Analyst Consensus ?
ConsensusBuy38 ratings
Bullish2668.4%
Neutral1129.0%
Bearish12.6%
Merck & Co., Inc. · MRK · FY2025 Q4 · Calendar Q1 2026
Merck holds 2026 outlook as launches and pipeline offset patent risk
The supplied analysis supports a measured growth case: launches, pipeline progress, animal-health expansion and acquisitions provide growth avenues, while pricing pressure, generic competition and Keytruda's intellectual-property runway constrain confidence.
Reported Before market openNYSEHealthcare
$367.26B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.04
Consensus $2.01
EPS surprise
+1.5%
Reported versus consensus
Reported revenue
$16.40B
Consensus $16.20B
Revenue surprise
+1.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.2%
Event window
SPY move
-0.8%
Same window
Abnormal move
+3.0%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
+3.8%
Up to 20 sessions
MRKSPY benchmark
Ask FN2 about MRK FY2025 Q4
Transcript, numbers and history already loaded
Why did MRK rise 2.2% after beating EPS estimates in FY2025 Q4?What changed in MRK's guidance and outlook in FY2025 Q4?Give me the bull and bear case for MRK after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis adds Sidera Therapeutics to the acquisition set, emphasizes 2026 Phase III readouts and launch ramp-up, and retains a confident tone with guidance maintained.
Guidance delta
Maintained. The supplied analysis cites 2026 revenue guidance of $65.5-$67 billion and EPS guidance of $5.00-$5.15, incorporating a $9 billion one-time Sidera charge.
Key takeaways
- Q4 revenue growth was modest but steady, with Keytruda remaining a core contributor.
- New launches and pipeline readouts are central to the growth case, including Keytruda QLEX, O2Ver, enlicitide, MK1406, MK3000 and sac TMT.
- The main counterweights are upcoming generic competition, U.S. IRA pricing, Keytruda exclusivity risk and acquisition execution.
Management priorities
- Ramp Keytruda QLEX and O2Ver.
- Advance 2026 Phase III programs across HIV, ophthalmology, oncology and small-cell lung cancer.
- Continue business development and expand animal-health products and market penetration.
Follow MRK with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$149.28Current
$80Low
$136.49Average
$180High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| HSBC | Buy | Buy | Maintain | Sep 10, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Sep 9, 2026 |
| Guggenheim | Buy | Buy | Maintain | Sep 8, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 4, 2026 |
| Wolfe Research | Outperform | Outperform | Maintain | Aug 25, 2026 |
| Argus Research | Buy | Buy | Maintain | Aug 25, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Aug 21, 2026 |
| UBS | Buy | Buy | Maintain | Aug 20, 2026 |
| RBC Capital | Sector Perform | Outperform | Downgrade | Aug 20, 2026 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Aug 20, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 20, 2026 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Aug 12, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 29, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 13, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jul 6, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Jun 30, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 30, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Mar 20, 2026 |
