MRK Merck and Co Inc

 

 

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) February 4, 2025 (February 4, 2025)

 

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, former address and former fiscal year, 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))

 

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.  ¨

 

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

 

 

 

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 February 4, 2025, regarding earnings for the fourth quarter and year end of 2024, 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 February 4, 2025, regarding earnings for the fourth quarter and year end of 2024
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: February 4, 2025	By:	/s/ Kelly E. W. Grez
		Kelly E. W. Grez
		Corporate Secretary

 

 

Exhibit 99.1

 

	News Release

 

Merck Announces Fourth-Quarter and Full-Year 2024 Financial Results

 

-

Fourth-Quarter Worldwide Sales Were $15.6 Billion, an Increase of 7% From Fourth Quarter 2023; Excluding the Impact of Foreign Exchange, Growth Was 9%

-

Fourth-Quarter GAAP EPS Was $1.48; Non-GAAP EPS Was $1.72; GAAP and Non-GAAP EPS Include a Charge of $0.23 per Share Related to Certain Business Development Transactions

-

Full-Year Worldwide Sales Were $64.2 Billion, an Increase of 7% From Full Year 2023; Excluding the Impact of Foreign Exchange, Growth Was 10%

o

KEYTRUDA Sales Grew 18% to $29.5 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 22%

o

WINREVAIR Sales Were $419 Million

o

Animal Health Sales Grew 4% to $5.9 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 8%

o

GARDASIL/GARDASIL 9 Sales Declined 3% to $8.6 Billion; Excluding the Impact of Foreign Exchange, Sales Declined 2%

-

Full-Year 2024 GAAP EPS Was $6.74; Non-GAAP EPS Was $7.65; GAAP and Non-GAAP EPS Include a Net Charge of $1.28 per Share Related to Certain Business Development Transactions

-

In the Fourth Quarter:

o

Announced Positive Topline Results From Pivotal Phase 3 Trial of Subcutaneous Pembrolizumab With Berahyaluronidase Alfa

o

Received FDA Acceptance of Biologics License Application for Clesrovimab, an Investigational Long-Acting Monoclonal Antibody Designed to Protect Infants From RSV Disease During Their First RSV Season

o

Augmented Diverse Pipeline Through Exclusive Global Licenses With LaNova for MK-2010, an Investigational Anti-PD-1/VEGF Bispecific Antibody, and With Hansoh for MK-4082, an Investigational Oral GLP-1 Receptor Agonist

-

Received Approval of GARDASIL for Males in China, in January 2025

-

Full-Year 2025 Financial Outlook

o

Anticipates Worldwide Sales To Be Between $64.1 Billion and $65.6 Billion

o

Expects Non-GAAP EPS To Be Between $8.88 and $9.03; Outlook Reflects a One-Time Charge of Approximately $0.09 per Share Related to an Anticipated Milestone Payment to LaNova

 

RAHWAY, N.J., Feb. 4, 2025 – Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced financial results for the fourth quarter of 2024.

 

 

“We delivered strong growth in 2024, reflecting demand for our innovative portfolio, including for KEYTRUDA, which continues to benefit more patients with cancer globally, the successful launch of WINREVAIR and strong performance of our Animal Health business,” said Robert M. Davis, chairman and chief executive officer, Merck. "We’re continuing to progress our pipeline, advance key clinical programs and augment our pipeline through promising business development. Our business remains well positioned thanks to the dedication of our talented global team, and I am more confident than ever in our long-term growth potential.”

 

Financial Summary

 

		Fourth Quarter																Year Ended
$ in millions, except EPS amounts		2024				2023				Change				Change Ex-Exchange				Dec. 31, 2024				Dec. 31, 2023				Change				Change Ex-Exchange
Sales		$	15,624			$	14,630				7	%			9	%		$	64,168			$	60,115				7	%			10	%
GAAP net income (loss)1			3,743				(1,226	)			N/M				N/M				17,117				365				N/M				N/M
Non-GAAP net income that excludes certain items1,2*			4,372				66				N/M				N/M				19,444				3,837				N/M				N/M
GAAP EPS			1.48				(0.48	)			N/M				N/M				6.74				0.14				N/M				N/M
Non-GAAP EPS that excludes certain items2*			1.72				0.03				N/M				N/M				7.65				1.51				N/M				N/M

*Refer to table on page 9.

N/M - not meaningful

 

Generally Accepted Accounting Principles (GAAP) earnings per share (EPS) assuming dilution was $1.48 for the fourth quarter and $6.74 for the full year of 2024. Non-GAAP EPS was $1.72 for the fourth quarter and $7.65 for the full year of 2024. GAAP and non-GAAP EPS in the fourth quarter of 2024 include a charge of $0.23 per share related to the execution of licensing agreements with LaNova Medicines Ltd. (LaNova) and Hansoh Pharma (Hansoh). GAAP loss per share and non-GAAP EPS in the fourth quarter of 2023 include a charge of $1.69 per share related to a collaboration with Daiichi Sankyo. GAAP and non-GAAP EPS for the full years of 2024 and 2023 include charges of $1.28 and $6.21 per share, respectively, related to certain collaborations, licensing agreements and asset acquisitions.

 

¹ Net income (loss) attributable to Merck & Co., Inc.

² Merck is providing certain 2024 and 2023 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.

 

 

 

Non-GAAP EPS excludes acquisition- and divestiture-related costs, costs related to restructuring programs, and income and losses from investments in equity securities. Non-GAAP EPS in the fourth quarter and full year of 2024 also exclude a benefit due to a reduction in reserves for unrecognized income tax benefits resulting from the expiration of the statute of limitations for assessments related to certain federal tax return years. Non-GAAP EPS for the full year of 2023 also excludes a charge related to settlements with certain plaintiffs in the Zetia antitrust litigation.

 

Fourth-Quarter Sales Performance

 

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

  

			Fourth Quarter
$ in millions			2024			2023			Change			Change Ex-Exchange			Commentary
Total Sales		$	15,624		$	14,630			7	%		9	%		The negative impact of foreign exchange was primarily due to devaluation of Argentine peso, which was largely offset by inflation-related price increases, consistent with practice in that market.
Pharmaceutical			14,042			13,141			7	%		8	%		Increase driven by growth in oncology and cardiovascular, partially offset by declines in diabetes, vaccines, immunology and virology.
KEYTRUDA			7,836			6,608			19	%		21	%		Growth driven by continued strong global demand from metastatic indications, including increased uptake in bladder and endometrial cancers, as well as increased global uptake in earlier-stage indications, including triple-negative breast cancer and non-small cell lung cancer (NSCLC). The negative impact of foreign exchange was primarily due to devaluation of Argentine peso, which was largely offset by inflation-related price increases.
GARDASIL/GARDASIL 9			1,550			1,871			-17	%		-18	%		Decline primarily due to lower demand in China, partially offset by higher demand in most international regions, particularly in Japan.
PROQUAD, M-M-R II and VARIVAX			594			545			9	%		9	%		Growth primarily due to higher pricing in the U.S. and higher tenders in certain international markets, partially offset by lower demand in the U.S.
JANUVIA/JANUMET			487			787			-38	%		-36	%		Decline primarily due to lower pricing in the U.S., as well as ongoing generic competition in many international markets and supply constraints in China.
BRIDION			449			429			5	%		5	%		Growth primarily due to higher demand in the U.S., partially offset by generic competition in certain international markets, particularly in Japan and Europe.
Lynparza*			365			315			16	%		18	%		Growth primarily due to higher global demand.
Lenvima*			255			226			13	%		14	%		Growth primarily due to timing of shipments in certain international markets.
PREVYMIS			215			175			23	%		23	%		Growth primarily due to higher demand in most markets, particularly in the U.S.
WINREVAIR			200			-			-			-			Represents continued uptake since second-quarter launch in the U.S.

