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Merck & Co. — Download icon 3Q26 Merck Other Financial Disclosures (company IR deck)
Merck & Co. (MRK) · 10 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All MRK deck slides
Slide 1 — Merck & Co., Inc.,
Merck & Co., Inc., Rahway, N.J., USA Financial Highlights Package Third Quarter 2026 Table of Contents Table 1: GAAP P&L ....................................................................................1 Table 1a: GAAP P&L – Current Year and Prior Year by Quarter .................2 Table 2a: GAAP to Non-GAAP Reconciliation 3Q26 and Sep YTD 26........3 Table 2b: GAAP to Non-GAAP Reconciliation 3Q25 and Sep YTD 25........4 Table 3: Sales - Current Year and Prior Year by Quarter...........................5 Table 3a: Sales – U.S. / International 3Q26.................................................6 Table 3b: Sales – U.S. / International Sep YTD 26......................................7 Table 3c: Sales – Pharmaceutical Geographic Split....................................8 Table 4: Other (Income) Expense .............................................................9
Slide 2 — MERCK & CO., INC., RAHWAY, N.J., USA
MERCK & CO., INC., RAHWAY, N.J., USA CONSOLIDATED STATEMENT OF OPERATIONS - GAAP (AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES) (UNAUDITED) Table 1 GAAP % Change GAAP % Change 3Q26 3Q25 Sep YTD 2026 Sep YTD 2025 Sales $ 18,085 $ 17,276 5% $ 50,978 $ 48,611 5% Costs, Expenses and Other Cost of sales 4,892 3,855 27% 13,482 10,831 24% Selling, general and administrative 2,886 2,633 10% 8,491 7,835 8% Research and development 4,537 4,234 7% 26,871 11,903 * Restructuring costs 184 47 * 530 676 -22% Other (income) expense, net 27 (238) * 262 (281) * Income Before Taxes 5,559 6,745 -18% 1,342 17,647 -92% Income Tax Provision 492 958 1,855 2,346 Net Income (Loss) 5,067 5,787 -12% (513) 15,301 * Less: Net Income (Loss) Attributable to Noncontrolling Interests 2 2 (3) 10 Net Income (Loss) Attributable to Merck & Co., Inc., Rahway, N.J., USA $ 5,065 $ 5,785 -12% $ (510) $ 15,291 * Earnings (Loss) per Common Share Assuming Dilution (1) $ 2.04 $ 2.32 -12% $ (0.21) $ 6.08 * Average Shares Outstanding Assuming Dilution (1) 2,478 2,498 2,471 2,514 Effective Income Tax Rate 8.9% 14.2% 138.2% 13.3% * 100% or greater (1) Because the Company recorded a net loss in the first nine months of 2026, no potential dilutive common shares were used in the computation of loss per common share assuming dilution as the effect would have been anti-dilutive. 1
Slide 3 — MERCK & CO., INC., RAHWAY, N.J., USA
MERCK & CO., INC., RAHWAY, N.J., USA CONSOLIDATED STATEMENT OF OPERATIONS - GAAP (AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES) (UNAUDITED) Table 1a 2026 2025 % Change 1Q 2Q 3Q Sep YTD 1Q 2Q 3Q Sep YTD 4Q Full Year 3Q Sep YTD Sales $ 16,286 $ 16,607 $ 18,085 $ 50,978 $ 15,529 $ 15,806 $ 17,276 $ 48,611 $ 16,400 $ 65,011 5% 5% Costs, Expenses and Other Cost of sales 4,195 4,395 4,892 13,482 3,419 3,557 3,855 10,831 5,551 16,382 27% 24% Selling, general and administrative 2,700 2,904 2,886 8,491 2,552 2,649 2,633 7,835 2,898 10,733 10% 8% Research and development 12,592 9,741 4,537 26,871 3,621 4,048 4,234 11,903 3,886 15,789 7% * Restructuring costs 195 151 184 530 69 560 47 676 213 889 * -22% Other (income) expense, net 138 99 27 262 (35) (7) (238) (281) 432 151 * * (Loss) Income Before Taxes (3,534) (683) 5,559 1,342 5,903 4,999 6,745 17,647 3,420 21,067 -18% -92% Income Tax Provision 709 654 492 1,855 818 