Merck reported FY 2025 sales of USD 65.0 billion (+1.0%) and GAAP net income attributable to shareholders of USD 18.3 billion (+7.0%), with GAAP diluted EPS of USD 7.28 (+8.0%). On a non-GAAP basis, net income attributable to shareholders was USD 22.5 billion (+16.0%) and diluted EPS was USD 8.98 (+17.0%). FY 2025 sales included USD 36.5 billion in the U.S. (+13.0%) and USD 28.5 billion internationally (-11.0%). Cash provided by operating activities was USD 16.5 billion (down from USD 21.5 billion). Merck’s effective income tax rate was 13.3% in FY 2025. Key product results in FY 2025 included Keytruda/Keytruda Qlex sales of USD 31.7 billion (+7.0%), Gardasil/Gardasil 9 sales of USD 5.2 billion (-39.0%) driven by lower demand in China and a temporary pause of shipments to China beginning February 2025, and Winrevair sales of USD 1.4 billion (up from USD 419 million). Capvaxive sales were USD 759 million, Welireg sales were USD 716 million (+41.0%), and Lagevrio sales were USD 380 million (-61.0%). Merck recorded no FY 2025 sales for Simponi and Remicade because marketing rights reverted to Johnson & Johnson on October 1, 2024. Corporate updates included the October 2025 acquisition of Verona Pharma, adding Ohtuvayre (USD 178 million of sales recorded post-close in FY 2025). Merck also agreed to acquire Cidara Therapeutics (closed January 2026) for approximately USD 9.2 billion, and in July 2025 approved a restructuring program targeting approximately USD 3.0 billion of cumulative pretax costs and approximately USD 1.7 billion of annual cost savings substantially realized by end of 2027. Merck raised its quarterly dividend to USD 0.85 per share from USD 0.81 per share, and returned USD 13.3 billion to shareholders in FY 2025 (USD 8.2 billion in dividends and USD 5.1 billion in share repurchases).

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