Merck Announces Fourth-Quarter and Full-Year 2024 Financial Results
Merck (MRK) reported strong financial results for Q4 and full-year 2024. Fourth-quarter worldwide sales reached $15.6 billion, up 7% (9% ex-forex) from Q4 2023, while full-year sales hit $64.2 billion, increasing 7% (10% ex-forex) from 2023.
Key performance highlights include KEYTRUDA sales growing 18% to $29.5 billion, WINREVAIR sales of $419 million, and Animal Health sales growing 4% to $5.9 billion. However, GARDASIL/GARDASIL 9 sales declined 3% to $8.6 billion.
Q4 GAAP EPS was $1.48 and non-GAAP EPS was $1.72, both including a $0.23 per share charge related to business development transactions. Full-year 2024 GAAP EPS was $6.74, while non-GAAP EPS reached $7.65.
For 2025, Merck expects worldwide sales between $64.1-65.6 billion and non-GAAP EPS of $8.88-9.03, including a one-time charge of approximately $0.09 per share for an anticipated milestone payment.
Merck (MRK) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. Le vendite mondiali del quarto trimestre hanno raggiunto 15,6 miliardi di dollari, in aumento del 7% (9% escludendo l'impatto valutario) rispetto al quarto trimestre del 2023, mentre le vendite dell'intero anno hanno toccato 64,2 miliardi di dollari, aumentando del 7% (10% escludendo l'impatto valutario) rispetto al 2023.
I principali risultati delle performance includono la crescita delle vendite di KEYTRUDA del 18%, per un totale di 29,5 miliardi di dollari, vendite di WINREVAIR pari a 419 milioni di dollari, e una crescita delle vendite nel settore della salute animale del 4%, raggiungendo i 5,9 miliardi di dollari. Tuttavia, le vendite di GARDASIL/GARDASIL 9 sono diminuite del 3%, raggiungendo gli 8,6 miliardi di dollari.
Nel quarto trimestre, l'utile per azione (GAAP) è stato di 1,48 dollari e l'utile per azione non-GAAP è stato di 1,72 dollari, entrambi includendo un addebito di 0,23 dollari per azione relativo a transazioni di sviluppo aziendale. L'utile per azione GAAP per l'intero anno 2024 è stato di 6,74 dollari, mentre l'utile non-GAAP ha raggiunto i 7,65 dollari.
Per il 2025, Merck prevede vendite mondiali comprese tra 64,1 e 65,6 miliardi di dollari e un utile per azione non-GAAP tra 8,88 e 9,03 dollari, inclusi un addebito una tantum di circa 0,09 dollari per azione per un pagamento di traguardo previsto.
Merck (MRK) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Las ventas mundiales del cuarto trimestre alcanzaron 15.6 mil millones de dólares, un aumento del 7% (9% excluyendo el impacto de divisas) en comparación con el cuarto trimestre de 2023, mientras que las ventas del año completo alcanzaron 64.2 mil millones de dólares, aumentando un 7% (10% excluyendo el impacto de divisas) desde 2023.
Los aspectos destacados del rendimiento incluyen un crecimiento del 18% en las ventas de KEYTRUDA, alcanzando los 29.5 mil millones de dólares, ventas de WINREVAIR por 419 millones de dólares, y un crecimiento del 4% en las ventas de Salud Animal hasta los 5.9 mil millones de dólares. Sin embargo, las ventas de GARDASIL/GARDASIL 9 disminuyeron un 3% a 8.6 mil millones de dólares.
El EPS GAAP del cuarto trimestre fue de 1.48 dólares y el EPS no GAAP fue de 1.72 dólares, ambos incluyendo un cargo de 0.23 dólares por acción relacionado con transacciones de desarrollo empresarial. El EPS GAAP del año completo 2024 fue de 6.74 dólares, mientras que el EPS no GAAP alcanzó 7.65 dólares.
Para 2025, Merck espera ventas mundiales entre 64.1 y 65.6 mil millones de dólares y un EPS no GAAP de entre 8.88 y 9.03 dólares, incluyendo un cargo único de aproximadamente 0.09 dólares por acción por un pago de hito anticipado.
