---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-038301"
form_type: "8-K"
ticker: "MRK"
cik: "0000310158"
company_name: "Merck & Co., Inc."
filed_at: "2025-04-24T23:59:59+00:00"
generated_at: "2026-05-23T07:26:40.292508+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-038301
- form_type: 8-K
- ticker: MRK
- cik: 0000310158
- company_name: Merck & Co., Inc.
- filed_at: 2025-04-24T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/310158/000110465925038301/0001104659-25-038301-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/310158/000110465925038301/tm2512885d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-038301
- JSON: https://secwatch.observer/filing/0001104659-25-038301.json
- Plain text: https://secwatch.observer/filing/0001104659-25-038301.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.