secwatch.observer — SEC 8-K summary
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Issuer:     Merck & Co., Inc. (MRK)
CIK:        0000310158
Form:       8-K
Filed at:   2025-04-24T23:59:59+00:00
Accession:  0001104659-25-038301
Event type: earnings
Sentiment:  positive
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/310158/000110465925038301/0001104659-25-038301-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/310158/000110465925038301/tm2512885d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-038301

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