머크 (MRK)는 2024년 4분기 및 연간 실적이 강하다고 보고했습니다. 4분기 전 세계 매출은 156억 달러에 달하여 2023년 4분기 대비 7% 증가했으며(환율 변동 제외 시 9% 증가), 연간 매출은 642억 달러로 2023년 대비 7% 증가했습니다(환율 변동 제외 시 10% 증가).
주요 성과 하이라이트로는 KEYTRUDA 매출이 18% 증가하여 295억 달러에 달하고, WINREVAIR 매출은 4억 1900만 달러에 달하며, 동물 건강 매출은 4% 증가하여 59억 달러에 도달했습니다. 그러나 GARDASIL/GARDASIL 9 매출은 3% 감소하여 86억 달러에 도달했습니다.
4분기 GAAP 주당순이익(EPS)은 1.48달러, 비GAAP EPS는 1.72달러로, 둘 다 사업 개발 거래와 관련된 주당 0.23달러의 비용이 포함되어 있습니다. 2024년 전체 GAAP EPS는 6.74달러였으며, 비GAAP EPS는 7.65달러에 도달했습니다.
2025년을 위해 머크는 전 세계 매출이 641억에서 656억 달러 사이일 것으로 예상하며, 비GAAP EPS는 8.88에서 9.03달러 사이로 예상하며, 약 0.09달러에 해당하는 일회성 비용이 포함됩니다.
Merck (MRK) a rapporté des résultats financiers solides pour le quatrième trimestre et l'année entière 2024. Les ventes mondiales du quatrième trimestre ont atteint 15,6 milliards de dollars, en hausse de 7% (9% hors impact des changes) par rapport au quatrième trimestre 2023, tandis que les ventes annuelles ont atteint 64,2 milliards de dollars, augmentant de 7% (10% hors impact des changes) par rapport à 2023.
Les principaux points forts de la performance incluent une croissance des ventes de KEYTRUDA de 18% pour atteindre 29,5 milliards de dollars, des ventes de WINREVAIR de 419 millions de dollars, et une croissance de 4% des ventes en santé animale pour atteindre 5,9 milliards de dollars. Cependant, les ventes de GARDASIL/GARDASIL 9 ont diminué de 3% pour atteindre 8,6 milliards de dollars.
Le BPA GAAP pour le quatrième trimestre était de 1,48 dollar et le BPA non GAAP était de 1,72 dollar, tous deux incluant une charge de 0,23 dollar par action liée aux transactions de développement commercial. Le BPA GAAP pour l'ensemble de l'année 2024 était de 6,74 dollars, tandis que le BPA non GAAP a atteint 7,65 dollars.
Pour 2025, Merck prévoit des ventes mondiales comprises entre 64,1 et 65,6 milliards de dollars et un BPA non GAAP de 8,88 à 9,03 dollars, incluant une charge unique d'environ 0,09 dollar par action pour un paiement d'étape prévu.
Merck (MRK) hat starke Finanzergebnisse für das 4. Quartal und das Gesamtjahr 2024 gemeldet. Die weltweiten Verkaufszahlen im vierten Quartal betrugen 15,6 Milliarden Dollar, was einem Anstieg von 7% (9% ohne Währungsumrechnungs-effekte) im Vergleich zum 4. Quartal 2023 entspricht. Die Verkaufszahlen für das Gesamtjahr erreichten 64,2 Milliarden Dollar und stiegen um 7% (10% ohne Währungsumrechnungs-effekte) im Vergleich zu 2023.
Zu den wichtigsten Leistungsaktiva gehören ein Wachstum der KEYTRUDA-Verkäufe um 18% auf 29,5 Milliarden Dollar, WINREVAIR-Verkäufe von 419 Millionen Dollar und ein Wachstum bei der Tiergesundheit von 4% auf 5,9 Milliarden Dollar. Die Verkäufe von GARDASIL/GARDASIL 9 sanken jedoch um 3% auf 8,6 Milliarden Dollar.
Der GAAP EPS für das 4. Quartal betrug 1,48 Dollar und der Non-GAAP EPS lag bei 1,72 Dollar, beide einschließlich einer Belastung von 0,23 Dollar pro Aktie in Verbindung mit Geschäftsentwicklungstransaktionen. Der GAAP EPS für das gesamte Jahr 2024 betrug 6,74 Dollar, während der Non-GAAP EPS 7,65 Dollar erreichte.