571 958 2,346 458 2,804 Net (Loss) Income (4,243) (1,337) 5,067 (513) 5,085 4,428 5,787 15,301 2,962 18,263 -12% * Less: Net (Loss) Income Attributable to Noncontrolling Interests (3) (2) 2 (3) 6 1 2 10 (1) 9 Net (Loss) Income Attributable to Merck & Co., Inc., Rahway, N.J., USA $ (4,240) $ (1,335) $ 5,065 $ (510) $ 5,079 $ 4,427 $ 5,785 $ 15,291 $ 2,963 $ 18,254 -12% * (Loss) Earnings per Common Share Assuming Dilution (1) $ (1.72) $ (0.54) $ 2.04 $ (0.21) $ 2.01 $ 1.76 $ 2.32 $ 6.08 $ 1.19 $ 7.28 -12% * Average Shares Outstanding Assuming Dilution (1) 2,472 2,470 2,478 2,471 2,531 2,513 2,498 2,514 2,488 2,507 Effective Income Tax Rate -20.1 % -95.9 % 8.9 % 138.2 % 13.9 % 11.4 % 14.2 % 13.3 % 13.4 % 13.3 % * 100% or greater Sum of quarterly amounts may not equal year-to-date amounts due to rounding. (1) Because the Company recorded a net loss in the first and second quarters of 2026, as well as the first nine months of 2026, no potential dilutive common shares were used in the computations of loss per common share assuming dilution as the effects would have been anti-dilutive. 2
Slide 4 — MERCK & CO., INC., RAHWAY, N.J., USA
MERCK & CO., INC., RAHWAY, N.J., USA THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 GAAP TO NON-GAAP RECONCILIATION (AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES) (UNAUDITED) Table 2a GAAP Acquisition- and Divestiture- Related Costs (1) Restructuring Costs (2) (Income) Loss from Investments in Equity Securities Adjustment Subtotal Non-GAAP Third Quarter Cost of sales $ 4,892 1,140 396 1,536 $ 3,356 Selling, general and administrative 2,886 24 24 2,862 Research and development 4,537 3 1 4 4,533 Restructuring costs 184 184 184 — Other (income) expense, net 27 (393) (393) 420 Income Before Taxes 5,559 (1,167) (581) 393 (1,355) 6,914 Income Tax Provision (Benefit) 492 (239) (3) (105) (3) 83 (3) (261) 753 Net Income 5,067 (928) (476) 310 (1,094) 6,161 Net Income Attributable to Merck & Co., Inc., Rahway, N.J., USA 5,065 (928) (476) 310 (1,094) 6,159 Earnings per Common Share Assuming Dilution $ 2.04 (0.38) (0.19) 0.12 (0.45) $ 2.49 Effective Income Tax Rate 8.9% 10.9% September YTD Cost of sales $ 13,482 3,221 817 4,038 $ 9,444 Selling, general and administrative 8,491 73 73 8,418 Research and development 26,871 9 34 43 26,828 Restructuring costs 530 530 530 — Other (income) expense, net 262 (764) (764) 1,026 Income Before Taxes 1,342 (3,303) (1,381) 764 (3,920) 5,262 Income Tax Provision (Benefit) 1,855 (660) (3) (240) (3) 163 (3) (737) 2,592 Net (Loss) Income (513) (2,643) (1,141) 601 (3,183) 2,670 Net (Loss) Income Attributable to Merck & Co., Inc., Rahway, N.J., USA (510) (2,643) (1,141) 601 (3,183) 2,673 (Loss) Earnings per Common Share Assuming Dilution (4) $ (0.21) (1.07) (0.46) 0.24 (1.29) $ 1.08 Effective Income Tax Rate 138.2% 49.3% Only the line items that are affected by non-GAAP adjustments are shown. The Company is providing certain non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing non-GAAP information enhances investors’ understanding of the Company’s results because management uses non-GAAP measures to assess performance. Management uses non-GAAP measures internally for planning and forecasting purposes and to measure the performance of the Company along with other metrics. In addition, annual employee compensation, including senior management’s compensation, is derived in part using a non-GAAP pretax income metric. The non- GAAP information presented should be considered in addition to, but not as a