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MRK

Merck & Co., Inc.

MRK

Merck & Co., Inc. • NYSE
$104.83 ▲ 0.19% (+0.20)
Market Cap $263.46 B
52w High $105.84
52w Low $73.31
Dividend Yield 3.24%
P/E 13.87
Volume 6.02M
Outstanding Shares 2.51B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $17.276B ▲ $6.596B ▼ $5.785B ▲ 33.486% ▲ $2.32 ▲ $8.137B ▲
Q2-2025 $15.806B ▲ $6.697B ▲ $4.427B ▼ 28.008% ▼ $1.77 ▼ $6.423B ▼
Q1-2025 $15.529B ▼ $6.173B ▼ $5.079B ▲ 32.707% ▲ $2.02 ▲ $7.315B ▲
Q4-2024 $15.624B ▼ $7.448B ▼ $3.743B ▲ 23.957% ▲ $1.48 ▲ $5.695B ▲
Q3-2024 $16.657B $8.593B $3.157B 18.953% $1.25 $5.606B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $18.214B ▲ $129.546B ▲ $77.639B ▲ $51.85B ▲
Q2-2025 $8.622B ▼ $117.523B ▲ $68.463B ▲ $48.993B ▲
Q1-2025 $9.228B ▼ $115.122B ▼ $66.722B ▼ $48.335B ▲
Q4-2024 $13.689B ▼ $117.106B ▼ $70.734B ▼ $46.313B ▲
Q3-2024 $14.593B $117.532B $72.972B $44.502B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $5.787B ▲ $7.822B ▲ $-283M ▲ $2.638B ▲ $10.187B ▲ $6.835B ▲
Q2-2025 $4.429B ▼ $3.293B ▲ $-770M ▲ $-3.556B ▲ $-659M ▲ $2.529B ▲
Q1-2025 $5.085B ▲ $2.5B ▼ $-1.487B ▼ $-5.755B ▼ $-4.586B ▼ $1.172B ▼
Q4-2024 $3.744B ▲ $3.45B ▼ $-1.444B ▲ $-3.009B ▼ $-1.37B ▼ $2.513B ▼
Q3-2024 $3.161B $9.291B $-3.845B $-2.425B $3.315B $8.508B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Animal Health segment
Animal Health segment
 $1.40Bn ▲$1.59Bn ▲$1.65Bn ▲$1.61Bn ▼
Other Segments
Other Segments
 $180.00M ▲$300.00M ▲$110.00M ▼$50.00M ▼
Pharmaceutical segment
Pharmaceutical segment
 $14.04Bn ▲$13.64Bn ▼$14.05Bn ▲$15.61Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Merck’s income statement shows a business that has grown meaningfully over the past five years, with sales and gross profit moving steadily higher as newer drugs and vaccines ramp up. Profitability is generally strong, though the 2023 figures stand out as unusually weak at the bottom line, likely reflecting large one‑time expenses or charges rather than a fundamental collapse in the business. Outside of that dip, operating profit and earnings have trended upward, suggesting a solid underlying franchise with healthy margins typical of a major pharmaceutical company.

Balance Sheet

Balance Sheet The balance sheet looks solid and gradually stronger over time. Total assets and shareholders’ equity have increased, indicating reinvestment in the business and accumulated value. Debt has crept up but not in an alarming way, and recent years show a healthier cash balance that gives the company more flexibility. Overall, Merck appears to be managing growth, debt, and equity in a balanced fashion, with no obvious signs of financial strain.

Cash Flow

Cash Flow Cash flow is a key strength. Merck consistently generates substantial cash from its operations, and that cash generation has improved over the period. After funding a fairly steady level of capital spending, the company is left with a sizable and rising stream of free cash flow. This supports dividends, debt service, and ongoing R&D and deals, and provides a cushion if earnings get hit by patent expirations or one‑off charges.

Competitive Edge

Competitive Edge Merck holds a very strong competitive position in global pharmaceuticals. It benefits from blockbuster products such as Keytruda, leading vaccines like Gardasil, and a sizable animal health business, all supported by a powerful brand and global sales network. Its large patent estate and ongoing investment in R&D create high barriers to entry. The main vulnerability is the heavy dependence on a few flagship drugs, especially Keytruda, which will eventually face patent pressure, as well as the usual industry headwinds around pricing, regulation, and intense competition from other large drugmakers.

Innovation and R&D

Innovation and R&D Innovation is a core differentiator for Merck. The company is investing heavily across oncology, vaccines, infectious disease, cardiometabolic conditions, immunology, neuroscience, and eye disease, using tools like artificial intelligence and advanced biologic technologies. It is broadening beyond Keytruda with antibody‑drug conjugates, T‑cell engagers, and promising late‑stage programs in cholesterol, pulmonary hypertension, and autoimmune disease, supported by acquisitions such as Prometheus, Harpoon, EyeBio, and Cidara. This diversified and technology‑rich pipeline improves Merck’s chances of replacing Keytruda revenue over time, though each individual program still carries the usual clinical and regulatory risks.

Summary

Merck appears to combine strong financial fundamentals with a deep, evolving research pipeline. The core business has delivered rising sales, solid margins, and robust cash generation, despite a noisy year in 2023 that likely reflects special items rather than a structural problem. The balance sheet is healthy, with manageable debt and growing cash, giving the company room to keep investing and doing deals. Strategically, Merck’s dominance in oncology and vaccines, plus its global scale, provide a sizeable moat, but reliance on Keytruda and future patent expirations remain key risks. The company is clearly preparing for that transition with substantial R&D and targeted acquisitions, positioning itself to sustain growth in multiple therapeutic areas, while still facing the inherent uncertainty of drug development and regulation.

NEWS

November 26, 2025 · 7:15 AM UTC

Merck to Participate in the Citi 2025 Global Healthcare Conference

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November 26, 2025 · 6:45 AM UTC

Merck to Participate in the 8th Annual Evercore ISI HealthCONx Conference

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November 24, 2025 · 6:45 AM UTC

Merck Data to be Presented at ASH 2025 Annual Meeting Showcase Continued Advancements in Hematology Pipeline and Novel Therapeutic Approaches

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November 21, 2025 · 7:30 PM UTC

Merck Recommends Rejection of Tutanota's “Mini-Tender” Offer

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November 21, 2025 · 4:12 PM UTC

FDA Approves KEYTRUDA® (pembrolizumab) and KEYTRUDA QLEX™ (pembrolizumab and berahyaluronidase alfa-pmph), Each with Padcev® (enfortumab vedotin-ejfv), as Perioperative Treatment for Adults with Cisplatin-Ineligible Muscle-Invasive Bladder Cancer

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