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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Merck & Co
Merck & Co (MRK) investor relations material
Merck & Co Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 sales were $18.085B, up 5% reported and 4% excluding FX, with growth in oncology, newer products and Animal Health. U.S. purchase timing benefited sales by ~$550M.
Clinical and regulatory progress across oncology, immunology, cardiometabolic, respiratory and ophthalmology advanced the pipeline beyond the KEYTRUDA LOE period.
Nine-month GAAP net loss was $510M, primarily reflecting $14.7B in acquired IPR&D charges for Cidara and Terns.
Financial highlights
Q3 sales were $18.085B vs. $17.276B a year earlier; GAAP net income attributable to shareholders was $5.065B vs. $5.785B.
Non-GAAP EPS was $2.49 vs. $2.58, down 3% reported and 5% excluding FX; it included a $0.12/share SciBrunch charge. GAAP EPS was $2.04 vs. $2.32.
Non-GAAP gross margin was 81.4% vs. 81.9%; non-GAAP operating expenses rose 12% to $7.4B, reflecting launch and pipeline investment.
Q3 operating income was $5.559B vs. $6.745B; higher operating costs, amortization, interest expense and restructuring weighed on GAAP results.
Nine-month operating cash flow was $15.8B vs. $13.6B.
Outlook and guidance
FY 2026 revenue guidance rose and narrowed to $66.8B–$67.3B, implying 3%–4% reported growth and 2%–3% excluding FX; assumptions include ~1 percentage point of FX benefit.
FY 2026 non-GAAP EPS guidance rose and narrowed to $2.77–$2.82, including ~$0.15/share of FX benefit; non-GAAP gross margin is ~81%, operating expenses $42.4B–$42.9B and tax rate 32%–33%.
2027 outlook calls for moderate revenue growth; launches and Animal Health growth are expected to be partly offset by >$2B in generic and LOE headwinds, including BRIDION, JANUVIA family and ADEMPAS.
2027 gross margin is expected to rise as a KEYTRUDA royalty rolls off; underlying operating expenses are expected to grow at a mid-to-high single-digit rate.
KEYTRUDA and WINREVAIR purchase-timing benefits are expected to unwind in Q4; most vaccine timing benefit, primarily GARDASIL, is expected to unwind in 2027.
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Latest events from Merck & Co
- Positive Phase 3 results for sac-TMT and intismeran advance oncology development.MRK
Investor update - Pipeline advances and strategic deals drive growth, with new assets and AI boosting future potential.MRKMorgan Stanley 24th Annual Global Healthcare Conference
- Portfolio transformation and pipeline advances drive long-term growth outlook.MRKWells Fargo 21st Annual Healthcare Conference
- Q3 2025 revenue up 4% to $17.3B, driven by oncology, new launches, and pipeline progress.MRKQ3 2025
- Oncology and Animal Health growth offset GARDASIL China decline; guidance and pipeline remain strong.MRKQ2 2025
- Q3 revenue up 4% to $16.7B, driven by KEYTRUDA and animal health; 2024 EPS guided at $7.72–$7.77.MRKQ3 2024
- Q2 sales up 7% to $16.1B; oncology, vaccines, and pipeline drive raised 2024 guidance.MRKQ2 2024
- Q1 2025 revenue was $15.5B, with Oncology and pipeline growth offsetting vaccine declines.MRKQ1 2025
- Oncology and animal health drove 2024 growth, offsetting GARDASIL China weakness.MRKQ4 2024
Next Merck & Co earnings date
Q4 20262 Feb, 2027
Merck & Co
Next Merck & Co earnings date
Q4 20262 Feb, 2027
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Frequently asked questions
Over 130 Years of Experience in Healthcare
Merck & Co., commonly known as Merck, is a global pharmaceutical company that specializes in the development and manufacturing of prescription drugs, vaccines, biological therapies, and animal health products. With a storied history dating back over a century, Merck has established itself as a leading player in the healthcare industry. The company's portfolio of products spans various therapeutic areas, including cardiovascular, oncology, infectious diseases, and more.
In business for over a century
Since its establishment in 1891, Merck has played a significant role in advancing medical research and innovation and has a long history of notable contributions to healthcare. They have developed antibiotics like streptomycin, vaccines for diseases such as mumps and HPV, and antiretroviral therapies for HIV/AIDS treatment. Their advancements in cardiovascular medications and statins have significantly impacted heart disease management.
The company today
Today the company focuses on the development, manufacturing, and distribution of a diverse range of prescription drugs, vaccines, and biological therapies. With a commitment to scientific rigor, research, and providing products and medication that improve the lives of ill patients, Merck strives to address various health challenges and contribute to the well-being of individuals globally. Merck is far from being alone when it comes to publicly traded pharmaceutical companies, and some companies that operate in the same space include names such as Pfizer and Eli Lilly.
A diverse portfolio of medications
Merck & Co. develops and manufactures a wide range of medications. Their portfolio of products includes medications for cardiovascular diseases, such as hypertension and hyperlipidemia, as well as anticoagulants and antiplatelet agents. They also offer therapeutics for infectious diseases, including antibiotics, antifungals, and antiviral drugs. In oncology, Merck provides targeted therapies and immunotherapies for different types of cancer. Additionally, they offer medications for diabetes management, respiratory diseases, autoimmune disorders, and more. The company’s flagship medication is Keytruda, which enhances the body’s ability to fight certain types of cancers.