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Merck (MRK) earnings Q4 2025

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Merck (MRK) earnings Q4 2025

Merck on Tuesday reported fourth-quarter earnings and revenue that topped estimates on strong demand for its cancer immunotherapy Keytruda and some newer products. 

But the company posted a modest 2026 outlook that fell short of Wall Street’s expectations as it prepares for a few drugs to lose patent protection later this year and face generic competition. That includes Type 2 diabetes drugs, Januvia and Janumet, and Bridion, a treatment that helps restore muscle function that was blocked during surgery. 

While those medicines aren’t top-selling products like Keytruda, their combined lower sales will likely pressure the company. 

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The pharmaceutical giant anticipates its 2026 revenue will come in between $65.5 billion and $67 billion. Analysts expected revenue of $67.6 billion, according to LSEG. 

Merck also expects adjusted earnings to be between $5 and $5.15  per share. That compares with analysts’ estimate of $5.36 per share, according to LSEG.

That range includes a one-time charge of roughly $9 billion, or around $3.65 per share, related to Merck’s acquisition of Cidara, a biotech company that is developing a flu prevention drug. 

The guidance includes “manageable impacts” from the drug pricing deal Merck struck with President Donald Trump in December, as well as his administration’s recent move to pare back the pediatric vaccine schedule in the U.S., according to a company spokesperson.

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Under that “most-favored-nation” deal, Merck will voluntarily sell its existing treatments to Medicaid patients at the lowest price offered in other developed nations and guarantee that pricing for new medicine, among other efforts. In exchange, Merck will get a three-year reprieve from tariffs.

Here’s what Merck reported for the fourth quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

  • Earnings per share: $2.09 adjusted vs. $2.01 expected
  • Revenue: $16.4 billion vs. $16.19 billion expected

The company posted net income of $2.96 billion, or $1.19 per share, for the quarter. That compares with net income of $3.74 billion, or $1.48 per share, for the year-earlier period. 

Excluding acquisition and restructuring costs, Merck earned $2.04 per share for the fourth quarter.

Merck raked in $16.4 billion in revenue for the quarter, up 5% from the same period a year earlier.

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The results come as Merck slashes $3 billion in costs by the end of 2027, and prepares to offset revenue losses from the upcoming patent expiration of Keytruda in 2028.

Keytruda drives growth amid Gardasil woes

Merck’s pharmaceutical unit, which develops a wide range of drugs, booked $14.84 billion in revenue during the fourth quarter. That’s up 6% from the same period a year earlier.

Sales of Keytruda topped $8.37 billion for the quarter, rising 7% from the same period a year ago. Analysts were expecting revenue of $8.35 billion, according to StreetAccount estimates. 

The increase in Keytruda revenue was driven by higher uptake of the drug for earlier-stage cancers and strong demand for the treatment for metastatic cancers, which spread to other parts of the body, the company said. 

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Sales of the more convenient subcutaneous version of Keytruda, which won approval last year, came in at $35 million during the fourth quarter. 

That version of Keytruda is key to Merck’s efforts to offset likely declines in revenue after the original formulation of the drug, which is administered intravenously, goes off patent. 

Meanwhile, Merck’s newer drug Winrevair, which is used to treat a rare, deadly lung condition, recorded $467 million in sales for the quarter, up 133% from the same period a year earlier. 

Analysts had expected the medication to bring in $459 million, according to StreetAccount estimates. 

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The growth of Winrevair, which first entered the market in mid-2024, largely reflects higher uptake in the U.S. and its early launch in some international markets.

Merck continued to see trouble with China sales of Gardasil, a vaccine that prevents cancer from HPV, the most common sexually transmitted infection in the U.S.

Last February, Merck announced it would halt shipments of Gardasil into China beginning that month. In July, CFO Caroline Litchfield said the company would not resume shipments to China through at least the end of 2025, noting that inventories remain high and demand is still soft.

Gardasil generated sales of $1.03 billion for the quarter, down 34% from the same period a year ago because of lower demand in China. Still, that was in line with what analysts were expecting, according to StreetAccount.

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Gardasil’s revenue could face more pressure in 2026. As part of the Centers for Disease Control and Prevention’s changes to the pediatric vaccine schedule, the agency said that children should get one dose of the HPV vaccine instead of the two to three doses recommended on the label.

Merck’s animal health division, which develops vaccines and medicines for dogs, cats and cattle, posted nearly $1.51 billion in sales, up 8% from the same period a year prior. The company said that reflects higher demand across all species. 

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Genesis adds $200m, fuel in focus

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Genesis adds $200m, fuel in focus

Raleigh Finlayson’s Genesis Minerals made almost $200 million over the first three months of 2026 but says it is watching fuel supply stability closely.

