Merck & Co., Inc.

MRK 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 65,011 64,168 +1.3%
Show Product Lines breakouts
Adempas · Bayer AG 312 287 +8.7%
Adempas · Pharmaceutical segment [Member] 312 287 +8.7%
Adempas · Pharmaceutical segment [Member] 312 287 +8.7%
Alliance revenue - Adempas/Verquvo · Pharmaceutical segment [Member] 421 388 +8.5%
Alliance revenue - Adempas/Verquvo · Pharmaceutical segment [Member] 49 27 +81.5%
Alliance revenue - Adempas/Verquvo · Pharmaceutical segment [Member] 470 415 +13.3%
Alliance revenue - Lenvima · Pharmaceutical segment [Member] 737 705 +4.5%
Alliance revenue - Lenvima · Pharmaceutical segment [Member] 316 305 +3.6%
Alliance revenue - Lenvima · Pharmaceutical segment [Member] 1,053 1,010 +4.3%
Alliance revenue - Lynparza · Pharmaceutical segment [Member] 683 626 +9.1%
Alliance revenue - Lynparza · Pharmaceutical segment [Member] 767 685 +12.0%
Alliance revenue - Lynparza · Pharmaceutical segment [Member] 1,450 1,311 +10.6%
Alliance revenue - Reblozyl · Pharmaceutical segment [Member] 432 303 +42.6%
Alliance revenue - Reblozyl · Pharmaceutical segment [Member] 93 68 +36.8%
Alliance revenue - Reblozyl · Pharmaceutical segment [Member] 525 371 +41.5%
Belsomra · Pharmaceutical segment [Member] 82 72 +13.9%
Belsomra · Pharmaceutical segment [Member] 104 150 -30.7%
Belsomra · Pharmaceutical segment [Member] 186 222 -16.2%
Bridion · Pharmaceutical segment [Member] 1,631 1,401 +16.4%
Bridion · Pharmaceutical segment [Member] 209 363 -42.4%
Bridion · Pharmaceutical segment [Member] 1,841 1,764 +4.4%
Capvaxive · Pharmaceutical segment [Member] 730 96 +660.4%
Capvaxive · Pharmaceutical segment [Member] 29 1 +2800.0%
Capvaxive · Pharmaceutical segment [Member] 759 97 +682.5%
Companion Animal · Animal Health 1,146 1,129 +1.5%
Companion Animal · Animal Health 1,312 1,287 +1.9%
Companion Animal · Animal Health 2,458 2,415 +1.8%
Delstrigo · Pharmaceutical segment [Member] 56 56 0.0%
Delstrigo · Pharmaceutical segment [Member] 250 193 +29.5%
Delstrigo · Pharmaceutical segment [Member] 306 249 +22.9%
Dificid · Pharmaceutical segment [Member] 202 303 -33.3%
Dificid · Pharmaceutical segment [Member] 45 37 +21.6%
Dificid · Pharmaceutical segment [Member] 247 340 -27.4%
Gardasil/Gardasil 9 · Pharmaceutical segment [Member] 2,641 2,425 +8.9%
Gardasil/Gardasil 9 · Pharmaceutical segment [Member] 2,592 6,158 -57.9%
Gardasil/Gardasil 9 · Pharmaceutical segment [Member] 5,233 8,583 -39.0%
Isentress/Isentress HD · Pharmaceutical segment [Member] 181 185 -2.2%
Isentress/Isentress HD · Pharmaceutical segment [Member] 144 209 -31.1%
Isentress/Isentress HD · Pharmaceutical segment [Member] 325 394 -17.5%
Janumet · Pharmaceutical segment [Member] 268 161 +66.5%
Janumet · Pharmaceutical segment [Member] 672 774 -13.2%
Janumet · Pharmaceutical segment [Member] 940 935 +0.5%
Januvia · Pharmaceutical segment [Member] 999 469 +113.0%
Januvia · Pharmaceutical segment [Member] 605 865 -30.1%
Januvia · Pharmaceutical segment [Member] 1,604 1,334 +20.2%
Keytruda Qlex · Pharmaceutical segment [Member] 38 — —
Keytruda Qlex · Pharmaceutical segment [Member] 2 — —
Keytruda Qlex · Pharmaceutical segment [Member] 40 — —
