辉瑞和默克将公布二季度业绩，市场预期辉瑞EPS同比下降12.8%、默克EPS转亏

Healthcare giants Pfizer (PFE) and Merck (MRK) are scheduled to report their quarterly earnings on Tuesday, with analysts expecting a decline in their bottom lines.
The consensus EPS estimate for Pfizer is $0.68, representing a 12.8% year-on-year fall, while Merck is expected to register a multi-fold Y/Y decline in its bottom line to -$0.26.
On the revenue side, the former is projected to report a nearly 2% drop to $14.39B, while Merck’s top line is seen jumping 3.5% to $16.37B.
At first glance, both healthcare giants face the same challenge—finding new growth drivers to offset slowing legacy products and portfolios.
Heading into Pfizer’s Q2, the main area of focus is the healthcare giant’s performance in its COVID-19 portfolio versus its non-COVID portfolio. Analysts noted that the latter’s recent performance has proved that it has the capability to offset the negatives from the pandemic-related drugs' contribution.
Seeking Alpha analyst Yiannis Zourmpanos noted that new launches plus business-development-sourced products grew 22% in Q1 to $3 billion, which annualizes to nearly $12 billion of revenue growing at a rate.
Seagen's oncology portfolio expanded 20% while Biohaven's migraine franchise surged 41%, demonstrating strong commercial momentum beyond the COVID business.
Regarding new products, Seeking Alpha analyst Danil Sereda said that the firm’s entry into the chronic weight management market after it bought Metsera in late 2025 is bearing fruit, with the key drug berobenatide delivering 10.0% to 12.3% placebo-adjusted weight loss at 28 weeks.
Over the last 3 months, Pfizer has seen 6 upward revisions for its EPs and 9 downward moves, while revenue estimates have seen 8 upward revisions and 7 downward moves.
For Merck, the looming headwind is the Keytruda patent cliff—which it has managed to delay by launching subcutaneous Qlex, securing its exclusivity through 2039.
The world’s best-selling drug, whose total sales reached $31.7 billion in 2025, accounting for around 50% of Merck’s total revenue, is headed for loss of exclusivity in 2028.
Analysts are also optimistic about the firm’s advancements across both cardiometabolic and oncology.
In July, the U.S.' Food and Drug Administration approved Lipfendra (enlicitide), the first oral PCSK9 inhibitor, giving Merck a differentiated foothold in the cholesterol-lowering market. Prior to that, in June, the European Commission approved Keytruda plus Padcev as a first-line treatment for certain patients with advanced or metastatic urothelial cancer.
However, analysts remain bearish on Merck with 0 upward revisions and 15 downward revisions to its EPS in the past 3 months. Meanwhile, revenue estimates have seen 8 upward revisions and 4 downward revisions.
Interestingly, both Pfizer and Merck have beaten EPS estimates 100% of the time and revenue estimates 88% of the time over the last two years, setting up expectations of another solid quarter.
Ahead of its earnings, Merck was trading 2.30% lower at $127.20 during Monday’s midday trading, while Pfizer was flat at $24.88.