MSD (Merck & Co) exceeded Q4 2025 sales expectations with $16.4bn, up 5% from 2024. However, its 2026 sales guidance of $65.5bn to $67bn fell short of analysts’ $67.6bn estimate, raising concerns due to impending patent losses.

Keytruda was MSD’s top-selling drug at $31.7bn, driving the company’s strong performance in 2025. Despite facing patent expirations for other drugs like Januvia and Bridion in 2026, MSD remains optimistic about future growth through pipeline assets and acquisitions.

MSD conducted significant M&A deals in 2025, including a $10bn buyout of Verona Pharma and a $9.2bn acquisition of Cidara Therapeutics. Talks with Revolution Medicines for a $32bn purchase reportedly ended in January 2026, highlighting the company’s focus on portfolio replenishment.

CEO Rob Davis expressed confidence in sustainable growth post-patent losses, citing early-stage pipeline assets and business development efforts. New drug Winrevair, with $467m Q4 sales, is seen as a growth driver alongside Keytruda, positioning MSD for a potential $70bn commercial opportunity by the mid-2030s.

Gardasil vaccine sales declined by 39% in 2025, in line with expectations, due to lower demand in China and Japan. Revenue pressure may continue in 2026 following changes to the paediatric vaccine schedule by the CDC, impacting MSD’s HPV jab performance.

MSD’s 2026 sales forecast, impacted by patent losses, highlights the importance of pipeline development and acquisitions for future growth. Despite challenges, the company remains optimistic about its ability to navigate the changing pharmaceutical landscape and sustain growth beyond current setbacks.

Read more at Yahoo Finance: MSD’s 2026 sales forecast falls short amid patent losses despite strong Q4