Merck reports Q1 2025 EPS $2.01, sales $15.5B; GARDASIL plunges 41% on China weakness

Merck & Co., Inc.

2025-Q1 EPS reported $2.01 revenue$15,529,000,000

GAAP EPS $2.01 (up 7% YoY); non-GAAP EPS $2.22 (up 7%); revenue $15.5B (-2% reported, +1% ex-FX).
KEYTRUDA sales $7.2B (+4% reported, +6% ex-FX); WINREVAIR $280M post-launch; Animal Health +5%.
GARDASIL sales fell 41% to $1.3B on lower China demand; ex-China sales grew 14% (16% ex-FX).
FY2025 non-GAAP EPS guidance revised to $8.82-8.97 from $8.88-9.03 due to $0.06 charge for Hengrui license.
Tariffs expected to add ~$200M cost in 2025; full-year sales outlook unchanged at $64.1B-$65.6B.

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