Für 2025 erwartet Merck, dass die weltweiten Verkaufszahlen zwischen 64,1 und 65,6 Milliarden Dollar liegen werden und der Non-GAAP EPS zwischen 8,88 und 9,03 Dollar liegen wird, einschließlich einer einmaligen Belastung von etwa 0,09 Dollar pro Aktie für eine fällige Meilensteinzahlung.
- Q4 worldwide sales increased 7% to $15.6 billion
- KEYTRUDA sales grew 18% to $29.5 billion
- Animal Health sales grew 4% to $5.9 billion
- Full-year 2024 non-GAAP EPS of $7.65
- Strong 2025 guidance with non-GAAP EPS projected at $8.88-9.03
- GARDASIL/GARDASIL 9 sales declined 3% to $8.6 billion
- JANUVIA/JANUMET sales declined 38% in Q4
- VAXNEUVANCE sales decreased 9% in Q4
- LAGEVRIO sales declined 33% for full-year 2024
Insights
Merck's Q4 and FY2024 results reveal a company executing effectively across multiple fronts. The standout metric is the substantial gross margin expansion, with non-GAAP margins reaching
The oncology franchise continues to demonstrate remarkable resilience, with KEYTRUDA maintaining strong momentum (
Looking ahead, several catalysts could drive further growth:
- The subcutaneous formulation of pembrolizumab could enhance competitive positioning
- Expansion into RSV with clesrovimab represents a significant new market opportunity
- Strategic licensing deals with LaNova and Hansoh strengthen the long-term pipeline
- Recent GARDASIL approval for males in China opens new demographic opportunities
The 2025 guidance suggests management's confidence in sustained growth, though the projected revenue range indicates some conservatism, likely accounting for potential macroeconomic headwinds and increasing competition in key therapeutic areas.
-
Fourth-Quarter Worldwide Sales Were
$15.6 Billion 7% From Fourth Quarter 2023; Excluding the Impact of Foreign Exchange, Growth Was9% -
Fourth-Quarter GAAP EPS Was
$1.48 $1.72 $0.23 -
Full-Year Worldwide Sales Were
$64.2 Billion 7% From Full Year 2023; Excluding the Impact of Foreign Exchange, Growth Was10% -
KEYTRUDA Sales Grew
18% to$29.5 Billion 22% -
WINREVAIR Sales Were
$419 Million -
Animal Health Sales Grew
4% to$5.9 Billion 8% -
GARDASIL/GARDASIL 9 Sales Declined
3% to$8.6 Billion 2%
-
KEYTRUDA Sales Grew
-
Full-Year 2024 GAAP EPS Was
$6.74 $7.65 $1.28 -
In the Fourth Quarter:
- Announced Positive Topline Results From Pivotal Phase 3 Trial of Subcutaneous Pembrolizumab With Berahyaluronidase Alfa
- 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
- 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
-
Anticipates Worldwide Sales To Be Between
$64.1 Billion $65.6 Billion -
Expects Non-GAAP EPS To Be Between
$8.88 $9.03 $0.09
-
Anticipates Worldwide Sales To Be Between
“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
$ in millions, except EPS amounts |
Fourth Quarter |
Year Ended |
||||||||||
2024 |
2023 |
Change |
Change
|
Dec. 31,
|
Dec. 31,
|
Change |
Change
|
|||||
Sales |
|
|
|
|
|
|
|
|
||||
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
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 |
|
|
|
|
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 |
|
|
Increase driven by growth in oncology and cardiovascular, partially offset by declines in diabetes, vaccines, immunology and virology. |
KEYTRUDA |
7,836 |
6,608 |
|
|
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 |
- |
- |
Decline primarily due to lower demand in |
PROQUAD, M-M-R II and VARIVAX |
594 |
545 |
|
|
Growth primarily due to higher pricing in the |
JANUVIA/JANUMET |
487 |