  

 

		Fourth Quarter
$ in millions		2024				2023			Change			Change Ex-Exchange			Commentary
VAXNEUVANCE			161			176			-9	%		-9	%		Decline primarily driven by lower demand in the U.S. due to competition, partially offset by continued uptake from launches in Europe and the Asia Pacific region.
WELIREG			160			72			122	%		123	%		Growth primarily driven by higher demand in the U.S., largely attributable to ongoing uptake of a new indication.
SIMPONI			-			171			N/M			N/M			Marketing rights in former Merck territories reverted to Johnson & Johnson on Oct. 1, 2024.
Animal Health			1,397			1,278			9	%		13	%		Growth primarily driven by higher pricing for both Livestock and Companion Animal product portfolios, as well as sales related to July 2024 acquisition of Elanco aqua business and higher demand for Livestock products. Approximately 3 percentage points of the negative impact of foreign exchange were due to devaluation of Argentine peso, which were largely offset by inflation-related price increases.
Livestock			889			808			10	%		14	%		Growth primarily driven by higher demand for poultry products, sales related to acquisition of Elanco aqua business, as well as higher pricing across the portfolio.
Companion Animal			508			470			8	%		10	%		Growth primarily driven by higher pricing across the product portfolio. Sales of BRAVECTO were $209 million and $197 million in current and prior year quarters, respectively, which represented growth of 6%, or 10% excluding impact of foreign exchange.
Other Revenues**			185			211			-13	%		3	%		Decline primarily due to impact of revenue-hedging activities and lower revenues from third-party manufacturing arrangements, partially offset by payments received for out-licensing arrangements and higher royalty income.

*Alliance revenue for this product represents Merck’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.

N/M – not meaningful

 

 

Full-Year Sales Performance

 

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

 

		Year Ended
$ in millions		Dec. 31, 2024				Dec. 31, 2023				Change				Change Ex-Exchange
Total Sales		$	64,168			$	60,115				7	%			10	%
Pharmaceutical			57,400				53,583				7	%			10	%
KEYTRUDA			29,482				25,011				18	%			22	%
GARDASIL/GARDASIL 9			8,583				8,886				-3	%			-2	%
PROQUAD, M-M-R II and VARIVAX			2,485				2,368				5	%			5	%
JANUVIA/JANUMET			2,268				3,366				-33	%			-29	%
BRIDION			1,764				1,842				-4	%			-3	%
Lynparza*			1,311				1,199				9	%			11	%
Lenvima*			1,010				960				5	%			6	%
LAGEVRIO			964				1,428				-33	%			-28	%
VAXNEUVANCE			808				665				22	%			23	%
PREVYMIS			785				605				30	%			33	%
ROTATEQ			711				769				-8	%			-7	%
SIMPONI**			543				710				-24	%			-23	%
WELIREG			509				218				133	%			133	%
WINREVAIR			419				-				-				-
Animal Health			5,877				5,625				4	%			8	%
Livestock			3,462				3,337				4	%			9	%
Companion Animal			2,415				2,288				6	%			7	%
Other Revenues***			891				907				-2	%			4	%

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

**Marketing rights in former Merck territories reverted to Johnson & Johnson on Oct. 1, 2024.

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

 

Full-year 2024 pharmaceutical sales grew 7% to $57.4 billion. Excluding the unfavorable impact of foreign exchange, pharmaceutical sales grew 10%. Approximately 2 percentage points of the negative impact of foreign exchange were due to devaluation of the Argentine peso, which were largely offset by inflation-related price increases, consistent with practice in that market. Pharmaceutical sales growth was primarily driven by higher sales in oncology, particularly KEYTRUDA and WELIREG, as well as increased alliance revenue from Reblozyl and Lynparza. Higher sales in the cardiovascular franchise, reflecting the successful launch of WINREVAIR, as well as higher sales of certain hospital acute care products, particularly PREVYMIS, also drove revenue growth in 2024. Pharmaceutical sales growth in 2024 was partially offset by lower sales of JANUVIA and JANUMET, primarily reflecting lower pricing in the U.S. and generic competition in many international markets, lower sales of the COVID-19 medication LAGEVRIO, lower sales of GARDASIL/GARDASIL 9 and lower sales of SIMPONI and REMICADE, reflecting the transfer of marketing rights in former Merck territories back to Johnson & Johnson.

 

Full-year 2024 Animal Health sales grew 4% to $5.9 billion. Excluding the unfavorable impact of foreign exchange, Animal Health sales grew 8%. Approximately 2 percentage points of the negative impact of foreign exchange were due to devaluation of the Argentine peso, which were largely offset by inflation-related price increases, consistent with practice in that market. Full-year sales growth was primarily driven by higher pricing across both the Companion Animal and Livestock product portfolios, and higher demand for poultry and swine products, as well as sales related to the acquisition of the Elanco aqua business. Sales of BRAVECTO were $1.1 billion in 2024, which represented growth of 6%, or 8% excluding the impact of foreign exchange.

 

 

Fourth-Quarter and Full-Year Expense, EPS and Related Information

 

The table below presents selected expense information.

 

$ in millions		GAAP				Acquisition- and Divestiture- Related Costs3				Restructuring Costs				(Income) Loss From Investments in Equity Securities				Non- GAAP2
Fourth Quarter 2024
Cost of sales		$	3,828			$	701			$	121			$	-			$	3,006
Selling, general and administrative			2,864				29				16				-				2,819
Research and development			4,585				12				(1	)			-				4,574
Restructuring costs			51				-				51				-				-
Other (income) expense, net			126				(31	)			-				152				5
Fourth Quarter 2023
Cost of sales		$	3,911			$	454			$	117			$	-			$	3,340
Selling, general and administrative			2,804				24				29				-				2,751
Research and development			9,628				790				-				-				8,838
Restructuring costs			255				-				255				-				-
Other (income) expense, net			78				(35	)			-				(61	)			174

 

$ in millions		GAAP				Acquisition- and Divestiture- Related Costs3				Restructuring Costs				(Income) Loss From Investments in Equity Securities				Certain Other Items				Non- GAAP2
Year Ended December 31, 2024
Cost of sales		$	15,193			$	2,409			$	495			$	-			$	-			$	12,289
Selling, general and administrative			10,816				117				83				-				-				10,616
Research and development			17,938				72				1				-				-				17,865
Restructuring costs			309				-				309				-				-				-
Other (income) expense, net			(24	)			(79	)			-				45				-				10
Year Ended December 31, 2023
Cost of sales		$	16,126			$	2,018			$	211			$	-			$	-			$	13,897
Selling, general and administrative			10,504				86				122				-				-				10,296
Research and development			30,531				819				1				-				-				29,711
Restructuring costs			599				-				599				-				-				-
Other (income) expense, net			466				(47	)			-				(279	)			573				219

 

³ 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 and licensing arrangements.

 

 

GAAP Expense, EPS and Related Information

 

Gross margin was 75.5% for the fourth quarter of 2024 compared with 73.3% for the fourth quarter of 2023. The increase was primarily due to the favorable effects of product mix (including lower royalty rates related to KEYTRUDA and GARDASIL/GARDASIL 9) and foreign exchange, partially offset by higher manufacturing-related costs (including inventory write-offs) and higher amortization of intangible assets. Gross margin was 76.3% for the full year of 2024 compared with 73.2% for the full year of 2023. The increase was primarily due to the favorable effects of product mix (including lower royalty rates related to KEYTRUDA and GARDASIL/GARDASIL 9) and foreign exchange, partially offset by higher amortization of intangible assets, as well as higher restructuring costs (primarily reflecting asset impairment charges) and higher manufacturing-related costs (including inventory write-offs).

