Merck & Co., Inc. has announced its financial results for the second quarter of 2025, reporting total worldwide sales of $15.8 billion, which marks a 2% decrease from the second quarter of 2024. The decrease in sales is consistent both nominally and when excluding the impact of foreign exchange. The company's GAAP net income for the quarter was $4.427 billion, a 19% decline from the previous year's second quarter. Non-GAAP net income, which excludes certain items, was $5.366 billion, reflecting an 8% decrease. GAAP earnings per share $(EPS)$ was reported at $1.76, while non-GAAP EPS was $2.13. Both GAAP and non-GAAP EPS figures include a charge of $0.07 per share related to the closing of the Hengrui Pharma License Agreement. Key product sales included KEYTRUDA, which saw a 9% increase to $8.0 billion, and Animal Health sales, which grew by 11% to $1.6 billion. However, GARDASIL/GARDASIL 9 sales declined by 55% to $1.1 billion. Merck has also narrowed its expected worldwide sales range for 2025 to be between $64.3 billion and $65.3 billion and adjusted its non-GAAP EPS range to be between $8.87 and $8.97. These outlooks do not account for the anticipated impact of the announced acquisition of Verona Pharma, which is expected to close in the fourth quarter of 2025.