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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 4, 2026 (August 4, 2026)

Merck & Co., Inc.

(Exact name of registrant as specified in its charter)

New Jersey

(State or other jurisdiction

of incorporation)

1-6571

(Commission

File Number)

22-1918501

(I.R.S. Employer

Identification No.)

126 East Lincoln Avenue, Rahway, NJ

(Address of principal executive offices)

07065

(Zip Code)

Registrant’s telephone number, including area code (908) 740-4000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Common Stock ($0.50 par value)	MRK	New York Stock Exchange
1.875% Notes due 2026	MRK/26	New York Stock Exchange
3.250% Notes due 2032	MRK/32	New York Stock Exchange
2.500% Notes due 2034	MRK/34	New York Stock Exchange
1.375% Notes due 2036	MRK 36A	New York Stock Exchange
3.500% Notes due 2037	MRK/37	New York Stock Exchange
3.700% Notes due 2044	MRK/44	New York Stock Exchange
3.750% Notes due 2054	MRK/54	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

The following information, including the exhibits hereto, is being furnished pursuant to this Item 2.02.

Incorporated by reference is a press release issued by Merck & Co., Inc. on August 4, 2026, regarding earnings for the second quarter of 2026, attached as Exhibit 99.1. Also incorporated by reference is certain supplemental information not included in the press release, attached as Exhibit 99.2.

This information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and is not incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1	Press release issued August 4, 2026, regarding earnings for the second quarter of 2026

Exhibit 99.2	Certain supplemental information not included in the press release

Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Merck & Co., Inc.

Date: August 4, 2026	By:	/s/ Kelly E. W. Grez
		Kelly E. W. Grez
		Corporate Secretary

EX-99.1 2 tm2621496d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

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	News Release

Merck & Co., Inc., Rahway, N.J., USA Announces Second-Quarter 2026 Financial Results; Highlights Key Regulatory and Clinical Milestones Across Broad, Diverse Pipeline

Sales Growth Reflects Continued Strength in Oncology, Including Initial Uptake of KEYTRUDA QLEX, and Animal Health, Plus Contributions From Launches Such as WINREVAIR

Financial Highlights

Total Worldwide Sales Were $16.6 Billion (5% Growth; 4% Growth ex-FX)

KEYTRUDA/KEYTRUDA QLEX¹ Sales Were $8.4 Billion (5% Growth; 4% Growth ex-FX); Includes KEYTRUDA QLEX Sales of $463 Million

WINREVAIR Sales Were $588 Million (75% Growth; 75% Growth ex-FX)

Animal Health Sales Were $1.8 Billion (8% Growth; 5% Growth ex-FX)

GAAP Loss per Share Was $0.54; Non-GAAP Loss per Share Was $0.13; GAAP and Non-GAAP Loss per Share Include a Charge of $2.31 per Share for the Acquisition of Terns

Pipeline & Portfolio Highlights

Received U.S. FDA Approval for LIPFENDRA (enlicitide), the First and Only Once-Daily Oral PCSK9 Inhibitor To Reduce LDL-C in Adults With Hypercholesterolemia

Announced Positive Data From TroFuse-005 Trial Evaluating Sacituzumab Tirumotecan (sac-TMT) in Certain Patients With Advanced or Recurrent Endometrial Cancer

Announced Positive Phase 3 Results From Once-Weekly Investigational Oral HIV Treatment Regimen of Islatravir and Lenacapavir, in Collaboration With Gilead

Full-Year 2026 Financial Outlook

Narrows and Raises Expected Worldwide Sales Range To Be Between $66.3 Billion and $67.3 Billion

Now Expects Non-GAAP EPS To Be Between $2.66 and $2.76; Outlook Includes Charges of $2.43 per Share for the Acquisition of Terns, Comprised of a One-Time Charge of $2.31 per Share as Well as Costs of Approximately $0.12 per Share To Finance the Acquisition and Advance MK-4208 (Formerly TERN-701)

¹ Available in some markets as KEYTRUDA SC.

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RAHWAY, N.J., Aug. 4, 2026 – Merck & Co., Inc., Rahway, N.J., USA (NYSE: MRK), known as MSD outside the United States and Canada, today announced financial results for the second quarter of 2026.

“We continued to make substantial progress across our business this quarter, driven by strong execution and growing contributions from new product launches,” said Robert M. Davis, chairman and chief executive officer. “The FDA approval of LIPFENDRA is an exciting moment for our company and for patients, marking the latest milestone in our nearly 70-year legacy in cardiovascular disease. Together with key regulatory and clinical advances across oncology, HIV and immunology, this achievement reflects the strength of our pipeline and portfolio transformation as we bring forward the next wave of innovation. I am confident in the ongoing execution of our strategy as we deliver for patients and further enhance our long-term growth trajectory.”

Financial Summary

		Second Quarter
$ in millions, except EPS amounts		2026			2025	Change		Change Ex- Exchange
Sales	$	16,607		$	15,806	5	%	4	%
GAAP net (loss) income²		(1,335	)		4,427	N/M		N/M
Non-GAAP net (loss) income that excludes certain items^2,3*		(330	)		5,366	N/M		N/M
GAAP EPS		(0.54	)		1.76	N/M		N/M
Non-GAAP EPS that excludes certain items^3*		(0.13	)		2.13	N/M		N/M

*Refer to table on page 7.

N/M - Not meaningful

For the second quarter of 2026, Generally Accepted Accounting Principles (GAAP) loss / earnings per share (EPS) assuming dilution was a loss per share of $0.54 and non-GAAP loss per share was $0.13. Both the GAAP and non-GAAP loss per share were due to a charge for the acquisition of Terns Pharmaceuticals, Inc. (Terns) of $2.31 per share. Both GAAP and non-GAAP EPS in the second quarter of 2025 include a charge of $0.07 per share for an upfront payment related to a license agreement with Jiangsu Hengrui Pharmaceutical Co., Ltd. (Hengrui Pharma).

Non-GAAP EPS excludes acquisition- and divestiture-related costs and costs related to restructuring programs, as well as income and losses from investments in equity securities. Non-GAAP EPS in the second quarter of 2025 also excludes tax benefits primarily resulting from favorable audit reserve adjustments.

Year-to-date results can be found in the attached tables.

² Net (loss) income attributable to the Company.

³ The Company is providing certain 2026 and 2025 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 this information enhances investors’ understanding of the Company’s results because management uses non-GAAP results 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. This information should be considered in addition to, but not as a substitute for or superior to, information prepared in accordance with GAAP. For a description of the non-GAAP adjustments, see Table 2a attached to this release.

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Second-Quarter Sales Performance

The following table reflects sales of the Company’s top products and significant performance drivers.