Keytruda · Pharmaceutical segment [Member] 18,829 17,872 +5.4%
Keytruda · Pharmaceutical segment [Member] 12,812 11,610 +10.4%
Keytruda · Pharmaceutical segment [Member] 31,641 29,482 +7.3%
Lagevrio · Pharmaceutical segment [Member] 101 176 -42.6%
Lagevrio · Pharmaceutical segment [Member] 278 787 -64.7%
Lagevrio · Pharmaceutical segment [Member] 380 964 -60.6%
Lagevrio · Ridgeback Biotherapeutics LP 380 964 -60.6%
Livestock · Animal Health 807 732 +10.2%
Livestock · Animal Health 3,089 2,729 +13.2%
Livestock · Animal Health 3,896 3,462 +12.5%
Ohtuvayre · Pharmaceutical segment [Member] 178 — —
Ohtuvayre · Pharmaceutical segment [Member] 178 — —
Other pharmaceutical · Pharmaceutical segment [Member] 676 640 +5.6%
Other pharmaceutical · Pharmaceutical segment [Member] 2,244 1,951 +15.0%
Other pharmaceutical · Pharmaceutical segment [Member] 2,917 2,590 +12.6%
Pifeltro · Pharmaceutical segment [Member] 111 113 -1.8%
Pifeltro · Pharmaceutical segment [Member] 59 50 +18.0%
Pifeltro · Pharmaceutical segment [Member] 171 163 +4.9%
Pneumovax 23 · Pharmaceutical segment [Member] 21 56 -62.5%
Pneumovax 23 · Pharmaceutical segment [Member] 146 207 -29.5%
Pneumovax 23 · Pharmaceutical segment [Member] 166 263 -36.9%
Prevymis · Pharmaceutical segment [Member] 475 371 +28.0%
Prevymis · Pharmaceutical segment [Member] 503 414 +21.5%
Prevymis · Pharmaceutical segment [Member] 978 785 +24.6%
ProQuad/M-M-R II/Varivax · Pharmaceutical segment [Member] 1,885 1,919 -1.8%
ProQuad/M-M-R II/Varivax · Pharmaceutical segment [Member] 566 566 0.0%
ProQuad/M-M-R II/Varivax · Pharmaceutical segment [Member] 2,451 2,485 -1.4%
RotaTeq · Pharmaceutical segment [Member] 426 472 -9.7%
RotaTeq · Pharmaceutical segment [Member] 246 239 +2.9%
RotaTeq · Pharmaceutical segment [Member] 673 711 -5.3%
Vaxneuvance · Pharmaceutical segment [Member] 459 461 -0.4%
Vaxneuvance · Pharmaceutical segment [Member] 366 347 +5.5%
Vaxneuvance · Pharmaceutical segment [Member] 825 808 +2.1%
Verquvo · Bayer AG 48 37 +29.7%
Welireg · Pharmaceutical segment [Member] 603 466 +29.4%
Welireg · Pharmaceutical segment [Member] 113 43 +162.8%
Welireg · Pharmaceutical segment [Member] 716 509 +40.7%
Winrevair · Pharmaceutical segment [Member] 1,358 408 +232.8%
Winrevair · Pharmaceutical segment [Member] 85 11 +672.7%
Winrevair · Pharmaceutical segment [Member] 1,443 419 +244.4%
Zerbaxa · Pharmaceutical segment [Member] 186 146 +27.4%
Zerbaxa · Pharmaceutical segment [Member] 126 106 +18.9%
Zerbaxa · Pharmaceutical segment [Member] 312 252 +23.8%
Show Business Segments breakouts
Animal Health · Non Us 4,401 4,016 +9.6%
Animal Health · Operating Segments 6,354 5,877 +8.1%
Animal Health · US 1,953 1,861 +4.9%
Pharmaceutical segment [Member] · Non Us 23,733 27,110 -12.5%
Pharmaceutical segment [Member] · Operating Segments 58,142 57,400 +1.3%
Pharmaceutical segment [Member] · US 34,409 30,290 +13.6%
Show Geography breakouts
Asia Pacific 2,983 3,058 -2.5%
CN 1,939 5,494 -64.7%
EMEA 14,580 14,041 +3.8%
JP 2,711 3,280 -17.3%
Latin America 3,410 3,459 -1.4%
Non Us 28,501 31,891 -10.6%
Non Us · Corporate Non Segment 367 765 -52.0%
Non Us · Operating Segments 28,134 31,126 -9.6%
Other 2,878 2,559 +12.5%
US 36,510 32,277 +13.1%
