Merck & Co.'s Keytruda Posts $8B in Q1 2026 as Qlex Picks Up Steam

Merck reported Q1 2026 revenue of $16.3 billion, beating analyst expectations of $15.8 billion1

Keytruda/Keytruda Qlex combined sales reached $8.0 billion in Q1 2026, representing 12% growth1 5

Keytruda Qlex (subcutaneous formulation) generated $128 million in sales during its first quarter on the market1 5

The company reported a GAAP loss of $1.72 per share due to a $3.62 per share charge from acquiring Cidara Therapeutics, but an adjusted loss of only $1.28 per share, beating analyst forecasts of $1.51 per share1 4

Merck raised its full-year 2026 guidance to $5.04-$5.16 per share adjusted earnings and $65.8-$67 billion in sales1 4

Keytruda is losing U.S. patent protection in late 2028, prompting Merck to develop and launch the faster-administering subcutaneous version3 6

Keytruda Qlex can be administered in one to two minutes under the skin every three weeks, compared to the original 30-minute IV infusion3 7

Keytruda was the world's best-selling drug in 2024 with $29.5 billion in sales, representing approximately half of Merck's total revenue6 7

Analysts project Keytruda Qlex could reach over $7 billion in annual sales by the early 2030s as the original IV formulation declines due to biosimilar competition7 8