默克第三季度营收超预期并上调全年利润指引Merck Beats Third-Quarter Estimates and Raises 2026 Profit Outlook
制药巨头默克于2026年10月29日公布第三季度财务报告，单季营业收入达到180.9亿美元，同比增长5%，调整后每股收益为2.49美元，双双超出华尔街分析师预期。由于核心免疫疗法药物Keytruda业绩表现强劲，默克随之上调了2026年全年调整后盈利指引，预计调整后每股收益将落在2.77美元至2.82美元区间，高于此前设定的2.66美元至2.76美元预期范围。这一最新指引已计入公司与中国癌症药物开发商百利天恒达成许可协议所产生的4亿美元（合每股12美分）一次性支出。受强劲业绩推动，默克同时将2026年营收指引区间的下限从663亿美元收窄调高至668亿美元，上限则维持在673亿美元。在主力产品方面，Keytruda第三季度实现销售额86.0亿美元，大幅超过市场此前预测的77.3亿美元；其中，皮下注射剂型Keytruda Qlex单季销售额达到8.30亿美元，创下2025年上市以来的季度新高。此外，肺部治疗药物Winrevair销售额同比大涨93%至6.94亿美元，人乳头瘤病毒疫苗Gardasil在美国强劲市场需求带动下录得约20亿美元销售额，共同支撑了默克的季度增长。
Pharmaceutical company Merck on Thursday, October 29, 2026, reported third-quarter revenue of $18.09 billion, an increase of 5% from the same period a year earlier, and posted adjusted earnings of $2.49 per share, both beating Wall Street expectations. Driven by stronger-than-expected sales from its flagship immunotherapy Keytruda, the drugmaker raised its full-year 2026 adjusted profit outlook to a range of $2.77 to $2.82 per share, up from its earlier guidance of $2.66 to $2.76 per share. This updated guidance absorbs a one-time charge of $400 million, or 12 cents per share, related to a licensing agreement with Chinese cancer drugmaker SciBrunch. Merck also lifted the lower bound of its 2026 revenue forecast to between $66.8 billion and $67.3 billion, compared with previous projections of $66.3 billion to $67.3 billion. Keytruda generated $8.60 billion in quarterly sales, surpassing the $7.73 billion estimated by analysts, led by a record $830 million from its newer under-the-skin injection form, Keytruda Qlex. In addition, lung disease treatment Winrevair surged 93% year-over-year to $694 million, while HPV vaccine Gardasil reached about $2 billion on higher U.S. demand, reinforcing the drugmaker's quarterly financial performance.
01第三季度总体财务表现与指引上调Q3 Financial Performance and Upward Guidance Revision
在截至2026年9月30日的第三季度中，默克净利润录得50.7亿美元，折合每股收益2.04美元，相较上年同期的57.9亿美元及每股2.32美元有所下滑。在剔除收购项目与重组开支后，公司单季调整后每股收益为2.49美元，营业收入达到180.9亿美元，较上年同期增长5%，两项主要经营指标均超过伦敦证券交易所集团汇总的分析师预期。
Merck reported third-quarter net income of $5.07 billion, or $2.04 per share, down from $5.79 billion, or $2.32 per share, recorded in the same quarter of the previous year. After excluding expenses tied to acquisitions and corporate restructuring, the company posted adjusted earnings of $2.49 per share alongside total quarterly revenue of $18.09 billion, representing a 5% increase compared with the year-earlier period. Both headline figures exceeded consensus estimates compiled by the London Stock Exchange Group.
基于核心产品的销售表现，默克将2026年全年的调整后每股收益预期区间上调至2.77美元至2.82美元，高于早先设定的2.66美元至2.76美元。该盈利预期包含公司因与中国抗癌药物研发机构百利天恒达成许可协议而计提的4亿美元（合每股12美分）一次性支出。与此同时，公司对全年总营收的预测范围进行了收窄调整，将预测区间下限从663亿美元提升至668亿美元，预测上限则维持在673亿美元不变。
Relying on the underlying sales momentum across its product line, Merck upgraded its full-year 2026 adjusted earnings guidance to between $2.77 and $2.82 per share, up from its earlier projection of $2.66 to $2.76 per share. This updated outlook accounts for an absorbed one-time licensing charge of $400 million, or 12 cents per share, linked to its partnership with Chinese oncology drugmaker SciBrunch. Concurrently, the pharmaceutical group narrowed its full-year 2026 revenue forecast, elevating the lower end from $66.3 billion to $66.8 billion while leaving the upper boundary unchanged at $67.3 billion.
