Merck & Co., Inc.

MRK 10-Q · Q3 2025

MRK Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue (Q) — — —
Show Product Lines breakouts
Adempas · Bayer AG 82 214 -61.7%
Adempas · Pharmaceuticalsegment 82 214 -61.7%
Adempas · Pharmaceuticalsegment 82 214 -61.7%
Alliance Revenue Adempas Verquvo · Pharmaceuticalsegment 103 283 -63.6%
Alliance Revenue Adempas Verquvo · Pharmaceuticalsegment 8 22 -63.6%
Alliance Revenue Adempas Verquvo · Pharmaceuticalsegment 112 306 -63.4%
Alliance Revenue Koselugo · Pharmaceuticalsegment 214 114 +87.7%
Alliance Revenue Reblozyl · Pharmaceuticalsegment 111 215 -48.4%
Alliance Revenue Reblozyl · Pharmaceuticalsegment 25 45 -44.4%
Alliance Revenue Reblozyl · Pharmaceuticalsegment 136 261 -47.9%
Alliancerevenue Lynparza · Pharmaceuticalsegment 184 449 -59.0%
Alliancerevenue Lynparza · Pharmaceuticalsegment 195 498 -60.8%
Alliancerevenue Lynparza · Pharmaceuticalsegment 379 947 -60.0%
Belsomra · Pharmaceuticalsegment 28 53 -47.2%
Belsomra · Pharmaceuticalsegment 19 124 -84.7%
Belsomra · Pharmaceuticalsegment 47 177 -73.4%
Bridion · Pharmaceuticalsegment 392 1,020 -61.6%
Bridion · Pharmaceuticalsegment 47 296 -84.1%
Bridion · Pharmaceuticalsegment 439 1,315 -66.6%
Capvaxive · Pharmaceuticalsegment 238 47 +406.4%
Capvaxive · Pharmaceuticalsegment 244 47 +419.1%
Capvaxive · Pharmaceuticalsegment 7 — —
Companion Animal · Animal Healthsegment 291 888 -67.2%
Companion Animal · Animal Healthsegment 301 1,019 -70.5%
Companion Animal · Animal Healthsegment 592 1,907 -69.0%
Delstrigo · Pharmaceuticalsegment 13 42 -69.0%
Delstrigo · Pharmaceuticalsegment 64 139 -54.0%
Delstrigo · Pharmaceuticalsegment 77 180 -57.2%
Dificid · Pharmaceuticalsegment 30 231 -87.0%
Dificid · Pharmaceuticalsegment 13 30 -56.7%
Dificid · Pharmaceuticalsegment 43 261 -83.5%
Gardasil Gardasil9 · Pharmaceuticalsegment 1,154 2,045 -43.6%
Gardasil Gardasil9 · Pharmaceuticalsegment 595 4,988 -88.1%
Gardasil Gardasil9 · Pharmaceuticalsegment 1,749 7,032 -75.1%
Isentress Isentress HD · Pharmaceuticalsegment 44 147 -70.1%
Isentress Isentress HD · Pharmaceuticalsegment 37 155 -76.1%
Isentress Isentress HD · Pharmaceuticalsegment 82 302 -72.8%
Janumet · Pharmaceuticalsegment 78 70 +11.4%
Janumet · Pharmaceuticalsegment 165 610 -73.0%
Janumet · Pharmaceuticalsegment 243 679 -64.2%
Januvia · Pharmaceuticalsegment 258 428 -39.7%
Januvia · Pharmaceuticalsegment 124 674 -81.6%
Januvia · Pharmaceuticalsegment 382 1,102 -65.3%
Keytruda · Pharmaceuticalsegment 4,879 13,031 -62.6%
Keytruda · Pharmaceuticalsegment 3,263 8,614 -62.1%
Keytruda · Pharmaceuticalsegment 8,142 21,646 -62.4%
Lagevrio · Pharmaceuticalsegment 24 144 -83.3%
Lagevrio · Pharmaceuticalsegment 114 699 -83.7%
Lagevrio · Pharmaceuticalsegment 138 843 -83.6%
Lagevrio · Ridgeback Biotherapeutics LP 138 843 -83.6%
Lenvima · Pharmaceuticalsegment 177 523 -66.2%
Lenvima · Pharmaceuticalsegment 81 233 -65.2%
Lenvima · Pharmaceuticalsegment 258 755 -65.8%
Livestock · Animal Healthsegment 213 529 -59.7%
Livestock · Animal Healthsegment 811 2,044 -60.3%
Livestock · Animal Healthsegment 1,023 2,573 -60.2%
Other Pharmaceutical · Pharmaceuticalsegment 239 521 -54.1%
Other Pharmaceutical · Pharmaceuticalsegment 716 1,364 -47.5%
Other Pharmaceutical · Pharmaceuticalsegment 953 1,890 -49.6%
Pifeltro · Pharmaceuticalsegment 29 86 -66.3%
Pifeltro · Pharmaceuticalsegment 14 37 -62.2%
Pifeltro · Pharmaceuticalsegment 43 123 -65.0%
Pneumovax23 · Pharmaceuticalsegment 10 36 -72.2%
Pneumovax23 · Pharmaceuticalsegment 35 152 -77.0%
Pneumovax23 · Pharmaceuticalsegment 45 188 -76.1%
Prevymis · Pharmaceuticalsegment 128 265 -51.7%
Prevymis · Pharmaceuticalsegment 138 305 -54.8%
Prevymis · Pharmaceuticalsegment 266 570 -53.3%
Pro Quad MMRII Varivax · Pharmaceuticalsegment 554 1,500 -63.1%
Pro Quad MMRII Varivax · Pharmaceuticalsegment 130 391 -66.8%
Pro Quad MMRII Varivax · Pharmaceuticalsegment 684 1,891 -63.8%
Rotateq · Pharmaceuticalsegment 141 388 -63.7%
Rotateq · Pharmaceuticalsegment 63 185 -65.9%