 

Selling, general and administrative (SG&A) expenses were $2.9 billion in the fourth quarter of 2024, an increase of 2% compared with the fourth quarter of 2023. The increase was primarily due to higher promotional and selling costs, partially offset by the favorable impact of foreign exchange and lower restructuring costs. Full-year 2024 SG&A expenses were $10.8 billion, an increase of 3% compared with full-year 2023. The increase was primarily due to higher administrative, promotional, selling and acquisition-related costs, partially offset by the favorable impact of foreign exchange and lower restructuring costs.

 

Research and development (R&D) expenses were $4.6 billion in the fourth quarter of 2024, a decrease of 52% compared with the fourth quarter of 2023. R&D expenses were $17.9 billion for the full year of 2024, a decrease of 41% compared with the full year of 2023. The declines in both the fourth quarter and full year of 2024 were primarily due to lower charges for business development activity, lower intangible asset impairment charges, and the favorable impact of foreign exchange, partially offset by increased compensation and benefit costs and higher clinical development spending.

 

Other (income) expense, net, was $126 million of expense in the fourth quarter of 2024 compared with $78 million of expense in the fourth quarter of 2023. The unfavorability was primarily due to net losses from investments in equity securities compared with net income from investments in equity securities in the prior year quarter, partially offset by lower foreign exchange losses and lower net interest expense. Other (income) expense, net, was $24 million of income in the full year of 2024 compared with $466 million of expense in the full year of 2023, primarily due to a $572.5 million charge in 2023 related to settlements with certain plaintiffs in the Zetia antitrust litigation. The favorability was also due to $170 million of income related to the expansion of an existing development and commercialization agreement with Daiichi Sankyo, as well as lower foreign exchange losses in 2024. Other (income) expense, net, in the full year of 2024 was unfavorably affected by lower net income from investments in equity securities and higher net interest expense compared with 2023.

 

The effective tax rates of 10.2% and 14.1% for the fourth quarter and full year of 2024, respectively, include a 6.2 percentage point favorable impact and a 2.6 percentage point favorable impact, respectively, due to a reduction in reserves for unrecognized income tax benefits, resulting from the expiration of the statute of limitations for assessments related to certain federal tax return years.

 

 

GAAP EPS was $1.48 for the fourth quarter of 2024 compared with a loss per share of $0.48 for the fourth quarter of 2023, primarily driven by lower charges for business development transactions, operational strength in the business, lower intangible asset impairment charges, and a benefit from the expiration of the statute of limitations for assessments related to the 2020 federal tax return year. GAAP EPS was $6.74 for the full year of 2024 compared with EPS of $0.14 for the full year of 2023. The increase was primarily driven by lower charges for business development transactions, operational strength in the business, lower intangible asset impairment charges, a benefit from the expiration of the statute of limitations for the 2020 and 2019 federal tax return years, and a charge in the prior year for settlements with certain plaintiffs in the Zetia antitrust litigation, partially offset by the unfavorable effect of foreign exchange.

 

Non-GAAP Expense, EPS and Related Information

 

Non-GAAP gross margin was 80.8% for the fourth quarter of 2024 compared with 77.2% for the fourth quarter of 2023. Non-GAAP gross margin was 80.8% for the full year of 2024 compared with 76.9% for the full year of 2023. The non-GAAP gross margin improvements in both the fourth quarter and full year of 2024 were primarily due to the favorable effects of product mix (including lower royalty rates related to KEYTRUDA and GARDASIL/GARDASIL 9) and foreign exchange, partially offset by higher manufacturing-related costs (including inventory write-offs).

 

Non-GAAP SG&A expenses were $2.8 billion in the fourth quarter of 2024, an increase of 2% compared with the fourth quarter of 2023. Non-GAAP SG&A expenses were $10.6 billion for the full year of 2024, an increase of 3% compared with the full year of 2023. The increases were primarily due to higher promotional and selling costs and, for the full year, higher administrative costs, partially offset by the favorable impact of foreign exchange.

 

Non-GAAP R&D expenses were $4.6 billion in the fourth quarter of 2024, a decrease of 48% compared with the fourth quarter of 2023. Non-GAAP R&D expenses were $17.9 billion for the full year of 2024, a decrease of 40% compared with the full year of 2023. The declines in both the fourth quarter and full year of 2024 were primarily due to lower charges for business development activity and the favorable impact of foreign exchange, partially offset by increased compensation and benefit costs and higher clinical development spending.

 

Non-GAAP other (income) expense, net, was $5 million of expense in the fourth quarter of 2024 compared with $174 million of expense in the fourth quarter of 2023. The favorability was primarily due to lower foreign exchange losses and lower net interest expense. Non-GAAP other (income) expense, net, was $10 million of expense in the full year of 2024 compared with $219 million of expense in the full year of 2023. The favorability was primarily due to $170 million of income related to the expansion of an existing development and commercialization agreement with Daiichi Sankyo, as well as lower foreign exchange losses in 2024, partially offset by higher net interest expense.

 

 

The non-GAAP effective tax rate was 16.2% for the fourth quarter and 16.8% for the full year of 2024.

 

Non-GAAP EPS was $1.72 for the fourth quarter of 2024 compared with $0.03 for the fourth quarter of 2023. Non-GAAP EPS was $7.65 for the full year of 2024 compared with EPS of $1.51 for the full year of 2023. The increase in both periods was primarily driven by lower charges for business development transactions and operational strength in the business. The unfavorable effect of foreign exchange partially offset the increase in the full year.

 

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

 

		Fourth Quarter								Year Ended
$ in millions, except EPS amounts		2024				2023				Dec. 31, 2024				Dec. 31, 2023
EPS
GAAP EPS		$	1.48			$	(0.48	)		$	6.74			$	0.14
Difference			0.24				0.51				0.91				1.37
Non-GAAP EPS that excludes items listed below2		$	1.72			$	0.03			$	7.65			$	1.51
Net Income (Loss)
GAAP net income (loss)1		$	3,743			$	(1,226	)		$	17,117			$	365
Difference			629				1,292				2,327				3,472
Non-GAAP net income that excludes items listed below1,2		$	4,372			$	66			$	19,444			$	3,837
Excluded Items:
Acquisition- and divestiture-related costs3		$	711			$	1,233			$	2,519			$	2,876
Restructuring costs			187				401				888				933
Loss (income) from investments in equity securities			152				(61	)			45				(279	)
Charge for Zetia antitrust litigation settlements			-				-				-				573
Decrease to net income/increase to net loss before taxes			1,050				1,573				3,452				4,103
Estimated income tax (benefit) expense4			(421	)			(281	)			(1,125	)			(631	)
Decrease to net income/increase to net loss		$	629			$	1,292			$	2,327			$	3,472

 

Pipeline and Portfolio Highlights

 

Merck made important advancements in its broad, diverse pipeline, meeting significant regulatory and clinical milestones throughout the fourth quarter.

 

In oncology, Merck announced positive topline results from the pivotal Phase 3 MK-3475A-D77 trial evaluating the noninferiority of subcutaneous pembrolizumab and berahyaluronidase alfa, in combination with chemotherapy, versus intravenous (IV) KEYTRUDA administered with chemotherapy, for the first-line treatment of adult patients with metastatic NSCLC. Subcutaneous pembrolizumab and berahyaluronidase alfa has the potential to improve the patient experience and increase access for patients and health care providers compared to IV administration.

 

⁴ Includes the estimated tax impacts on the reconciling items based on applying the statutory rate of the originating territory of the non-GAAP adjustments, as well as a $260 million benefit and a $519 million benefit in the fourth quarter and full year of 2024, respectively, due to reductions in reserves for unrecognized income tax benefits resulting from the expiration of the statute of limitations for assessments related to certain federal tax return years. The benefit recognized in the fourth quarter of 2024 relates to the 2020 federal tax return year and the benefit for the full year of 2024 relates to both the 2020 and 2019 federal tax return years.