		Second Quarter
$ in millions		2026		2025	Change		Change Ex- Exchange		Commentary
Total Sales	$	16,607	$	15,806	5	%	4	%
Pharmaceutical		14,760		14,050	5	%	4	%	Increase primarily driven by growth in oncology as well as cardiometabolic and respiratory, partially offset by a decline in diabetes.
KEYTRUDA/ KEYTRUDA QLEX		8,366		7,956	5	%	4	%	Growth primarily driven by strong global uptake in earlier-stage indications, including triple-negative breast cancer (TNBC), cervical cancer, head and neck cancer and bladder cancer, as well as higher global demand in metastatic indications, including urothelial cancer. Sales of KEYTRUDA QLEX were $463 million.
GARDASIL/GARDASIL 9		1,169		1,126	4	%	3	%	Increase primarily due to higher demand in Asia Pacific and Europe, as well as favorable timing of tenders in Europe, partially offset by lower demand in certain other international markets.
PROQUAD, M-M-R II and VARIVAX		592		609	-3	%	-3	%	Decrease primarily reflects lower demand in the U.S., partially offset by higher net pricing in the U.S., higher demand in Europe and favorable private-sector purchasing patterns for M-M-R II in the U.S.
WINREVAIR		588		336	75	%	75	%	Growth primarily reflects continued uptake in the U.S. and early launch uptake in certain international markets, particularly in Japan and Europe.
BRIDION		497		461	8	%	8	%	Growth primarily due to higher demand and net pricing in the U.S.
JANUVIA/JANUMET		429		623	-31	%	-31	%	Decline primarily due to lower demand and net pricing in the U.S. due to competition, as well as lower demand in China and most other international markets due to ongoing generic competition.
Lynparza*		365		370	-1	%	-2	%	Relatively flat compared with prior year.
PREVYMIS		295		228	29	%	28	%	Increase primarily due to higher demand in the U.S. and certain European markets, reflecting in part the launch of new indications.
Lenvima*		283		265	7	%	6	%	Growth primarily due to higher demand in the U.S., partially offset by lower net pricing.

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	Second Quarter
$ in millions	2026	2025	Change		Change Ex- Exchange		Commentary
WELIREG	271	162	67	%	67	%	Growth primarily driven by higher demand in the U.S. and continued launch uptake in several international markets, particularly in Japan, as well as favorable wholesaler purchasing patterns in the U.S.
OHTUVAYRE	204	-	-		-		Product obtained as part of the Company’s October 2025 acquisition of Verona Pharma plc. Includes a benefit from the timing of specialty pharmacy purchases in the U.S.
CAPVAXIVE	184	129	42	%	40	%	Increase primarily driven by launch uptake in several international markets, particularly in Asia Pacific and Europe, as well as in the U.S.
VAXNEUVANCE	148	229	-35	%	-36	%	Decline primarily due to favorable prior period public-sector activity in the U.S., which increased sales in that period, as well as lower demand in the U.S. and in most international markets in the current period due to competitive pressure.
LAGEVRIO	5	83	-95	%	-95	%	Decline largely due to lower demand in Japan and the U.S.
Animal Health	1,775	1,646	8	%	5	%	Growth attributable to both Livestock and Companion Animal product portfolios.
Livestock	1,041	961	8	%	6	%	Growth primarily driven by higher demand for ruminant and poultry products.
Companion Animal	734	685	7	%	5	%	Growth primarily due to new product launches. Sales of BRAVECTO line of products were $359 million and $335 million in the current and prior-year quarters, respectively, which represents an increase of 7%, or 4% excluding impact of foreign exchange.
Other Revenues**	72	110	-35	%	-34	%	Decline primarily due to lower revenue from third-party manufacturing arrangements.

*Alliance revenue for this product represents the Company’s share of profits, which are product sales net of cost of sales and commercialization costs.

**Other revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities.

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Second-Quarter Expense and Related Information

The table below presents selected expense information.

$ in millions	GAAP			Acquisition- and Divestiture- Related Costs⁴		Restructuring Costs			(Income) Loss From Investments in Equity Securities			Non- GAAP³
Second Quarter 2026
Cost of sales	$	4,395		$	1,067	$	184		$	-		$	3,144
Selling, general and administrative		2,904			17		-			-			2,887
Research and development		9,741			6		(1	)		-			9,736
Restructuring costs		151			-		151			-			-
Other (income) expense, net		99			-		-			(191	)		290

Second Quarter 2025
Cost of sales	$	3,557		$	576	$	165		$	-		$	2,816
Selling, general and administrative		2,649			15		1			-			2,633
Research and development		4,048			3		53			-			3,992
Restructuring costs		560			-		560			-			-
Other (income) expense, net		(7	)		-		-			(61	)		54

GAAP Expense, EPS and Related Information

Gross margin was 73.5% for the second quarter of 2026 compared with 77.5% for the second quarter of 2025. The decrease was primarily due to higher amortization of intangible assets and inventory write-downs.

Selling, general and administrative (SG&A) expenses were $2.9 billion in the second quarter of 2026, an increase of 10% compared with the second quarter of 2025. The increase was primarily due to higher administrative costs (including investments in IT), as well as higher promotional costs in support of product launches.

Research and development (R&D) expenses were $9.7 billion in the second quarter of 2026 compared with $4.0 billion in the second quarter of 2025. The increase was largely due to a $5.7 billion charge for the acquisition of Terns and higher clinical development spending, partially offset by a $200 million reduction in R&D expenses as part of a funding agreement with Blackstone Life Sciences (Blackstone). R&D expenses in the second quarter of 2025 include a $200 million charge for an upfront payment related to a license agreement with Hengrui Pharma.

Other (income) expense, net, was $99 million of expense in the second quarter of 2026 compared with $7 million of income in the second quarter of 2025. The unfavorability was primarily due to higher net interest expense, partially offset by higher net income from investments in equity securities.

⁴ Reflects expenses related to business combinations, including the amortization of intangible assets, intangible asset impairment charges, and expense or income related to changes in the estimated fair value measurement of liabilities for contingent consideration. Also includes integration, transaction and certain other costs associated with acquisitions and divestitures, as well as amortization of intangible assets related to collaborations, licensing arrangements and asset acquisitions, and recognition of fair value step-up to inventories for asset acquisitions.

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The income tax provision for the second quarter of 2026 was $654 million on a pretax loss of $683 million, resulting in an effective income tax rate of (95.9)%. This effective income tax rate includes a 108.9 percentage point unfavorable impact of the charge for the acquisition of Terns, for which no tax benefit was recorded.

GAAP loss per share was $0.54 for the second quarter of 2026 compared with earnings per share of $1.76 for the second quarter of 2025, largely due to higher charges for business development transactions, reflecting a $2.31 per share charge in the second quarter of 2026 for the acquisition of Terns compared with a $0.07 per share charge in the second quarter of 2025 related to a license agreement with Hengrui Pharma.

Non-GAAP Expense, EPS and Related Information

Non-GAAP gross margin was 81.1% for the second quarter of 2026 compared with 82.2% for the second quarter of 2025. The decrease was primarily due to higher inventory write-downs.

