New York, February 1, 2026, 14:25 (EST) — The market has closed.
- Merck shares ended Friday 1.8% higher, closing at $110.27
- The drugmaker will hold its quarterly earnings call on Feb. 3
- Attention centers on Keytruda, vaccine demand, and the 2026 outlook
Merck shares climbed 1.8% on Friday, finishing at $110.27. Investors are bracing for this week’s update on sales and earnings from the drugmaker.
The stock’s surge in late January is gaining fresh attention as big drugmakers re-emerge as a defensive play. Merck’s upcoming earnings report is just around the corner. Investors remain quick to pivot amid shifts in rates and growth concerns.
Merck stands out as a prime example of a broader pharma challenge: sustaining growth when a few blockbuster drugs drive most revenue. Traders are eager for new insights on which areas are maintaining demand and which are faltering.
Merck bucked the broader U.S. market trend on Friday, posting a gain while the S&P 500 dropped 0.43% and the Dow lost 0.36%. The stock outperformed key rivals like Johnson & Johnson, Pfizer, and Eli Lilly. Trading volume came in above the recent average, according to MarketWatch data.
Merck announced its fourth-quarter and full-year 2025 sales and earnings conference call is set for 9 a.m. ET on Tuesday, Feb. 3.
During its October earnings call, Caroline Litchfield noted that Keytruda’s growth was slowing but remained on an upward track, with the company anticipating “continued growth in Keytruda, albeit at a slightly slower pace.” Merck also highlighted pricing pressures beyond the U.S. and persistent softness in its HPV vaccine segment, linked to weaker demand from China. Reuters
Merck has been signaling to investors that it’s working to diversify its growth engines as competition intensifies for its cancer drugs. Back in January, the company boosted its revenue forecast for newer business segments to $70 billion by the mid-2030s.
The week ahead brings a clear focus. Investors will zero in on any 2026 forecast — or guidance, spelled out plainly — and gauge the tone on pricing, demand for vaccines in China, and how quickly the late-stage pipeline is getting funded.
Keytruda is another flashpoint. This biologic faces pressure from “biosimilar” competitors—close copies that can slash prices once exclusivity ends. Any change in management’s tone on that timeline could send the stock moving fast.
The setup works both ways. If the update points to softer-than-anticipated vaccine demand or a sharper slowdown in Keytruda growth, the market might reverse Friday’s gains. With shares near recent highs, there’s little margin for a disappointing report.
Merck’s earnings report on Tuesday and the Feb. 3 conference call at 9 a.m. ET will be the next major event. Investors want clarity on 2026 demand forecasts and how the company plans to navigate the period after Keytruda’s peak sales.
