Merck & Co., Inc. reported its Q1 2025 earnings on April 24, 2025, showcasing resilience amid global challenges, with strong performances in oncology and animal health segments.
Financial Summary
| Metric | Q1 2025 | Q1 2024 | YoY Change |
|---|---|---|---|
| Total Revenue | $15.53 billion | $15.80 billion | -1.7% |
| GAAP Net Income | $5.08 billion | $4.76 billion | +6.7% |
| GAAP EPS | $2.01 | $1.87 | +7.5% |
| Non-GAAP EPS | $2.22 | $2.07 | +7.2% |
| Non-GAAP Gross Margin | 82.2% | 81.2% | +1.0pp |
| Operating Expenses | $6.2 billion | $6.5 billion | -4.6% |
Segment Performance Highlights
Oncology
- Keytruda: $7.21 billion (+4% YoY)
- Welireg: $137 million (+63% YoY)
- Lynparza: $312 million (+8% YoY)
- Lenvima: $258 million (+2% YoY)
Vaccines
- Gardasil/Gardasil 9: $1.33 billion (-41% YoY)
- Vaxneuvance: $230 million (+7% YoY)
- Capvaxive: $107 million (New Launch)
Cardiovascular
- Winrevair: $280 million (New Launch)
Diabetes
- Januvia/Janumet: $796 million (+19% YoY)
Animal Health
- Total Sales: $1.59 billion (+5% YoY)
2025 Full-Year Guidance
- Revenue: $64.1 billion to $65.6 billion
- Non-GAAP EPS: $8.82 to $8.97
- Non-GAAP Gross Margin: ~82.0%
- Operating Expenses: $25.6 billion to $26.6 billion
Strategic Insights
Merck's Q1 2025 performance reflects its strategic focus on oncology and animal health, offsetting challenges in vaccine sales, particularly Gardasil in China. The company continues to invest in its pipeline, with promising developments in cardiometabolic and infectious diseases.
Next Earnings Release
Merck is expected to report its Q2 2025 earnings in late July 2025.
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