Merck posts Q2 2026 GAAP loss of $0.54 per share on $2.31 Terns charge
Merck reported second-quarter 2026 sales of $16.6 billion, up 5%, but a $2.31 per share charge for the Terns acquisition turned GAAP results to a loss of $0.54 per share, compared with EPS of $1.76 a year earlier. The company narrowed and raised its full-year sales outlook to $66.3 billion to $67.3 billion, but cut its non-GAAP EPS outlook to $2.66 to $2.76 from $5.04 to $5.16, reflecting one-time charges for the Terns and Cidara acquisitions.
Key points
- Q2 2026 sales were $16.6 billion, up 5% (4% ex-FX); KEYTRUDA/KEYTRUDA QLEX sales were $8.4 billion and WINREVAIR sales were $588 million, up 75%.
- Q2 2026 non-GAAP loss per share was $0.13, compared with non-GAAP EPS of $2.13 in Q2 2025.
- Full-year 2026 non-GAAP EPS outlook is $2.66 to $2.76, including $3.62 per share for Cidara and $2.31 per share for Terns one-time charges.
- Full-year 2026 sales outlook was raised to $66.3 billion to $67.3 billion from $65.8 billion to $67.0 billion.
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 August 04, 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.