Merck Reports Q3 Loss, Raises Revenue Outlook and Cuts EPS Guidance
Merck reported a non-GAAP loss of $0.13 per share, including a $2.31 per-share charge related to its Terns Pharmaceuticals acquisition. It raised 2026 revenue guidance to $66.3 billion-$67.3 billion and lowered adjusted EPS guidance to $2.66-$2.76. Keytruda and Keytruda QLEX revenue rose 5.2% year over year to $8.37 billion.
Merck & Co., Inc. reported a non-GAAP loss per share of $0.13 for the third quarter of 2026, beating analyst expectations of a $0.26 loss. The loss was primarily driven by a $2.31 per-share charge related to the acquisition of Terns Pharmaceuticals. The company raised its 2026 revenue outlook to a range of $66.3 billion to $67.3 billion.
However, Merck lowered its adjusted EPS guidance to a range of $2.66 to $2.76, reflecting the impact of the Terns-related charges. Keytruda and Keytruda QLEX generated a combined $8.37 billion in revenue, representing a 5.2% year-over-year increase.