Non-GAAP SG&A expenses were $2.9 billion in the second quarter of 2026, an increase of 10% compared with the second quarter of 2025. The increase was primarily due to higher administrative costs (including investments in IT), as well as higher promotional costs in support of product launches.

Non-GAAP R&D expenses were $9.7 billion in the second quarter of 2026 compared with $4.0 billion in the second quarter of 2025. The increase was largely due to a $5.7 billion charge for the acquisition of Terns and higher clinical development spending, partially offset by a $200 million reduction in R&D expenses as part of a funding agreement with Blackstone. R&D expenses in the second quarter of 2025 include a $200 million charge for an upfront payment related to a license agreement with Hengrui Pharma.

Non-GAAP other (income) expense, net, was $290 million of expense in the second quarter of 2026 compared with $54 million of expense in the second quarter of 2025. The unfavorability was primarily due to higher net interest expense.

The non-GAAP income tax provision for the second quarter of 2026 was $882 million on pretax income of $550 million, resulting in a non-GAAP effective income tax rate of 160.3%. This effective income tax rate includes a 146.2 percentage point unfavorable impact of the charge for the acquisition of Terns, for which no tax benefit was recorded.

Non-GAAP loss per share was $0.13 for the second quarter of 2026 compared with earnings per share of $2.13 for the second quarter of 2025, largely due to higher charges for business development transactions, reflecting a $2.31 per share charge in the second quarter of 2026 for the acquisition of Terns compared with a $0.07 per share charge in the second quarter of 2025 related to a license agreement with Hengrui Pharma.

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A reconciliation of GAAP to non-GAAP net (loss) income and EPS is provided in the table that follows.

		Second Quarter
$ in millions, except EPS amounts		2026			2025
EPS
GAAP EPS	$	(0.54	)	$	1.76
Difference		0.41			0.37
Non-GAAP EPS that excludes items listed below³	$	(0.13	)	$	2.13

Net (Loss) Income
GAAP net (loss) income²	$	(1,335	)	$	4,427
Difference		1,005			939
Non-GAAP net (loss) income that excludes items listed below^2,3	$	(330	)	$	5,366

Excluded Items:
Acquisition- and divestiture-related costs⁴	$	1,090		$	594
Restructuring costs		334			779
Income from investments in equity securities		(191	)		(61	)
Increase to net loss / decrease to net income before taxes		1,233			1,312
Estimated income tax benefit⁵		(228	)		(373	)
Increase to net loss / decrease to net income	$	1,005		$	939

Pipeline and Portfolio Highlights

In the second quarter, the Company achieved key regulatory milestones across the portfolio while continuing to advance its broad and diverse pipeline.

Oncology:

U.S. Food and Drug Administration (FDA) approved KEYTRUDA and KEYTRUDA QLEX, each with WELIREG, for the adjuvant treatment of certain patients with clear cell renal cell carcinoma (ccRCC), based on Phase 3 LITESPARK-022 trial.

Approvals represent first approved combination of a PD-1 and hypoxia-inducible factor-2 alpha inhibitor for these patients.

In July, FDA approved expanded use of KEYTRUDA and KEYTRUDA QLEX, each with Padcev, as treatment before and after surgery for adult patients with muscle-invasive bladder cancer (MIBC), including cisplatin eligible patients based on Phase 3 KEYNOTE-B15 trial; the expansion builds upon prior approval of this regimen for cisplatin ineligible patients based on Phase 3 KEYNOTE-905 trial.

FDA approved KEYTRUDA and KEYTRUDA QLEX, each with Trodelvy, for the first-line treatment of PD-L1 positive (Combined Positive Score [CPS] ≥10) advanced TNBC, based on Phase 3 KEYNOTE-D19/ASCENT-04 trial.

FDA granted Breakthrough Therapy designation (BTD) for calderasib (MK-1084), an investigational oral specific KRAS G12C inhibitor, in combination with KEYTRUDA, for the first-line treatment of patients with advanced or metastatic non-small cell lung cancer (NSCLC) with KRAS G12C-mutation and expressing PD-L1 (tumor proportion score [TPS] ≥1%).

⁵ Includes the estimated income tax impacts on the reconciling items based on applying the statutory rate of the originating territory of the non-GAAP adjustments for all periods presented. Amount in the second quarter of 2025 also includes a $146 million benefit primarily resulting from favorable audit reserve adjustments.

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Announced that Phase 3 TroFuse-005 trial evaluating sac-TMT, an investigational anti-TROP2 antibody-drug conjugate (ADC) being developed in collaboration with Kelun-Biotech, met its primary endpoints of overall survival (OS) and progression-free survival (PFS) in patients with advanced or recurrent endometrial cancer who have progressed after platinum-based chemotherapy and anti-PD-1/L1 immunotherapy.

First Phase 3 results from the Company’s broad sac-TMT clinical development program, which includes 17 ongoing global Phase 3 trials across multiple tumor types.

At the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting, new research was presented across over 25 types of cancer, reinforcing long-term impact of KEYTRUDA and momentum in the Company’s rapidly advancing oncology pipeline, including:

Five-year follow-up data from Phase 2b KEYNOTE-942 trial, in collaboration with Moderna, underscoring continued potential of intismeran autogene (mRNA-4157/V940) in combination with KEYTRUDA for patients with stage III/IV melanoma following complete resection.

Data from Phase 3 OptiTROP-Lung05 trial, led by Kelun-Biotech, evaluating sac-TMT plus KEYTRUDA in China, adding to ongoing research of novel treatment approaches for patients with NSCLC.

Results from final analysis of KEYNOTE-522 evaluating KEYTRUDA in combination with chemotherapy, reporting a continued survival benefit for patients with high-risk early-stage TNBC.

Vaccines and Infectious Diseases:

In July, presented new data for daily and weekly options across HIV treatment and prevention pipeline at 26^th International AIDS Conference (AIDS 2026). Hosted HIV investor event to highlight these data.

In collaboration with Gilead, presented first Phase 3 results for islatravir/lenacapavir (ISL/LEN), an investigational oral once-weekly single-tablet HIV treatment regimen, which maintained virological suppression in adults with HIV who switched antiretroviral therapy. ISL/LEN has the potential to be the first approved oral, once-weekly HIV treatment.

Presented first results from a Phase 2b study evaluating switch to investigational once-weekly oral islatravir and ulonivirine (ISL/ULO) in adults with virologically suppressed HIV-1.

Received regulatory approvals in Japan and China for ENFLONSIA for the prevention of RSV lower respiratory tract disease in newborns and infants who are born during or entering their first RSV season.

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Cardiometabolic and Respiratory:

In July, FDA approved LIPFENDRA (enlicitide), the first and only once-daily oral PCSK9 inhibitor, as an adjunct to diet and exercise, to reduce LDL-C in adults with hypercholesterolemia, based on two Phase 3 trials from the CORALreef clinical program: CORALreef Lipids and CORALreef HeFH.

At week 24, LIPFENDRA significantly reduced LDL-C by a placebo-adjusted 56% and 59%, respectively.

