Merck's Keytruda recorded sales of $16.40 billion in the first half of 2026, up almost 4.2% year over year, with the subcutaneous formulation Keytruda Qlex contributing $590 million. Keytruda accounts for more than 55% of Merck's total pharmaceutical sales and is approved for 44 indications spanning 19 tumor types in the United States. Management expects growth to continue until Keytruda loses patent exclusivity in 2028, after which biosimilar competition is likely to sharply reduce sales. Merck is pursuing innovative immuno-oncology combinations, including Keytruda with LAG3 and CTLA-4 inhibitors, to drive long-term growth. The Zacks Consensus Estimate for Merck's 2026 earnings per share has declined from $3.76 to $3.25 over the past 30 days, and the stock currently carries a Zacks Rank #4 (Sell).