Rotateq · Pharmaceuticalsegment 204 572 -64.3%
Vaxneuvance · Pharmaceuticalsegment 134 397 -66.2%
Vaxneuvance · Pharmaceuticalsegment 91 251 -63.7%
Vaxneuvance · Pharmaceuticalsegment 226 647 -65.1%
Verquvo · Bayer AG 12 25 -52.0%
Welireg · Pharmaceuticalsegment 161 320 -49.7%
Welireg · Pharmaceuticalsegment 35 29 +20.7%
Welireg · Pharmaceuticalsegment 196 349 -43.8%
Winrevair · Pharmaceuticalsegment 335 216 +55.1%
Winrevair · Pharmaceuticalsegment 25 3 +733.3%
Winrevair · Pharmaceuticalsegment 360 219 +64.4%
Zerbaxa · Pharmaceuticalsegment 49 106 -53.8%
Zerbaxa · Pharmaceuticalsegment 32 77 -58.4%
Zerbaxa · Pharmaceuticalsegment 81 182 -55.5%
Show Business Segments breakouts
Animal Healthsegment · Non Us 1,112 3,063 -63.7%
Animal Healthsegment · Operating Segments 1,615 4,480 -64.0%
Animal Healthsegment · US 504 1,417 -64.4%
Pharmaceuticalsegment · Non Us 6,118 20,795 -70.6%
Pharmaceuticalsegment · Operating Segments 15,611 43,358 -64.0%
Pharmaceuticalsegment · US 9,493 22,563 -57.9%
Show Geography breakouts
Asia Pacific 764 2,294 -66.7%
CN 405 4,606 -91.2%
EMEA 3,680 10,661 -65.5%
JP 712 2,445 -70.9%
Latin America 905 2,591 -65.1%
Non Us 7,264 24,455 -70.3%
Non Us · Corporate Non Segment 34 597 -94.3%
Non Us · Operating Segments 7,230 23,858 -69.7%
Other Countries 798 1,858 -57.1%
US 10,012 24,089 -58.4%
US · Corporate Non Segment 15 109 -86.2%
US · Operating Segments 9,997 23,980 -58.3%
Show Equity Components breakouts
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · Foreign Exchange Contract -85 146 -158.2%
Show — breakouts
Revenue 17,276 48,544 -64.4%
Show Consolidation Items breakouts
Corporate Non Segment 50 706 -92.9%
Operating Segments 17,226 47,838 -64.0%
Show Counterparty Name breakouts
Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 206 545 -62.2%
Cost of Revenue (Q) — — —
Show Business Segments breakouts
Animal Healthsegment · Operating Segments 710 1,838 -61.4%
Pharmaceuticalsegment · Operating Segments 1,664 5,319 -68.7%
Show — breakouts
Cost of Revenue 3,855 11,365 -66.1%
Show Counterparty Name breakouts
Astra Zeneca · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 84 245 -65.7%
Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 71 182 -61.0%
Daiichi Sankyo · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 67 — —
Eisai · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 60 181 -66.9%
Ridgeback Biotherapeutics LP · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 81 491 -83.5%
Research & Development (Q) — — —
Show Business Segments breakouts
Animal Healthsegment · Operating Segments 118 276 -57.2%
Show — breakouts
Research & Development 4,234 13,354 -68.3%
Show Consolidation Items breakouts
Corporate Non Segment 3,839 12,926 -70.3%
Show Counterparty Name breakouts
Astra Zeneca · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 3 57 -94.7%
Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 11 82 -86.6%
Daiichi Sankyo · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 110 227 -51.5%
Eisai · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 2 18 -88.9%
Moderna Inc. · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 96 255 -62.4%
Show Asset Acquisition breakouts
La Nova Medicines Ltd 300 — —
Selling, General & Administrative (Q) — — —
Show Business Segments breakouts
Animal Healthsegment · Operating Segments 277 791 -65.0%
Pharmaceuticalsegment · Operating Segments 1,469 4,462 -67.1%
Show — breakouts
Selling, General & Administrative 2,633 7,952 -66.9%
Show Counterparty Name breakouts
Astra Zeneca · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 31 121 -74.4%
Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 22 88 -75.0%
Daiichi Sankyo · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 8 21 -61.9%
Eisai · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 33 120 -72.5%
Moderna Inc. · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 7 11 -36.4%
Ridgeback Biotherapeutics LP · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 11 43 -74.4%
Interest Expense (Q) — — —
