MRK · 10-Q · 2026Q2 · Full report
Geographic Market Commentary
Merck & Co., Inc. · 2026-08-07 · Importance 40 · Surprise 42 · In source text
U.S. demand was strong for Keytruda/Keytruda Qlex, Welireg, Winrevair, and Prevymis, but U.S. vaccine demand weakened and Januvia/Janumet faced competitive volume declines. Gardasil/Gardasil 9 demand grew in Europe and Asia Pacific but declined in China, Japan, and the U.S.; Merck had suspended China shipments because of lower demand and elevated channel inventory, then resumed limited shipments in the second quarter under a revised distributor contract. Winrevair’s early international launch uptake was strongest in Japan and Europe, while Welireg also saw continued uptake in Japan.
Key facts
- Merck suspended shipments to China of Gardasil in February 2025 and entered into a revised supply contract with Chongqing Zhifei in April 2026; in Q2 2026 the Company began making limited shipments to China but revenue from the revised supply contract is expected to be immaterial in 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | — | Merck suspended shipments to China of Gardasil in February 2025 and entered into a revised supply contract with Chongqing Zhifei in April… |