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Merck & Co.

MRK · Health Care

Last earnings Oct 29, 2026

Key results

Change Change Ex-Exchange revenuequarter

$ 17,276

” - 2 - Financial Summary Third Quarter $ in millions, except EPS amounts 2025 2024 Change Change Ex-Exchange Sales $ 17,276 $ 16,657 4 % 3 % GAAP net income 1 5,785 3,157 83 % 84 % Non-GAAP net income that excludes certain items 1, 2 * 6,448 3,985 62 % 62 % GAAP EPS 2.32 1.24 87 % 88 % Non-GAAP EPS that excludes certain items 2* 2.58 1.57 64 % 65 % *Refer to table on page 7.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

GAAP net incomequarter

83 %

” - 2 - Financial Summary Third Quarter $ in millions, except EPS amounts 2025 2024 Change Change Ex-Exchange Sales $ 17,276 $ 16,657 4 % 3 % GAAP net income 1 5,785 3,157 83 % 84 % Non-GAAP net income that excludes certain items 1, 2 * 6,448 3,985 62 % 62 % GAAP EPS 2.32 1.24 87 % 88 % Non-GAAP EPS that excludes certain items 2* 2.58 1.57 64 % 65 % *Refer to table on page 7.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

EPSquarter

$2.32

For the third quarter of 2025, Generally Accepted Accounting Principles (GAAP) earnings per share (EPS) assuming dilution was $2.32 and non-GAAP EPS was $2.58.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Other revenuequarter

78 %

Other Revenues** 50 227 -78 % -27 % Decline primarily due to unfavorable impact of revenue-hedging activities and lower revenue from third-party manufacturing arrangements.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Revenuequarter

$214 million

- 5 - In addition, Koselugo alliance revenue was $214 million in the third quarter of 2025 compared with $39 million in the third quarter of 2024.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Related Information gross marginquarter

77.7%

Related Information Gross margin was 77.7% for the third quarter of 2025 compared with 75.5% for the third quarter of 2024.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Related Information Non-GAAP gross marginquarter

81.9%

Non-GAAP Expense, EPS and Related Information Non-GAAP gross margin was 81.9% for the third quarter of 2025 compared with 80.5% for the third quarter of 2024.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Also reflects total alliance revenue for Koselugo of $44 million, $43 million and $214 million in the first, second and third quarter of 2025, respectively, and $38 million, $37 million and $39 million in the first, second and third quarter of 2024, respectively.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Other Revenues related to the receipt of upfront and milestone payments for out-licensed products were $95 million, $5 million and $11 million in the first, second and third quarter of 2025, respectively, and $61 million, $15 million and $15 million in the first, second and third quarter of 2024, respectively.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

AI analysis

Q3 2025 · reported Oct 30, 2025

Based on: Earnings release + parent 8-K — transcript not held

Revenue · Q3 2025
$214M
+448.7% +$175M vs year ago computed from stated figures
EX-99 · Oct 30, 2025
EPS · Q3 2025
$2.32
EX-99 · Oct 30, 2025
Related Information gross margin · Q3 2025
77.7%
+2.2 pts vs year ago computed from stated figures
EX-99 · Oct 30, 2025
Change Change Ex-Exchange revenue · Q3 2025
$17,276M
+9.3% vs prior quarter computed from stated figures
EX-99 · Oct 30, 2025

The quarter in charts

Revenue — quarterly

As stated

083.3167250$39MSame quarter last year$214MQ3 2025

EX-99 · Oct 30, 2025 Statement values as stated in the release.

GAAP gross margin

Percent of revenue, as stated

0%45%90%75.5%Same quarter last year77.7%Q3 2025

EX-99 · Oct 30, 2025 Margin values as stated in the release.

Headline figures

MetricQ3 2025Prior qtrYear ago
Change Change Ex-Exchange revenue$17,276M$15,806M—
GAAP net income83 %19 %—
EPS$2.32$1.76—
Other revenue78 %50 %—
Revenue$214 million—$39 million
Related Information gross margin77.7%77.5%75.5%
Related Information Non-GAAP gross margin81.9%82.2%80.5%

EX-99 · Oct 30, 2025

Guidance · company-stated

Non-GAAP EPS

“Include a Charge of $0.10”

Sales

“To Be Between $64.5 Billion and $65.0 Billion”

Sales

“* $64.5 billion to $65.0 billion”

Non-GAAP Gross margin

“2 Approximately 82%”

Operating expenses

“2(a) $25.9 billion to $26.4 billion”

Effective tax rate

“2 14.0% to 15.0%”

Non-GAAP EPS

“2(b)(c) $8.93 to $8.98”

tax rate

“to be between 14.0% and 15.0%”

Guidance stated in the release for Full-Year 2025; figures as stated.

