Mercks Gardasil sales sink further amid China market pressure

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Merck's Gardasil Sales Plunge Amid Severe China Market Downturn

Merck's Gardasil and Gardasil 9 sales dropped 41% year-over-year in the first quarter of 2025, falling to $1.3 billion from $2.2 billion in Q1 2024, primarily due to a steep decline in demand from China1 2 4.
The sales decline was attributed to lower demand and a suspension of Gardasil shipments to China, which is not expected to resume until at least mid-20254.
Excluding the impact from China, Gardasil sales actually increased by 14% globally (16% when excluding foreign exchange impacts), with growth seen in markets such as Japan and the United States1 3.
Merck's overall pharmaceutical sales declined 3% in Q1 2025, but would have shown 5% growth (7% excluding exchange) if the impact of the China Gardasil sales collapse was excluded3.
Despite the downturn in Gardasil sales, Merck reaffirmed its full-year 2025 sales projection of $64.1 billion to $65.6 billion, supported by strength in its oncology portfolio, notably the cancer drug Keytruda2 3.
Gardasil remains Merck’s second-best-selling product, but the China market setback highlights the company’s need to diversify revenue sources and advance its product pipeline for sustained growth as it prepares for a post-Keytruda era3 4.