Immunology:

○

Announced positive topline results from Phase 3 ATLAS-UC induction-only study (Study 2) evaluating tulisokibart (MK-7240), an investigational humanized monoclonal antibody targeting tumor necrosis factor-like cytokine 1A (TL1A), in patients with moderately to severely active ulcerative colitis (UC).

Initial topline results from primary analyses of two Phase 2 studies evaluating tulisokibart:

In hidradenitis suppurativa (HS), the study met its primary and key secondary endpoints. Full results will be shared at an upcoming medical meeting.

In systemic sclerosis-associated interstitial lung disease (SSc-ILD), the study did not meet its primary endpoint and will be discontinued. No new safety concerns were identified.

Business Development:

Completed acquisition of Terns for $6.8 billion.

Added MK-4208, a novel investigational oral allosteric BCR::ABL1 tyrosine kinase inhibitor recently granted BTD by the FDA for the treatment of certain adults with Philadelphia chromosome-positive chronic myeloid leukemia.

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Notable recent news releases on the Company’s pipeline and portfolio are provided in the table that follows. Visit the News Releases section of the Company’s website to read the releases.*

Oncology	FDA Approved KEYTRUDA and KEYTRUDA QLEX, Each With WELIREG, for Adjuvant Treatment of Certain Patients With ccRCC; Based on Results From Phase 3 LITESPARK-022 Trial
	FDA Approved KEYTRUDA and KEYTRUDA QLEX, Each With Padcev, as Treatment Before and After Surgery for Adults With MIBC; Based on Results From Phase 3 KEYNOTE-B15 Trial, Combined With Previous Approvals Based on Phase 3 KEYNOTE-905 Trial
	FDA Approved KEYTRUDA and KEYTRUDA QLEX, Each With Trodelvy, as First-Line Treatment of PD-L1+ Advanced TNBC; Based on Results From Phase 3 KEYNOTE-D19/ASCENT-04 Trial
	European Commission Approved KEYTRUDA Plus Padcev as First PD-1 Inhibitor Plus ADC Regimen for Adults With Cisplatin-Ineligible Resectable MIBC; Based on Results From Phase 3 KEYNOTE-905 Trial
	FDA Granted BTD for Calderasib (MK-1084), an Investigational KRAS G12C Inhibitor, for Certain Patients With Newly Diagnosed Metastatic KRAS G12C-Mutant NSCLC
	The Company Announced TroFuse-005 Trial Evaluating Sac-TMT Met Primary Endpoints of OS and PFS in Certain Patients With Advanced or Recurrent Endometrial Cancer
	The Company and Moderna Presented 5-Year Data for Intismeran Autogene in Combination With KEYTRUDA in Patients With High-Risk Stage III/IV Melanoma Following Complete Resection at ASCO 2026
	KEYTRUDA as Monotherapy Significantly Improved PFS in Certain Patients With Advanced or Recurrent Endometrial Cancer With Mismatch Repair Deficient Tumors Compared to Chemotherapy; Results From Phase 3 KEYNOTE-C93 Trial
	The Company Highlighted New Long-Term Data and Advancements Across Broad Oncology Portfolio and Pipeline Research at ASCO 2026
	The Company Completed Acquisition of Terns
Vaccines and Infectious Diseases	The Company, in Collaboration With Gilead, Announced That the Once-Weekly Investigational Oral HIV Treatment Regimen of Islatravir and Lenacapavir (ISL/LEN) Maintained Virological Suppression in People With HIV Who Switched Antiretroviral Therapy
	The Company Presented New Data on Daily, Weekly and Monthly Options Across its HIV Treatment and Prevention Pipeline at AIDS 2026
	The Company Announced Initial Access Plans for Alimatravir (MK-8527), Its Investigational Once-Monthly Oral Pre-Exposure Prophylaxis in Phase 3 Development; Multi-Faceted Strategy Aims To Enable Rapid, Broad and Sustainable Access to Alimatravir, if Approved, in Low- And Middle-Income Countries
	The Company Announced New Agreement With AIDS Drug Assistance Program Crisis Task Force To Improve Access and Care for People Living With HIV
	FDA Approved an Additional Indication for CAPVAXIVE in Children and Adolescents Aged 2 Through 17 at Increased Risk for Pneumococcal Disease; Based on Results From Phase 3 STRIDE-13 Trial
Cardiometabolic and Respiratory	FDA Approved LIPFENDRA, the First and Only Once-Daily Oral PCSK9 Inhibitor To Reduce LDL-C in Adults With Hypercholesterolemia; Based on Results From CORALreef Lipids and CORALreef HeFH Trials
Immunology	Tulisokibart Met Primary and Key Secondary Endpoints in the Phase 3 ATLAS-UC Induction-only Study in Patients With Moderately to Severely Active UC
Animal Health	The Company’s Animal Health Business Completed Acquisition of TARGAN, Broadening Its Commercial Poultry Portfolio Through TARGAN’s Innovative High-Speed Biodevice Technology

*References in the above news release titles have been modified for the purpose of this announcement.

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Upcoming Investor Event

The Company will hold an Oncology Investor Event to coincide with the European Society for Medical Oncology Congress 2026 on Monday, Oct. 26, 2026, at 6 p.m. CET / 1 p.m. EDT, during which senior management will provide an update on the Company’s oncology strategy and program. The event will take place in Madrid, Spain, and will be accessible via live audio webcast at this weblink.

Full-Year 2026 Financial Outlook

The following table summarizes the Company’s full-year financial outlook.

	Full Year 2026
	Updated	Prior
Sales^*	$66.3 billion to $67.3 billion	$65.8 billion to $67.0 billion
Non-GAAP Gross margin³	Approximately 81%	Approximately 82%
Non-GAAP Operating expenses^3**	$42.0 billion to $42.7 billion	$36.0 billion to $36.8 billion
Non-GAAP Other (income) expense, net³	Approximately $1.4 billion expense	Approximately $1.3 billion expense
Non-GAAP Effective income tax rate³	35.0% to 36.0%	23.5% to 24.5%
Non-GAAP EPS^3***	$2.66 to $2.76	$5.04 to $5.16
Share count (assuming dilution)	Approximately 2.48 billion	Approximately 2.48 billion

*The Company does not have any non-GAAP adjustments to sales.

**Includes one-time R&D charges of $9.0 billion for the acquisition of Cidara Therapeutics, Inc. (Cidara) and $5.7 billion for the acquisition of Terns. Outlook does not assume any additional significant potential business development transactions.

***Includes one-time charges of $3.62 per share for the acquisition of Cidara and $2.31 per share for the acquisition of Terns.

The Company has not provided a reconciliation of forward-looking non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other (income) expense, net, non-GAAP effective income tax rate and non-GAAP EPS to the most directly comparable GAAP measures, given it cannot predict with reasonable certainty the amounts necessary for such a reconciliation, including intangible asset impairment charges, legal settlements, and income and losses from investments in equity securities either owned directly or through ownership interests in investment funds, without unreasonable effort. These items are inherently difficult to forecast and could have a significant impact on the Company’s future GAAP results.

