even after many months of competition from Merck holding share steady at 70%.”
Pfizer says its Prevnar adult pneumococcal vaccine is holding 70% share despite competition from Merck's rival adult pneumococcal vaccine.
“in collaboration with Merck, later this quarter. These trials are evaluating islatravir plus lenacapavir for virally suppressed people with HIV, and if successful, this could result in the first ever long-interval oral treatment regimen.”
Gilead is co-developing the once-weekly oral islatravir plus lenacapavir HIV regimen with Merck, with Phase 3 ILLAND updates expected shortly.
“once-weekly combination with Gilead s lenacapavir, an HIV capsid inhibitor”
Merck is co-developing a once-weekly HIV regimen pairing islatravir with Gilead’s lenacapavir.
“As announced last week with our partner, Eisai, the combination regimens from the LITESPARK-012 study did not meet the dual primary end point”
The Merck/Eisai LITESPARK-012 combo (WELIREG + Lenvima) missed its dual primary endpoint in first-line RCC.
“including a $9 billion onetime charge related to the acquisition of Cidara Therapeutics.”
Merck booked a $9B one-time charge tied to its acquisition of Cidara Therapeutics.
“a recent agreement with the Mayo Clinic that will allow us to leverage Mayo's clinical insights and genomic data sets at scale.”
Merck signed an agreement to leverage Mayo Clinic clinical insights and genomic data at scale.
“This complements our recently expanded collaboration with Tempus AI designed to advance our precision oncology strategy”
Merck expanded its Tempus AI collaboration for precision oncology.
“Last week, we announced a multiyear partnership with Google Cloud to scale advanced AI, data and agentic capabilities across our company.”
Merck signed a multiyear Google Cloud partnership to scale AI/agentic capabilities, a new enterprise win for Google Cloud.
“The second candidate from our acquisition of iBio.”
MK-8748, now entering Phase IIb/III, came from Merck’s prior acquisition of iBio.
“Our planned acquisition of Terns Pharmaceuticals with its promising candidate for certain patients with chronic myeloid leukemia is another example of our science-led business development strategy in action.”
Merck is acquiring Terns Pharmaceuticals for TERN-701 (CML), which it sees as multibillion-dollar potential.
“our antibody drug conjugate being developed in collaboration with Daiichi Sankyo for adult patients with previously treated extensive stage small cell lung cancer.”
Daiichi Sankyo co-develops I-DXd with Merck; FDA priority review granted, advancing the partnered ADC.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MRK Merck & Co., Inc. | 7 | +4.3% | |
| ABBV AbbVie | 9 | +12.4% | |
| AMGN Amgen Inc. | 8 | +5.8% | |
| BIIB Biogen | 4 | +1.9% | |
| BMY Bristol Myers Squibb | 4 | +2.6% | |
| GILD Gilead Sciences | 8 | +4.4% | |
| JNJ Johnson & Johnson | 7 | +9.9% | |
| LLY Lilly (Eli) | 10 | +55.5% | |
| PFE Pfizer | 5 | +5.4% |