Merck raises 2026 non-GAAP EPS outlook to $2.77-$2.82

• Merck raised its 2026 adjusted earnings forecast to $2.77-$2.82 a share from $2.66-$2.76.
• Revenue guidance narrowed to $66.8 billion-$67.3 billion from $66.3 billion-$67.3 billion, implying growth of 3%-4%.
• The expected tax rate fell to 32%-33% from 35%-36%, while operating expense guidance increased to $42.4 billion-$42.9 billion.
• The outlook includes a $400 million SciBrunch licensing charge, reducing expected earnings by $0.12 a share.
• Third-quarter sales benefited from roughly $550 million in favorable purchase timing; KEYTRUDA and WINREVAIR benefits should fully reverse in the fourth quarter.

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