Merck beat third-quarter estimates, reporting adjusted earnings of $2.49 per share versus $2.08 expected and revenue of $18.09 billion, up 5% from a year earlier. The company raised its full-year adjusted earnings outlook to $2.77–$2.82 per share from $2.66–$2.76, although the guidance now includes a one-time $400 million charge, or 12 cents per share, tied to a licensing agreement with Chinese cancer drugmaker SciBrunch. Keytruda sales reached $8.60 billion, above the $7.73 billion analysts expected, including $830 million from the injectable Keytruda Qlex versus $649 million expected. Merck is moving patients from the intravenous Keytruda to Qlex to defend market share as key Keytruda patents begin expiring in 2028. Winrevair sales rose 93% to $694 million, and Gardasil drew about $2 billion on higher U.S. demand.
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