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U.S. COMPANY FILING

10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025

Filed: 2026-02-24Company: Merck & Co., Inc.Ticker: MRKExchange: NYSEForm: 10-KReport period: 2025-12-31SEC accession: 0000310158-26-000063Event: earningsMateriality: 85

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Merck reported 2025 worldwide sales of $65.0 billion, up 1% YoY, with GAAP EPS of $7.28 and non-GAAP EPS of $8.98. R&D expenses declined 12% to $15.8 billion. Key business development activities included the acquisition of Cidara Therapeutics for ~$9.2 billion and Verona Pharma, and a licensing deal with Hengrui Pharma. Operating cash flow was $16.5 billion, down from $21.5 billion. Risks include patent expirations and pricing pressure. The company also set climate goals.

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