Next earningsNo verified date on fileNo date is estimated or imported

Margin

Related Information gross margin77.7%
Related Information Non-GAAP gross margin81.9%
General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

- News Release Merck & Co., Inc.,

Based on: Earnings release + parent 8-K — transcript not held

Guidance & outlook

Non-GAAP EPS: “Non-GAAP EPS Include a Charge of $0.10”

Sales: “Sales To Be Between $64.5 Billion and $65.0 Billion”

Sales: “Sales* $64.5 billion to $65.0 billion”

Non-GAAP Gross margin: “Non-GAAP Gross margin 2 Approximately 82%”

Operating expenses: “Operating expenses 2(a) $25.9 billion to $26.4 billion”

Effective tax rate: “Effective tax rate 2 14.0% to 15.0%”

Non-GAAP EPS: “Non-GAAP EPS 2(b)(c) $8.93 to $8.98”

tax rate: “tax rate to be between 14.0% and 15.0%”

Non-GAAP EPS (“Full-Year 2025”)
“GAAP and Non-GAAP EPS Include a Charge of $0.10 per Share for Milestone Payment to LaNova for Technology Transfer for MK-2010 - Received FDA Approval of KEYTRUDA QLEX Injection for Subcutaneous Use Across Al”

Sales (“Full-Year 2025”)
“of Verona Pharma and Its First-In-Class COPD Maintenance Treatment for Adults, OHTUVAYRE, in October - Full-Year 2025 Financial Outlook o Now Expects Worldwide Sales To Be Between $64.5 Billion and $65.0 Billion o Raises and Narrows Expected Non-GAAP EPS Range To Be Between $8.93 and $8.98 RAHWAY, N.”

Sales (“Full Year 2025”)
“Full Year 2025 Updated Prior Sales* $64.5 billion to $65.0 billion $64.3 billion to $65.3 billion Non-GAAP Gross margin 2 Approximately 82% Approximately 82% Non-GAAP Operating expenses 2(a) $25.9 billion to $26.4 billion $25.6 billion to $26.4 billion Non-GAAP Other (income) expenses, net 2 $400 million to $500 million expense $300 million to $400 million expense Non-GAAP Effective tax rate 2 14.0% to 15.0% 15.0% to 16.0% Non-GAAP EPS 2(b)(c) $8.93 to $8.98 $8.87 to $8.97 Share count (assuming dilution) Approximately 2.51 billion Approximately 2.51 billion *The Company does not have any non-GAAP adjustments to sales.”

Non-GAAP Gross margin (“Full Year 2025”)
“Full Year 2025 Updated Prior Sales* $64.5 billion to $65.0 billion $64.3 billion to $65.3 billion Non-GAAP Gross margin 2 Approximately 82% Approximately 82% Non-GAAP Operating expenses 2(a) $25.9 billion to $26.4 billion $25.6 billion to $26.4 billion Non-GAAP Other (income) expenses, net 2 $400 million to $500 million expense $300 million to $400 million expense Non-GAAP Effective tax rate 2 14.0% to 15.0% 15.0% to 16.0% Non-GAAP EPS 2(b)(c) $8.93 to $8.98 $8.87 to $8.97 Share count (assuming dilution) Approximately 2.51 billion Approximately 2.51 billion *The Company does not have any non-GAAP adjustments to sales.”

Operating expenses (“Full Year 2025”)
“Full Year 2025 Updated Prior Sales* $64.5 billion to $65.0 billion $64.3 billion to $65.3 billion Non-GAAP Gross margin 2 Approximately 82% Approximately 82% Non-GAAP Operating expenses 2(a) $25.9 billion to $26.4 billion $25.6 billion to $26.4 billion Non-GAAP Other (income) expenses, net 2 $400 million to $500 million expense $300 million to $400 million expense Non-GAAP Effective tax rate 2 14.0% to 15.0% 15.0% to 16.0% Non-GAAP EPS 2(b)(c) $8.93 to $8.98 $8.87 to $8.97 Share count (assuming dilution) Approximately 2.51 billion Approximately 2.51 billion *The Company does not have any non-GAAP adjustments to sales.”

Effective tax rate (“Full Year 2025”)
“Full Year 2025 Updated Prior Sales* $64.5 billion to $65.0 billion $64.3 billion to $65.3 billion Non-GAAP Gross margin 2 Approximately 82% Approximately 82% Non-GAAP Operating expenses 2(a) $25.9 billion to $26.4 billion $25.6 billion to $26.4 billion Non-GAAP Other (income) expenses, net 2 $400 million to $500 million expense $300 million to $400 million expense Non-GAAP Effective tax rate 2 14.0% to 15.0% 15.0% to 16.0% Non-GAAP EPS 2(b)(c) $8.93 to $8.98 $8.87 to $8.97 Share count (assuming dilution) Approximately 2.51 billion Approximately 2.51 billion *The Company does not have any non-GAAP adjustments to sales.”

