Merck swings to Q1 loss on $3.62/share Cidara charge; sales up 5%, outlook raised
Merck reported first-quarter 2026 sales of $16.3 billion, up 5%, but posted a GAAP loss of $1.72 per share versus earnings of $2.01 a year earlier, driven by a $3.62 per share charge for the acquisition of Cidara Therapeutics. The company raised the midpoint of its full-year 2026 sales range and raised its non-GAAP EPS range to $5.04 to $5.16, but the outlook excludes the expected one-time charge of about $5.8 billion, or about $2.35 per share, tied to the planned Terns Pharmaceuticals acquisition, which is expected to close in May.
Key points
- Q1 2026 sales were $16.3 billion, up 5% (3% excluding foreign exchange); KEYTRUDA/KEYTRUDA QLEX sales rose 12% to $8.0 billion.
- GAAP loss per share was $1.72 and non-GAAP loss per share was $1.28, both including the $3.62 per share Cidara charge; Q1 2025 GAAP EPS was $2.01.
- Full-year 2026 sales outlook narrowed to $65.8 billion to $67.0 billion from $65.5 billion to $67.0 billion; non-GAAP EPS outlook raised to $5.04 to $5.16 from $5.00 to $5.15.
- Outlook excludes the Terns acquisition, expected to close in May with a one-time charge of about $5.8 billion, or about $2.35 per share.
The filing
Written by AI on Nov 8, 2026, 2:16 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 30, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.