Show — breakouts
Interest Expense 327 943 -65.3%
Show Consolidation Items breakouts
Corporate Non Segment 327 943 -65.3%
Interest Income (Q) — — —
Show — breakouts
Interest Income -96 -269 +64.3%
Show Consolidation Items breakouts
Corporate Non Segment -96 -269 +64.3%
Other Non-Operating Income (Expense) (Q) — — —
Show Business Segments breakouts
Animal Healthsegment · Operating Segments 1 -1 +200.0%
Pharmaceuticalsegment · Operating Segments 60 74 -18.9%
Show — breakouts
Other Non-Operating Income (Expense) -238 -151 -57.6%
Income Before Taxes (Q) — — —
Show Business Segments breakouts
Animal Healthsegment · Operating Segments 511 1,574 -67.5%
Pharmaceuticalsegment · Operating Segments 12,538 33,651 -62.7%
Show — breakouts
Income Before Taxes 6,745 15,766 -57.2%
Show Consolidation Items breakouts
Corporate Non Segment 4 391 -99.0%
Operating Segments 13,049 35,225 -63.0%
Income Tax Expense (Benefit) (Q) — — —
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Income Tax Expense (Benefit) 958 2,377 -59.7%
Net Income (Q) — — —
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Net Income 5,787 13,389 -56.8%
Net Income (Q) — — —
Show Equity Components breakouts
Retained Earnings 5,785 13,374 -56.7%
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Net Income 5,785 13,374 -56.7%
Comprehensive Income (Q) — — —
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Comprehensive Income 6,004 13,164 -54.4%
Other Comprehensive Income (Q) — — —
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Other Comprehensive Income 219 -210 +204.3%
EPS (Basic) (Q) — — —
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EPS (Basic) 2.32 5.28 -56.1%
EPS (Diluted) (Q) — — —
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EPS (Diluted) 2.32 5.26 -55.9%
Wtd Avg Shares (Basic) (Q) — — —
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Wtd Avg Shares (Basic) 2,495 2,534 -1.5%
Wtd Avg Shares (Diluted) (Q) — — —
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Wtd Avg Shares (Diluted) 2,498 2,543 -1.8%
Net Income Loss Attributable To Noncontrolling Interest (Q) — — —
Show Equity Components breakouts
Noncontrolling Interest 2 15 -86.7%
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Net Income Loss Attributable To Noncontrolling Interest 2 15 -86.7%
Net Income Loss Available To Common Stockholders Basic (Q) — — —
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Net Income Loss Available To Common Stockholders Basic 5,785 13,374 -56.7%
Foreign Currency Transaction Gain Loss Before Tax (Q) — — —
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Foreign Currency Transaction Gain Loss Before Tax 56 177 -68.4%
Income Loss From Equity Method Investments (Q) — — —
Show Business Segments breakouts
Pharmaceuticalsegment · Operating Segments 62 121 -48.8%
Show Consolidation Items breakouts
Operating Segments 62 121 -48.8%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents (Q) — — —
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Cash & Cash Equivalents 18,169 14,593 +24.5%
Marketable Securities (Current) (Q) — — —
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Marketable Securities (Current) 45 — —
Accounts Receivable (Q) — — —
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Accounts Receivable 12,120 11,381 +6.5%
Inventory (Q) — — —
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Inventory 6,444 6,244 +3.2%
Total Current Assets (Q) — — —
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Total Current Assets 47,557 40,361 +17.8%
Show Counterparty Name breakouts
Astra Zeneca · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 436 375 +16.3%
Bayer AG · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 168 166 +1.2%
Eisai · Collaborative Arrangement Transaction With Party To Collaborative Arrangement 258 252 +2.4%
Non-Current Assets
Property, Plant & Equipment (Q) — — —
Show Geography breakouts
Asia Pacific 948 — —
CN 208 — —
EMEA 8,665 — —
JP 147 — —
Latin America 139 — —
Other Countries 50 — —
