Merck & Co. announced its third-quarter 2024 financial results, reporting a slight beat on earnings per share (EPS) and revenue estimates. The company’s earnings surpassed Wall Street expectations by $0.07, driven by strong sales of its cancer drug Keytruda. However, Merck has cut the top end of its full-year sales guidance and narrowed its revenue guidance due to declining demand for its HPV vaccine, Gardasil, in China for the second consecutive quarter. The weak demand for Gardasil is expected to persist into 2025 as the vaccine's distributor in China reduces inventories. Following the announcement, Merck's shares fell by 3%.