The Company is raising and narrowing the range for its full-year sales outlook and now anticipates full-year 2026 sales to be between $66.3 billion and $67.3 billion, including a positive impact from foreign exchange of approximately 1% at mid-July 2026 exchange rates.

The Company now expects the full-year non-GAAP effective income tax rate to be between 35.0% and 36.0%, including the impact of the non-tax deductible one-time charges for the acquisitions of Cidara and Terns.

The Company now expects full-year 2026 non-GAAP EPS to be between $2.66 and $2.76, including a positive impact from foreign exchange of approximately $0.15 per share at mid-July 2026 exchange rates. This range includes one-time charges of $9.0 billion, or $3.62 per share, related to the acquisition of Cidara and $5.7 billion, or $2.31 per share, related to the acquisition of Terns. This range also includes costs of approximately $0.12 per share to finance the Terns acquisition and advance MK-4208. The charges related to Terns were not previously included in the outlook. In 2025, non-GAAP EPS of $8.98 was negatively impacted by one-time charges of $0.20 per share in the aggregate related to certain business development transactions.

- 12 -

Consistent with past practice, the financial outlook does not assume additional significant potential business development transactions.

Earnings Conference Call

Investors, journalists and the general public may access a live audio webcast of the call on Tuesday, Aug. 4, at 9 a.m. EDT via this weblink. A replay of the webcast, along with the sales and earnings news release, supplemental financial disclosures and slides highlighting the results, will be available on the Company’s website.

All participants may join the call by dialing (800) 369-3351 (U.S. and Canada Toll-Free) or (517) 308-9448 and using the access code 9818590.

About Our Company

At Merck & Co., Inc., Rahway, N.J., USA, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities.

Forward-Looking Statement of Merck & Co., Inc., Rahway, N.J., USA

This news release of Merck & Co., Inc., Rahway, N.J., USA (the “Company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the Company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the Company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

- 13 -

The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Appendix

Generic product names are provided below.

Pharmaceutical
BRIDION (sugammadex)
CAPVAXIVE (Pneumococcal 21-valent Conjugate Vaccine)

ENFLONSIA (clesrovimab-cfor)

GARDASIL (Human Papillomavirus Quadrivalent [Types 6, 11, 16 and 18] Vaccine, Recombinant)
GARDASIL 9 (Human Papillomavirus 9-valent Vaccine, Recombinant)

JANUMET (sitagliptin and metformin HCl)
JANUVIA (sitagliptin)
KEYTRUDA (pembrolizumab)
KEYTRUDA QLEX (pembrolizumab and berahyaluronidase alfa-pmph)

LAGEVRIO (molnupiravir)
Lenvima (lenvatinib)

LIPFENDRA (enlicitide)
Lynparza (olaparib)
M-M-R II (Measles, Mumps and Rubella Virus Vaccine Live)
OHTUVAYRE (ensifentrine)

PREVYMIS (letermovir)
PROQUAD (Measles, Mumps, Rubella and Varicella Virus Vaccine Live)

VARIVAX (Varicella Virus Vaccine Live)

VAXNEUVANCE (Pneumococcal 15-valent Conjugate Vaccine)

WELIREG (belzutifan)
WINREVAIR (sotatercept-csrk)

- 14 -

Animal Health
BRAVECTO (fluralaner)

###

Media Contacts:	Investor Contacts:

Michael Levey	Peter Dannenbaum
michael.levey@msd.com	(732) 594-1579

John Cummins	Steven Graziano
john.cummins2@msd.com	(732) 594-1583

MERCK & CO., INC., RAHWAY, N.J., USA

CONSOLIDATED STATEMENT OF OPERATIONS - GAAP

(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)

(UNAUDITED)

Table 1

	GAAP									GAAP
	2Q26			2Q25			% Change			June YTD 2026			June YTD 2025			% Change
Sales	$	16,607		$	15,806			5	%	$	32,893		$	31,335			5	%

Costs, Expenses and Other
Cost of sales		4,395			3,557			24	%		8,590			6,976			23	%
Selling, general and administrative		2,904			2,649			10	%		5,604			5,202			8	%
Research and development		9,741			4,048			*			22,333			7,669			*
Restructuring costs		151			560			-73	%		346			629			-45	%
Other (income) expense, net		99			(7	)		*			237			(43	)		*
(Loss) Income Before Taxes		(683	)		4,999			*			(4,217	)		10,902			*
Income Tax Provision		654			571						1,363			1,388
Net (Loss) Income		(1,337	)		4,428			*			(5,580	)		9,514			*
Less: Net (Loss) Income Attributable to Noncontrolling Interests		(2	)		1						(5	)		8
Net (Loss) Income Attributable to Merck & Co., Inc., Rahway, N.J., USA	$	(1,335	)	$	4,427			*		$	(5,575	)	$	9,506			*

(Loss) Earnings per Common Share Assuming Dilution ⁽¹⁾	$	(0.54	)	$	1.76			*		$	(2.26	)	$	3.77			*

Average Shares Outstanding Assuming Dilution ⁽¹⁾		2,470			2,513						2,471			2,522
Tax Rate		-95.9	%		11.4	%					-32.3	%		12.7	%

* 100% or greater

⁽¹⁾ Because the Company recorded a net loss in both the second quarter and first six 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.

MERCK & CO., INC., RAHWAY, N.J., USA

THREE AND SIX MONTHS ENDED JUNE 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
Second Quarter
Cost of sales	$	4,395			1,067			184						1,251		$	3,144
Selling, general and administrative		2,904			17									17			2,887
Research and development		9,741			6			(1	)					5			9,736
Restructuring costs		151						151						151			–
Other (income) expense, net		99									(191	)		(191	)		290
Loss Before Taxes		(683	)		(1,090	)		(334	)		191			(1,233	)		550
Income Tax Provision (Benefit)		654			(219	)⁽³⁾		(50	)⁽³⁾		41	⁽³⁾		(228	)		882
Net Loss		(1,337	)		(871	)		(284	)		150			(1,005	)		(332	)
Net Loss Attributable to Merck & Co., Inc., Rahway, N.J., USA		(1,335	)		(871	)		(284	)		150			(1,005	)		(330	)
Loss per Common Share Assuming Dilution ⁽⁴⁾	$	(0.54	)		(0.35	)		(0.12	)		0.06			(0.41	)	$	(0.13	)

Tax Rate		-95.9	%														160.3	%

June YTD
Cost of sales	$	8,590			2,081			421						2,502		$	6,088
Selling, general and administrative		5,604			49									49			5,555
Research and development		22,333			6			33						39			22,294
Restructuring costs		346						346						346			–
Other (income) expense, net		237									(371	)		(371	)		608
Loss Before Taxes		(4,217	)		(2,136	)		(800	)		371			(2,565	)		(1,652	)
Income Tax Provision (Benefit)		1,363			(421	)⁽³⁾		(135	)⁽³⁾		80	⁽³⁾		(476	)		1,839
Net Loss		(5,580	)		(1,715	)		(665	)		291			(2,089	)		(3,491	)
Net Loss Attributable to Merck & Co., Inc., Rahway, N.J., USA		(5,575	)		(1,715	)		(665	)		291			(2,089	)		(3,486	)
Loss per Common Share Assuming Dilution ⁽⁴⁾	$	(2.26	)		(0.70	)		(0.27	)		0.12			(0.85	)	$	(1.41	)

Tax Rate		-32.3	%														-111.3	%

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, associated with 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 both the second quarter and first six 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.