 

 

Merck presented new data across multiple hematologic malignancies at the American Society of Hematology Annual Meeting and Exposition in December 2024, including promising Phase 2 data for its investigational antibody-drug conjugate zilovertamab vedotin for the treatment of patients with previously untreated diffuse large B-cell lymphoma. With more than 20 abstracts presented, the data showcased Merck’s continued progress in advancing clinical research for its expanding and diverse hematology pipeline.

 

Merck also achieved several key regulatory milestones in the U.S., Europe, Japan and China. Highlights include the U.S. Food and Drug Administration (FDA) granting Breakthrough Therapy designation to sacituzumab tirumotecan (sac-TMT) for the treatment of certain patients with previously treated advanced or metastatic nonsquamous NSCLC with epidermal growth factor receptor (EGFR) mutations. Additionally, Merck received new approvals for KEYTRUDA-based regimens in Japan and China, as well as for WELIREG and Lynparza in China.

 

In vaccines and infectious diseases, the FDA accepted the Biologics License Application (BLA) for clesrovimab, an investigational prophylactic long-acting monoclonal antibody designed to protect infants from respiratory syncytial virus (RSV) disease during their first RSV season and set a Prescription Drug User Fee Act (PDUFA) date of June 10, 2025. This regulatory milestone marks important progress toward having clesrovimab available in time for the 2025-26 RSV season. The filing was based on results from the pivotal Phase 2b/3 study of clesrovimab in infants for the prevention of RSV that was presented at ID Week 2024. In addition, Merck announced topline results from two pivotal Phase 3 trials of the investigational, once-daily, oral, two-drug, single-tablet regimen of doravirine/islatravir (DOR/ISL) in adults with virologically suppressed HIV-1 infection, in line with Merck’s commitment to help address the needs of people living with HIV.

 

In January 2025, Merck also received expanded approval in China for GARDASIL. It is now the first HPV vaccine approved in China for the prevention of certain HPV-related cancers and diseases in males 9-26 years of age. In addition, the European Union’s (EU) Committee for Medicinal Products for Human Use (CHMP) recommended the approval of CAPVAXIVE for pneumococcal vaccination in adults, with a final decision for EU approval expected in the second quarter of 2025.

 

In cardiovascular disease, Merck announced positive topline results from the Phase 3 ZENITH study, evaluating WINREVAIR in adults with pulmonary arterial hypertension (PAH) with World Health Organization (WHO) Group 1 functional class (FC) III or IV at high risk of mortality. Based on the positive results of an interim analysis, an independent data monitoring committee recommended that the study be stopped early due to overwhelming efficacy. In addition, in January 2025, Merck announced the Phase 3 HYPERION study evaluating WINREVAIR in newly diagnosed adults with PAH with FC II or III at intermediate or high risk of disease progression was also stopped early based on the positive results from the interim analysis of the ZENITH trial and a review of the totality of data from the WINREVAIR clinical program to date. All participants in both the ZENITH and HYPERION studies will be offered the opportunity to receive WINREVAIR as part of the open-label, long-term extension study, SOTERIA.

 

 

Merck continued to execute on its business development strategy. The company announced the closing of an exclusive global license for MK-2010, a novel investigational PD-1/VEGF bispecific antibody from LaNova. Merck also entered into an exclusive global license agreement with Hansoh to evaluate MK-4082, an investigational preclinical oral small molecule glucagon-like peptide (GLP-1) receptor agonist.

 

Notable recent news releases on Merck’s pipeline and portfolio are provided in the table that follows.

 

Oncology	FDA Granted Breakthrough Therapy Designation to sac-TMT for the Treatment of Certain Patients With Previously Treated Advanced or Metastatic Nonsquamous NSCLC With EGFR Mutations	(Read Announcement)
	FDA Granted Priority Review to Merck’s Application for WELIREG for the Treatment of Patients With Advanced Pheochromocytoma and Paraganglioma	(Read Announcement)
	Merck Received Positive EU CHMP Opinion for WELIREG as Treatment for Adult Patients With Certain Types of Von Hippel-Lindau (VHL) Disease-Associated Tumors and for Certain Previously Treated Adult Patients With Advanced RCC, Based on Results From Phase 2 LITESPARK-004 and Phase 3 LITESPARK-005 Trials	(Read Announcement)
	Merck Received Positive EU CHMP Opinion for KEYTRUDA Plus Chemotherapy as First-Line Treatment for Adult Patients With Unresectable Non-Epithelioid Malignant Pleural Mesothelioma, Based on Results From Phase 2/3 IND.227/KEYNOTE-483 Trial	(Read Announcement)
	KEYTRUDA Approved in China in Combination With Chemotherapy as Neoadjuvant Treatment, Then Continued as Monotherapy After Surgery as Adjuvant Treatment for Patients With Resectable Stage II, IIIA or IIIB NSCLC, Based on Results From Phase 3 KEYNOTE-671 Trial	(Read Announcement)
	WELIREG Approved in China for Treatment of Adult Patients With Certain Types of VHL Disease-Associated Tumors, Based on Results From Phase 2 LITESPARK-004 Trial	(Read Announcement)
	Merck Announced Phase 3 MK-3475A-D77 Trial of Subcutaneous Pembrolizumab With Berahyaluronidase Alfa Met Primary Endpoints	(Read Announcement)
	Merck Announced Phase 3 KEYLYNK-001 Trial Met Primary Endpoint of Progression-Free Survival in Patients With Advanced Epithelial Ovarian Cancer	(Read Announcement)
	Lynparza Demonstrated Clinically Meaningful Prolonged Survival Benefit in Early Breast Cancer, Based on Results From Phase 3 OlympiA Trial	(Read Announcement)
	Investigational Zilovertamab Vedotin in Combination With R-CHP Demonstrated Complete Response Rate of 100% at 1.75 MG/KG Dose in Previously Untreated Patients With Diffuse Large B-Cell Lymphoma, Based on Results From Phase 2 WaveLINE-007 Trial	(Read Announcement)

 

 

Vaccines	Merck Announced FDA Acceptance of BLA for Clesrovimab (MK-1654), an Investigational Long-Acting Monoclonal Antibody Designed to Protect Infants From RSV Disease During Their First RSV Season; FDA Set PDUFA Date of June 10, 2025	(Read Announcement)
	Merck Received Expanded Approval of GARDASIL for Males in China	(Read Announcement)
	Merck Received Positive EU CHMP Opinion for CAPVAXIVE for Pneumococcal Vaccination in Adults	(Read Announcement)
	Merck Presented New Data From GARDASIL 9 Studies Reinforcing Importance of Gender-Neutral HPV Vaccination in Adults Up to Age 45 at International Papillomavirus Conference 2024	(Read Announcement)
Cardiovascular	Merck Announced Pivotal Phase 3 ZENITH Trial Evaluating WINREVAIR Met Primary Endpoint at Interim Analysis	(Read Announcement)
	Merck Announced Decision to Stop Phase 3 HYPERION Trial Evaluating WINREVAIR Early and Move to Final Analysis	(Read Announcement)
Infectious Diseases	Merck Announced Topline Results From Pivotal Phase 3 Trials Evaluating Investigational, Once-Daily, Oral, Two-Drug, Single-Tablet Regimen of Doravirine/Islatravir (DOR/ISL) for the Treatment of Adults With Virologically Suppressed HIV-1 Infection	(Read Announcement)

 

Full-Year 2025 Financial Outlook

 

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

 

		Full Year 2025
Sales*		$64.1 billion to $65.6 billion
Non-GAAP Gross margin2		Approximately 82.5%
Non-GAAP Operating expenses2**		$25.4 billion to $26.4 billion
Non-GAAP Other (income) expense, net2		$300 million to $400 million expense
Non-GAAP Effective tax rate2		16.0% to 17.0%
Non-GAAP EPS2***		$8.88 to $9.03
Share count (assuming dilution)		Approximately 2.53 billion

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

**Includes $300 million for an anticipated milestone payment to LaNova associated with the technology transfer for MK-2010 expected to be completed in 2025. Outlook does not assume any additional significant potential business development transactions.

