{"id":56309,"date":"2026-02-04T23:25:44","date_gmt":"2026-02-04T15:25:44","guid":{"rendered":"https:\/\/flcube.com\/?p=56309"},"modified":"2026-02-04T23:25:46","modified_gmt":"2026-02-04T15:25:46","slug":"merck-keytruda-revenue-drives-65-5b-sales-despite-gardasil-china-slump","status":"publish","type":"post","link":"https:\/\/flcube.com\/?p=56309","title":{"rendered":"Merck Keytruda Revenue Drives $65.5B Sales Despite Gardasil China Slump"},"content":{"rendered":"\n<p><strong>Merck &amp; Co.<\/strong> (MSD, <a href=\"https:\/\/www.google.com\/finance\/quote\/MRK:NYSE\">NYSE: MRK<\/a>) reported full\u2011year 2025 revenue of <strong>USD\u202f65.5\u202fbillion<\/strong>, up <strong>2% year\u2011on\u2011year (YOY)<\/strong> at constant currency, as blockbuster <strong>Keytruda<\/strong> sales growth offset a <strong>39% collapse<\/strong> in <strong>Gardasil<\/strong> revenue due to plummeting demand in China. The company guided 2026 revenue of <strong>USD\u202f65.5\u201367\u202fbillion<\/strong> while projecting <strong>USD\u202f70\u202fbillion<\/strong> in new revenue opportunities by 2030.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-financial-performance-summary\">Financial Performance Summary<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Metric<\/th><th>Q4\u202f2025<\/th><th>Full\u2011Year\u202f2025<\/th><th>YOY Growth (CER)<\/th><\/tr><\/thead><tbody><tr><td><strong>Total Revenue<\/strong><\/td><td>USD\u202f16.4\u202fB<\/td><td>USD\u202f65.5\u202fB<\/td><td>+2%<\/td><\/tr><tr><td><strong>Pharmaceutical Sales<\/strong><\/td><td>USD\u202f14.84\u202fB<\/td><td>USD\u202f58.14\u202fB<\/td><td>+1%<\/td><\/tr><tr><td><strong>Animal Health<\/strong><\/td><td>\u2014<\/td><td>USD\u202f6.35\u202fB<\/td><td>+9%<\/td><\/tr><tr><td><strong>2026 Guidance<\/strong><\/td><td>\u2014<\/td><td>USD\u202f65.5\u201367\u202fB<\/td><td>+1\u20133%<\/td><\/tr><tr><td><strong>Keytruda Sales<\/strong><\/td><td>USD\u202f8.3\u202fB<\/td><td>USD\u202f31.64\u202fB<\/td><td>+7%<\/td><\/tr><tr><td><strong>Gardasil Sales<\/strong><\/td><td>USD\u202f1.01\u202fB<\/td><td>USD\u202f5.23\u202fB<\/td><td>-39%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-product-sales-performance\">Key Product Sales Performance<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Product<\/th><th>2025 Sales<\/th><th>YOY Growth<\/th><th>Strategic Role<\/th><\/tr><\/thead><tbody><tr><td><strong>Keytruda (pembrolizumab)<\/strong><\/td><td>USD\u202f31.64\u202fB<\/td><td>+7%<\/td><td>Oncology cornerstone<\/td><\/tr><tr><td><strong>Januvia\/Janumet (sitagliptin)<\/strong><\/td><td>USD\u202f2.5\u202fB<\/td><td>+13%<\/td><td>Diabetes stable growth<\/td><\/tr><tr><td><strong>Welireg (belzutifan)<\/strong><\/td><td>USD\u202f716\u202fM<\/td><td>+41%<\/td><td>Renal cell carcinoma<\/td><\/tr><tr><td><strong>Winrevair (sotatercept)<\/strong><\/td><td>USD\u202f1.4\u202fB<\/td><td>\u2014<\/td><td>PAH launch success<\/td><\/tr><tr><td><strong>Capvaxive (21-valent PCV)<\/strong><\/td><td>USD\u202f760\u202fM<\/td><td>\u2014<\/td><td>Vaccine launch growth<\/td><\/tr><tr><td><strong>Gardasil (HPV vaccine)<\/strong><\/td><td>USD\u202f5.23\u202fB<\/td><td>-39%<\/td><td>China demand collapse<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-regional-performance-trends-pharmaceutical-sales\">Regional Performance Trends (Pharmaceutical Sales)<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Region<\/th><th>Q4\u202f2025 (USD\u202fM)<\/th><th>Q4 Growth<\/th><th>2025 Sales (USD\u202fM)<\/th><th>2025 Growth<\/th><\/tr><\/thead><tbody><tr><td><strong>United States<\/strong><\/td><td>8,662<\/td><td>+12%<\/td><td>34,409<\/td><td>+14%<\/td><\/tr><tr><td><strong>Europe<\/strong><\/td><td>2,839<\/td><td>+14%<\/td><td>10,449<\/td><td>+2%<\/td><\/tr><tr><td><strong>Japan<\/strong><\/td><td>684<\/td><td>-16%<\/td><td>2,632<\/td><td>-18%<\/td><\/tr><tr><td><strong>China<\/strong><\/td><td>364<\/td><td>-58%<\/td><td>1,816<\/td><td>-66%<\/td><\/tr><tr><td><strong>Latin