MRK · News · 20261105N

Market Demand Trends

Merck & Co., Inc. · 2026-11-05 · Importance 31 · Surprise 32

Merck’s two largest franchises, Keytruda and Gardasil, posted year-over-year sales growth in Q3 2026, although the article provides detailed demand commentary only for Keytruda. Combined Keytruda and Keytruda Qlex sales rose 6% to $8.60 billion, with Keytruda Qlex contributing $830 million. Keytruda demand was supported by uptake in earlier-stage cancers and continued demand for metastatic indications. Approximately $200 million of favorable U.S. channel-inventory timing partly offset purchase-timing headwinds, but that benefit was expected to reverse in Q4.

Key facts

• Timing of U.S. customer purchases in the prior year created a headwind to Keytruda growth, largely offset by approximately $200 million from favorable U.S. inventory timing; the inventory benefit was expected to reverse in Q4. source
• Merck said Keytruda growth was driven by uptake in earlier-stage cancers and demand for metastatic indications. source