Merck & Co. reported first-quarter 2025 adjusted earnings per share (EPS) of $2.22, surpassing estimates of $2.13 and marking a 7% year-over-year increase. Revenue reached $15.53 billion, beating the $15.33 billion forecast but declining 2% from the previous year. Keytruda sales grew 4% to $7.21 billion, while Gardasil revenue fell 41%, attributed to lower demand in China. The company lowered its full-year adjusted EPS guidance to a range of $8.82 to $8.97 from $8.88 to $9.03 but maintained its sales forecast of $64.10 billion to $65.60 billion. AbbVie also beat expectations with a first-quarter adjusted EPS of $2.46 versus $2.38 estimated and revenue of $13.34 billion compared to $12.92 billion forecast. Strong sales of immunology drugs Skyrizi and Rinvoq helped AbbVie raise its full-year adjusted EPS guidance to $12.09-$12.29 from $11.99-$12.19, despite a 51% decline in Humira revenue. Sanofi posted better-than-expected first-quarter profits with a business EPS of €1.79 beating estimates of €1.67, driven by strong demand for its Dupixent drug. Bristol Myers Squibb exceeded estimates with adjusted EPS of $1.80 and revenue of $11.2 billion, raising its full-year adjusted EPS guidance to $6.70-$7.00 and sales guidance to $45.80 billion-$46.80 billion. Gilead Sciences reported adjusted EPS of $1.81 beating estimates but revenue of $6.67 billion missed forecasts, with strong sales from Biktarvy offsetting declines in Veklury and oncology products. The company maintained its 2025 product sales guidance but lowered its EPS range to $5.65-$6.05 from $5.95-$6.35.