US 15,482 — —
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Property, Plant & Equipment 25,639 — —
Goodwill (Q) — — —
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Goodwill 21,587 — —
Intangible Assets (Q) — — —
Show Product Lines breakouts
Adempas · Licenses And Other 312 431 -27.6%
Koselugo · Licenses And Other 41 — —
Lenvima · Licenses And Other 261 502 -48.0%
Lynparza · Licenses And Other 926 1.3 +71130.8%
Verquvo · Licenses And Other 41 47 -12.8%
Other Non-Current Assets (Q) — — —
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 529 — —
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Other Non-Current Assets 18,333 — —
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 529 — —
Marketable Securities (Non-Current) (Q) — — —
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Marketable Securities (Non-Current) 1,117 575 +94.3%
Total Assets (Q) — — —
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Total Assets 129,546 117,532 +10.2%
Current Liabilities
Accounts Payable (Q) — — —
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Accounts Payable 4,147 3,586 +15.6%
Total Current Liabilities (Q) — — —
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Total Current Liabilities 28,628 29,586 -3.2%
Debt Current (Q) — — —
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Debt Current 1,405 3,149 -55.4%
Non-Current Liabilities
Long-Term Debt (Q) — — —
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Long-Term Debt 39,969 34,982 +14.3%
Deferred Tax Liabilities (Q) — — —
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Deferred Tax Liabilities 1,381 864 +59.8%
Other Non-Current Liabilities (Q) — — —
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Other Non-Current Liabilities 7,661 7,540 +1.6%
Stockholders' Equity
Common Stock (Q) — — —
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Common Stock 1,788 1,788 0.0%
Retained Earnings (Q) — — —
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Retained Earnings 72,231 61,384 +17.7%
Accumulated Other Comprehensive Income (Q) — — —
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Accumulated Other Comprehensive Income -5,202 -5,371 +3.1%
Total Stockholders' Equity (Q) — — —
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Total Stockholders' Equity 51,850 44,502 +16.5%
Total Liabilities & Equity (Q) — — —
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Total Liabilities & Equity 129,546 117,532 +10.2%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Stock-Based Compensation (YTD) — — —
Show — breakouts
Stock-Based Compensation 615 — —
Deferred Income Taxes (YTD) — — —
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Deferred Income Taxes -846 — —
Other Non-Cash Items (YTD) — — —
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Other Non-Cash Items 393 — —
Net Cash from Operations (YTD) — — —
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Net Cash from Operations 13,615 — —
Investing Activities
Capital Expenditures (YTD) — — —
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Capital Expenditures -3,079 — —
Other Investing Activities (YTD) — — —
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Other Investing Activities 114 — —
Net Cash from Investing (YTD) — — —
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Net Cash from Investing -2,540 — —
Financing Activities
Share Repurchases (YTD) — — —
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Share Repurchases -3,832 — —
Net Cash from Financing (YTD) — — —
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Net Cash from Financing -6,673 — —
Supplemental
Interest Paid (YTD) — — —
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Interest Paid 849 — —
Other Cash Flow
Net Change in Cash (YTD) — — —
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Net Change in Cash 4,942 — —

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

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

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