| Freedom Broker | Hold | Hold | Maintain | Feb 9, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jan 20, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 18, 2025 |
| Berenberg | Hold | Buy | Downgrade | Sep 17, 2025 |
| Truist Securities | Hold | Buy | Downgrade | Jan 8, 2025 |
| Societe Generale | Sell | Hold | Downgrade | Mar 11, 2024 |
| Atlantic Equities | Overweight | Overweight | Maintain | May 1, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Mar 7, 2023 |
| SVB Leerink | Outperform | Outperform | Maintain | Feb 3, 2023 |
| Erste Group | Buy | Hold | Upgrade | Aug 25, 2022 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Jun 27, 2022 |
| Bank of America | Buy | Buy | Maintain | May 1, 2019 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Oct 29, 2018 |
| DZ Bank | Buy | Hold | Upgrade | Feb 13, 2018 |
| Leerink Swann | Market Perform | Market Perform | Maintain | Feb 6, 2018 |
| Jefferies | Hold | Underperform | Upgrade | Oct 31, 2017 |
| Bernstein | Outperform | Market Perform | Upgrade | Jan 5, 2015 |
| MainFirst Bank AG | Outperform | Underperform | Upgrade | Jul 28, 2014 |
| Mainfirst | Outperform | Underperform | Upgrade | Jul 28, 2014 |
| MKM Partners | Buy | Buy | Maintain | Apr 14, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $149.28. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Berenberg Bank | Luisa Hector | $137 | $144.71 | -8.2% | Sep 11, 2026 |
| HSBC | Analyst unavailable | $172 | $147.6 | +15.2% | Sep 10, 2026 |
| Leerink Partners | Analyst unavailable | $161 | $148.49 | +7.9% | Sep 9, 2026 |
| Guggenheim | Vamil Divan | $170 | $150.34 | +13.9% | Sep 8, 2026 |
| Wells Fargo | Analyst unavailable | $170 | $152.34 | +13.9% | Sep 4, 2026 |
| Argus Research | Jasper Hellweg | $170 | $153.61 | +13.9% | Aug 25, 2026 |
| Wolfe Research | Alexandria Hammond | $180 | $150.69 | +20.6% | Aug 25, 2026 |
| Goldman Sachs | Analyst unavailable | $160 | $149.25 | +7.2% | Aug 21, 2026 |
| BMO Capital | Analyst unavailable | $170 | $149.65 | +13.9% | Aug 20, 2026 |
| UBS | Analyst unavailable | $175 | $152.22 | +17.2% | Aug 20, 2026 |
| RBC Capital | Analyst unavailable | $150 | $152.22 | +0.5% | Aug 20, 2026 |
| UBS | Matthew Weston | $150 | $152.22 | +0.5% | Aug 20, 2026 |
| Morgan Stanley | Analyst unavailable | $179 | $152.22 | +19.9% | Aug 19, 2026 |
| Daiwa | Analyst unavailable | $143 | $130.45 | -4.2% | Aug 12, 2026 |
| Argus Research | Jasper Hellweg | $145 | $130.9 | -2.9% | Aug 11, 2026 |
| Morgan Stanley | Terence Flynn | $116 | $130.4 | -22.3% | Aug 5, 2026 |
| Guggenheim | Vamil Divan | $146 | $128.04 | -2.2% | Aug 5, 2026 |
| Barclays | Emily Field | $150 | $131.84 | +0.5% | Jul 29, 2026 |
| Bernstein | Courtney Breen | $105 | $132.34 | -29.7% | Jul 27, 2026 |
| BMO Capital | Analyst unavailable | $142 | $124.08 | -4.9% | Jul 13, 2026 |
| Guggenheim | Vamil Divan | $145 | $123.54 | -2.9% | Jul 13, 2026 |
| HSBC | Rajesh Kumar | $150 | $126.05 | +0.5% | Jul 6, 2026 |
| Jefferies | Analyst unavailable | $141 | $129.38 | -5.5% | Jun 30, 2026 |
| Scotiabank | Analyst unavailable | $155 | $129.38 | +3.8% | Jun 29, 2026 |