Non-GAAP EPS (“Full Year 2025”)
“Full Year 2025 Updated Prior Sales* $64.5 billion to $65.0 billion $64.3 billion to $65.3 billion Non-GAAP Gross margin 2 Approximately 82% Approximately 82% Non-GAAP Operating expenses 2(a) $25.9 billion to $26.4 billion $25.6 billion to $26.4 billion Non-GAAP Other (income) expenses, net 2 $400 million to $500 million expense $300 million to $400 million expense Non-GAAP Effective tax rate 2 14.0% to 15.0% 15.0% to 16.0% Non-GAAP EPS 2(b)(c) $8.93 to $8.98 $8.87 to $8.97 Share count (assuming dilution) Approximately 2.51 billion Approximately 2.51 billion *The Company does not have any non-GAAP adjustments to sales.”

tax rate (“full-year 2025”)
“The Company now expects its full-year non-GAAP effective income tax rate to be between 14.0% and 15.0%.”

Guidance stated in the release for Full-Year 2025; figures as stated.

Strategy & priorities

“In the third quarter, we continued to execute on our strategy with important pipeline advancements, significant approvals and successful new product launches,” said Robert M.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

“We’re delivering value to patients and customers through our innovative portfolio of medicines and vaccines, and we’re securing our future by making important investments in our pipeline – including through compelling, strategic business development like our completed acquisition of Verona Pharma and expanded U.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

GAAP and non-GAAP EPS in the third quarter of 2024 include a net charge of $0.79 per share in the aggregate for the acquisition of Eyebiotech Limited (EyeBio) and a related development milestone, the acquisition of MK-1045 from Curon Biopharmaceutical (Curon), as well as a payment received from Daiichi Sankyo related to the expansion of the existing development and commercialization agreement to include gocatamig (MK-6070).

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The favorability was primarily due to net income from investments in equity securities in 2025 compared with net losses from investments in equity securities in 2024, partially offset by $170 million of income recognized in 2024 related to a payment received from Daiichi Sankyo associated with the expansion of an existing development and commercialization agreement to include gocatamig (MK-6070).

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

The unfavorability was primarily due to $170 million of income recognized in 2024 related to a payment received from Daiichi Sankyo associated with the expansion of an existing development and commercialization agreement to include gocatamig (MK-6070).

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Risks & headwinds

This revised non-GAAP EPS outlook reflects several items not previously included, such as a benefit from an amended collaboration agreement with AstraZeneca related to Koselugo, and operational improvements, including a more favorable estimated tax rate and lower estimated costs related to the impact of tariffs, partially offset by an estimated negative impact related to the acquisition of Verona Pharma and an incremental negative impact from foreign exchange.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

What changed vs prior quarter

Change Change Ex-Exchange revenue — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

EPS — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Other revenue — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Merck & Co. — Earnings release (8-K exhibit)EX-99Oct 30, 2025

Documents

Earnings deck slides

6 decks with slide view

Merck & Co. — CT (company IR deck) — Slide view unavailable — the original PDF could not be retrieved for segmentation (HTTP Error 403: Forbidden).

Merck & Co. — CT (company IR deck) — Slide view unavailable — the original PDF could not be retrieved for segmentation (HTTP Error 403: Forbidden).

Merck & Co. — CT (company IR deck) — Slide view unavailable — the original PDF could not be retrieved for segmentation (HTTP Error 403: Forbidden).

Merck & Co. — CT (company IR deck) — Slide view unavailable — the original PDF could not be retrieved for segmentation (HTTP Error 403: Forbidden).

Slide history — recurring slides by stated title

Slides are matched across this company’s decks by their stated title only; a title listed here appeared in more than one held deck.

Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA — Oct 29, 2026 · slide 3 · Oct 29, 2026 · slide 2

MERCK & CO., INC., RAHWAY, N.J., USA — Oct 29, 2026 · slide 2 · Oct 29, 2026 · slide 1

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Gilead Sciences (GILD) Health CareGenmab (GMAB) Health CareAlcon (ALC) Health CareArgenx (ARGX) Health CareSanofi (SNY) Health CareXencor Inc (XNCR) Health CareIllumina, Inc. (ILMN) Health CareJohnson & Johnson (JNJ) Health Care

Filings

63 documents

Earnings releases

48 documents

Presentations

10 documents

Transcripts

0 documents

No transcripts for Merck & Co. are held in this edition of the library.

Mentioned by

18 companies

Other tracked companies whose held documents mention Merck & Co. by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.