MERCK & CO., INC., RAHWAY, N.J., USA

FRANCHISE / KEY PRODUCT SALES

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3

	2026						2025												2Q				June YTD
	1Q		2Q		June YTD		1Q		2Q		June YTD		3Q		4Q		Full Year		Nom %		Ex-Exch %		Nom %		Ex-Exch %
TOTAL SALES ⁽¹⁾	$	16,286	$	16,607	$	32,893	$	15,529	$	15,806	$	31,335	$	17,276	$	16,400	$	65,011		5		4		5		3
PHARMACEUTICAL		14,349		14,760		29,109		13,638		14,050		27,688		15,611		14,843		58,142		5		4		5		3
Oncology
Keytruda		7,906		7,904		15,810		7,205		7,956		15,161		8,142		8,337		31,641		-1		-2		4		2
Keytruda Qlex		128		463		590								5		35		40		-		-		-		-
Alliance Revenue – Lynparza ⁽²⁾		341		365		706		312		370		682		379		389		1,450		-1		-2		4		2
Alliance Revenue – Lenvima ⁽²⁾		256		283		539		258		265		523		258		272		1,053		7		6		3		2
Welireg		199		271		470		137		162		300		196		220		716		67		67		57		56
Alliance Revenue – Reblozyl ⁽³⁾		148		122		270		119		107		226		136		164		525		15		15		20		20
Vaccines ⁽⁴⁾
Gardasil/Gardasil 9		1,069		1,169		2,238		1,327		1,126		2,453		1,749		1,031		5,233		4		3		-9		-10
ProQuad/M-M-R II/Varivax		538		592		1,130		539		609		1,148		684		619		2,451		-3		-3		-2		-3
Vaxneuvance		202		148		350		230		229		459		226		140		825		-35		-36		-24		-26
RotaTeq		206		134		340		228		121		349		204		119		673		10		9		-3		-4
Capvaxive		142		184		325		107		129		236		244		279		759		42		40		38		36
Enflonsia		1		2		3								79		21		100		-		-		-		-
Cardiometabolic & Respiratory
Winrevair		525		588		1,114		280		336		615		360		467		1,443		75		75		81		81
Ohtuvayre		131		204		335										178		178		-		-		-		-
Alliance Revenue - Adempas/Verquvo ⁽⁵⁾		109		126		235		106		123		229		112		129		470		3		3		3		3
Adempas ⁽⁶⁾		78		78		156		68		80		147		82		83		312		-2		-4		6		1
Infectious Diseases
Bridion		472		497		969		441		461		902		439		499		1,841		8		8		7		7
Prevymis		272		295		568		208		228		436		266		275		978		29		28		30		27
Delstrigo		75		101		176		67		83		150		77		79		306		21		17		17		10
Zerbaxa		82		77		159		70		74		145		81		87		312		4		2		10		8
Isentress/Isentress HD		59		60		119		90		86		176		82		67		325		-30		-31		-32		-33
Dificid		34		22		56		83		96		179		43		25		247		-77		-77		-69		-69
Lagevrio		28		5		32		102		83		185		138		57		380		-95		-95		-82		-83
Diabetes
Januvia		367		258		625		549		372		921		382		302		1,604		-31		-30		-32		-32
Janumet		207		171		378		247		251		498		243		199		940		-32		-33		-24		-25
Other Pharmaceutical ⁽⁷⁾		774		641		1,416		865		703		1,568		1,004		770		3,340		-9		-9		-10		-11
ANIMAL HEALTH		1,791		1,775		3,566		1,588		1,646		3,234		1,615		1,505		6,354		8		5		10		6
Livestock		1,064		1,041		2,105		924		961		1,885		1,023		987		3,896		8		6		12		7
Companion Animal		727		734		1,461		664		685		1,349		592		518		2,458		7		5		8		4
Other Revenues ⁽⁸⁾		146		72		218		303		110		413		50		52		515		-35		-34		-47		-6

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⁾ Total Vaccines sales were $2,314 million and $2,361 million in the first and second quarter of 2026, respectively, and $2,607 million and $2,370 million in the first and second quarter of 2025, respectively.

⁽⁵⁾ 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.

⁽⁶⁾ Net product sales in the Company's marketing territories.

⁽⁷⁾ Includes Pharmaceutical products not individually shown above. Also reflects total alliance revenue for Koselugo of $161 million and $10 million in the first and second quarter of 2026, respectively, and $44 million and $43 million in the first and second quarter of 2025, respectively.

⁽⁸⁾ 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 and $0 million in the first and second quarter of 2026, respectively, and $95 million and $5 million in the first and second quarter of 2025, respectively.

EX-99.2 3 tm2621496d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

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			June YTD			1Q			2Q			June YTD			3Q			4Q			Full Year			2Q			Full Year
Sales	$	16,286		$	16,607		$	32,893		$	15,529		$	15,806		$	31,335		$	17,276		$	16,400		$	65,011			5	%		5	%

Costs, Expenses and Other
Cost of sales		4,195			4,395			8,590			3,419			3,557			6,976			3,855			5,551			16,382			24	%		23	%
Selling, general and administrative		2,700			2,904			5,604			2,552			2,649			5,202			2,633			2,898			10,733			10	%		8	%
Research and development		12,592			9,741			22,333			3,621			4,048			7,669			4,234			3,886			15,789			*			*
Restructuring costs		195			151			346			69			560			629			47			213			889			-73	%		-45	%
Other (income) expense, net		138			99			237			(35	)		(7	)		(43	)		(238	)		432			151			*			*
(Loss) Income Before Taxes		(3,534	)		(683	)		(4,217	)		5,903			4,999			10,902			6,745			3,420			21,067			*			*
Income Tax Provision		709			654			1,363			818			571			1,388			958			458			2,804
Net (Loss) Income		(4,243	)		(1,337	)		(5,580	)		5,085			4,428			9,514			5,787			2,962			18,263			*			*
Less: Net (Loss) Income Attributable to Noncontrolling Interests		(3	)		(2	)		(5	)		6			1			8			2			(1	)		9
Net (Loss) Income Attributable to Merck & Co., Inc., Rahway, N.J., USA	$	(4,240	)	$	(1,335	)	$	(5,575	)	$	5,079		$	4,427		$	9,506		$	5,785		$	2,963		$	18,254			*			*

(Loss) Earnings per Common Share Assuming Dilution ⁽¹⁾	$	(1.72	)	$	(0.54	)	$	(2.26	)	$	2.01		$	1.76		$	3.77		$	2.32		$	1.19		$	7.28			*			*

Average Shares Outstanding Assuming Dilution ⁽¹⁾		2,472			2,470			2,471			2,531			2,513			2,522			2,498			2,488			2,507
Tax Rate		-20.1	%		-95.9	%		-32.3	%		13.9	%		11.4	%		12.7	%		14.2	%		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 both the second quarter and first six 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.