substitute for or superior to, information prepared in accordance with GAAP. (1) Amounts included in cost of sales reflect expenses for the amortization of intangible assets, as well as the recognition of fair value step-up of inventories related to the 2025 Verona Pharma plc acquisition. Amounts included in selling, general and administrative expenses reflect integration, transaction and certain other costs related to acquisitions and divestitures. (2) Amounts primarily include employee separation costs, accelerated depreciation and asset impairment charges associated with facilities to be closed or divested, as well as contractual termination costs, related to activities under the Company's formal restructuring programs. (3) Represents the estimated tax impacts on the reconciling items based on applying the statutory rate of the originating territory of the non-GAAP adjustments. (4) Because the Company recorded a net loss in the first nine months of 2026, no potential dilutive common shares were used in the computation of loss per common share assuming dilution as the effect would have been anti-dilutive. 3
Slide 5 — MERCK & CO., INC., RAHWAY, N.J., USA
MERCK & CO., INC., RAHWAY, N.J., USA THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 GAAP TO NON-GAAP RECONCILIATION (AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES) (UNAUDITED) Table 2b GAAP Acquisition- and Divestiture- Related Costs (1) Restructuring Costs (2) (Income) Loss from Investments in Equity Securities Certain Other Items Adjustment Subtotal Non-GAAP Third Quarter Cost of sales $ 3,855 621 110 731 $ 3,124 Selling, general and administrative 2,633 34 34 2,599 Research and development 4,234 4 233 237 3,997 Restructuring costs 47 47 47 — Other (income) expense, net (238) (344) (344) 106 Income Before Taxes 6,745 (659) (390) 344 (705) 7,450 Income Tax Provision (Benefit) 958 (119) (3) (82) (3) 73 (3) 86 (4) (42) 1,000 Net Income 5,787 (540) (308) 271 (86) (663) 6,450 Net Income Attributable to Merck & Co., Inc., Rahway, N.J., USA 5,785 (540) (308) 271 (86) (663) 6,448 Earnings per Common Share Assuming Dilution $ 2.32 (0.22) (0.12) 0.11 (0.03) (0.26) $ 2.58 Effective Income Tax Rate 14.2% 13.4% September YTD Cost of sales $ 10,831 1,817 311 2,128 $ 8,703 Selling, general and administrative 7,835 72 1 73 7,762 Research and development 11,903 14 286 300 11,603 Restructuring costs 676 676 676 — Other (income) expense, net (281) (3) (512) (515) 234 Income Before Taxes 17,647 (1,900) (1,274) 512 (2,662) 20,309 Income Tax Provision (Benefit) 2,346 (338) (3) (239) (3) 109 (3) (60) (4) (528) 2,874 Net Income 15,301 (1,562) (1,035) 403 60 (2,134) 17,435 Net Income Attributable to Merck & Co., Inc., Rahway, N.J., USA 15,291 (1,562) (1,035) 403 60 (2,134) 17,425 Earnings per Common Share Assuming Dilution $ 6.08 (0.62) (0.41) 0.16 0.02 (0.85) $ 6.93 Effective Income Tax Rate 13.3% 14.2% Only the line items that are affected by non-GAAP adjustments are shown. The Company is providing certain non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing non-GAAP information enhances investors’ understanding of the Company’s results because management uses non-GAAP measures to assess performance. Management uses non-GAAP measures internally for planning and forecasting purposes and to measure the performance of the Company along with other metrics. In addition, annual employee compensation, including senior management’s compensation, is derived in part using a non-GAAP pretax income metric. The non-GAAP