默克周四公布的第三季度业绩超出预期，并上调了调整后利润展望，原因是其免疫疗法药物可瑞达（包括该药一种较新的注射剂型）的销售表现强于预期。
Merck on Thursday topped third-quarter estimates and hiked its adjusted profit outlook, as its immunotherapy Keytruda, including a newer injectable form of the drug, showed stronger-than-expected sales.
这家制药巨头目前预计调整后每股收益将在2.77美元至2.82美元之间。这一调整后利润展望高于此前2.66美元至2.76美元的区间。新指引中包含了与中国抗癌药企SciBrunch达成授权协议所涉及的4亿美元一次性费用，合每股12美分。默克还收窄了2026年营收指引的下限，目前预计销售额将在668亿美元至673亿美元之间。相比之下，此前的展望为663亿美元至673亿美元。
The pharmaceutical giant now expects adjusted earnings to be between $2.77 and $2.82 per share. That adjusted profit outlook is up from a previous range of $2.66 to $2.76 per share. The guidance now includes a one-time charge of $400 million, or 12 cents per share, related to its licensing agreement with the Chinese cancer drugmaker SciBrunch Merck also narrowed the low end of its 2026 revenue guidance, now expecting sales between $66.8 billion and $67.3 billion. That compares to a previous outlook of $66.3 billion to $67.3 billion. The company has been on a deal spree as it races to offset generic competition for Keytruda after key patents begin expiring in 2028.
随着可瑞达的关键专利自2028年起陆续到期，该公司一直在密集达成交易，以对冲这款药物面临的仿制药竞争。
Merck is also positioning the new form of the drug, Keytruda Qlex, as a cornerstone of its growth strategy.
默克还将该药的新剂型Keytruda Qlex定位为其增长战略的基石。目标是将患者从原静脉注射版本转向Qlex，后者被认为是一种更方便的皮下注射剂型。这一策略使该公司得以捍卫其市场份额，并在原版本失去独占权后延续可瑞达的重磅销售。
The goal is to transition patients from the original intravenous version to Qlex, considered a more convenient under-the-skin injection. This strategy allows the company to defend its market share and sustain Keytruda's blockbuster sales beyond the original version's loss of exclusivity. Keytruda raked in $8.60 billion in sales for the quarter, beating the $7.73 billion that analysts were expecting, according to StreetAccount.
据StreetAccount数据，可瑞达本季度销售额达86亿美元，超过分析师预期的77.3亿美元。其中包含Qlex的8.3亿美元销售额——这是该药自2025年上市以来单季最高水平。
That includes $830 million in sales for Qlex – the highest seen in a quarter since it launched in 2025. Analysts were expecting $649 million in sales, StreetAccount estimates said.
StreetAccount的估算显示，分析师此前预期Qlex销售额为6.49亿美元。这款注射剂本季度的爆发式表现表明，它可能很快成为一款重磅产品，即有望为公司带来超过10亿美元的销售额。
The blowout quarter for the shot suggests it could soon be a blockbuster product, meaning it could rake in more than $1 billion in sales for the company. Here's what Merck reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
以下是默克第三季度业绩与华尔街预期的对比，预期基于LSEG对分析师的调查：每股收益：调整后为2.49美元，预期为2.08美元；营收：180.9亿美元，预期为173.1亿美元。该公司第三季度净利润为50.7亿美元，即每股2.04美元，而去年同期净利润为57.9亿美元，即每股2.32美元。不计收购和重组成本，默克第三季度每股收益为2.49美元。默克第三季度营收达180.9亿美元，较去年同期增长5%。除了Keytruda之外，默克的新产品也实现了强劲增长。
Earnings per share: $2.49 adjusted vs. $2.08 expected Revenue: $18.09 billion vs. $17.31 billion expected The company posted a net income of $5.07 billion, or $2.04 per share, for the quarter. That compares with net income of $5.79 billion, or $2.32 per share, for the year-earlier period. Excluding acquisition and restructuring costs, Merck posted earnings of $2.49 per share for the third quarter. Merck raked in $18.09 billion in revenue for the quarter, up 5% from the same period a year earlier. Beyond Keytruda, Merck's newer products also showed strong growth.
Winrevair用于治疗一种罕见且致命的肺部疾病，第三季度销售额为6.94亿美元，较去年同期增长93%。分析师此前预期销售额为6.45亿美元。
Winrevair, which is used to treat a rare, deadly lung condition, generated $694 million in sales for the quarter, up 93% from the same period a year earlier. Analysts were expecting sales of $645 million.
与此同时，Gardasil疫苗可预防由HPV引起的癌症，HPV是一种非常普遍的性传播感染，由于美国需求增加，该疫苗销售额约为20亿美元，超过了分析师预期的17.6亿美元。
Meanwhile, the Gardasil vaccine, which prevents cancers from HPV, a very common sexually transmitted infection, drew about $2 billion in sales due to higher demand in the U.S. That tops the $1.76 billion in sales that analysts were expecting.
这股强劲的营收是在默克去年面临Gardasil库存积压以及中国对该疫苗需求疲软之后取得的。
That strong revenue comes after Merck last year grappled with elevated Gardasil inventory and weak demand for the vaccine in China.
与此同时，默克动物保健业务第三季度销售额为16.8亿美元，略低于分析师预期。
Meanwhile, Merck's animal health business posted $1.68 billion in sales for the third quarter, which came in slightly below analysts' estimates.