MERCK & CO., INC., RAHWAY, N.J., USA

THREE AND SIX MONTHS ENDED JUNE 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
Second Quarter
Cost of sales	$	3,557			576			165									741		$	2,816
Selling, general and administrative		2,649			15			1									16			2,633
Research and development		4,048			3			53									56			3,992
Restructuring costs		560						560									560			–
Other (income) expense, net		(7	)								(61	)					(61	)		54
Income Before Taxes		4,999			(594	)		(779	)		61						(1,312	)		6,311
Income Tax Provision (Benefit)		571			(102	)⁽³⁾		(139	)⁽³⁾		14	⁽³⁾		(146	)⁽⁴⁾		(373	)		944
Net Income		4,428			(492	)		(640	)		47			146			(939	)		5,367
Net Income Attributable to Merck & Co., Inc., Rahway, N.J., USA		4,427			(492	)		(640	)		47			146			(939	)		5,366
Earnings per Common Share Assuming Dilution	$	1.76			(0.20	)		(0.25	)		0.02			0.06			(0.37	)	$	2.13

Tax Rate		11.4	%																	15.0	%

June YTD
Cost of sales	$	6,976			1,196			201									1,397		$	5,579
Selling, general and administrative		5,202			38			1									39			5,163
Research and development		7,669			10			53									63			7,606
Restructuring costs		629						629									629			–
Other (income) expense, net		(43	)		(3	)					(168	)					(171	)		128
Income Before Taxes		10,902			(1,241	)		(884	)		168						(1,957	)		12,859
Income Tax Provision (Benefit)		1,388			(219	)⁽³⁾		(157	)⁽³⁾		36	⁽³⁾		(146	)⁽⁴⁾		(486	)		1,874
Net Income		9,514			(1,022	)		(727	)		132			146			(1,471	)		10,985
Net Income Attributable to Merck & Co., Inc., Rahway, N.J., USA		9,506			(1,022	)		(727	)		132			146			(1,471	)		10,977
Earnings per Common Share Assuming Dilution	$	3.77			(0.40	)		(0.29	)		0.05			0.06			(0.58	)	$	4.35

Tax Rate		12.7	%																	14.6	%

Only the line items that are affected by non-GAAP adjustments are shown.

⁽¹⁾Amounts included in cost of sales reflect expenses for 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 impairments associated with facilities to be closed or divested 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⁾ Represents tax benefits primarily resulting from favorable audit reserve adjustments.

MERCK & CO., INC., RAHWAY, N.J., USA
FRANCHISE / KEY PRODUCT SALES
SECOND QUARTER 2026
(AMOUNTS IN MILLIONS)
(UNAUDITED)
Table 3a

	Global						U.S.						International
	2Q 2026		2Q 2025		% Change		2Q 2026		2Q 2025		% Change		2Q 2026		2Q 2025		% Change
TOTAL SALES ⁽¹⁾	$	16,607	$	15,806		5	$	9,367	$	8,836		6	$	7,240	$	6,969		4
PHARMACEUTICAL		14,760		14,050		5		8,827		8,328		6		5,933		5,722		4
Oncology
Keytruda		7,904		7,956		-1		4,611		4,749		-3		3,293		3,207		3
Keytruda Qlex		463				-		395				-		68				-
Alliance Revenue – Lynparza ⁽²⁾		365		370		-1		167		174		-4		198		195		2
Alliance Revenue – Lenvima ⁽²⁾		283		265		7		194		183		6		90		83		8
Welireg		271		162		67		214		138		55		57		24		133
Alliance Revenue – Reblozyl ⁽³⁾		122		107		15		98		88		11		25		19		31
Vaccines ⁽⁴⁾
Gardasil/Gardasil 9		1,169		1,126		4		542		545		-1		626		581		8
ProQuad/M-M-R II/Varivax		592		609		-3		438		481		-9		154		128		20
Capvaxive		184		129		42		138		129		7		45				-
Vaxneuvance		148		229		-35		69		136		-50		80		93		-14
RotaTeq		134		121		10		84		60		39		50		61		-18
Enflonsia		2				-								2				-
Cardiometabolic & Respiratory
Winrevair		588		336		75		522		323		61		66		12		*
Ohtuvayre		204				-		204				-
Alliance Revenue - Adempas/Verquvo ⁽⁵⁾		126		123		3		112		108		4		14		15		-1
Adempas ⁽⁶⁾		78		80		-2								78		80		-2
Infectious Diseases
Bridion		497		461		8		460		411		12		37		50		-25
Prevymis		295		228		29		147		115		28		148		113		31
Delstrigo		101		83		21		13		14		-7		88		70		27
Zerbaxa		77		74		4		44		45		-3		34		29		14
Isentress/Isentress HD		60		86		-30		36		48		-26		24		38		-36
Dificid		22		96		-77		11		83		-87		12		13		-11
Lagevrio		5		83		-95		1		30		-96		3		52		-94
Diabetes
Januvia		258		372		-31		149		216		-31		109		155		-30
Janumet		171		251		-32		28		68		-59		143		184		-22
Other Pharmaceutical ⁽⁷⁾		641		703		-9		150		184		-18		489		520		-6
ANIMAL HEALTH		1,775		1,646		8		535		499		7		1,240		1,147		8
Livestock		1,041		961		8		202		190		6		838		771		9
Companion Animal		734		685		7		333		309		8		402		376		7
Other Revenues ⁽⁸⁾		72		110		-35		5		9		-44		67		100		-33

*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⁾ Total Vaccines sales were $2,361 million and $2,370 million on a global basis in the second quarter of 2026 and 2025, respectively.

⁽⁵⁾ 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.

⁽⁶⁾ Net product sales in the Company's marketing territories.

⁽⁷⁾ Includes Pharmaceutical products not individually shown above. Also reflects total alliance revenue for Koselugo of $10 million and $43 million on a global basis in the second quarter of 2026 and 2025, respectively.

⁽⁸⁾ 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 $0 million and $5 million on a global basis in the second quarter of 2026 and 2025, respectively.

