Merck Q3 2025: Solid Organic Growth Across All Sectors

Merck reported worldwide sales of $17.3 billion for Q3 2025, reflecting a 4% year-over-year increase and 3% growth excluding foreign exchange effects1 2 4 6.

Growth was solid across all major sectors, with strength in oncology (KEYTRUDA, up 8-10% to $8.1 billion), animal health (+9% to $1.6 billion), and new launches including WinRevare, Cabaxiv, and Implansia2 3 4.

KEYTRUDA remains a principal growth driver as global demand expanded in metastatic and earlier stage cancers, including women's health indications (cervical, breast, endometrial cancers)2 4.

Gross margin improved to 81.9%, gaining 1.4 percentage points, helped by favorable product mix and disciplined expense management1 2.

Merck completed the strategic acquisition of Verona Pharma, expanding its respiratory portfolio and adding the COPD treatment OHTUVAYRE2 3 4.

Animal Health revenues increased mainly due to higher livestock sales (+14%), while companion animal sales declined 3% due to fewer vet visits and competition in parasiticides, partially offset by new launches2 4.

Vaccine sector saw mixed results:
GARDASIL sales declined 24% to $1.7 billion, attributed to competitive pressures and U.S. purchasing patterns4.

Earnings per share came in at $2.58, beating forecasts, and year-to-date guidance for 2025 was set at $64.5-$65.0 billion in revenue2.

Merck continued significant investment in manufacturing and R&D, with over $70 billion targeted for expanded domestic biopharmaceutical capabilities2 3.

The company’s operating result (EBIT) continued its upward trajectory, increasing in the low-teens percentage compared to H1 20255.