MRK · 8-K · 20261029PR119825
Guidance / Outlook
Merck & Co., Inc. · 2026-10-29 · Importance 62 · Surprise 68 · No source text
Merck raised the midpoint and narrowed its full-year 2026 sales outlook to $66.8 billion–$67.3 billion from $66.3 billion–$67.3 billion, including an approximately 1% positive foreign-exchange effect. The company raised and narrowed its non-GAAP EPS range to $2.77–$2.82 from $2.66–$2.76, including an approximately $0.15-per-share positive foreign-exchange effect. Updated non-GAAP operating expense guidance is $42.4 billion–$42.9 billion, versus the prior $42.0 billion–$42.7 billion range, and the outlook includes the Cidara, Terns and SciBrunch one-time charges. Full-year non-GAAP gross margin remains approximately 81%, and non-GAAP other expense is expected to be approximately $1.4 billion.
Key facts
- Merck's 2026 outlook includes one-time R&D charges of $9.0 billion for the Cidara acquisition, $5.7 billion for the Terns acquisition and $400 million for the SciBrunch global license agreement. source
- Merck's 2026 non-GAAP EPS outlook includes one-time charges of $3.62 per share for Cidara, $2.31 per share for Terns and $0.12 per share for SciBrunch. source
- Merck's full-year 2026 non-GAAP EPS outlook includes one-time charges of $9.0 billion, or $3.62 per share, for Cidara; $5.7 billion, or $2.31 per share, for Terns; and $400 million, or $0.12 per share, for SciBrunch. source
- Merck's updated full-year 2026 sales outlook is $66.8 billion to $67.3 billion, compared with its prior range of $66.3 billion to $67.3 billion. source
- Merck's updated full-year 2026 non-GAAP operating expense outlook is $42.4 billion to $42.9 billion, compared with a prior range of $42.0 billion to $42.7 billion. source
- Merck expects full-year 2026 sales of $66.8 billion to $67.3 billion, including an approximately 1% positive foreign-exchange impact at mid-October 2026 exchange rates. source
- The U.S. FDA set June 15, 2027, as the PDUFA date for Merck's sac-TMT application; Merck said it was discussing the matter with the FDA and was hopeful for earlier approval. source
- The U.S. FDA set March 22, 2027, as the PDUFA date for Merck's ENFLONSIA supplemental BLA. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | committed | -75.2% | Merck's full-year 2026 non-GAAP EPS outlook includes one-time charges of $9.0 billion, or $3.62 per share, for Cidara; $5.7 billion, or… |
| operating_income | negative | committed | -1.5% | Merck's updated full-year 2026 non-GAAP operating expense outlook is $42.4 billion to $42.9 billion, compared with a prior range of $42.0… |
| revenue | positive | committed | +1.3% | Merck's updated full-year 2026 sales outlook is $66.8 billion to $67.3 billion, compared with its prior range of $66.3 billion to $67.3… |
| net_income | positive | committed | — | Merck's updated full-year 2026 non-GAAP EPS outlook is $2.77 to $2.82, compared with a prior range of $2.66 to $2.76. |
| net_income | negative | committed | — | Merck's full-year 2026 non-GAAP other expense, net, outlook is approximately $1.4 billion. |