***Includes expected one-time charge of approximately $0.09 per share related to the $300 million milestone payment to LaNova upon completion of the technology transfer for MK-2010.

 

Merck 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 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.

 

Merck anticipates full-year 2025 sales to be between $64.1 billion and $65.6 billion, including a negative impact of foreign exchange of approximately 2% at mid-January 2025 exchange rates. This sales range reflects a decision to temporarily pause shipments of GARDASIL/GARDASIL 9 into China beginning February 2025 through at least mid-year.

 

 

Merck’s full-year non-GAAP effective income tax rate is expected to be between 16.0% and 17.0%.

 

Merck expects full-year 2025 non-GAAP EPS to be between $8.88 and $9.03, including a negative impact of foreign exchange of approximately $0.35 per share. This range includes an expected one-time charge of $300 million, or approximately $0.09 per share, related to a milestone payment to LaNova, which will be recognized upon completion of the technology transfer for MK-2010. In 2024, non-GAAP EPS of $7.65 was negatively impacted by a net charge of $1.28 per share related to certain asset acquisitions, licensing agreements and collaborations.

 

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 earnings conference call on Tuesday, Feb. 4, at 9 a.m. ET 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 at www.merck.com.

 

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 Merck

 

At Merck, 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. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

 

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.

 

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, 2023 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)

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)

LAGEVRIO (molnupiravir)

Lenvima (lenvatinib)

Lynparza (olaparib)

M-M-R II (Measles, Mumps and Rubella Virus Vaccine Live)

PREVYMIS (letermovir)

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

Reblozyl (luspatercept)

REMICADE (infliximab)

ROTATEQ (Rotavirus Vaccine, Live, Oral, Pentavalent)

SIMPONI (golimumab)

VARIVAX (Varicella Virus Vaccine Live)

 

 

VAXNEUVANCE (Pneumococcal 15-valent Conjugate Vaccine)

WELIREG (belzutifan)

WINREVAIR (sotatercept-csrk)

 

Animal Health

BRAVECTO (fluralaner)

 

###

 

  

Media Contacts:	Investor Contacts:
Robert Josephson (203) 914-2372 robert.josephson@merck.com   Michael Levey (215) 872-1462 michael.levey@merck.com	Peter Dannenbaum (732) 594-1579 peter.dannenbaum@merck.com   Steven Graziano (732) 594-1583 steven.graziano@merck.com

 

 

MERCK & CO., INC.

CONSOLIDATED STATEMENT OF OPERATIONS - GAAP

(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)

(UNAUDITED)

Table 1  

 

		GAAP						% Change			GAAP						% Change
		4Q24			4Q23						Full Year 2024			Full Year 2023
Sales		$	15,624		$	14,630			7	%	$	64,168		$	60,115			7	%
Costs, Expenses and Other
Cost of sales			3,828			3,911			-2	%		15,193			16,126			-6	%
Selling, general and administrative			2,864			2,804			2	%		10,816			10,504			3	%
Research and development			4,585			9,628			-52	%		17,938			30,531			-41	%
Restructuring costs			51			255			-80	%		309			599			-48	%
Other (income) expense, net			126			78			62	%		(24	)		466			*
Income (Loss) Before Taxes			4,170			(2,046	)		*			19,936			1,889			*
Income Tax Provision (Benefit)			425			(821	)					2,803			1,512
Net Income (Loss)			3,745			(1,225	)		*			17,133			377			*
Less: Net Income Attributable to Noncontrolling Interests			2			1						16			12
Net Income (Loss) Attributable to Merck & Co., Inc.		$	3,743		$	(1,226	)		*		$	17,117		$	365			*
Earnings (Loss) per Common Share Assuming Dilution (1)		$	1.48		$	(0.48	)		*		$	6.74		$	0.14			*
Average Shares Outstanding Assuming Dilution (1)			2,537			2,533						2,541			2,547
Tax Rate			10.2	%		40.1	%					14.1	%		80.0	%
* 100% or greater

 

⁽¹⁾ Because the company recorded a net loss in the fourth quarter of 2023, no potential dilutive common shares were used in the computation of loss per common share assuming dilution as the effect would have been anti-dilutive.

 

 

MERCK & CO., INC.
FOURTH QUARTER AND FULL YEAR 2024 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			Certain Other Items			Adjustment Subtotal			Non-GAAP
Fourth Quarter
Cost of sales		$	3,828			701			121									822		$	3,006
Selling, general and administrative			2,864			29			16									45			2,819
Research and development			4,585			12			(1	)								11			4,574
Restructuring costs			51						51									51			–
Other (income) expense, net			126			(31	)					152						121			5
Income Before Taxes			4,170			(711	)		(187	)		(152	)					(1,050	)		5,220
Income Tax Provision (Benefit)			425			(111	)(3)		(17	)(3)		(33	)(3)		(260	)(4)		(421	)		846
Net Income			3,745			(600	)		(170	)		(119	)		260			(629	)		4,374
Net Income Attributable to Merck & Co., Inc.			3,743			(600	)		(170	)		(119	)		260			(629	)		4,372
Earnings per Common Share Assuming Dilution		$	1.48			(0.23	)		(0.07	)		(0.04	)		0.10			(0.24	)	$	1.72
Tax Rate			10.2	%																	16.2	%
Full Year
Cost of sales		$	15,193			2,409			495									2,904		$	12,289
Selling, general and administrative			10,816			117			83									200			10,616
Research and development			17,938			72			1									73			17,865
Restructuring costs			309						309									309			–
Other (income) expense, net			(24	)		(79	)					45						(34	)		10
Income Before Taxes			19,936			(2,519	)		(888	)		(45	)					(3,452	)		23,388
Income Tax Provision (Benefit)			2,803			(461	)(3)		(135	)(3)		(10	)(3)		(519	)(4)		(1,125	)		3,928
Net Income			17,133			(2,058	)		(753	)		(35	)		519			(2,327	)		19,460
Net Income Attributable to Merck & Co., Inc.			17,117			(2,058	)		(753	)		(35	)		519			(2,327	)		19,444
Earnings per Common Share Assuming Dilution		$	6.74			(0.81	)		(0.30	)		(0.01	)		0.21			(0.91	)	$	7.65
Tax Rate			14.1	%																	16.8	%

 

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

 

Merck 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 primarily reflect expenses for the amortization of intangible assets. 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 primarily reflect the amortization of intangible assets. Additionally, research and development expenses for the full year includes Animal Health intangible asset impairment charges. Amounts included in other (income) expense, net, primarily reflect royalty income and a decrease in the estimated fair value measurement of liabilities for contingent consideration related to the prior termination of the Sanofi-Pasteur MSD joint venture.

 

⁽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 benefits recorded in the fourth quarter and full year due to reductions in reserves for unrecognized income tax benefits resulting from the expiration of the statute of limitations for assessments related to federal income tax return years. The benefit recognized in the fourth quarter relates to the 2020 federal tax return year and the benefit recognized for the full year relates to both the 2020 and 2019 federal tax return years.