information presented should be considered in addition to, but not as a substitute for or superior to, information prepared in accordance with GAAP. (1) Amounts included in cost of sales for the third quarter reflect expenses for the amortization of intangible assets. Amounts included in cost of sales for the nine-month period include the amortization of intangible assets and intangible asset impairment charges, partially offset by a decrease in the estimated fair value measurement of liabilities for contingent consideration. Amounts included in selling, general and administrative expenses reflect integration, transaction and certain other costs related to acquisitions and divestitures. Amounts included in research and development expenses reflect the amortization of intangible assets. (2) Amounts primarily include employee separation costs, accelerated depreciation and asset impairment charges associated with facilities to be closed or divested, as well as contractual termination costs, related to activities under the Company's formal restructuring programs. (3) Represents the estimated tax impacts on the reconciling items based on applying the statutory rate of the originating territory of the non-GAAP adjustments. (4) Amount in the third quarter represents tax expense relating to audit reserve adjustments. Amount in the nine-month period represents a tax benefit, including a net benefit related to favorable audit reserve adjustments. 4
Slide 6 — MERCK & CO., INC., RAHWAY, N.J., USA
MERCK & CO., INC., RAHWAY, N.J., USA FRANCHISE / KEY PRODUCT SALES (AMOUNTS IN MILLIONS) (UNAUDITED) Table 3 2026 2025 3Q Sep YTD 1Q 2Q 3Q Sep YTD 1Q 2Q 3Q Sep YTD 4Q Full Year Nom % Ex- Exch % Nom % Ex- Exch % TOTAL SALES (1) $16,286 $16,607 $18,085 $50,978 $15,529 $15,806 $17,276 $48,611 $16,400 $65,011 5 4 5 4 PHARMACEUTICAL 14,349 14,760 16,268 45,377 13,638 14,050 15,611 43,299 14,843 58,142 4 4 5 4 Oncology Keytruda 7,906 7,904 7,771 23,581 7,205 7,956 8,142 23,303 8,337 31,641 -5 -4 1 0 Keytruda Qlex 128 463 830 1,420 5 5 35 40 * * * * Alliance Revenue – Lynparza (2) 341 365 352 1,059 312 370 379 1,061 389 1,450 -7 -7 0 -2 Alliance Revenue – Lenvima (2) 256 283 287 826 258 265 258 781 272 1,053 11 11 6 5 Welireg 199 271 307 776 137 162 196 496 220 716 56 58 57 57 Alliance Revenue – Reblozyl (3) 148 122 177 448 119 107 136 361 164 525 31 31 24 24 Vaccines & Infectious Diseases Gardasil/Gardasil 9 1,069 1,169 1,995 4,232 1,327 1,126 1,749 4,202 1,031 5,233 14 14 1 0 ProQuad/M-M-R II/Varivax 538 592 730 1,860 539 609 684 1,832 619 2,451 7 7 2 1 Bridion 472 497 144 1,113 441 461 439 1,341 499 1,841 -67 -67 -17 -17 Prevymis 272 295 347 915 208 228 266 702 275 978 30 31 30 29 Capvaxive 142 184 263 588 107 129 244 480 279 759 8 7 22 22 Vaxneuvance 202 148 195 545 230 229 226 685 140 825 -14 -13 -20 -22 RotaTeq 206 134 196 536 228 121 204 554 119 673 -4 -4 -3 -4 Zerbaxa 82 77 90 249 70 74 81 225 87 312 11 11 11 9 Delstrigo 75 101 67 243 67 83 77 228 79 306 -13 -12 7 3 Enflonsia 1 2 187 190 79 79 21 100 138 136 142 140 Isentress/Isentress HD 59 60 52 171 90 86 82 258 67 325 -36 -36 -34 -34 Dificid 34 22 14 70 83 96 43 222 25 247 -68 -68 -68 -68 Lagevrio 28 5 17 49 102 83 138 323 57 380 -88 -88 -85 -85 Cardiometabolic, Respiratory, & Specialty Winrevair 525 588 694 1,808 280 336 360 976 467 1,443 93 94 85 85 Januvia 367 258 186 811 549 372 382 1,302 302 1,604 -51 -50 -38 -37 Janumet 207 171 194 572 247 251 243 741 199 940 -20 -20 -23 -24 Ohtuvayre 131 204 184 519 178 178 — — — — Alliance