Merck reports Q2 2025 sales of $15.8B, down 2%, and announces $3B restructuring program

Merck & Co., Inc.

2025-Q2 EPS reported $3.77 revenue$31,335,000,000

Total worldwide sales $15.8 billion, down 2% nominally and ex-forex vs Q2 2024; KEYTRUDA sales $8.0 billion, up 9%.
GAAP EPS $1.76, Non-GAAP EPS $2.13; includes $0.07 per share charge for Hengrui Pharma license agreement.
GARDASIL/GARDASIL 9 sales $1.1 billion, decline of 55% primarily due to lower demand in China.
Approved 2025 Restructuring Program with cumulative pretax cost ~$3.0 billion, expected annual savings ~$1.7 billion by end of 2027.
Announced agreement to acquire Verona Pharma for ~$10 billion, adding COPD treatment Ohtuvayre; expected close Q4 2025.

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