 

 

MERCK & CO., INC.
FRANCHISE / KEY PRODUCT SALES
(AMOUNTS IN MILLIONS)
(UNAUDITED)
Table 3

 

	2024																2023															4 Q						Full Year
		1Q			2Q			3Q			4Q			Full Year			1Q			2Q			3Q			4Q			Full Year			Nom %			Ex-Exch %			Nom %			Ex-Exch %
TOTAL SALES (1)	$	15,775		$	16,112		$	16,657		$	15,624		$	64,168		$	14,487		$	15,035		$	15,962		$	14,630		$	60,115			7			9			7			10
PHARMACEUTICAL		14,006			14,408			14,943			14,042			57,400			12,721			13,457			14,263			13,141			53,583			7			8			7			10
Oncology
Keytruda		6,947			7,270			7,429			7,836			29,482			5,795			6,271			6,338			6,608			25,011			19			21			18			22
Alliance Revenue – Lynparza (2)		292			317			337			365			1,311			275			310			299			315			1,199			16			18			9			11
Alliance Revenue – Lenvima (2)		255			249			251			255			1,010			232			242			260			226			960			13			14			5			6
Welireg		85			126			139			160			509			42			50			54			72			218			122			123			133			133
Alliance Revenue – Reblozyl (3)		71			90			100			110			371			43			47			52			70			212			58			58			75			75
Vaccines (4)
Gardasil/Gardasil 9		2,249			2,478			2,306			1,550			8,583			1,972			2,458			2,585			1,871			8,886			-17			-18			-3			-2
ProQuad/M-M-R II/Varivax		570			617			703			594			2,485			528			582			713			545			2,368			9			9			5			5
Vaxneuvance		219			189			239			161			808			106			168			214			176			665			-9			-9			22			23
RotaTeq		216			163			193			139			711			297			131			156			185			769			-25			-25			-8			-7
Pneumovax 23		61			59			68			74			263			96			92			140			85			412			-12			-12			-36			-34
Hospital Acute Care
Bridion		440			455			420			449			1,764			487			502			424			429			1,842			5			5			-4			-3
Prevymis		174			188			208			215			785			129			143			157			175			605			23			23			30			33
Dificid		73			92			96			79			340			65			76			74			87			302			-9			-9			13			13
Zerbaxa		56			62			64			70			252			50			54			53			61			218			14			16			16			18
Noxafil		56			45			41			36			177			60			55			51			46			213			-23			-17			-17			-8
Cardiovascular
Winrevair					70			149			200			419																		-			-			-			-
Alliance Revenue - Adempas/Verquvo (5)		98			106			102			109			415			99			68			92			108			367			1			1			13			13
Adempas (6)		70			72			72			73			287			59			65			65			66			255			11			9			12			14
Virology
Lagevrio		350			110			383			121			964			392			203			640			193			1,428			-37			-37			-33			-28
Isentress/Isentress HD		111			89			102			92			394			123			136			119			105			483			-13			-7			-18			-14
Delstrigo		56			60			65			69			249			44			50			54			54			201			28			29			24			26
Pifeltro		42			39			42			40			163			34			38			37			33			142			20			20			15			15
Neuroscience
Belsomra		46			53			78			45			222			56			63			58			54			231			-17			-17			-4			1
Immunology
Simponi		184			172			189						543			180			180			179			171			710			N/M			N/M			-24			-23
Remicade		39			35			41						114			51			48			45			43			187			N/M			N/M			-39			-36
Diabetes (7)
Januvia		419			405			278			232			1,334			551			511			581			547			2,189			-58			-56			-39			-36
Janumet		251			224			204			255			935			329			354			255			240			1,177			7			11			-21			-16
Other Pharmaceutical (8)		576			573			644			713			2,510			626			560			568			576			2,333			25			25			8			10
ANIMAL HEALTH		1,511			1,482			1,487			1,397			5,877			1,491			1,456			1,400			1,278			5,625			9			13			4			8
Livestock		850			837			886			889			3,462			849			807			874			808			3,337			10			14			4			9
Companion Animal		661			645			601			508			2,415			642			649			526			470			2,288			8			10			6			7
Other Revenues (9)		258			222			227			185			891			275			122			299			211			907			-13			3			-2			4

 

N/M - Not Meaningful

 

Sum of quarterly amounts may not equal year-to-date amounts due to rounding.

 

⁽¹⁾ Only select products are shown.

⁽²⁾ Alliance Revenue represents Merck’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 $3,424 million, $3,656 million, $3,675 million and $2,693 million in the first, second, third and fourth quarter of 2024, respectively, and $3,133 million, $3,557 million, $4,002 million and $2,962 million in the first, second, third and fourth quarter of 2023, respectively.

⁽⁵⁾ Alliance Revenue represents Merck'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 Merck's marketing territories.

⁽⁷⁾ Total Diabetes sales were $745 million, $715 million, $592 million and $546 million in the first, second, third and fourth quarter of 2024, respectively, and $950 million, $951 million, $924 million and $876 million in the first, second, third and fourth quarter of 2023, respectively.

⁽⁸⁾ Includes Pharmaceutical products not individually shown above.

⁽⁹⁾ 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 upfront and milestone payments for out-licensed products were $61 million, $15 million, $15 million and $15 million in the first, second, third and fourth quarter of 2024, respectively, and $51 million, $3 million and $65 million in the first, second and third quarter of 2023, respectively.

Exhibit 99.2

 

MERCK & CO., INC.

CONSOLIDATED STATEMENT OF OPERATIONS - GAAP

(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)

(UNAUDITED)

Table 1a

 

		2024															2023															% Change
			1Q			2Q			3Q			4Q			Full Year			1Q			2Q			3Q			4Q			Full Year			4Q			Full Year
Sales		$	15,775		$	16,112		$	16,657		$	15,624		$	64,168		$	14,487		$	15,035		$	15,962		$	14,630		$	60,115			7	%		7	%
Costs, Expenses and Other
Cost of sales			3,540			3,745			4,080			3,828			15,193			3,926			4,024			4,264			3,911			16,126			-2	%		-6	%
Selling, general and administrative			2,483			2,739			2,731			2,864			10,816			2,479			2,702			2,519			2,804			10,504			2	%		3	%
Research and development			3,992			3,500			5,862			4,585			17,938			4,276			13,321			3,307			9,628			30,531			-52	%		-41	%
Restructuring costs			123			80			56			51			309			67			151			126			255			599			-80	%		-48	%
Other (income) expense, net			(33	)		42			(162	)		126			(24	)		89			172			126			78			466			62	%		*
Income (Loss) Before Taxes			5,670			6,006			4,090			4,170			19,936			3,650			(5,335	)		5,620			(2,046	)		1,889			*			*
Income Tax Provision (Benefit)			903			545			929			425			2,803			825			637			870			(821	)		1,512
Net Income (Loss)			4,767			5,461			3,161			3,745			17,133			2,825			(5,972	)		4,750			(1,225	)		377			*			*
Less: Net Income Attributable to Noncontrolling Interests			5			6			4			2			16			4			3			5			1			12
Net Income (Loss) Attributable to Merck & Co., Inc.		$	4,762		$	5,455		$	3,157		$	3,743		$	17,117		$	2,821		$	(5,975	)	$	4,745		$	(1,226	)	$	365			*			*
Earnings (Loss) per Common Share Assuming Dilution (1)		$	1.87		$	2.14		$	1.24		$	1.48		$	6.74		$	1.11		$	(2.35	)	$	1.86		$	(0.48	)	$	0.14			*			*
Average Shares Outstanding Assuming Dilution (1)			2,544			2,544			2,541			2,537			2,541			2,551			2,539			2,546			2,533			2,547
Tax Rate			15.9	%		9.1	%		22.7	%		10.2	%		14.1	%		22.6	%		-11.9	%		15.5	%		40.1	%		80.0	%

  

* 100% or greater

 

Sum of quarterly amounts may not equal year-to-date amounts due to rounding. 

 

⁽¹⁾ Because the company recorded a net loss in the second quarter and the fourth quarter of 2023, no potential dilutive common shares were used in the computation of loss per common share assuming dilution as the effect would have been anti-dilutive.

