Merck said Q2 2025 sales were $15,806 million, down 2% from a year earlier. GAAP EPS was $1.76 and non-GAAP EPS was $2.13, both including a charge of $0.07 per share related to the closing of the Hengrui Pharma license agreement.

1. 01

   Merck said Q2 2025 sales were $15,806 million, down 2% from a year earlier. GAAP EPS was $1.76 and non-GAAP EPS was $2.13, both including a charge of $0.07 per share related to the closing of the Hengrui Pharma license agreement.

2. 02

   The company said KEYTRUDA sales rose 9% to $7,956 million in Q2, while GARDASIL/GARDASIL 9 sales fell 55% to $1,126 million. It cited lower demand in China as the reason for the GARDASIL decline.

3. 03

   Merck said it approved a restructuring program on July 25, 2025 called the 2025 Restructuring Program. It said the cumulative pretax costs are about $3.0 billion, of which about 60% will be cash, and that annual cost savings are expected to be about $1.7 billion, substantially realized by the end of 2027.

4. 04

   Merck said it narrowed its full-year 2025 sales outlook to $64.3 billion to $65.3 billion (previously $64.1 billion to $65.6 billion) and its non-GAAP EPS outlook to $8.87 to $8.97. The outlook does not include the impact of the acquisition of Verona Pharma, which has a total transaction value of about $10 billion.

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AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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