H1 Financial Reports: Merck's Keytruda Faces Pressure Amid Slowing Growth, While GSK's Oncology Segment Surges on Strong Drug Performance

Recently, Merck and GSK also announced their financial reports for the first half of the year.

GSK: Oncology Business Revenue Surges, HIV Business Remains Strong

July 30,GSK Announces 2025 H1 Financial Results, Total Revenue Reaches £15.502 Billion(Approximately USD 20.157 billion), representing a year-on-year increase of 5% (calculated at constant exchange rates, CER).

GSK's main businesses are divided into three major segments: specialty medicines, vaccines, and general medicines.

HIV BusinessContinued strong growth momentum, with revenue reaching £3.594 billion (approximately $4.673 billion), a year-on-year increase of 10%. Sales of the oral combination drug Dovato (dolutegravir + lamivudine) reached £1.225 billion (approximately $1.592 billion, +21%). Sales of the long-acting injectable drugs Cabenuva (cabotegravir + rilpivirine) and Apretude (cabotegravir) reached £635 million (approximately $826 million, +42%) and £190 million (approximately $247 million, +56%), respectively. The dolutegravir portfolio generated a total revenue of £2.674 billion.

Respiratory, Immunology and Inflammation (RI&I) FieldTotal revenue reached £1.767 billion (approximately $2.298 billion), representing an 18% year-over-year increase. Nucala (mepolizumab) maintained a growth rate of 13%, with sales amounting to £942 million (approximately $1.225 billion). Benlysta (belimumab), used for treating lupus, achieved sales of £810 million (approximately $1.053 billion), reflecting a 23% year-over-year increase.

Oncology BusinessRevenue surged significantly, increasing by 47% year-over-year to £899 million (approximately $1.17 billion), primarily driven by the robust growth of PD-1 inhibitor Jemperli (dostarlimab) and JAK1/JAK2/ACVR1 inhibitor Omjjara (momelotinib).

Vaccine FieldTotal revenue reached £4.186 billion (approximately $5.443 billion), a year-on-year increase of 1%. Of this, sales of the shingles vaccine Shingrix amounted to £1.720 billion (approximately $2.236 billion), representing a year-on-year decrease of 1%. Sales of meningitis vaccines (including Bexsero and Menveo) totaled £729 million (approximately $947 million), marking a year-on-year growth of 21%. This growth was primarily driven by increased demand in Europe and emerging markets. Sales of the respiratory syncytial virus vaccine Arexvy were £144 million (approximately $187 million), reflecting a year-on-year decline of 39%. The product faced an unfavorable market environment in the United States, resulting in lower-than-expected sales performance.

In addition,GSK's generic drug business slightly declined, with total sales of GBP 5.056 billion (approximately USD 6.573 billion, -3%) in the first half of 2025.

GSK predicts revenue growth of 3%-5% and core operating profit growth of 6%-8% for the full year 2025. Based on its current pipeline portfolio, GSK is confident in the prospect of achieving sales exceeding £40 billion by 2031.

Merck: K drug $15.2 billion, initiates cost optimization plan

On July 29, Merck announced its 2025H1 performance, with total revenue of $31.335 billion in the first half of the year.Down 2% year-on-yearMerck's pharmaceutical business revenue was $27.688 billion, a year-on-year decrease of 3%. Among them,Revenue in China dropped 70% year-over-yearto $1.075 billion, accounting for 3.9% of Merck's global pharmaceutical business.

In the first half of this year,Keytruda (Pembrolizumab), the "King of Drugs," Achieves Sales of $15.161 BillionHowever, the growth momentum has slowed, with a year-on-year increase of 7%. Other oncology products are also growing. Welireg, the world's first HIF-2α inhibitor, achieved sales of $300 million in the first half of the year, representing a year-on-year increase of 42%. Lynparza (Olaparib) and Lenvima (Lenvatinib) brought Merck revenue shares of $682 million and $523 million, respectively.

Another blockbuster product of Merck, the HPV vaccine Gardasil/Gardasil 9, reported sales of $2.453 billion in the first half of the year, a year-on-year decrease of 48%. Merck has implemented countermeasures and taken the lead in tapping into the male market for HPV vaccines in China.

In June 2024, the 21-valent pneumococcal conjugate vaccine Capvaxive was approved for marketing, generating revenue of $236 million in the first half of this year. This product complements Pneumovax 23 and Vaxneuvance (15-valent) to form a more comprehensive pneumococcal vaccine portfolio. The latter two products reported sales of $79 million (-35%) and $459 million (+13%), respectively, in the first half of this year.

In the cardiovascular field, the new pulmonary arterial hypertension (PAH) drug Winrevair was approved in the United States in March 2024. In the first half of this year, Winrevair achieved an impressive performance with $615 million in sales. That is to say,Winrevair Can Become a Blockbuster in Its First Full Year on the Market。

In terms of the R&D pipeline, two Phase III studies (CORALreef HeFH and CORALreef AddOn) for the oral PCSK9 inhibitor reported successful results in treating hypercholesterolemia in June this year; the RSV monoclonal antibody Clesrovimab has been approved for marketing in the U.S.

Notably, Merck also announced the launch of a new multi-year optimization plan at the time of its half-year report release. The plan aims to transform its product portfolio by saving an estimated $3 billion annually through productivity initiatives. These savings will be entirely reinvested to support the launch of new products and its pipeline across multiple therapeutic areas.

Looking ahead to the full year of 2025, Merck expects global sales to be between $64.3 billion and $65.3 billion.

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