Revenue - Adempas/Verquvo (4) 109 126 118 353 106 123 112 340 129 470 5 5 4 4 Adempas (5) 78 78 78 234 68 80 82 229 83 312 -5 -3 2 -1 Other Pharmaceutical (6) 774 641 793 2,209 865 703 1,004 2,573 770 3,340 -21 -21 -14 -15 ANIMAL HEALTH 1,791 1,775 1,676 5,243 1,588 1,646 1,615 4,849 1,505 6,354 4 3 8 5 Livestock 1,064 1,041 1,048 3,154 924 961 1,023 2,909 987 3,896 2 2 8 5 Companion Animal 727 734 628 2,089 664 685 592 1,940 518 2,458 6 6 8 5 Other Revenues (7) 146 72 141 358 303 110 50 463 52 515 185 -25 -23 -8 *200% or greater Sum of quarterly amounts may not equal year-to-date amounts due to rounding. (1) Only select products are shown. (2) Alliance Revenue represents the Company's share of profits, which are product sales net of cost of sales and commercialization costs. (3) Alliance Revenue represents royalties. (4) Alliance Revenue represents the Company's share of profits from sales in Bayer's marketing territories, which are product sales net of cost of sales and commercialization costs. (5) Net product sales in the Company's marketing territories. (6) Includes Pharmaceutical products not individually shown above. Also reflects total alliance revenue for Koselugo of $161 million, $10 million and $13 million in the first, second and third quarter of 2026, respectively, and $44 million, $43 million and $214 million in the first, second and third quarter of 2025, respectively. (7) Other Revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities. Other Revenues related to the receipt of milestone payments for out-licensed products were $132 million, $0 million and $2 million in the first, second and third quarter of 2026, respectively, and $95 million, $5 million and $11 million in the first, second and third quarter of 2025, respectively. 5
Slide 7 — MERCK & CO., INC., RAHWAY, N.J., USA
MERCK & CO., INC., RAHWAY, N.J., USA FRANCHISE / KEY PRODUCT SALES THIRD QUARTER 2026 (AMOUNTS IN MILLIONS) (UNAUDITED) Table 3a Global U.S. International 3Q 2026 3Q 2025 % Change 3Q 2026 3Q 2025 % Change 3Q 2026 3Q 2025 % Change TOTAL SALES (1) $18,085 $17,276 5 $10,615 $10,012 6 $7,471 $7,264 3 PHARMACEUTICAL 16,268 15,611 4 10,119 9,493 7 6,149 6,118 1 Oncology Keytruda 7,771 8,142 -5 4,520 4,879 -7 3,251 3,263 0 Keytruda Qlex 830 5 * 693 5 * 136 — Alliance Revenue – Lynparza (2) 352 379 -7 171 184 -7 182 195 -7 Welireg 307 196 56 237 161 47 69 35 96 Alliance Revenue – Lenvima (2) 287 258 11 204 177 15 83 81 3 Alliance Revenue – Reblozyl (3) 177 136 31 145 111 31 33 25 31 Vaccines & Infectious Diseases Gardasil/Gardasil 9 1,995 1,749 14 1,366 1,154 18 629 595 6 ProQuad/M-M-R II/Varivax 730 684 7 561 554 1 169 130 30 Prevymis 347 266 30 189 128 48 158 138 14 Capvaxive 263 244 8 207 238 -13 55 7 * RotaTeq 196 204 -4 150 141 6 46 63 -28 Vaxneuvance 195 226 -14 111 134 -18 85 91 -7 Enflonsia 187 79 138 141 78 80 45 — Bridion 144 439 -67 108 392 -72 36 47 -24 Zerbaxa 90 81 11 56 49 15 34 32 6 Delstrigo 67 77 -13 13 13 -3 54 64 -15 Isentress/Isentress HD 52 82 -36 31 44 -31 21 37 -43 Lagevrio 17 138 -88 7 24 -71 10 114 -91 Dificid 14 43 -68 7 30 -78 7 13 -44 Cardiometabolic, Respiratory, & Specialty Winrevair 694 360 93 610 335 82 84 25 * Janumet 194 243 -20 61 78 -22 133 165 -19 Januvia 186 382 -51 78 258 -70 108 124 -12 Ohtuvayre 184 — 184 — Alliance Revenue - Adempas/Verquvo (4) 118 112 5 108 103 4 10 8 20 Adempas (5) 78 82 -5 78 82 -5 Other Pharmaceutical (6) 793 1,004 -21 161 223 -28 633 784 -19 ANIMAL HEALTH 1,676 1,615 4 493 504 -2 1,184 1,112 6 Livestock 1,048 1,023 