FinDog Earnings CheckupEarnings release 10-29 · 10-Q 11-04Data from SEC filings

Merck Q3 2026: sales up 5.0%, non-GAAP EPS $2.49, but GAAP margin drops

Merck beat on the top line and on non-GAAP EPS, yet the accounting underneath got worse: GAAP gross margin fell 4.8 points and GAAP EPS dropped 12.0%. Revenue of $18.09 billion rose 5.0%, helped by roughly $550 million of purchase timing. Read the scorecard for the operating quarter, then the guidance section — the full-year EPS range carries $6.05 of one-time deal charges.

1 · Expected vs. Actual

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EPS (non-GAAP)

Beat

$2.49

Est. $2.10 · +18.5%

Non-GAAP EPS of $2.49 beat the $2.10 consensus by $0.39, but was still 3.0% below last year's $2.58. GAAP EPS of $2.04 fell 12.0% from $2.32 and came in $0.06 under that same consensus figure. Both numbers absorb a one-time $0.12 per-share charge for the SciBrunch licence.

Revenue

$18.09B

No consensus · YoY +4.7%

Revenue of $18.09 billion rose 5.0%, or 4.0% excluding currency, against $17.28 billion a year earlier. Management credits roughly $550 million of favourable purchase timing inside the pharmaceutical line, so the underlying growth rate is closer to 1.5% than 4.0%. Keytruda plus Keytruda Qlex supplied $8.60 billion, or 47.6% of the entire company.

Next-quarter revenue guidance

$67.05B ±0.37%

No consensus · YoY +270.7%

Full-year sales guidance was narrowed and its midpoint lifted to $67.05 billion from $66.80 billion, giving a $66.80–67.30 billion range. Non-GAAP EPS guidance rose to $2.77–2.82 from $2.66–2.76, with the assumed tax rate cut to 32.0–33.0% from 35.0–36.0%. But $6.05 of that EPS range is one-time charges: $3.62 for Cidara, $2.31 for Terns and $0.12 for SciBrunch.

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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-05

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