02Keytruda业绩超预期及Qlex剂型战略防守Keytruda Sales Beat and Qlex Strategic Positioning
在核心产品线方面，免疫疗法药物Keytruda第三季度实现销售额86.0亿美元，大幅超过StreetAccount汇编的分析师预期值77.3亿美元。其中，皮下注射剂型Keytruda Qlex单季销售额达到8.30亿美元，不仅高于分析师预测的6.49亿美元，还刷新了该剂型自2025年投入市场以来的单季销售纪录。分析指出，该剂型强劲的季度放量表现表明其有望逐步发展为年销售额达数十亿美元的产品。
Across Merck's core drug portfolio, flagship cancer immunotherapy Keytruda generated $8.60 billion in third-quarter revenue, exceeding the $7.73 billion consensus projection compiled by StreetAccount. The total included $830 million from its newer under-the-skin injection formulation, Keytruda Qlex, which surpassed analyst estimates of $649 million and marked its highest quarterly sales level since launching in 2025. Market observers noted that the shot's performance indicates potential for the product to eventually develop into a multi-billion-dollar annual revenue stream.
默克当前正通过持续的并购交易和产品迭代，应对Keytruda核心专利在2028年开始到期后所面临的仿制药竞争。作为增长战略的核心支柱，默克致力于将患者群体从原有的静脉输注剂型引导过渡至使用更为便捷的Qlex皮下注射剂型。这一转换策略旨在延长关键产品的独占销售周期，在原研静脉剂型失去专利保护后继续巩固市场份额，维持该重磅药品的长期收入规模。
Merck has engaged in an active series of corporate deals and product transition initiatives as it prepares to counter generic market competition ahead of Keytruda's initial patent expirations scheduled for 2028. The company is treating Keytruda Qlex as an operational cornerstone, seeking to shift cancer patients from the original intravenous formulation to the more convenient subcutaneous injection. This strategic transition aims to defend market share and extend the commercial lifecycle of the blockbuster franchise beyond the patent expiration of the intravenous version.
03Winrevair与Gardasil疫苗增长抵消局部逆风Strong Winrevair and Gardasil Growth Offsetting Weakness
除Keytruda之外，默克旗下的其他新药与成熟产品也显现出增长势头。用于治疗罕见且致命肺部疾病的药物Winrevair在第三季度取得6.94亿美元的销售成绩，较上年同期大幅攀升93%，超过分析师此前预估的6.45亿美元。该药物的持续放量为默克的产品多元化布局提供了稳固支撑。
Beyond Keytruda, newer and established treatments within Merck's pharmaceutical pipeline recorded strong commercial expansion. Winrevair, a therapy developed to treat a rare and fatal lung condition, generated $694 million in quarterly sales, marking a 93% surge compared with the prior-year period and surpassing analyst expectations of $645 million. The medicine's uptake bolstered the drugmaker's broader portfolio beyond its core cancer franchise.
用于预防人乳头瘤病毒（HPV）相关癌症的Gardasil疫苗在当季实现约20亿美元销售额，高于市场预估的17.6亿美元，这一强劲表现主要得益于美国本土市场的需求回暖。此前一年，默克曾因Gardasil在中国市场需求疲软及库存高企面临业绩承压。相比之下，公司动物保健业务第三季度实现销售额16.8亿美元，略微低于华尔街分析师的预期水平。
The company's Gardasil vaccine, which prevents cancers caused by human papillomavirus (HPV), generated roughly $2 billion in quarterly revenue, outperforming consensus projections of $1.76 billion. The vaccine's growth was driven by elevated demand within the U.S. market, coming after a period in the prior year when Merck contended with high inventory levels and sluggish demand for the shot in China. In contrast, Merck's animal health division generated $1.68 billion in third-quarter revenue, finishing slightly below Wall Street estimates.