787 |
- |
- |
Decline primarily due to lower pricing in the |
BRIDION |
449 |
429 |
|
|
Growth primarily due to higher demand in the |
Lynparza* |
365 |
315 |
|
|
Growth primarily due to higher global demand. |
Lenvima* |
255 |
226 |
|
|
Growth primarily due to timing of shipments in certain international markets. |
PREVYMIS |
215 |
175 |
|
|
Growth primarily due to higher demand in most markets, particularly in the |
WINREVAIR |
200 |
- |
- |
- |
Represents continued uptake since second-quarter launch in the |
VAXNEUVANCE |
161 |
176 |
- |
- |
Decline primarily driven by lower demand in the |
WELIREG |
160 |
72 |
|
|
Growth primarily driven by higher demand in the |
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 |
|
|
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 |
|
|
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 |
|
|
Growth primarily driven by higher pricing across the product portfolio. Sales of BRAVECTO were |
Other Revenues** |
185 |
211 |
- |
|
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-
|
Total Sales |
|
|
|
|
Pharmaceutical |
57,400 |
53,583 |
|
|
KEYTRUDA |
29,482 |
25,011 |
|
|
GARDASIL/GARDASIL 9 |
8,583 |
8,886 |
- |
- |
PROQUAD, M-M-R II and VARIVAX |
2,485 |
2,368 |
|
|
JANUVIA/JANUMET |
2,268 |
3,366 |
- |
- |
BRIDION |
1,764 |
1,842 |
- |
- |
Lynparza* |
1,311 |
1,199 |
|
|
Lenvima* |
1,010 |
960 |
|
|
LAGEVRIO |
964 |
1,428 |
- |
- |
VAXNEUVANCE |
808 |
665 |
|
|
PREVYMIS |
785 |
605 |
|
|
ROTATEQ |
711 |
769 |
- |
- |
SIMPONI** |
543 |
710 |
- |
- |
WELIREG |
509 |
218 |
|
|
WINREVAIR |
419 |
- |
- |
- |
Animal Health |
5,877 |
5,625 |
|
|
Livestock |
3,462 |
3,337 |
|
|
Companion Animal |
2,415 |
2,288 |
|
|
Other Revenues*** |
891 |
907 |
- |
|
*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
Full-year 2024 Animal Health sales grew
Fourth-Quarter and Full-Year Expense, EPS and Related Information
The table below presents selected expense information.
$ in millions |
GAAP |
Acquisition-
|
Restructuring
|
(Income)
|
Non-
|
Fourth Quarter 2024 |
|||||
Cost of sales |
|
|
|
$- |
|
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 |
|
|
|
$- |
|
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-
|
Restructuring
|
(Income)
|
Certain Other Items |
Non-
|
Year Ended December 31, 2024 |
|
|||||
Cost of sales |
|
|
|
$- |
$ - |
|
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 |
|
|
|
$- |
$- |
|
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 |
GAAP Expense, EPS and Related Information
Gross margin was
Selling, general and administrative (SG&A) expenses were
Research and development (R&D) expenses were
Other (income) expense, net, was
The effective tax rates of
GAAP EPS was
Non-GAAP Expense, EPS and Related Information
Non-GAAP gross margin was
Non-GAAP SG&A expenses were
Non-GAAP R&D expenses were
Non-GAAP other (income) expense, net, was
The non-GAAP effective tax rate was
Non-GAAP EPS was
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 |
|
|
|
|
Difference |
0.24 |
0.51 |
0.91 |
1.37 |
Non-GAAP EPS that excludes items listed below2 |
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
|
|
|
GAAP net income (loss)1 |
|
|
|
|
Difference |
629 |
1,292 |
2,327 |
3,472 |
Non-GAAP net income that excludes items listed below1,2 |
|
|
|
|
|
|
|
|
|
Excluded Items: |
|
|
|
|
Acquisition- and divestiture-related costs3 |
|
|
|
|
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 |
|
|
|
|
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.