| Guggenheim | Vamil Divan | $140 | $115.21 | -6.2% | Jun 2, 2026 |
| Morgan Stanley | Terence Flynn | $112 | $112.47 | -25.0% | May 1, 2026 |
| Wells Fargo | Mohit Bansal | $150 | $116.22 | +0.5% | Mar 12, 2026 |
| RBC Capital | Trung Huynh | $142 | $123.93 | -4.9% | Feb 24, 2026 |
| Deutsche Bank | James Shin | $150 | $121.53 | +0.5% | Feb 13, 2026 |
| Goldman Sachs | Asad Haider | $133 | $115.86 | -10.9% | Feb 4, 2026 |
| BMO Capital | Analyst unavailable | $135 | $115.86 | -9.6% | Feb 4, 2026 |
| Bernstein | Analyst unavailable | $100 | $115.86 | -33.0% | Feb 4, 2026 |
| Scotiabank | Analyst unavailable | $136 | $116.37 | -8.9% | Feb 3, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $116 | $107.4 | -22.3% | Jan 27, 2026 |
| Wolfe Research | Analyst unavailable | $135 | $108.59 | -9.6% | Jan 8, 2026 |
| UBS | Analyst unavailable | $130 | $110.96 | -12.9% | Jan 7, 2026 |
| BMO Capital | Analyst unavailable | $130 | $99.21 | -12.9% | Dec 18, 2025 |
| Morgan Stanley | Analyst unavailable | $102 | $100.06 | -31.7% | Dec 12, 2025 |
| HSBC | Rajesh Kumar | $120 | $96.89 | -19.6% | Dec 10, 2025 |
| Guggenheim | Analyst unavailable | $122 | $100.89 | -18.3% | Dec 5, 2025 |
| Scotiabank | Louise Chen | $120 | $101.88 | -19.6% | Dec 4, 2025 |
| Goldman Sachs | Asad Haider | $120 | $101.83 | -19.6% | Dec 2, 2025 |
| Morgan Stanley | Terence Flynn | $100 | $84.65 | -33.0% | Nov 3, 2025 |
| Berenberg Bank | Luisa Hector | $90 | $81.14 | -39.7% | Sep 17, 2025 |
| Morgan Stanley | Terence Flynn | $98 | $84.39 | -34.4% | Jul 10, 2025 |
| BMO Capital | Evan Seigerman | $82 | $82.74 | -45.1% | Apr 25, 2025 |
| Morgan Stanley | Terence Flynn | $106 | $90.74 | -29.0% | Feb 5, 2025 |
| Bernstein | Courtney Breen | $110 | $100.69 | -26.3% | Dec 2, 2024 |
| Jefferies | Akash Tewari | $148 | $98.36 | -0.9% | Nov 15, 2024 |
| BMO Capital | Evan David Seigerman | $136 | $101.88 | -8.9% | Nov 1, 2024 |
| UBS | Trung Huynh | $136 | $108.88 | -8.9% | Oct 9, 2024 |
| Barclays | Carter Gould | $140 | $109.77 | -6.2% | Oct 7, 2024 |
| Jefferies | Akash Tewari | $147 | $113.49 | -1.5% | Aug 15, 2024 |
| UBS | Colin Bristow | $142 | $112.89 | -4.9% | Jul 31, 2024 |
| Bank of America Securities | Geoff Meacham | $145 | $115.21 | -2.9% | Jul 31, 2024 |
| Wells Fargo | Mohit Bansal | $140 | $131.05 | -6.2% | Jun 12, 2024 |
| BMO Capital | Evan David Seigerman | $148 | $127.71 | -0.9% | May 30, 2024 |
| Truist Financial | Analyst unavailable | $142 | $130.81 | -4.9% | Mar 27, 2024 |
| Jefferies | Akash Tewari | $145 | $130.18 | -2.9% | Mar 27, 2024 |
| Wells Fargo | Mohit Bansal | $135 | $130.19 | -9.6% | Mar 27, 2024 |
| Loop Capital Markets | Evan David Seigerman | $132 | $101.44 | -11.6% | Nov 22, 2023 |
| Oppenheimer | Jay Olson | $147 | $56.34 | -1.5% | Apr 12, 2023 |
| Wells Fargo | Analyst unavailable | $120 | $103.28 | -19.6% | Feb 3, 2023 |
| Morgan Stanley | Analyst unavailable | $99 | $103.46 | -33.7% | Feb 3, 2023 |
| Wells Fargo | Analyst unavailable | $125 | $110.62 | -16.3% | Jan 3, 2023 |
| Cantor Fitzgerald | Analyst unavailable | $135 | $109.2 | -9.6% | Dec 19, 2022 |
| Credit Suisse | Analyst unavailable | $120 | $102.31 | -19.6% | Nov 18, 2022 |
| Leerink Partners | Analyst unavailable | $110 | $86.64 | -26.3% | Sep 30, 2022 |