US · Corporate Non Segment 148 126 +17.5%
US · Operating Segments 36,362 32,151 +13.1%
Show Equity Components breakouts
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · Foreign Exchange Contract -106 167 -163.5%
Show Consolidation Items breakouts
Corporate Non Segment 515 891 -42.2%
Operating Segments 64,496 63,277 +1.9%
Show Counterparty Name breakouts
Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 830 739 +12.3%
Cost of Revenue 16,382 15,193 +7.8%
Show Business Segments breakouts
Animal Health · Operating Segments 2,649 2,469 +7.3%
Pharmaceutical segment [Member] · Operating Segments 6,679 6,828 -2.2%
Show Counterparty Name breakouts
AstraZeneca · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 338 378 -10.6%
Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 256 244 +4.9%
Daiichi Sankyo · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 66 — —
Eisai · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 241 241 0.0%
Ridgeback Biotherapeutics LP · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 235 554 -57.6%
Research & Development 15,789 17,938 -12.0%
Show Business Segments breakouts
Animal Health · Operating Segments 448 385 +16.4%
Show Consolidation Items breakouts
Corporate Non Segment 14,987 17,350 -13.6%
Show Counterparty Name breakouts
AstraZeneca · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 36 77 -53.2%
Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 56 102 -45.1%
Daiichi Sankyo · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 524 351 +49.3%
Dr. Falk Pharma 150 — —
Eisai · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 11 21 -47.6%
Moderna · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 375 358 +4.7%
Ridgeback Biotherapeutics LP · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 31 13 +138.5%
Show Asset Acquisition breakouts
HRS-5346, Jiangsu Hengrui Pharmaceuticals Co., Ltd. 200 — —
LM-299, LaNova Medicines Ltd 300 — —
Selling, General & Administrative 10,733 10,816 -0.8%
Show Business Segments breakouts
Animal Health · Operating Segments 1,125 1,084 +3.8%
Pharmaceutical segment [Member] · Operating Segments 5,874 6,128 -4.1%
Show Counterparty Name breakouts
AstraZeneca · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 133 165 -19.4%
Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 97 111 -12.6%
Daiichi Sankyo · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 28 26 +7.7%
Eisai · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 134 159 -15.7%
Moderna · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 27 16 +68.8%
Ridgeback Biotherapeutics LP · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 54 57 -5.3%
Interest Expense 1,357 1,271 +6.8%
Show Consolidation Items breakouts
Corporate Non Segment 1,357 1,271 +6.8%
Interest Income 343 415 -17.3%
Show Consolidation Items breakouts
Corporate Non Segment 343 415 -17.3%
Other Non-Operating Income (Expense) 151 -24 +729.2%
Show Business Segments breakouts
Animal Health · Operating Segments 1 1 0.0%
Pharmaceutical segment [Member] · Operating Segments -165 -89 -85.4%
Income Before Taxes 21,067 19,936 +5.7%
Show Business Segments breakouts
Animal Health · Operating Segments 2,131 1,938 +10.0%