MERCK & CO., INC., RAHWAY, N.J., USA
FRANCHISE / KEY PRODUCT SALES
JUNE YEAR-TO-DATE 2026
(AMOUNTS IN MILLIONS)
(UNAUDITED)
Table 3b

	Global						U.S.						International
	June YTD 2026		June YTD 2025		% Change		June YTD 2026		June YTD 2025		% Change		June YTD 2026		June YTD 2025		% Change
TOTAL SALES ⁽¹⁾	$	32,893	$	31,335		5	$	18,532	$	17,359		7	$	14,361	$	13,977		3
PHARMACEUTICAL		29,109		27,688		5		17,338		16,254		7		11,771		11,434		3
Oncology
Keytruda		15,810		15,161		4		9,210		9,057		2		6,600		6,104		8
Keytruda Qlex		590				-		501				-		89				-
Alliance Revenue – Lynparza ⁽²⁾		706		682		4		315		319		-1		391		363		8
Alliance Revenue – Lenvima ⁽²⁾		539		523		3		369		368		0		170		155		9
Welireg		470		300		57		366		261		40		103		39		166
Alliance Revenue – Reblozyl ⁽³⁾		270		226		20		226		189		20		45		37		21
Vaccines ⁽⁴⁾
Gardasil/Gardasil 9		2,238		2,453		-9		1,027		1,082		-5		1,211		1,371		-12
ProQuad/M-M-R II/Varivax		1,130		1,148		-2		847		903		-6		283		245		16
Capvaxive		325		236		38		256		235		9		69		1		*
Vaxneuvance		350		459		-24		192		275		-30		158		184		-14
RotaTeq		340		349		-3		249		225		11		91		125		-27
Enflonsia		3				-		-1				-		4				-
Cardiometabolic & Respiratory
Winrevair		1,114		615		81		999		591		69		114		24		*
Ohtuvayre		335				-		335				-
Alliance Revenue - Adempas/Verquvo ⁽⁵⁾		235		229		3		221		205		8		14		23		-40
Adempas ⁽⁶⁾		156		147		6								156		147		6
Infectious Diseases
Bridion		969		902		7		887		789		12		82		113		-27
Prevymis		568		436		30		282		217		30		285		219		30
Delstrigo		176		150		17		23		29		-21		153		121		26
Zerbaxa		159		145		10		95		87		9		64		57		12
Isentress/Isentress HD		119		176		-32		71		99		-29		49		77		-37
Dificid		56		179		-69		35		155		-77		21		24		-10
Lagevrio		32		185		-82		18		66		-73		15		119		-87
Diabetes
Januvia		625		921		-32		401		561		-29		224		360		-38
Janumet		378		498		-24		96		133		-28		283		366		-23
Other Pharmaceutical ⁽⁷⁾		1,416		1,568		-10		318		408		-22		1,097		1,160		-5
ANIMAL HEALTH		3,566		3,234		10		1,054		1,001		5		2,512		2,233		12
Livestock		2,105		1,885		12		414		384		8		1,691		1,501		13
Companion Animal		1,461		1,349		8		640		617		4		821		732		12
Other Revenues ⁽⁸⁾		218		413		-47		140		104		35		78		310		-75

*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⁾ Total Vaccines sales were $4,675 million and $4,977 million on a global basis for June YTD 2026 and 2025, respectively.

⁽⁵⁾ 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.

⁽⁶⁾ Net product sales in the Company's marketing territories.

⁽⁷⁾ Includes Pharmaceutical products not individually shown above. Also reflects total alliance revenue for Koselugo of $171 million and $87 million on a global basis for June YTD 2026 and 2025, respectively.

⁽⁸⁾ 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 and $100 million on a global basis for June YTD 2026 and 2025, respectively.

MERCK & CO., INC., RAHWAY, N.J., USA
PHARMACEUTICAL GEOGRAPHIC SALES
(AMOUNTS IN MILLIONS)
(UNAUDITED)
Table 3c

	2026									2025																		% Change
	1Q			2Q			June YTD			1Q			2Q			June YTD			3Q			4Q			Full Year			2Q		June YTD
TOTAL PHARMACEUTICAL	$	14,349		$	14,760		$	29,109		$	13,638		$	14,050		$	27,688		$	15,611		$	14,843		$	58,142			5		5

United States		8,512			8,827			17,338			7,927			8,328			16,254			9,493			8,662			34,409			6		7
% Pharmaceutical Sales		59.3	%		59.8	%		59.6	%		58.1	%		59.3	%		58.7	%		60.8	%		58.4	%		59.2	%
Europe ⁽¹⁾		2,725			2,801			5,525			2,384			2,551			4,935			2,675			2,839			10,449			10		12
% Pharmaceutical Sales		19.0	%		19.0	%		19.0	%		17.5	%		18.2	%		17.8	%		17.1	%		19.1	%		18.0	%
Latin America		624			636			1,260			589			654			1,243			691			644			2,578			-3		1
% Pharmaceutical Sales		4.3	%		4.3	%		4.3	%		4.3	%		4.7	%		4.5	%		4.4	%		4.3	%		4.4	%
Asia Pacific (other than China and Japan)		569			636			1,205			535			609			1,144			593			586			2,323			5		5
% Pharmaceutical Sales		4.0	%		4.3	%		4.1	%		3.9	%		4.3	%		4.1	%		3.8	%		4.0	%		4.0	%
Japan		535			558			1,093			651			604			1,255			693			684			2,632			-8		-13
% Pharmaceutical Sales		3.7	%		3.8	%		3.8	%		4.8	%		4.3	%		4.5	%		4.4	%		4.6	%		4.5	%
Eastern Europe/Middle East/Africa		413			408			821			435			451			886			365			348			1,598			-10		-7
% Pharmaceutical Sales		2.9	%		2.8	%		2.8	%		3.2	%		3.2	%		3.2	%		2.3	%		2.3	%		2.7	%
China		353			368			721			668			407			1,075			377			364			1,816			-9		-33
% Pharmaceutical Sales		2.5	%		2.5	%		2.5	%		4.9	%		2.9	%		3.9	%		2.4	%		2.5	%		3.1	%
Canada		137			154			291			125			135			261			134			153			547			14		12
% Pharmaceutical Sales		1.0	%		1.0	%		1.0	%		0.9	%		1.0	%		0.9	%		0.9	%		1.0	%		0.9	%
Other		481			372			855			324			311			635			590			563			1,790			20		35
% Pharmaceutical Sales		3.3	%		2.5	%		2.9	%		2.4	%		2.1	%		2.4	%		3.9	%		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.

MERCK & CO., INC., RAHWAY, N.J., USA
OTHER (INCOME) EXPENSE, NET - GAAP
(AMOUNTS IN MILLIONS)
(UNAUDITED)
Table 4

OTHER (INCOME) EXPENSE, NET

	2Q26			2Q25			June YTD 2026			June YTD 2025
Interest income	$	(35	)	$	(69	)	$	(70	)	$	(178	)
Interest expense		525			305			1,004			618
Exchange losses		37			78			75			167
Income from investments in equity securities, net ⁽¹⁾		(242	)		(100	)		(411	)		(189	)
Net periodic defined benefit plan (credit) cost other than service cost		(127	)		(152	)		(262	)		(300	)
Other, net		(59	)		(69	)		(99	)		(161	)
Total	$	99		$	(7	)	$	237		$	(43	)

⁽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.