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Billions at stake in LNG tax debate

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Billions at stake in LNG tax debate

Chevron, Shell and BP have warned new taxes will discourage investment in Australia, ahead of a senate committee into Australia’s gas tax regime.

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Is Anthropic’s Chatbot Down Again on April 15 2026?

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Claude

NEW YORK — Anthropic’s popular AI assistant Claude faced fresh disruptions Wednesday as users worldwide reported elevated errors across claude.ai, the API and Claude Code, prompting frantic searches for alternatives and highlighting the growing pains of rapid AI adoption.

Claude
Claude

At midday on April 15, 2026, thousands turned to outage trackers and social media after experiencing login failures, chat interruptions, usage limit glitches and partial service degradation. The issues emerged in the early afternoon UTC, with Anthropic’s official status page confirming it was investigating increased errors on its core platforms.

Claude.ai, the web interface where millions interact daily with models like Claude Opus 4.6 and Sonnet, showed the most visible impact. Some users reported being unable to log in, while others encountered incomplete responses, stream timeouts or sudden messages claiming they had hit usage limits despite recent inactivity. Claude Code, the coding-focused tool, remained partially accessible for already-logged-in users but blocked new sessions. The API recovered fully by early evening PT according to updates, though consumer-facing services lagged behind.

Anthropic’s status.claude.com page detailed the timeline. At 14:55 UTC the company posted it was “Investigating” elevated errors. By 15:03 UTC it confirmed ongoing work. At 15:20 UTC it marked the issue as “Identified” with a fix in progress. Later updates noted the API had fully recovered as of 8:01 PT / 16:01 UTC, while mitigation continued for Claude.ai and login paths. Claude Code users who stayed logged in could continue working, but new logins remained broken.

The disruption arrived amid a pattern of intermittent outages that have plagued Claude since early 2026. Similar elevated-error incidents hit in March and early April, often tied to surging demand following major model releases. On April 13 users complained of login loops and instant usage-limit bugs. Earlier episodes in March involved 500 internal server errors and authentication failures that left developers scrambling.

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Downdetector and similar sites recorded spikes in reports throughout the day, with complaints centered on chat access, the desktop app and voice mode. Social media buzzed with frustration. Users posted screenshots of error messages and joked about having to “use their brain to code” again. One thread asked what people do when Claude goes down, while another quipped the AI had gone on strike.

For many professionals the outage stung. Developers rely on Claude Code for real-time assistance with complex projects. Writers and analysts use the chatbot for drafting, research and data interpretation. Enterprises integrating Claude via API faced workflow interruptions. The timing amplified annoyance — mid-week when productivity demands peak.

Anthropic has not issued a detailed public statement beyond status updates. The company typically attributes such incidents to “unprecedented demand” after popular releases, as seen in prior resolutions where it thanked users for patience while scaling infrastructure. Claude’s rapid rise in popularity, especially after the February 2026 launch of Claude Opus 4.6 positioned as a leader in coding and agentic tasks, has strained systems despite heavy investment in compute.

The outage underscores broader challenges facing frontier AI companies. As models grow more capable, user bases explode, testing backend resilience. Competitors like OpenAI’s ChatGPT and Google’s Gemini have faced their own downtime episodes, but Claude’s issues often draw extra attention because of its strong reputation among developers and power users who prize its thoughtful, less-censored responses.

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Wall Street and tech observers watch these events closely. Anthropic, valued at tens of billions after major funding rounds from Amazon and Google, must prove it can match demand without frequent hiccups. Reliability has become a key differentiator as businesses shift mission-critical tasks to AI assistants. Repeated outages risk eroding trust, especially for paid Pro and Team subscribers who expect consistent access.

For individual users the disruption served as a reminder of single-point dependency. Many switched to alternatives like Grok, ChatGPT or open-source models during the wait. Some reported success with cached conversations or offline tools, while others simply took a break. Reddit’s r/ClaudeAI subreddit lit up with performance megathreads and workaround discussions.

Anthropic’s transparency via the status page earned some goodwill, but critics noted occasional lags between real-world reports and official acknowledgments. Third-party monitors like IsDown.app and DownDetector often surface problems faster than the company’s dashboard in the initial minutes.

Looking ahead, the incident may accelerate Anthropic’s infrastructure expansion. The company has poured resources into data centers and partnerships to support growing usage. Future reliability could hinge on better load balancing, redundant systems and proactive capacity planning ahead of major model drops.

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For now, most affected users saw partial or full recovery by late afternoon or evening on April 15. The API returned to normal operations first, allowing developer tools and integrated applications to resume. Consumer web and app access followed more gradually as fixes rolled out.

The event highlights AI’s double-edged nature in 2026. Tools like Claude deliver extraordinary productivity gains when available, yet downtime can halt workflows across industries. As adoption deepens — from solo creators to Fortune 500 teams — service stability becomes as crucial as model intelligence.