Pharmaceutical segment [Member] · Operating Segments 45,754 44,533 +2.7%
Show Consolidation Items breakouts
Corporate Non Segment 251 492 -49.0%
Operating Segments 47,885 46,471 +3.0%
Income Tax Expense (Benefit) 2,804 2,803 0.0%
Net Income 18,263 17,133 +6.6%
Net Income 18,254 17,117 +6.6%
Show Equity Components breakouts
Retained Earnings 18,254 17,117 +6.6%
Comprehensive Income 18,912 17,333 +9.1%
Other Comprehensive Income 658 216 +204.6%
EPS (Basic) 7.3 6.76 +8.0%
EPS (Diluted) 7.28 6.74 +8.0%
Wtd Avg Shares (Basic) 2,502 2,532 -1.2%
Wtd Avg Shares (Diluted) 2,507 2,541 -1.3%
Net Income Loss Attributable To Noncontrolling Interest 9 16 -43.8%
Show Equity Components breakouts
Noncontrolling Interest 9 16 -43.8%
Net Income Loss Available To Common Stockholders Basic 18,254 17,117 +6.6%
Foreign Currency Transaction Gain Loss Before Tax 323 227 +42.3%
Income Loss From Equity Method Investments (FY) — — —
Show Business Segments breakouts
Pharmaceutical segment [Member] · Operating Segments 190 144 +31.9%
Show Consolidation Items breakouts
Operating Segments 190 144 +31.9%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 14,565 13,242 +10.0%
Accounts Receivable 11,775 10,278 +14.6%
Inventory 6,658 6,109 +9.0%
Total Current Assets 43,516 38,782 +12.2%
Show Counterparty Name breakouts
AstraZeneca · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 451 424 +6.4%
Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 167 160 +4.4%
Daiichi Sankyo · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 15 8 +87.5%
Eisai · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 271 257 +5.4%
Ridgeback Biotherapeutics LP · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 27 — —
Non-Current Assets
Property, Plant & Equipment 25,316 23,779 +6.5%
Show Geography breakouts
Asia Pacific 898 982 -8.6%
CN 218 202 +7.9%
EMEA 8,856 7,548 +17.3%
JP 144 143 +0.7%
Latin America 128 133 -3.8%
Other 51 47 +8.5%
US 15,021 14,724 +2.0%
Operating Lease Right-of-Use Assets 1,507 1,370 +10.0%
Goodwill 21,579 21,668 -0.4%
Show Business Segments breakouts
Animal Health 3,674 3,765 -2.4%
Pharmaceutical segment [Member] 17,905 17,903 0.0%
Intangible Assets (Q) — — —
Show Product Lines breakouts
Adempas · Licenses and other 280 — —
Alliance revenue - Lenvima · Licenses and other 201 — —
Animal Health · Developed Technology Rights 1.3 — —
Animal Health · Trade Names 1.7 — —
Keytruda Qlex · Licensing Agreements 886 — —
Koselugo · Licenses and other 38 — —
Lynparza · Licenses and other 844 — —
Ohtuvayre · Developed Technology Rights 11.8 — —
Reblozyl · Developed Technology Rights 2.5 — —
Verquvo · Licenses and other 40 — —
Winrevair · Developed Technology Rights 5.4 — —
Show Finite Lived Intangible Assets By Major Class breakouts
Developed Technology Rights 21,328 10,922 +95.3%
Licenses and other 3,203 3,091 +3.6%
Trade Names 1,723 1,927 -10.6%
Other Non-Current Assets 18,818 16,044 +17.3%
Marketable Securities (Non-Current) 956 463 +106.5%
Total Assets 136,866 117,106 +16.9%
Current Liabilities
Accounts Payable 4,404 4,079 +8.0%
Current Portion of Long-Term Debt 2.3 2.5 -8.0%
Total Current Liabilities 28,327 28,420 -0.3%
Debt Current 2,589 2,649 -2.3%