 

 

MERCK & CO., INC.
FOURTH QUARTER AND FULL YEAR 2023 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
Fourth Quarter
Cost of sales		$	3,911				454				117												571			$	3,340
Selling, general and administrative			2,804				24				29												53				2,751
Research and development			9,628				790																790				8,838
Restructuring costs			255								255												255				–
Other (income) expense, net			78				(35	)							(61	)							(96	)			174
Loss Before Taxes			(2,046	)			(1,233	)			(401	)			61								(1,573	)			(473	)
Income Tax Provision (Benefit)			(821	)			(227	)(4)			(67	)(4)			13	(4)							(281	)			(540	)
Net (Loss) Income			(1,225	)			(1,006	)			(334	)			48								(1,292	)			67
Net (Loss) Income Attributable to Merck & Co., Inc.			(1,226	)			(1,006	)			(334	)			48								(1,292	)			66
(Loss) Earnings per Common Share Assuming Dilution (5)		$	(0.48	)			(0.40	)			(0.13	)			0.02								(0.51	)		$	0.03
Tax Rate			40.1	%																							114.2	%
Full Year
Cost of sales		$	16,126				2,018				211												2,229			$	13,897
Selling, general and administrative			10,504				86				122												208				10,296
Research and development			30,531				819				1												820				29,711
Restructuring costs			599								599												599				–
Other (income) expense, net			466				(47	)							(279	)			573	(3)			247				219
Income Before Taxes			1,889				(2,876	)			(933	)			279				(573	)			(4,103	)			5,992
Income Tax Provision (Benefit)			1,512				(476	)(4)			(155	)(4)			60	(4)			(60	)(4)			(631	)			2,143
Net Income			377				(2,400	)			(778	)			219				(513	)			(3,472	)			3,849
Net Income Attributable to Merck & Co., Inc.			365				(2,400	)			(778	)			219				(513	)			(3,472	)			3,837
Earnings per Common Share Assuming Dilution		$	0.14				(0.94	)			(0.31	)			0.08				(0.20	)			(1.37	)		$	1.51
Tax Rate			80.0	%																							35.8	%

 

Only the line items that are affected by non-GAAP adjustments are shown.
Merck 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 primarily reflect expenses for the amortization of intangible assets. 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 primarily reflect a $779 million in-process research and development (IPR&D) impairment charge related to gefapixant and expenses for the amortization of intangible assets. Amounts included in other (income) expense, net, primarily reflect royalty income related to the prior termination of the Sanofi-Pasteur MSD joint venture. Additionally, other (income) expense, net, for the full year includes a $37 million loss on the sale of a business.
(2) Amounts primarily include employee separation costs and accelerated depreciation associated with facilities to be closed or divested related to activities under the company's formal restructuring programs.
(3) Reflects a charge related to settlements with certain plaintiffs in the Zetia antitrust litigation.
(4) Represents the estimated tax impacts on the reconciling items based on applying the statutory rate of the originating territory of the non-GAAP adjustments.
(5) Because the company recorded a net loss in the fourth quarter of 2023, no potential dilutive common shares were used in the computation of loss per common share assuming dilution as the effect would have been anti-dilutive.

 

 

MERCK & CO., INC.
FRANCHISE / KEY PRODUCT SALES
FOURTH QUARTER 2024
(AMOUNTS IN MILLIONS)
(UNAUDITED)
Table 3a

 

		Global												U.S.												International
		4Q 2024				4Q 2023				% Change				4Q 2024				4Q 2023				% Change				4Q 2024				4Q 2023				% Change
TOTAL SALES (1)		$	15,624			$	14,630				7			$	8,188			$	7,088				16			$	7,436			$	7,542				-1
PHARMACEUTICAL			14,042				13,141				7				7,728				6,698				15				6,314				6,443				-2
Oncology
Keytruda			7,836				6,608				19				4,841				3,972				22				2,996				2,636				14
Alliance Revenue – Lynparza (2)			365				315				16				177				168				5				187				147				28
Alliance Revenue – Lenvima (2)			255				226				13				182				181				1				73				45				63
Welireg			160				72				122				146				68				114				14				4				*
Alliance Revenue – Reblozyl (3)			110				70				58				88				60				47				22				10				124
Vaccines (4)
Gardasil/Gardasil 9			1,550				1,871				-17				380				365				4				1,170				1,506				-22
ProQuad/M-M-R II/Varivax			594				545				9				419				402				4				175				143				23
Vaxneuvance			161				176				-9				64				138				-53				96				38				153
RotaTeq			139				185				-25				84				112				-25				55				73				-25
Pneumovax 23			74				85				-12				19				22				-13				55				62				-12
Hospital Acute Care
Bridion			449				429				5				382				315				21				67				113				-41
Prevymis			215				175				23				106				78				36				109				98				12
Dificid			79				87				-9				72				75				-4				7				12				-42
Zerbaxa			70				61				14				40				33				23				30				28				4
Noxafil			36				46				-23				-2				4				-149				37				43				-12
Cardiovascular
Winrevair			200								-				192								-				9								-
Alliance Revenue - Adempas/Verquvo (5)			109				108				1				105				102				3				5				6				-27
Adempas (6)			73				66				11																73				66				11
Virology
Lagevrio			121				193				-37				32				10				*				88				183				-52
Isentress/Isentress HD			92				105				-13				38				50				-23				53				56				-4
Delstrigo			69				54				28				14				12				19				55				42				30
Pifeltro			40				33				20				26				23				16				13				10				29
Neuroscience
Belsomra			45				54				-17				19				21				-12				26				33				-20
Immunology
Simponi							171				N/M																				171				N/M
Remicade							43				N/M																				43				N/M
Diabetes (7)
Januvia			232				547				-58				41				309				-87				191				239				-20
Janumet			255				240				7				91				41				122				164				198				-17
Other Pharmaceutical (8)			713				576				25				172				137				26				544				438				24
ANIMAL HEALTH			1,397				1,278				9				444				387				15				953				891				7
Livestock			889				808				10				203				158				28				686				649				6
Companion Animal			508				470				8				241				229				5				267				242				11
Other Revenues (9)			185				211				-13				16				3				*				169				208				-19

 

*200% or greater

N/M - Not Meaningful
Sum of U.S. plus international may not equal global due to rounding.
(1) Only select products are shown.
(2) Alliance Revenue represents Merck’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 $2,693 million and $2,962 million on a global basis in the fourth quarter of 2024 and 2023, respectively.
(5) Alliance Revenue represents Merck'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 Merck's marketing territories.
(7) Total Diabetes sales were $546 million and $876 million on a global basis in the fourth quarter of 2024 and 2023, respectively.
(8) Includes Pharmaceutical products not individually shown above.
(9) 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 upfront and milestone payments for out-licensed products were $15 million on a global basis in the fourth quarter of 2024.

 

 

MERCK & CO., INC.
FRANCHISE / KEY PRODUCT SALES
FULL YEAR 2024
(AMOUNTS IN MILLIONS)
(UNAUDITED)
Table 3b

 