2 199 213 -7 850 811 5 Companion Animal 628 592 6 294 291 1 334 301 11 Other Revenues (7) 141 50 185 3 15 -80 138 34 * *200% or greater Sum of U.S. plus international may not equal global due to rounding. (1) Only select products are shown. (2) Alliance Revenue represents the Company's share of profits, which are product sales net of cost of sales and commercialization costs. (3) Alliance Revenue represents royalties. (4) Alliance Revenue represents the Company's share of profits from sales in Bayer's marketing territories, which are product sales net of cost of sales and commercialization costs. (5) Net product sales in the Company's marketing territories. (6) Includes Pharmaceutical products not individually shown above. Also reflects total alliance revenue for Koselugo of $13 million and $214 million on a global basis in the third quarter of 2026 and 2025, respectively. (7) Other Revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities. Other Revenues related to the receipt of milestone payments for out-licensed products were $2 million and $11 million on a global basis in the third quarter of 2026 and 2025, respectively. 6
Slide 8 — MERCK & CO., INC., RAHWAY, N.J., USA
MERCK & CO., INC., RAHWAY, N.J., USA FRANCHISE / KEY PRODUCT SALES SEPTEMBER YEAR-TO-DATE 2026 (AMOUNTS IN MILLIONS) (UNAUDITED) Table 3b Global U.S. International Sep YTD 2026 Sep YTD 2025 % Change Sep YTD 2026 Sep YTD 2025 % Change Sep YTD 2026 Sep YTD 2025 % Change TOTAL SALES (1) $50,978 $48,611 5 $29,146 $27,371 6 $21,832 $21,240 3 PHARMACEUTICAL 45,377 43,299 5 27,457 25,747 7 17,920 17,552 2 Oncology Keytruda 23,581 23,303 1 13,731 13,936 -1 9,851 9,367 5 Keytruda Qlex 1,420 5 * 1,195 5 * 225 — Alliance Revenue – Lynparza (2) 1,059 1,061 0 486 503 -3 573 558 3 Alliance Revenue – Lenvima (2) 826 781 6 573 545 5 253 236 7 Welireg 776 496 57 603 422 43 173 74 133 Alliance Revenue – Reblozyl (3) 448 361 24 370 299 24 78 62 25 Vaccines & Infectious Diseases Gardasil/Gardasil 9 4,232 4,202 1 2,392 2,235 7 1,840 1,967 -6 ProQuad/M-M-R II/Varivax 1,860 1,832 2 1,409 1,457 -3 452 374 21 Bridion 1,113 1,341 -17 995 1,181 -16 118 161 -26 Prevymis 915 702 30 472 345 37 443 357 24 Capvaxive 588 480 22 464 473 -2 124 8 * Vaxneuvance 545 685 -20 303 409 -26 243 276 -12 RotaTeq 536 554 -3 399 366 9 137 187 -27 Zerbaxa 249 225 11 151 136 11 98 89 10 Delstrigo 243 228 7 36 42 -15 208 185 12 Enflonsia 190 79 142 140 78 79 50 — Isentress/Isentress HD 171 258 -34 101 144 -29 70 114 -39 Dificid 70 222 -68 42 185 -78 29 37 -22 Lagevrio 49 323 -85 25 90 -73 25 233 -89 Cardiometabolic, Respiratory, & Specialty Winrevair 1,808 976 85 1,609 926 74 198 49 * Januvia 811 1,302 -38 479 819 -42 333 483 -31 Janumet 572 741 -23 156 210 -26 416 530 -22 Ohtuvayre 519 — 518 — Alliance Revenue - Adempas/Verquvo (4) 353 340 4 329 308 7 24 32 -24 Adempas (5) 234 229 2 234 229 2 Other Pharmaceutical (6) 2,209 2,573 -14 479 633 -24 1,725 1,944 -11 ANIMAL HEALTH 5,243 4,849 8 1,547 1,505 3 3,696 3,345 10 Livestock 3,154 2,909 8 613 598 3 2,541 2,312 10 Companion Animal 2,089 1,940 8 934 907 3 1,155 1,033 12 Other Revenues (7) 358 463 -23 142 119 19 216 343 -37 *200% or greater Sum of U.S. plus international may not equal global due to rounding. (1) Only select products are shown. (2) Alliance Revenue represents the Company's share of profits, which are product sales net of cost of sales and commercialization costs. (3) Alliance Revenue represents royalties. (4) Alliance Revenue represents the Company's share of profits from