MRK Q1 Sales $16.3B; GAAP EPS Loss $1.72 (Cidara Charge $3.62)
Merck & Co., Inc. announced first-quarter 2026 financial results with total worldwide sales of $16.3 billion, a 5% increase (3% ex-FX) year-over-year. The company reported a GAAP loss per share of $1.72 and a non-GAAP loss per share of $1.28, primarily due to a $3.62 per share charge for the acquisition of Cidara Therapeutics. Sales growth was driven by continued strength in oncology, particularly KEYTRUDA, and Animal Health, along with increasing contributions from new launches like WINREVAIR. Merck also announced an agreement to acquire Terns Pharmaceuticals, Inc., expanding its hematology pipeline, and highlighted significant regulatory approvals and clinical milestones across its therapeutic areas. The full-year 2026 financial outlook for sales and non-GAAP EPS was narrowed and the midpoint raised.
Key Highlights
- Q1 2026 Total Worldwide Sales: $16.3 billion, up 5% (3% ex-FX) YoY.
- Q1 2026 GAAP Loss per Share: $1.72, including a $3.62 charge for Cidara acquisition.
- Q1 2026 Non-GAAP Loss per Share: $1.28, including a $3.62 charge for Cidara acquisition.
- KEYTRUDA/KEYTRUDA QLEX sales: $8.0 billion, up 12% (8% ex-FX) YoY.
- Animal Health sales: $1.8 billion, up 13% (6% ex-FX) YoY.
- WINREVAIR sales: $525 million, up 88% (87% ex-FX) YoY.
- Full-year 2026 sales guidance narrowed to $65.8 billion-$67.0 billion (midpoint raised).
- Agreement to acquire Terns Pharmaceuticals, Inc. for TERN-701, expected to close in May.