๐น Revenue: $15.81B (Est. $15.87B) ๐ด; -2% YoY
๐น Adj. EPS: $2.13 (Est. $2.03) ๐ข; -7% YoY
๐น Non-GAAP Gross Margin: 82.2% (+130 bps YoY)
FY25 Guidance (Updated)
๐น Revenue: $64.3Bโ$65.3B (Est. $64.9B) ๐ก
๐น Adj. EPS: $8.87โ$8.97 (Est. $8.87) ๐ก
๐น Non-GAAP Effective Tax Rate: 15.0%โ16.0%
๐น Multiyear Optimization Plan: $3B annual savings by 2027 (fully reinvested)
๐น Job Cuts: Ongoing restructuring includes R&D, SG&A, and real estate optimization
Segment & Product Highlights
๐น KEYTRUDA: $8.0B; UP +9% YoY
๐น WINREVAIR: $336M; N/M (Launched Q2'24)
๐น Animal Health: $1.65B; UP +11% YoY
โโโข Livestock: $961M; UP +15%
โโโข Companion Animal: $685M; UP +6%
๐น GARDASIL/GARDASIL 9: $1.13B; DOWN -55% YoY
๐น JANUVIA/JANUMET: $623M; DOWN -1%
๐น WELIREG: $162M; UP +29%
๐น Lenvima: $265M; UP +6%
๐น VAXNEUVANCE: $229M; UP +21%
๐น PREVYMIS: $228M; UP +21%
๐น CAPVAXIVE: $129M (new product)
Strategic Updates
๐น $10B Acquisition of Verona Pharma (Ohtuvayre for COPD; closing expected Q4โ25)
๐น FDA Approvals:
โโโข ENFLONSIA (RSV in infants)
โโโข KEYTRUDA (locally advanced HNSCC)
โโโข WELIREG (pheochromocytoma/paraganglioma)
๐น Late-stage pipeline progress in oncology, vaccines, and HIV
๐น Construction underway for $1B Wilmington Biologics Facility (KEYTRUDA)
CEO Commentary
๐ธ โWe announced a multiyear optimization initiative that will redirect investment and resources from more mature areas of our business to our burgeoning array of new growth drivers.โ
๐ธ โWith these actions, I am confident we are well positioned to generate near- and long-term value for our shareholders and, most importantly, deliver for our patients.โ โ Robert M. Davis, CEO
