Merck Q3 2025 Earnings Breakdown: Keytruda Dominance, Vaccine Softness, and Pipeline Diversification

In the third quarter of 2025, Merck reported pharmaceutical segment sales of $15.61 billion, reflecting continued growth in oncology and early momentum from newer cardio-pulmonary assets. As Keytruda approaches U.S. loss of exclusivity in 2028, Merck’s earnings profile highlights both the durability of its core oncology franchise and the urgency of portfolio diversification amid vaccine softness and late-cycle pressures.

This report summarizes Merck’s top medicines by Q3 2025 sales and contextualizes performance trends visible in the quarter.

Merck Q3 2025 Pharmaceutical Sales Summary

Merck reported $17.3 billion in total worldwide sales for Q3 2025. The $15.61 billion figure shown below reflects pharmaceutical segment sales only. Sales figures for Lynparza, Lenvima, Reblozyl, Adempas, and Verquvo represent Merck’s share of profits and exclude partner-reported revenue.

Top Medicines by Q3 2025 Sales

Oncology Remains the Core Earnings Engine

Keytruda remained Merck’s largest product by a wide margin, generating $8.14 billion in Q3 sales and growing nearly 10 percent year over year. The PD-1 inhibitor continues to expand across metastatic and early-stage cancer indications, maintaining its position as a cornerstone of immuno-oncology despite increasing competition from Bristol Myers Squibb’s Opdivo, Roche’s Tecentriq, and AstraZeneca’s Imfinzi.

A notable regulatory milestone this quarter was the approval of Keytruda QLEX, the first subcutaneous PD-1 inhibitor approved across all solid tumor indications, enabling one-minute administration. This approval reflects a broader industry shift toward subcutaneous immunotherapies, following earlier approvals of Opdivo Qvantig and Tecentriq SC.

Vaccine and Legacy Franchise Pressure

Gardasil 9 posted a 24 percent year-over-year decline, driven primarily by weaker demand in China and Japan. Management indicated that vaccination program normalization and private-market growth in adults aged 27 to 45 are expected to support stabilization over time. Other mature vaccine assets such as Pneumovax and RotaTeq also showed mixed performance.

In diabetes, Januvia and Janumet delivered strong growth, largely attributed to U.S. price adjustments, even as GLP-1 therapies continue to displace older DPP-4 inhibitors in clinical practice.

New Growth Drivers and Pipeline Momentum

Outside oncology, Merck highlighted strong early uptake of Winrevair, which reached $360 million in Q3 sales following its launch, with more than 24,000 prescriptions. The acquisition of Verona Pharma added Ohtuvayre, a first-in-class COPD maintenance therapy, strengthening Merck’s cardio-pulmonary portfolio.

In the pipeline, enlicitide decanoate (MK-0616), an oral PCSK9 inhibitor, demonstrated encouraging Phase 3 results in the CORALreef Lipids trial, with LDL-C reductions comparable to injectable PCSK9 therapies. These results position Merck within a competitive and rapidly evolving lipid-lowering landscape.

Takeaway

Merck’s Q3 2025 earnings underscore both the resilience of its oncology franchise and the strategic importance of diversification as Keytruda approaches loss of exclusivity. While vaccine softness and legacy product declines persist, momentum from newer launches and late-stage pipeline assets will be critical in shaping Merck’s post-2028 earnings trajectory.