Merck reports Q4 2025 results and gives 2026 guidance of $65.5B-$67.0B sales and $5.00-$5.15 non-GAAP EPS

Merck reported fourth-quarter 2025 sales of $16.4 billion, up 5%, and full-year 2025 sales of $65.0 billion, up 1%. Non-GAAP EPS was $2.04 for the quarter and $8.98 for the year. For 2026 the company guided to sales of $65.5 billion to $67.0 billion and non-GAAP EPS of $5.00 to $5.15, and that EPS range includes a one-time charge of about $3.65 per share for the Cidara acquisition. For a trader, the guidance is the key number, because the Keytruda patent expiry in 2028 is now the backdrop to every forecast.

• Q4 2025 sales $16.4B (up 5%; up 4% ex-FX); non-GAAP EPS $2.04
• Full-year 2025 sales $65.0B (up 1%); non-GAAP EPS $8.98
• 2026 sales guidance $65.5B to $67.0B
• 2026 non-GAAP EPS guidance $5.00 to $5.15, including about $3.65 per share Cidara charge