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MRK · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Merck & Co., Inc. (MRK) stock moving?
MRK closed at 148.05 on Nov 10, in the middle of its 30-day range of 139.21 to 154.02. The stock jumped 3.8% on Oct 29 on 13.5M shares after Q3 results, with sales up 5% to $18.1B, KEYTRUDA up 6% to $8.6B, and WINREVAIR up 93% to $694M. Management raised the midpoint of 2026 sales guidance to $66.8B-$67.3B and narrowed non-GAAP EPS to $2.77-$2.82, including a $0.12 one-time charge. Daiwa raised its price target to $160 from $143 on Nov 4, about 8% above the last close. Pipeline news is mixed: Phase 2b efinopegdutide data in MASH showed fibrosis improvement, but a Complete Response Letter for the LENVIMA and KEYTRUDA combination in first-line HCC is a regulatory setback. Trading activity has faded, with volume falling from 19.0M on Oct 22 to 5.5M on Nov 10, and the Nov 5 session reversed from a 153.37 intraday high to a 146.94 close. The FDA approval for PIMJETMI cited in the feed belongs to Merck KGaA, not MRK, so it was excluded.
News behind the analysis
- Merck Reports Phase 2b Results For Efinopegdutide In MASH, Meaningful Improvements Were Observed In Liver Fibrosis Without Worsening Of Steatohepatitis, A Key Secondary Histologic Endpoint; Results Presented At The Liver Meeting And Published In The LancetPhase 2b data for efinopegdutide showed liver fibrosis improvements in adults with MASH, presented at The Liver Meeting and published in The Lancet. Fibrosis improved without worsening of steatohepatitis.
- Merck Announces Positive Phase 2b Results for Efinopegdutide in MASH TreatmentMerck reported positive Phase 2b results for its investigational GLP-1/glucagon co-agonist efinopegdutide in adults with MASH and liver fibrosis.
- Eisai and Merck Receive Complete Response Letter for LENVIMA and KEYTRUDA CombinationRegulators issued a Complete Response Letter for the LENVIMA and KEYTRUDA combination as a first-line treatment for unresectable hepatocellular carcinoma. This is a setback for the application in that indication.
- Merck & Co., Inc. Reports Third-Quarter 2026 Financial ResultsQ3 2026 worldwide sales were $18.09B, up 4.7% year over year. KEYTRUDA sales were $8.6B, WINREVAIR sales $694M (up 93%), and non-GAAP EPS $2.49 including a $0.12 one-time charge.
- Merck Updates 2026 Financial GuidanceMerck raised its full-year 2026 worldwide sales range to $66.8B-$67.3B and narrowed non-GAAP EPS guidance to $2.77-$2.82, with the one-time charge included.
- Daiwa Securities Adjusts Merck & Co. Price TargetDaiwa Securities raised its price target on Merck & Co. from $143 to $160, about 8% above the Nov 10 close of $148.05.
- Merck Healthcare and JD Health Announce Strategic PartnershipMerck Healthcare and JD Health agreed to prioritize the online launch of new drugs on the JD Health platform over the next three years. The deal targets access to innovative medicines in China.
- FDA Grants Emergency Use Authorization for Merck's BravectoThe FDA issued an emergency use authorization for Merck's Bravecto to treat New World screwworm infestations in dogs. This is an animal health item.
- CytoDyn to Evaluate Leronlimab in Combination with Merck's PembrolizumabCytoDyn will evaluate its drug leronlimab in a clinical study with Merck's pembrolizumab for metastatic triple-negative breast cancer. This is a third-party trial that involves MRK's product.
About Merck & Co., Inc.
Merck & Co. (called MSD outside the US and Canada) is one of the world's largest drugmakers, making prescription medicines, vaccines and animal health products, with about $67 billion in expected 2026 sales. What sets it apart is how much it relies on its cancer immunotherapy Keytruda, whose key patents begin expiring in 2028, so the company is racing to replace that revenue with new drugs and acquisitions.
How it makes money
Most revenue comes from the pharmaceutical segment. Keytruda and its newer under-the-skin injectable version, Keytruda Qlex, bring in roughly half of total sales (about $8–9 billion a quarter). Other sources include vaccines such as Gardasil (HPV), newer drugs like Winrevair for pulmonary arterial hypertension, shares of profits or royalties from partnered cancer drugs (Lynparza, Lenvima, Reblozyl), and an Animal Health business with about $1.8 billion in quarterly sales (roughly 10% of the total).
What usually moves MRK
- Keytruda sales and its 2028 patent expiry
- Clinical trial results and FDA approvals
- Launches of new drugs like Winrevair and Keytruda Qlex
- Gardasil demand, especially in China
- Acquisitions and US drug-pricing policy