America<\/strong><\/td><td>644<\/td><td>-5%<\/td><td>2,578<\/td><td>-4%<\/td><\/tr><tr><td><strong>Asia\u2011Pacific (ex\u2011China\/Japan)<\/strong><\/td><td>586<\/td><td>-4%<\/td><td>2,323<\/td><td>-5%<\/td><\/tr><tr><td><strong>EEMEA<\/strong><\/td><td>348<\/td><td>0%<\/td><td>1,598<\/td><td>+7%<\/td><\/tr><tr><td><strong>Canada<\/strong><\/td><td>153<\/td><td>+6%<\/td><td>547<\/td><td>-2%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-strategic-outlook-amp-ceo-commentary\">Strategic Outlook &amp; CEO Commentary<\/h2>\n\n\n\n<p><strong>CEO Robert Davis<\/strong> emphasized the company\u2019s portfolio transformation, highlighting acquisitions of <strong>Verona Pharma<\/strong> and <strong>Cidara Therapeutics<\/strong> to expand respiratory and infectious disease franchises. Davis expressed confidence that Merck is on track to <strong>replace Keytruda sales after loss of exclusivity<\/strong>, forecasting a \u201cline of sight to over <strong>USD\u202f70\u202fbillion<\/strong> of potential commercial opportunity by the mid\u20112030s,\u201d up from <strong>USD\u202f50\u202fbillion<\/strong> a year ago.<\/p>\n\n\n\n<p>Despite a projected <strong>USD\u202f2.5\u202fbillion<\/strong> hit from generic competition and US drug price negotiations, Merck expects <strong>1\u20133% revenue growth<\/strong> in 2026.<\/p>\n\n\n\n<p><strong>Forward\u2011Looking Statements<\/strong><br>This brief contains forward\u2011looking statements regarding revenue projections, product performance, and strategic outlook. Actual results may differ due to competitive dynamics, regulatory changes, and market conditions.<a href=\"https:\/\/flcube.com\/\">-Fineline Info &amp; Tech<\/a><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/flcube.com\/wp-content\/uploads\/2026\/02\/Merck-Co-Inc-Rahway-N-J-USA-Announces-Fourth-Quarter-and-Full-Year-2025-Financial-Results-Highlights-Progress-Advancing-Broad-Div-MCS77.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Merck--Co--Inc--Rahway-N-J--USA-Announces-Fourth-Quarter-and-Full-Year-2025-Financial-Results-Highlights-Progress-Advancing-Broad-Div-MCS77.\"><\/object><a id=\"wp-block-file--media-bf58447e-d211-47e7-8394-0692bc543ee9\" href=\"https:\/\/flcube.com\/wp-content\/uploads\/2026\/02\/Merck-Co-Inc-Rahway-N-J-USA-Announces-Fourth-Quarter-and-Full-Year-2025-Financial-Results-Highlights-Progress-Advancing-Broad-Div-MCS77.pdf\">Merck&#8211;Co&#8211;Inc&#8211;Rahway-N-J&#8211;USA-Announces-Fourth-Quarter-and-Full-Year-2025-Financial-Results-Highlights-Progress-Advancing-Broad-Div-MCS77<\/a><a href=\"https:\/\/flcube.com\/wp-content\/uploads\/2026\/02\/Merck-Co-Inc-Rahway-N-J-USA-Announces-Fourth-Quarter-and-Full-Year-2025-Financial-Results-Highlights-Progress-Advancing-Broad-Div-MCS77.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-bf58447e-d211-47e7-8394-0692bc543ee9\">Download<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Merck &amp; Co. (MSD, NYSE: MRK) reported full\u2011year 2025 revenue of USD\u202f65.5\u202fbillion, up 2% year\u2011on\u2011year&#8230;<\/p>\n","protected":false},"author":1,"featured_media":56311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAownpewDA:productID":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[16,13,39,20,27,31,108,2675,176,903,18,12],"class_list":["post-56309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-cancer","tag-covid-19","tag-diabetes","tag-finance","tag-finanical-reports","tag-generic-drugs","tag-high-blood-pressure","tag-merck-sharp-dohme","tag-msd","tag-nyse-mrk","tag-pd-1-l1","tag-vaccine"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.6 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Merck Keytruda Revenue Drives $65.5B Sales Despite Gardasil China Slump - Insight, China&#039;s Pharmaceutical Industry<\/title>\n<meta name=\"description\" content=\"Merck &amp; Co. 