Merck & Co.MRKEarnings & Financial Report
Merck & Co., Inc. is an American multinational pharmaceutical company headquartered in Rahway, New Jersey. The company does business as Merck Sharp & Dohme or MSD outside the United States and Canada. The company is ranked fourth on the list of largest biomedical companies by revenue.
Revenue
$16.4B
Gross Profit
$10.8B
Operating Profit
$3.4B
Net Profit
$3.0B
Gross Margin
66.2%
Operating Margin
20.9%
Net Margin
18.1%
YoY Growth
5.0%
EPS
$1.19
Merck & Co. Q4 FY2025 Financial Summary
Merck & Co. reported revenue of $16.4B (up 5.0% YoY) for Q4 FY2025, with a net profit of $3.0B (down 20.8% YoY) (18.1% margin). Cost of goods sold was $5.6B, operating expenses totaled $7.4B.
Key Financial Metrics
| Total Revenue | $16.4B |
|---|---|
| Net Profit | $3.0B |
| Gross Margin | 66.2% |
| Operating Margin | 20.9% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
Merck & Co. Q4 FY2025 revenue of $16.4B breaks down across 11 segments, led by Pharmaceuticalsegment at $8.7B (52.8% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Pharmaceuticalsegment | $8.7B | 52.8% |
| Keytruda | $4.9B | 29.8% |
| Other | $2.7B | 16.2% |
| Janumet | $57.0M | 0.3% |
| Isentress Isentress HD | $38.0M | 0.2% |
| Pifeltro | $25.0M | 0.2% |
| Belsomra | $23.0M | 0.1% |
| Dificid | $17.0M | 0.1% |
| Delstrigo | $14.0M | 0.1% |
| Lagevrio | $12.0M | 0.1% |
| Pneumovax23 | $4.0M | 0.0% |
Merck & Co. Revenue by Segment — Quarterly Trend
Merck & Co. revenue by segment across the last 4 reported quarters, showing how each business line (such as Pharmaceuticalsegment and Keytruda) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Pharmaceuticalsegment | — | $8.7B | — | $8.3B |
| Keytruda | — | $4.9B | — | $4.7B |
| Other | — | $2.7B | — | $1.5B |
| Janumet | — | $57.0M | — | $68.0M |
| Isentress Isentress HD | — | $38.0M | — | $48.0M |
Merck & Co. Annual Revenue by Year
Merck & Co. annual revenue history includes year-by-year totals (for example, 2025 revenue was $65.0B).
| Year | Annual Revenue |
|---|---|
| 2025 | $65.0B |
| 2024 | $64.2B |
Merck & Co. Quarterly Revenue & Net Profit History
Merck & Co. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $16.3B | +4.9% | $141.0M | 0.9% |
| Q4 FY2025 | $16.4B | +5.0% | $3.0B | 18.1% |
| Q3 FY2025 | $17.3B | +3.7% | $5.8B | 33.5% |
| Q2 FY2025 | $15.8B | -1.9% | $4.4B | 28.0% |
| Q1 FY2025 | $15.5B | -1.6% | $5.1B | 32.7% |
| Q4 FY2024 | $15.6B | +6.8% | $3.7B | 24.0% |
| Q3 FY2024 | $16.7B | +4.4% | $3.2B | 19.0% |
| Q2 FY2024 | $16.1B | +7.2% | $5.5B | 33.9% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $16.11B | $16.66B | $15.62B | $15.53B | $15.81B | $17.28B | $16.40B | $16.29B |
| YoY Growth | 7.2% | 4.4% | 6.8% | -1.6% | -1.9% | 3.7% | 5.0% | 4.9% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $112.63B | $117.53B | $117.11B | $115.12B | $117.52B | $129.55B | $136.87B | N/A |
| Liabilities | $69.05B | $73.03B | $70.79B | $66.79B | $68.53B | $77.70B | $84.26B | N/A |
| Equity | $43.58B | $44.50B | $46.31B | $48.34B | $48.99B | $51.85B | $52.61B | N/A |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $5.64B | $9.29B | $3.45B | $2.50B | $3.29B | $7.82B | $2.86B |