MSD reported first-half 2026 total revenue of USD 32.893 billion (+5%), with pharmaceutical sales of USD 29.109 billion (+5%) and China pharma revenue down 33% to USD 721 million (2.5% of global pharma).

Keytruda and its subcutaneous formulation Keytruda Qlex combined for USD 16.400 billion (+8%), with intravenous Keytruda at USD 15.810 billion (+4%) and Qlex contributing USD 5.90 billion in its first full half-year. Welireg grew 57% to USD 470 million, whilst the Gardasil franchise slid 9% to USD 2.238 billion, and Januvia/Janumet continued declining on generic erosion (-32% and -24% respectively).

The standout non-oncology asset was pulmonary arterial hypertension (PAH) therapy Winrevair (sotatercept) at USD 1.114 billion (+81%), with Q2 alone at USD 588 million (+75%) driven by US prescription momentum (~1,800 new patients, over 34,000 total prescriptions) and early international launches in Europe and Japan. July's US approval of Lipfendra (enlicitide), the first once-daily oral PCSK9 inhibitor, adds a differentiated lipid-lowering asset.

MSD narrowed and lifted its full-year guide to USD 66.3 to 67.3 billion, signalling confidence in oncology durability and PAH franchise scaling despite China and vaccine softness.