Investors and analysts will likely view this as a routine scaling bump rather than a red flag, given the company’s strong fundamentals and backing. Still, frequent incidents could invite comparisons to early ChatGPT growing pains and fuel calls for greater redundancy.

Users checking status.claude.com or Downdetector received the clearest picture. Those still facing issues were advised to clear caches, try different browsers or devices, or wait for the next update. Anthropic typically resolves such matters within hours once identified.

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As evening approached on the U.S. East Coast, reports of successful logins increased, suggesting the fix was taking hold. The company continued monitoring post-resolution, a standard practice to catch any rebound effects.

Claude’s appeal lies in its balance of capability and safety focus, setting it apart in a crowded field. Outages test user loyalty but also demonstrate demand. When the service runs smoothly, many consider it indispensable for deep reasoning tasks that other models handle less gracefully.

For Anthropic the priority remains clear: restore service quickly and communicate transparently while investing to prevent recurrence. Wednesday’s disruption, though inconvenient, fits a familiar pattern in the fast-evolving AI sector where success itself creates technical hurdles.

As the dust settles, affected users will resume their sessions, perhaps with renewed appreciation for uptime. The episode serves as another data point in the ongoing story of AI infrastructure meeting explosive real-world usage. Whether Claude emerges stronger or faces renewed scrutiny depends on how swiftly and cleanly Anthropic closes this latest chapter.

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In the meantime, the internet did what it does best — turned frustration into memes and shared workarounds. For many the brief outage became a quirky reminder that even the smartest AI still runs on very human-engineered systems prone to occasional hiccups. The golden rule in 2026: always have a backup chatbot ready when your favorite one blinks out.

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S&P 500 To 7,000 And Nasdaq 100 Points To ATH: Are Markets Getting Ahead Of Themselves?

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U.S. Earnings Season Ends On Strong Note

S&P 500 To 7,000 And Nasdaq 100 Points To ATH: Are Markets Getting Ahead Of Themselves?

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Olaplex Holdings stock reaches 52-week high at $2.04

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Olaplex Holdings stock reaches 52-week high at $2.04

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Horse urine perfume: why online bargains may be dangerous

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Horse urine perfume: why online bargains may be dangerous

Experts warn of hidden risk of counterfeits, while the government consults on stricter product safety rules.

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Dollar Tree Stock: A Strong Bet As Shoppers Seek Value (NASDAQ:DLTR)

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Dollar Tree Stock: A Strong Bet As Shoppers Seek Value (NASDAQ:DLTR)

This article was written by

With combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular contributor on Seeking Alpha since 2017. He has been quoted in many web publications and his articles are syndicated to company pages in popular trading apps like Robinhood.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of DLTR either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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'Significant' out-of-control fire at major oil refinery

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'Significant' out-of-control fire at major oil refinery

Petrol production has been affected as firefighters continue to battle a significant, out-of-control fire at one of Australia’s two oil refineries.

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Why Procurement Automation Is Really About Rules

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Artificial intelligence and robotics could automate more than half of all work carried out in the United States — with existing technology — according to a new report from the McKinsey Global Institute.

That pitch still exists, but it no longer captures the most interesting change in the category. The real shift is that procurement platforms are increasingly being used not just to digitize transactions, but to turn management rules into something people have to follow. Deloitte’s 2025 Global Chief Procurement Officer Survey describes procurement as being at a turning point, while a 2025 Harvard Business Review article, based on research with Digital Procurement World, says companies have ambitious plans to digitize procurement rapidly, especially through AI. Put simply, procurement software is being asked to do more than speed up routine tasks. It is being asked to support management discipline.

That change matters because many companies do not really struggle with a lack of procurement activity. They struggle with a lack of consistency. One team adds suppliers one way, another routes approvals differently, and a third keeps critical exceptions in private messages. By the time leadership wants better reporting, it discovers that the problem is not the dashboard. The problem is that the underlying rules were never clear enough to produce clean data in the first place. Deloitte’s survey makes a related point in a broader way: better enterprise performance is linked not to technology alone but to the combination of technology and talent capabilities, and humans still need to remain “in the loop” if digital investment is going to work. That is a useful reminder because it cuts against the fantasy that software can settle governance questions on its own.

This is where Precoro becomes worth closer examination. External coverage places the company in a fairly specific part of the market. In Forbes Advisor’s 2024 review of supply chain management software, Precoro was identified as the option “best for approval workflow,” with the review highlighting threshold-based approvals, mobile authorization and strong report customization. The same review also noted limits: inventory features needed work, and users reported weak invoice integration. Capterra’s 2025 procurement shortlist places Precoro alongside products such as Procurify, Tipalti and SAP S/4HANA Cloud, giving it an overall score of 79 out of 100, a ratings score of 50 out of 50 and entry-level pricing from $499 a month. Taken together, those sources suggest that Precoro is not best understood as a giant all-purpose enterprise suite. It is better understood as a platform focused on centralized purchasing control, with its strongest identity sitting around approvals, structure and workflow discipline.