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
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
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 |
|
FDA Granted Priority Review to Merck’s Application for WELIREG for the Treatment of Patients With Advanced Pheochromocytoma and Paraganglioma |
||
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 |
||
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 |
||
KEYTRUDA Approved in |
||
WELIREG Approved in |
||
Merck Announced Phase 3 MK-3475A-D77 Trial of Subcutaneous Pembrolizumab With Berahyaluronidase Alfa Met Primary Endpoints |
||
Merck Announced Phase 3 KEYLYNK-001 Trial Met Primary Endpoint of Progression-Free Survival in Patients With Advanced Epithelial Ovarian Cancer |
||
Lynparza Demonstrated Clinically Meaningful Prolonged Survival Benefit in Early Breast Cancer, Based on Results From Phase 3 OlympiA Trial |
||
Investigational Zilovertamab Vedotin in Combination With R-CHP Demonstrated Complete Response Rate of |
||
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 |
|
Merck Received Expanded Approval of GARDASIL for Males in |
||
Merck Received Positive EU CHMP Opinion for CAPVAXIVE for Pneumococcal Vaccination in Adults |
||
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 |
||
Cardiovascular |
Merck Announced Pivotal Phase 3 ZENITH Trial Evaluating WINREVAIR Met Primary Endpoint at Interim Analysis |
|
Merck Announced Decision to Stop Phase 3 HYPERION Trial Evaluating WINREVAIR Early and Move to Final Analysis |
||
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 |
|
Full-Year 2025 Financial Outlook
The following table summarizes the company’s full-year financial outlook.
|
Full Year 2025 |
Sales* |
|
Non-GAAP Gross margin2 |
Approximately |
Non-GAAP Operating expenses2** |
|
Non-GAAP Other (income) expense, net2 |
|
Non-GAAP Effective tax rate2 |
|
Non-GAAP EPS2*** |
|
Share count (assuming dilution) |
Approximately 2.53 billion |
*The company does not have any non-GAAP adjustments to sales. |
|
**Includes |
|
***Includes expected one-time charge of approximately |
|
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
Merck’s full-year non-GAAP effective income tax rate is expected to be between
Merck expects full-year 2025 non-GAAP EPS to be between
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 (
About Merck
At Merck, known as MSD outside of
Forward-Looking Statement of Merck & Co., Inc.,
This news release of Merck & Co., Inc.,
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 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)
1Net income (loss) attributable to Merck & Co., Inc. |
2Merck 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. |
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. |
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 |
| 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 |
|
|
$ |
64,168 |
|
$ |
60,115 |
|
|
|||||
|
|
||||||||||||||||||
| Costs, Expenses and Other |
|
|
|||||||||||||||||
| Cost of sales |
|
3,828 |
|
|
3,911 |
|
- |
|
15,193 |
|
|
16,126 |
|
- |
|||||
| Selling, general and administrative |
|
2,864 |
|
|
2,804 |
|
|
|
10,816 |
|
|
10,504 |
|
|
|||||
| Research and development |
|
4,585 |
|
|
9,628 |
|
- |
|
17,938 |
|
|
30,531 |
|
- |
|||||
| Restructuring costs |
|
51 |
|
|
255 |
|
- |
|
309 |
|
|
599 |
|
- |
|||||
| Other (income) expense, net |
|
126 |
|
|
78 |
|
|
|
(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 |
% |
|||||||
| * |
|||||||||||||||||||
| (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 |
|
701 |
121 |
822 |
|
|||||||||
| 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 |
|
(0.23) |
(0.07) |
(0.04) |
0.10 |
(0.24) |
|
|||||||
| Tax Rate |
|
|
||||||||||||
| Full Year | ||||||||||||||
| Cost of sales |
|
2,409 |
495 |
2,904 |
|
|||||||||
| 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 |
|
(0.81) |
(0.30) |
(0.01) |
0.21 |
(0.91) |
|
|||||||
| Tax Rate |
|
|
||||||||||||
| 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 |
|
4Q |
|
Full Year |
|||||||||||
| 1Q | 2Q | 3Q | 4Q | Full Year | 1Q | 2Q | 3Q | 4Q | Full Year | Nom % | Ex-Exch % | Nom % | Ex-Exch % | ||||
| TOTAL SALES (1) |
|
|
|
|
|
|
|
|
|
|
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 |
|||||||||||
| (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 |
|||||||||||
| (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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250204281696/en/
Media:
Robert Josephson
(203) 914-2372
robert.josephson@merck.com
Michael Levey
(215) 872-1462
michael.levey@merck.com
Investor:
Peter Dannenbaum
(732) 594-1579
peter.dannenbaum@merck.com
Steven Graziano
(732) 594-1583
steven.graziano@merck.com
Source: Merck & Co., Inc.
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