MRK · 10-Q · 2026Q2 · Full report

Supply Chain and Inventory

Merck & Co., Inc. · 2026-08-07 · Importance 26 · Surprise 24

Gardasil/Gardasil 9 shipments to China were suspended in February 2025 because of lower demand and elevated channel inventory, with only limited shipments restarting in the second quarter of 2026. Enflonsia sales remained low because of continued high levels of RSV monoclonal antibody inventory in the market, although Merck expects shipments to increase in the second half of 2026. Capvaxive U.S. growth was negatively affected by a reduction in wholesaler inventory, while prior ProQuad manufacturing delays required borrowing doses from the CDC Pediatric Vaccine Stockpile.