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(MSD, NYSE: MRK) reported full\u2011year 2025 revenue of USD\u202f65.5\u202fbillion, up 2% year\u2011on\u2011year (YOY) at constant currency, as blockbuster Keytruda sales growth offset a 39% collapse in Gardasil revenue due to plummeting demand in China. 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(MSD, NYSE: MRK) reported full\u2011year 2025 revenue of USD\u202f65.5\u202fbillion, up 2% year\u2011on\u2011year (YOY) at constant currency, as blockbuster Keytruda sales growth offset a 39% collapse in Gardasil revenue due to plummeting demand in China. The company guided 2026 revenue of USD\u202f65.5\u201367\u202fbillion while projecting USD\u202f70\u202fbillion in new revenue opportunities by 2030.","breadcrumb":{"@id":"https:\/\/flcube.com\/?p=56309#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/flcube.com\/?p=56309"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/flcube.com\/?p=56309#primaryimage","url":"https:\/\/flcube.com\/wp-content\/uploads\/2026\/02\/0407.webp","contentUrl":"https:\/\/flcube.com\/wp-content\/uploads\/2026\/02\/0407.webp","width":1080,"height":608,"caption":"Merck Keytruda Revenue Drives $65.5B Sales Despite Gardasil China Slump"},{"@type":"BreadcrumbList","@id":"https:\/\/flcube.com\/?p=56309#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/flcube.com\/"},{"@type":"ListItem","position":2,"name":"Merck Keytruda Revenue Drives $65.5B Sales Despite Gardasil China Slump"}]},{"@type":"WebSite","@id":"https:\/\/flcube.com\/#website","url":"https:\/\/flcube.com\/","name":"Insight, China's Pharmaceutical Industry","description":"Fineline Insights, Pharma Clarity","publisher":{"@id":"https:\/\/flcube.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/flcube.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/flcube.com\/#organization","name":"Fineline Infomation and Technology","alternateName":"Fineline Info & Tech","url":"https:\/\/flcube.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/flcube.com\/#\/schema\/logo\/image\/","url":"https:\/\/flcube.com\/wp-content\/uploads\/2024\/11\/Fineline-info-tech-scaled.jpg","contentUrl":"https:\/\/flcube.com\/wp-content\/uploads\/2024\/11\/Fineline-info-tech-scaled.jpg","width":2560,"height":1894,"caption":"Fineline Infomation and Technology"},"image":{"@id":"https:\/\/flcube.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61566606313834"]},{"@type":"Person","@id":"https:\/\/flcube.com\/#\/schema\/person\/19ad11870d326204db8524d3c3c5e66a","name":"Fineline Cube","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/89f733aaed3d2d91d7d6f45d0e9ab509e3004e8243c6e57620b36380684657f2?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/89f733aaed3d2d91d7d6f45d0e9ab509e3004e8243c6e57620b36380684657f2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/89f733aaed3d2d91d7d6f45d0e9ab509e3004e8243c6e57620b36380684657f2?s=96&d=mm&r=g","caption":"Fineline Cube"},"sameAs":["https:\/\/flcube.com"],"url":"https:\/\/flcube.com\/?author=1"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/flcube.com\/wp-content\/uploads\/2026\/02\/0407.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/posts\/56309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/flcube.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56309"}],"version-history":[{"count":1,"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/posts\/56309\/revisions"}],"predecessor-version":[{"id":56313,"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/posts\/56309\/revisions\/56313"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flcube.com\/index.php?rest_route=\/wp\/v2\/media\/56311"}],"wp:attachment":[{"href":"https:\/\/flcube.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flcube.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flcube.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}