Management remarks
Call period: 2026 Q2 · 2026-08-04
Guidance: Caroline Litchfield: Now turning to our 2026 non-GAAP guidance. We have raised and narrowed our full year revenue guidance range to be between $66.3 billion and $67.3 billion, representing growth of 2% to 4%, including a positive impact from foreign exchange of approximately 1 percentage point using mid-July rates.Demand and orders: Caroline Litchfield: In Oncology, sales of the KEYTRUDA family of products which includes KEYTRUDA and KEYTRUDA QLEX, increased 4% to $8.4 billion, with global growth driven by strong uptake in earlier-stage cancers and continued robust demand from metastatic indications. Strong utilization in tumors that primarily affect women, including breast and cervical cancers and increased use of KEYTRUDA in combination with Padcev in locally advanced or metastatic urothelial cancer were key contributors to growth.Margins: Caroline Litchfield: Gross margin was 81.1%, a decrease of 1.1 percentage points, primarily due to higher inventory reserves.Analyst Q&A
Analyst Christopher Schott asked: I guess with the pipeline derisking we've seen over the past year, can get any directional views or updated color on what you're envisioning Merck's earnings profile could look like as we move through the KEYTRUDA LOE? Management Robert Davis answered: As we've said in the past, we feel very good about the progress we're making with the over 20 products we have coming, $70 billion of commercial opportunity, and we've already started to see meaningful clinical derisking happening at a pace faster than we expected as well as good solid launches from the products that have launched. So as we sit here today, we feel very good, as I've said in the past, we see that as the LOE period is more of a hill than a cliff.管理层陈述
电话会期间：2026 Q2 · 2026-08-04
指引：卡罗琳·利奇菲尔德：现在我们来谈谈2026年非GAAP指引。我们上调并收窄了全年营收指引区间至663亿至673亿美元，对应增长率2%至4%，其中按7月中旬汇率计算的外汇正向影响约为1个百分点。需求与订单：卡罗琳·利奇菲尔德：在肿瘤学领域，包含KEYTRUDA与KEYTRUDA QLEX的KEYTRUDA系列产品销售额增长4%至84亿美元，全球增长由早期癌症的强劲市场接纳以及转移性适应症的持续旺盛需求驱动。女性高发肿瘤（如乳腺癌、宫颈癌）的高使用率，以及KEYTRUDA与Padcev联合用于局部晚期或转移性尿路上皮癌的使用增加，是增长的关键促成因素。利润率：卡罗琳·利奇菲尔德：毛利率为81.1%，下降1.1个百分点，主要原因是存货储备增加。分析师问答
分析师克里斯托弗·肖特提问：鉴于过去一年公司管线风险已降低，能否谈谈默克在帕博利珠单抗专利到期后的盈利前景？管理层罗伯特·戴维斯回应：我们对20多款在研产品的进展感到满意，相关商业机会达700亿美元。目前临床风险降低速度快于预期，已上市产品商业化表现稳健。在我们看来，帕博利珠单抗的专利到期阶段更像是缓坡而非悬崖。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