sales in Bayer's marketing territories, which are product sales net of cost of sales and commercialization costs. (5) Net product sales in the Company's marketing territories. (6) Includes Pharmaceutical products not individually shown above. Also reflects total alliance revenue for Koselugo of $183 million and $301 million on a global basis for September YTD 2026 and 2025, respectively. (7) Other Revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities. Other Revenues related to the receipt of milestone payments for out-licensed products were $133 million and $111 million on a global basis for September YTD 2026 and 2025, respectively. 7
Slide 9 — MERCK & CO., INC., RAHWAY, N.J., USA
MERCK & CO., INC., RAHWAY, N.J., USA PHARMACEUTICAL GEOGRAPHIC SALES (AMOUNTS IN MILLIONS) (UNAUDITED) Table 3c 2026 2025 % Change 1Q 2Q 3Q Sep YTD 1Q 2Q 3Q Sep YTD 4Q Full Year 3Q Sep YTD TOTAL PHARMACEUTICAL $14,349 $14,760 $16,268 $45,377 $13,638 $14,050 $15,611 $43,299 $14,843 $58,142 4 5 United States 8,512 8,827 10,119 27,457 7,927 8,328 9,493 25,747 8,662 34,409 7 7 % Pharmaceutical Sales 59.3 % 59.8 % 62.2 % 60.5 % 58.1 % 59.3 % 60.8 % 59.5 % 58.4 % 59.2 % Europe (1) 2,725 2,801 2,837 8,363 2,384 2,551 2,675 7,610 2,839 10,449 6 10 % Pharmaceutical Sales 19.0 % 19.0 % 17.4 % 18.4 % 17.5 % 18.2 % 17.1 % 17.6 % 19.1 % 18.0 % Latin America 624 636 730 1,990 589 654 691 1,933 644 2,578 6 3 % Pharmaceutical Sales 4.3 % 4.3 % 4.5 % 4.4 % 4.3 % 4.7 % 4.4 % 4.5 % 4.3 % 4.4 % Asia Pacific (other than China and Japan) 569 636 596 1,800 535 609 593 1,736 586 2,323 1 4 % Pharmaceutical Sales 4.0 % 4.3 % 3.7 % 4.0 % 3.9 % 4.3 % 3.8 % 4.0 % 4.0 % 4.0 % Japan 535 558 569 1,662 651 604 693 1,948 684 2,632 -18 -15 % Pharmaceutical Sales 3.7 % 3.8 % 3.5 % 3.7 % 4.8 % 4.3 % 4.4 % 4.5 % 4.6 % 4.5 % Eastern Europe/Middle East/Africa 413 408 399 1,220 435 451 365 1,250 348 1,598 10 -2 % Pharmaceutical Sales 2.9 % 2.8 % 2.5 % 2.7 % 3.2 % 3.2 % 2.3 % 2.9 % 2.3 % 2.7 % China 353 368 429 1,151 668 407 377 1,452 364 1,816 14 -21 % Pharmaceutical Sales 2.5 % 2.5 % 2.6 % 2.5 % 4.9 % 2.9 % 2.4 % 3.4 % 2.5 % 3.1 % Canada 137 154 152 443 125 135 134 394 153 547 13 12 % Pharmaceutical Sales 1.0 % 1.0 % 0.9 % 1.0 % 0.9 % 1.0 % 0.9 % 0.9 % 1.0 % 0.9 % Other 481 372 437 1,291 324 311 590 1,229 563 1,790 -26 5 % Pharmaceutical Sales 3.3 % 2.5 % 2.7 % 2.8 % 2.4 % 2.1 % 3.9 % 2.7 % 3.8 % 3.2 % Sum of quarterly amounts may not equal year-to-date amounts due to rounding. (1) Europe represents all European Union countries, the European Union accession markets and the United Kingdom. 8
Slide 10 — MERCK & CO., INC., RAHWAY, N.J., USA
MERCK & CO., INC., RAHWAY, N.J., USA OTHER (INCOME) EXPENSE, NET - GAAP (AMOUNTS IN MILLIONS) (UNAUDITED) Table 4 3Q26 3Q25 Sep YTD 2026 Sep YTD 2025 Interest income $ (52) $ (96) $ (122) $ (274) Interest expense 546 327 1,550 946 Exchange losses 63 56 138 224 Income from investments in equity securities, net (1) (401) (373) (811) (563) Net periodic defined benefit plan (credit) cost other than service cost (120) (152) (382) (452) Other, net (9) — (111) (162) Total $ 27 $ (238) $ 262 $ (281) (1) Includes net realized and unrealized gains and losses from investments in equity securities either owned directly or through ownership interests in investment funds. Unrealized gains and losses from investments that are directly owned are determined at the end of the reporting period, while gains and losses from ownership interests in investment funds are accounted for on a one quarter lag. 9