One Unsettled Question Sits Under Merck Stock
For questions about this article or underlying research, email help@trefis.com.
Merck (MRK) is fighting a court injunction in Europe against Keytruda Qlex, the newer injectable version of its cancer immunotherapy Keytruda. A Dutch court issued the order, under which Merck will not supply Qlex in six European countries for now. Management says the injunction will hold only until a hearing takes place. The question is how much of Merck’s revenue sits within reach of the fight.
How Much Merck Revenue Is Tied To Keytruda Qlex?
Keytruda Qlex generated $830 million in the third quarter of 2026, contributing to the $8.6 billion brought in by the Keytruda family as a whole. During the question session of Merck’s October 29, 2026 earnings call, litigation over one of Qlex’s components surfaced in a question on where Merck stands in Europe relative to the US.
The Keytruda family accounted for nearly half of Merck’s $18.1 billion in third-quarter revenue. Excluding currency moves, Keytruda family sales rose 6% from a year earlier, a gain management credits to strong uptake in earlier-stage cancers.
Management has said the majority of Qlex sales are in the US, and that adoption of the product continues to increase. So the sales directly at issue are Qlex’s, and most of them come from outside the European countries the injunction reaches. Qlex’s sales were about 4.6% of Merck’s revenue in the third quarter.
Merck Says It Is Free To Sell Qlex
Management has said it feels very strongly that Merck’s intellectual property gives it freedom to operate with Qlex, and that it believes this holds in both the US and Europe. Merck has itself pursued action against others in the field to make sure it could sell the product, management has said. It says the Dutch ruling does not speak to the merits of Merck’s case.
For now, Merck will not supply Qlex in Italy, Denmark, the Netherlands, France, Belgium and Ireland. Management has said these are generally smaller-volume markets and immaterial to its overall volume of the injectable form.
Management’s answer covers the six countries the injunction reaches today. Merck’s rights in Europe remain for the court to rule on.
Merck’s Qlex Dispute Waits On A European Hearing
The injunction lasts only until the court holds that hearing, management says. Management has said Merck will keep working to overturn the Dutch decision. Merck’s next report, expected in February 2027, will show whether Qlex adoption keeps rising.
Want A Second Look At What You Own?
Merck is one decision in a portfolio. Whether you work with an advisor or manage your money yourself, a second look at the whole portfolio costs nothing. Our partner advisory firm offers a free written review of your holdings, fees and income plan, with no need to switch.
Spot an error or want more like this? Tell us in 10 seconds.