Merck's full-year 2025 revenue guidance fell short of what some analysts were expecting, at a range of $64.1 billion to $65.6 billion.

Shares of Merck are sliding in early trading after the drugmaker surprised Wall Street with a lower-than-expected 2025 sales forecast due partly to a pause in shipments of one of its top-selling products to China.

The continued decline of Merck & Co.’s HPV vaccine Gardasil in China has come to a head as the New Jersey drug giant is halting shipments to the world’s second-most populous country. | The recent decline of Merck & Co.