Merck & Co Inc

**Strong Third Quarter Performance**: Merck reported total revenues of $16.7 billion for Q3 2024, reflecting a 4% increase (7% on a constant currency basis). The growth was primarily driven by increased usage of KEYTRUDA, new product launches (like WINREVAIR and CAPVAXIVE), and strong performance in the Animal Health segment, which grew by 11%.

**GARDASIL Sales Decline**: Sales for GARDASIL decreased by 10% to $2.3 billion, primarily due to weak performance in China where shipments and demand have declined. While GARDASIL saw double-digit growth in most major regions outside of China, the elevated inventory levels and expected continuing shipment declines pose a risk to future revenues, particularly as market dynamics shift with the potential approval for male vaccinations.

**Optimistic Pipeline Outlook**: Merck's pipeline has nearly tripled in size over the past three years, with over 20 Phase 3 assets expected to drive new launches in the coming years. High expectations are set for upcoming treatments, including a potential launch of clesrovimab for RSV prevention in the 2025-2026 RSV season, which could significantly impact revenue growth.