Merck Cuts Top End of Sales Guidance, Misses on Keytruda

Merck & Co. shaved the top end of its 2025 revenue guidance and failed to produce any standout sales beats for its medicines in the third quarter, adding to challenges the drugmaker is facing as it prepares for the loss of its star cancer drug Keytruda.

The company shaved its 2025 revenue guidance by $300 million at the top end, and now expects sales between $64.5 billion and $65 billion, it said in a statement Thursday. Meanwhile, Keytruda and Winrevair, a rare lung disease medicine Merck is nurturing to bolster future sales, missed expectations in the quarter.