Key Takeaways
- Full-year 2025 sales reached $65.0 billion, with Animal Health revenue growing 8% to $6.4 billion.
- KEYTRUDA remained the company’s largest product, generating $31.7 billion in annual sales.
- Newer products WINREVAIR ($1.4 billion) and CAPVAXIVE ($759 million) made meaningful contributions.
- Merck advanced a broad late-stage pipeline in 2025, reporting positive results from 18 Phase 3 trials.
- For 2026, Merck expects sales of $65.5–$67.0 billion, with non-GAAP EPS of $5.00–$5.15 reflecting acquisition-related charges.
- Animal Health growth was driven by livestock demand and new companion animal launches, including BRAVECT
- Merck strengthened its pipeline through acquisitions of Verona Pharma and Cidara Therapeutics
Merck & Co. reported fourth-quarter worldwide sales of $16.4 billion and full-year 2025 sales of $65.0 billion, reflecting steady growth in its core pharmaceutical and animal health businesses. Oncology remained the largest contributor, led by continued global uptake of KEYTRUDA across multiple cancer indications.
Animal Health delivered another year of strong performance, with sales increasing 8% to $6.4 billion. Growth was driven primarily by livestock products across species, improved supply, and new launches in the companion animal portfolio. Sales of the BRAVECTO franchise exceeded $1.1 billion for the year.
Newer launches also played an expanding role in Merck’s results. WINREVAIR generated $1.4 billion in 2025 sales, while CAPVAXIVE reached $759 million as uptake continued in the U.S. market.
Pipeline and Portfolio Progress
During 2025, Merck reported positive late-stage results from 18 Phase 3 clinical trials and initiated more than 20 additional Phase 3 studies across oncology, infectious disease, cardiometabolic, neuroscience, and animal health. The company also augmented its pipeline through the acquisitions of Verona Pharma and Cidara Therapeutics.
In animal health, Merck received conditional FDA approval for EXZOLT CATTLE-CA1 for the prevention and treatment of New World screwworm.
2026 Outlook
Looking ahead, Merck expects 2026 worldwide sales of $65.5 billion to $67.0 billion. The company projects non-GAAP earnings per share of $5.00 to $5.15, reflecting a one-time charge related to the Cidara acquisition.
Information sourced from the company’s press release.