Show Short Term Debt Type breakouts
Foreign Financing Facility 63 — —
Notes Subject To Repayment At Option Of Holder [Member] 215 149 +44.3%
Non-Current Liabilities
Long-Term Debt 46,750 34,462 +35.7%
Show Debt Instrument breakouts
1.375% euro-denominated notes due 2036 583 517 +12.8%
1.45% notes due 2030 1,242 1,240 +0.2%
1.70% notes due 2027 1,498 1,497 +0.1%
1.90% notes due 2028 997 996 +0.1%
2.15% notes due 2031 1,991 1,989 +0.1%
2.35% notes due 2040 987 986 +0.1%
2.45% notes due 2050 1,217 1,216 +0.1%
2.50% euro-denominated notes due 2034 583 517 +12.8%
2.75% notes due 2051 1,981 1,980 +0.1%
2.90% notes due 2061 1,485 1,484 +0.1%
3.25% euro-denominated notes due 2032 993 880 +12.8%
3.40% notes due 2029 1,744 1,742 +0.1%
3.50% euro-denominated notes due 2037 990 877 +12.9%
3.60% notes due 2042 493 492 +0.2%
3.70% euro-denominated notes due 2044 988 876 +12.8%
3.70% notes due 2045 1,981 1,980 +0.1%
3.75% euro-denominated notes due 2054 985 873 +12.8%
3.85% notes due 2027 747 — —
3.85% notes due 2029 746 — —
3.90% notes due 2039 988 987 +0.1%
4.00% notes due 2049 1,475 1,474 +0.1%
4.05% notes due 2028 499 498 +0.2%
4.15% notes due 2030 745 — —
4.15% notes due 2031 994 — —
4.15% notes due 2043 1,241 1,240 +0.1%
4.30% notes due 2030 747 746 +0.1%
4.45% notes due 2032 994 — —
4.50% notes due 2033 1,553 1,509 +2.9%
4.55% notes due 2032 995 — —
4.75% notes due 2035 1,486 — —
4.90% notes due 2044 740 740 0.0%
4.95% notes due 2035 1,739 — —
5.00% notes due 2053 1,492 1,482 +0.7%
5.15% notes due 2063 988 987 +0.1%
5.50% notes due 2046 742 — —
5.55% notes due 2055 1,477 — —
5.70% notes due 2055 1,235 — —
5.70% notes due 2065 984 — —
5.75% notes due 2036 339 339 0.0%
5.85% notes due 2039 271 271 0.0%
5.95% debentures due 2028 308 307 +0.3%
6.40% debentures due 2028 251 251 0.0%
6.50% notes due 2033 698 702 -0.6%
6.55% notes due 2037 402 404 -0.5%
Floating rate notes due 2027 499 — —
Floating rate notes due 2029 498 — —
Other 139 209 -33.5%
Operating Lease Liabilities 901 877 +2.7%
Deferred Tax Liabilities 1,439 1,387 +3.7%
Other Non-Current Liabilities 7,688 6,465 +18.9%
Stockholders' Equity
Common Stock 1,788 1,788 0.0%
Retained Earnings 73,075 63,069 +15.9%
Accumulated Other Comprehensive Income -4,287 -4,945 +13.3%
Total Stockholders' Equity 52,606 46,313 +13.6%
Total Liabilities & Equity 136,866 117,106 +16.9%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Stock-Based Compensation 820 761 +7.8%
Deferred Income Taxes -1,671 -1,249 -33.8%
Other Non-Cash Items 511 510 +0.2%
Change in Accounts Receivable -1,090 -244 -346.7%
Change in Inventory -1,180 -835 -41.3%
Net Cash from Operations 16,472 21,468 -23.3%
Investing Activities
Capital Expenditures -4,112 -3,372 -21.9%
Other Investing Activities -58 -127 +54.3%
Net Cash from Investing -13,741 -7,734 -77.7%
Financing Activities
Share Repurchases -5,084 -1,306 -289.3%
Net Cash from Financing -1,922 -7,032 +72.7%
Supplemental
Interest Paid 1.3 1.3 0.0%
Other Cash Flow
Net Change in Cash 1,372 6,409 -78.6%

Values in millions USD. Source: SEC EDGAR 10-K filing.

This table is rendered from the same JSON returned by /api/financials.

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