		Global												U.S.												International
		FullYear 2024				Full Year 2023				% Change				Full Year 2024				Full Year 2023				% Change				Full Year 2024				Full Year 2023				% Change
TOTAL SALES (1)		$	64,168			$	60,115				7			$	32,277			$	28,480				13			$	31,891			$	31,635				1
PHARMACEUTICAL			57,400				53,583				7				30,290				26,539				14				27,110				27,044				-
Oncology
Keytruda			29,482				25,011				18				17,872				15,114				18				11,610				9,897				17
Alliance Revenue – Lynparza (2)			1,311				1,199				9				626				607				3				685				592				16
Alliance Revenue – Lenvima (2)			1,010				960				5				705				657				7				305				303				1
Welireg			509				218				133				466				209				123				43				10				*
Alliance Revenue – Reblozyl (3)			371				212				75				303				168				80				68				43				56
Vaccines (4)
Gardasil/Gardasil 9			8,583				8,886				-3				2,425				2,083				16				6,158				6,803				-9
ProQuad/M-M-R II/Varivax			2,485				2,368				5				1,919				1,837				4				566				531				7
Vaxneuvance			808				665				22				461				561				-18				347				103				*
RotaTeq			711				769				-8				472				493				-4				239				276				-13
Pneumovax 23			263				412				-36				56				127				-56				207				285				-27
Hospital Acute Care
Bridion			1,764				1,842				-4				1,401				1,156				21				363				686				-47
Prevymis			785				605				30				371				264				41				414				341				21
Dificid			340				302				13				303				274				10				37				28				34
Zerbaxa			252				218				16				146				119				23				106				100				7
Noxafil			177				213				-17				7				32				-78				170				181				-6
Cardiovascular
Winrevair			419								-				408								-				11								-
Alliance Revenue - Adempas/Verquvo (5)			415				367				13				388				350				11				27				16				65
Adempas (6)			287				255				12																287				255				12
Virology
Lagevrio			964				1,428				-33				176				10				*				787				1,418				-44
Isentress/Isentress HD			394				483				-18				185				215				-14				209				268				-22
Delstrigo			249				201				24				56				49				14				193				152				27
Pifeltro			163				142				15				113				101				12				50				41				22
Neuroscience
Belsomra			222				231				-4				72				81				-11				150				150				-
Immunology
Simponi			543				710				-24																543				710				-24
Remicade			114				187				-39																114				187				-39
Diabetes (7)
Januvia			1,334				2,189				-39				469				1,151				-59				865				1,039				-17
Janumet			935				1,177				-21				161				223				-28				774				954				-19
Other Pharmaceutical (8)			2,510				2,333				8				729				658				11				1,782				1,675				6
ANIMAL HEALTH			5,877				5,625				4				1,861				1,804				3				4,016				3,821				5
Livestock			3,462				3,337				4				732				700				5				2,729				2,637				3
Companion Animal			2,415				2,288				6				1,129				1,104				2				1,287				1,184				9
Other Revenues (9)			891				907				-2				126				137				-8				765				770				-1

 

*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 Merck’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 $13,448 million and $13,654 million on a global basis for December YTD 2024 and 2023, respectively.
(5) Alliance Revenue represents Merck'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 Merck's marketing territories.
(7) Total Diabetes sales were $2,599 million and $3,701 million on a global basis for December YTD 2024 and 2023, respectively.
(8) Includes Pharmaceutical products not individually shown above.
(9) 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 upfront and milestone payments for out-licensed products were $106 million and $118 million on a global basis for December YTD 2024 and 2023, respectively.

 

 

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

 

		2024															2023															% Change
		1Q			2Q			3Q			4Q			Full Year			1Q			2Q			3Q			4Q			Full Year			4Q			Full Year
TOTAL PHARMACEUTICAL		$	14,006		$	14,408		$	14,943		$	14,042		$	57,400		$	12,721		$	13,457		$	14,263		$	13,141		$	53,583			7			7
United States			6,936			7,399			8,227			7,728			30,290			6,117			6,570			7,153			6,698			26,539			15			14
% Pharmaceutical Sales			49.5	%		51.4	%		55.1	%		55.0	%		52.8	%		48.1	%		48.8	%		50.1	%		51.0	%		49.5	%
Europe (1)			2,555			2,572			2,620			2,498			10,246			2,326			2,401			2,497			2,491			9,715			-			5
% Pharmaceutical Sales			18.2	%		17.9	%		17.5	%		17.8	%		17.9	%		18.3	%		17.8	%		17.5	%		19.0	%		18.1	%
China			1,744			1,790			996			864			5,394			1,694			1,887			1,674			1,456			6,710			-41			-20
% Pharmaceutical Sales			12.5	%		12.4	%		6.7	%		6.2	%		9.4	%		13.3	%		14.0	%		11.7	%		11.1	%		12.5	%
Japan			802			664			919			813			3,199			737			652			1,062			629			3,081			29			4
% Pharmaceutical Sales			5.7	%		4.6	%		6.2	%		5.8	%		5.6	%		5.8	%		4.8	%		7.4	%		4.8	%		5.7	%
Latin America			601			661			730			680			2,672			470			566			696			596			2,328			14			15
% Pharmaceutical Sales			4.3	%		4.6	%		4.9	%		4.8	%		4.7	%		3.7	%		4.2	%		4.9	%		4.5	%		4.3	%
Asia Pacific (other than China and Japan)			580			595			669			612			2,457			703			705			636			616			2,661			-1			-8
% Pharmaceutical Sales			4.1	%		4.1	%		4.5	%		4.4	%		4.3	%		5.5	%		5.2	%		4.5	%		4.7	%		5.0	%
Eastern Europe/Middle East/Africa			395			353			400			348			1,495			381			370			301			299			1,351			16			11
% Pharmaceutical Sales			2.8	%		2.4	%		2.7	%		2.5	%		2.6	%		3.0	%		2.7	%		2.1	%		2.3	%		2.5	%
Canada			138			143			133			144			558			141			127			133			138			540			4			3
% Pharmaceutical Sales			1.0	%		1.0	%		0.9	%		1.0	%		1.0	%		1.1	%		0.9	%		0.9	%		1.1	%		1.0	%
Other			255			231			249			355			1,089			152			179			111			218			658			63			66
% Pharmaceutical Sales			1.9	%		1.6	%		1.5	%		2.5	%		1.7	%		1.2	%		1.6	%		0.9	%		1.5	%		1.4	%

 

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.
OTHER (INCOME) EXPENSE, NET - GAAP
(AMOUNTS IN MILLIONS)
(UNAUDITED)
Table 4

 

OTHER (INCOME) EXPENSE, NET
		4Q24				4Q23				Full Year 2024				Full Year 2023
Interest income		$	(146	)		$	(70	)		$	(415	)		$	(365	)
Interest expense			328				310				1,271				1,146
Exchange losses			49				162				227				370
Loss (income) from investments in equity securities, net (1)			156				(99	)			(14	)			(340	)
Net periodic defined benefit plan (credit) cost other than service cost			(157	)			(134	)			(633	)			(498	)
Other, net			(104	)			(91	)			(460	)			153
Total		$	126			$	78			$	(24	)		$	466

 

⁽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.

 

 

 

v3.25.0.1

Cover	Feb. 04, 2025
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 04, 2025
Entity File Number	1-6571
Entity Registrant Name	Merck & Co., Inc.
Entity Central Index Key	0000310158
Entity Tax Identification Number	22-1918501
Entity Incorporation, State or Country Code	NJ
Entity Address, Address Line One	126 East Lincoln Avenue
Entity Address, City or Town	Rahway
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07065
City Area Code	908
Local Phone Number	740-4000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock ($0.50 par value)
Trading Symbol	MRK
Security Exchange Name	NYSE
1.875% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2026
Trading Symbol	MRK/26
Security Exchange Name	NYSE
3.250% Notes due 2032
Document Information [Line Items]
Title of 12(b) Security	3.250% Notes due 2032
Trading Symbol	MRK/32
Security Exchange Name	NYSE
2.500% Notes due 2034
Document Information [Line Items]
Title of 12(b) Security	2.500% Notes due 2034
Trading Symbol	MRK/34
Security Exchange Name	NYSE
1.375% Notes due 2036
Document Information [Line Items]
Title of 12(b) Security	1.375% Notes due 2036
Trading Symbol	MRK 36A
Security Exchange Name	NYSE
3.500% Notes due 2037
Document Information [Line Items]
Title of 12(b) Security	3.500% Notes due 2037
Trading Symbol	MRK/37
Security Exchange Name	NYSE
3.700% Notes due 2044
Document Information [Line Items]
Title of 12(b) Security	3.700% Notes due 2044
Trading Symbol	MRK/44
Security Exchange Name	NYSE
3.750% Notes due 2054
Document Information [Line Items]
Title of 12(b) Security	3.750% Notes due 2054
Trading Symbol	MRK/54
Security Exchange Name	NYSE

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