That positioning is important because approval logic is often where procurement automation becomes real. Many companies can live with messy intake for a surprisingly long time. The strain appears when they start growing, add layers of management, spread spending across more teams and need faster decisions without losing control. Precoro’s approval workflow documentation is revealing here. It does not begin with efficiency language. It begins with three steps: decide what rules should affect approvals, configure the steps and assign the people responsible. It lists departments, projects, locations and thresholds as common variables, and it includes direct-manager approval and over-budget approval as explicit workflow options. That does not prove that Precoro is unique. But it does show that the product is built around a practical view of procurement: if the rules are unclear, the system will not magically make them clear.

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The same pattern appears in how the product treats forms and fields. Precoro’s documentation says companies can create custom forms for purchase orders, purchase requisitions, invoices, expenses, service orders and suppliers. Fields can be made mandatory, tied to approval logic and linked through dependencies so that one choice controls what appears next. There is also an important restriction: if a custom document field is involved in approval, it cannot simply be hidden through dependencies. That sounds like a detail only an implementer would care about, but it says something larger about the product’s logic. A field is not just a box on a screen. It can determine what information is required, who is accountable for entering it and whether a document can keep moving. In that sense, procurement automation starts to look less like digitized administration and more like process rules made visible.

Supplier control tells a similar story. In its July 2024 product updates, Precoro introduced supplier approval dependencies tied to custom supplier fields. In its multi-entity documentation, the company explains that suppliers can be assigned to legal entities, custom-field options can depend on legal entities and tax lists can be filtered automatically based on the legal entity chosen in a document. A separate legal-entity guide adds that all legal entities inside Precoro use the same currency, processes and approval flows. None of this is made for headline features. But it is exactly the kind of detail that matters once a company has more than one entity, more than one approval layer or more than one tax context to manage. At that point, procurement is no longer just about getting a request approved. It becomes a question of who can buy, from whom, under which entity and according to which internal logic.

Even the company’s vacation coverage feature says something about how it approaches workflow. Precoro’s Vacation Mode lets users assign backup approvers and substitute users so that approvals and document handling continue during absences. The distinction matters: a backup approver can approve or reject documents, while a substitute user is there to manage documents in statuses such as Matching, Pending and In Revision. It is a small feature, but it reflects an important operational truth. Many workflow systems seem disciplined until a key manager is away and the queue stops moving. A product that makes room for exception handling is often a product that has been shaped by real process friction rather than by a neat diagram of the “normal” path.

This is also where the limits of Precoro help define the company more clearly. Forbes Advisor did not present it as a deep inventory tool, and Capterra places it in a crowded market of procurement and spend software rather than among the largest enterprise platforms. That is not necessarily a weakness. For many mid-sized companies, the bigger problem is not replacing an entire supply chain stack. It is stopping approvals, supplier setup, entity-level controls and reporting inputs from drifting apart as the business gets more complex. In that context, a platform with a clearer main focus may be more useful than one that tries to do everything. External reviews suggest that Precoro’s main strength lies in approval logic and structured purchasing control, and the product documentation broadly supports that reading.

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The broader lesson is that procurement automation is becoming a test of management quality as much as software quality. HBR’s reporting suggests companies want to move quickly, especially with AI in view. Deloitte’s survey suggests that digital investment pays off best when paired with the skills and decision discipline needed to use it properly. Against that backdrop, Precoro is interesting not because it promises a dramatic reinvention of procurement, but because it reflects a more practical reality in this category. The software can route decisions, enforce fields, assign substitutes and structure approvals. What it cannot do is decide what the rules should be. That still belongs to management. The companies that benefit most from procurement automation are likely to be the ones that understand that difference early.

What makes Precoro worth in-depth coverage, then, is not simply that it is another tool in a crowded market. It is that the company offers a useful lens on where procurement software is heading. The category is moving away from the old promise of “less paperwork” and toward a more practical task: turning internal policy into repeatable behavior across teams, entities and exceptions. External reviewers seem to recognize one part of that in Precoro’s approval strengths. The company’s own documentation fills in the rest by showing how much of the product is built around rule-setting, dependencies and continuity in roles and approvals. Looked at that way, Precoro is less a story about automation replacing judgment than about software exposing how much judgment needed to be defined clearly all along.

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Major fire at Australian oil refinery to impact nation's petrol supplies

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Major fire at Australian oil refinery to impact nation's petrol supplies

The fire has deepened fears over the nation’s petrol supplies amid a global crunch.

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