| Leerink Partners | Analyst unavailable | $109 | $87.34 | -27.0% | Sep 12, 2022 |
| Barclays | Analyst unavailable | $101 | $88.62 | -32.3% | Jul 29, 2022 |
| Morgan Stanley | Analyst unavailable | $92 | $89.26 | -38.4% | Jul 29, 2022 |
| Leerink Partners | Analyst unavailable | $105 | $89.94 | -29.7% | Jul 29, 2022 |
| UBS | Analyst unavailable | $98 | $94.34 | -34.4% | Jul 18, 2022 |
| Atlantic Equities | Analyst unavailable | $110 | $93.6 | -26.3% | Jul 13, 2022 |
| Morgan Stanley | Analyst unavailable | $88 | $93.01 | -41.1% | Jul 8, 2022 |
| Morgan Stanley | Analyst unavailable | $87 | $88.62 | -41.7% | Apr 29, 2022 |
| Leerink Partners | Analyst unavailable | $102 | $88.58 | -31.7% | Apr 29, 2022 |
| Leerink Partners | Analyst unavailable | $97 | $86.46 | -35.0% | Apr 21, 2022 |
| Barclays | Carter Gould | $97 | $86.91 | -35.0% | Apr 16, 2022 |
| Morgan Stanley | Terence Flynn | $80 | $86.63 | -46.4% | Apr 11, 2022 |
| BMO Capital | Evan David Seigerman | $87 | $87.68 | -41.7% | Apr 10, 2022 |
| Goldman Sachs | Chris Shibutani | $93 | $75.02 | -37.7% | Dec 17, 2021 |
| UBS | Colin Bristow | $76 | $72.09 | -49.1% | Dec 13, 2021 |
| Citigroup | Andrew Baum | $85 | $73.53 | -43.1% | Nov 29, 2021 |
| Argus Research | David Toung | $110 | $86.25 | -26.3% | Nov 1, 2021 |
| Barclays | Carter Gould | $94 | $86.25 | -37.0% | Nov 1, 2021 |
| Bank of America Securities | Geoff Meacham | $86 | $86.45 | -42.4% | Oct 29, 2021 |
| Wolfe Research | Tim Anderson | $94 | $86.45 | -37.0% | Oct 29, 2021 |
| RBC Capital | Daniel Busby | $80 | $74.86 | -46.4% | Jul 29, 2021 |
Track every rating change on MRK the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationMerck & Co., Inc. is a global healthcare leader with operations spanning two core divisions: Pharmaceuticals and Animal Health. The Pharmaceutical segment is dedicated to human health, offering a broad spectrum of medicinal products. These cover crucial therapeutic areas such as oncology, acute hospital care, immunology, neuroscience, virology, cardiovascular conditions, and diabetes. This division also develops vital preventive vaccines for pediatric, adolescent, and adult populations. Meanwhile, the Animal Health segment focuses on the research, development, manufacturing, and marketing of veterinary medications, vaccines, and comprehensive health management solutions for animals. This division further provides innovative digital products designed for animal identification, traceability, and continuous monitoring.…
Historical context
All MRK earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | FY2026 Q3 · Calendar Q3 2026 | +2.7% | -14.7% | CooperCompanies beats expectations as inventory reduction weighs on vision revenue |
| MDT Medtronic plc | FY2027 Q1 · Calendar Q3 2026 | +4.3% | +1.5% | Medtronic raises FY27 outlook as growth broadens across platforms |
Latest beats and misses
Who reports nextBeat on EPS
- COSTFY2026 Q4 · September 24, 2026+3.2% EPS+2.9% move
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
Get the MRK recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-29T21:31:00.642443+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T21:31:00.638709+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-29. For educational purposes only; not investment advice.