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Merck on Thursday reported third-quarter earnings and revenue that topped estimates as it saw strong demand for its cancer immunotherapy Keytruda. The drugmaker also narrowed its full-year profit outlook to reflect lower estimated tariff costs, among other factors. Sales of Keytruda topped $8 billion for the first time in a quarter, rising 10% from the same period a year ago. Revenue from the drug of $8.14 billion came in just slightly under the $8.24 billion analysts were expecting, according to StreetAccount estimates.  The results come as Merck slashes $3 billion in costs by the end of 2027, and prepares to offset revenue losses from the upcoming patent expiration of Keytruda in 2028. The pharmaceutical giant now expects its 2025 adjusted earnings to come in between $8.93 and $8.98 per share. That compares with its previous outlook of $8.87 to $8.97. Merck said that reflects several new items, including “lower estimated costs related to the impact of tariffs.” During the previous two quarters, the company included a $200 million estimated hit from tariffs that President Donald Trump has implemented to date, but not his planned pharmaceutical-specific levies. Merck did not disclose a new estimate for the cost of existing tariffs.  Merck said the guidance also reflects a benefit from an amended deal with AstraZeneca related to a pill for a specific genetic disorder, partially offset by costs tied to the company’s now-completed acquisition of Verona Pharma.  Merck expects revenue for the year to come in between $64.5 billion and $65 billion, narrowed on both ends from its previous guidance of $64.3 billion to $65.3 billion.  Here’s what Merck reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:  Earnings per share: $2.58 adjusted vs. $2.35 expected Revenue: $17.28 billion vs. $16.96…

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Filed under: News - @ October 30, 2025 11:26 am