Merck Second-Quarter 2025 Sales and Earnings

    Merck Second-Quarter 2025 Sales and Earnings

    F2 weeks ago 13

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    Second-Quarter 2025 
Sales and Earnings
Merck & Co., Inc., Rahway, N.J., USA
July 29, 2025
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    Agenda
2
Agenda
Strategy and Business Update
Robert M. Davis
Chairman and Chief Executive Officer
Financial Results and Outlook
Caroline Litchfield
Executive Vice President and Chief Financial Officer
Research Update
Dr. Dean Y. Li
Executive Vice President and President, Research Laboratories
Question & Answer Session
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This presentation 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, 2024 and the company’s other filings with the 
Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).
Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA
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    Strategy and 
Business Update
Robert M. Davis
Chairman and Chief Executive Officer
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Q2 performance in-line with expectations
$15.8B
Q2 Worldwide Sales
Results reflect strength in Oncology, Animal Health,
and increasing contributions from new launches
Q2 Non-GAAP EPS1,2
$2.13
1. Q2 2025 includes a charge of $0.07 per share related to the closing of a license agreement with Hengrui Pharma 2. Q2 2025 GAAP EPS of $1.76
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Driving value by progressing innovative pipeline
• Received 10th earlier stage approval for KEYTRUDA
• Presented data at ASCO from multiple novel candidates and broad oncology portfolio 
Oncology
• FDA approved and ACIP recommended ENFLONSIA for prevention of RSV in infants younger than 
8 months of age born during or entering their first RSV season 
• FDA accepted NDA for doravirine + islatravir for HIV-1 treatment in adults with suppressed virus 
Infectious Disease • Presented Phase 2 data at IAS for MK-8527 for PrEP
• Positive topline results for enlicitide in hyperlipidemia in first two CORALreef studies
• Positive topline results for WINREVAIR in recently diagnosed PAH in HYPERION study
• Supplemental BLA accepted for WINREVAIR based on ZENITH study Cardiopulmonary
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Ohtuvayre® is the first novel inhaled COPD maintenance 
treatment in more than 20 years, a large disease area with
significant unmet medical need 
Significant potential to positively impact patients and create 
shareholder value
Multibillion dollar commercial opportunity with potential to 
drive both near- and long-term revenue growth
Continuing to advance science-led strategy through pending acquisition 
of Verona Pharma
Science-driven business development that strengthens and 
complements cardiopulmonary portfolio
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    8 Excludes ongoing Phase 3 studies for marketed products including KEYTRUDA, Lenvima, Lynparza, Verquvo, LAGEVRIO and WELIREG. Reflects select late-phase programs. 
1. Collaboration with Moderna 2. Collaboration with Taiho and Astex 3. Collaboration with Kelun Biotech 4. Collaboration with Daiichi Sankyo 5. Collaboration with Gilead
Entering period of rapid transformation with expansive late-phase pipeline
Oncology Vaccines & Infectious Disease Other Pharma
subQ pembrolizumab + berahyaluronidase alfa
intismeran autogene1
nemtabrutinib
bomedemstat
opevesostat
MK-10842
sacituzumab tirumotecan3
zilovertamab vedotin
patritumab deruxtecan4
ifinatamab deruxtecan4
raludotatug deruxtecan4
doravirine + islatravir
islatravir + lenacapavir5
MK-8527
V181
enlicitide decanoate
tulisokibart
MK-3000
Recent launches Broad late-phase pipeline
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Delivering the 
next wave of 
innovation 
Well positioned to successfully navigate 
the KEYTRUDA LOE period
Executing Business Development
Actively pursuing additional science-driven 
value-creating transactions
Launching New Growth Drivers
>$50B commercial opportunity by mid-2030s from 
recent launches and late-phase pipeline
Advancing Early- and Late-Phase Pipeline
Tripled late-phase pipeline since 2021
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    Financial Results 
and Outlook
Caroline Litchfield
Executive Vice President and 
Chief Financial Officer
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Q2 performance driven by robust demand for our innovative portfolio
1. Worldwide Sales includes Other Revenue 2. Excludes sales of GARDASIL in China of $1.3 billion in 2Q24 
Human Health
$14.1B -2% nominal
-3% ex-FX
+7% ex-GARDASIL China2, nominal & ex-FX
$15.8B -2% nominal & ex-FX
+7% ex-GARDASIL China2, nominal & ex-FX
WORLDWIDE SALES1 Animal Health
$1.6B
+11% nominal & ex-FX
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Oncology: KEYTRUDA continues to benefit patients and drive growth
KEYTRUDA sales of $8.0B increased 9%, 
driven by robust demand from metastatic 
indications and increased uptake in earlierstage cancers
‒ Growth driven by usage in tumors 
predominantly affecting women, including those 
with certain breast, cervical and endometrial 
cancers
‒ Increased use of KEYTRUDA in combination with 
enfortumab vedotin in first-line, locally advanced 
urothelial cancer
‒ Positive feedback from HCPs following recent 
launch of KN-689 in certain patients with locally 
advanced head and neck cancer
2Q23 2Q24 2Q25
$6.3B
+21%
$8.0B
$7.3B +9%
+21%1
Growth rates exclude the impact of foreign exchange.
1. ~4 percentage points of negative impact of foreign exchange substantially all of which was due to devaluation of Argentine peso, which was largely offset by inflation-related price increases.
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Oncology: Strong growth across broad portfolio
WELIREG sales grew 29%, driven by increased 
uptake in certain adult patients with 
previously treated advanced RCC in the U.S.
Lynparza1 sales grew 15%, primarily due to 
higher demand in the U.S. and certain 
international markets
Lenvima2 sales grew 5%, primarily due to 
higher sales in the U.S. reflecting higher 
demand, partially offset by lower pricing
Growth rates exclude the impact of foreign exchange.
1. In collaboration with AstraZeneca 2. In collaboration with Eisai
2Q23 2Q24 2Q25
$317M
+4%
$310M
+15%
$370M
+15%
2Q23 2Q24 2Q25
$249M
+4%
$242M
+6%
$265M
+5%
2Q23 2Q24 2Q25
$126M
+150%
$50M
+89%
$162M
+29%
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Vaccines: GARDASIL protecting lives from HPV-related cancers
GARDASIL sales of $1.1B decreased 55%, driven 
primarily by China 
‒ Outside the U.S. and China, decline driven by lower 
sales in Japan reflecting expiration of 
reimbursement for catch-up cohort and timing of 
public sector purchases in certain international 
markets
‒ In the U.S., growth of 2% driven by price and higher 
demand, partially offset by CDC purchasing 
patterns
2Q23 2Q24 2Q25
$2.5B
+4%
$1.1B
-55%
$2.5B
+53%
Growth rates exclude the impact of foreign exchange.
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Vaccines: Growth across pneumococcal vaccine portfolio 
CAPVAXIVE1 sales of $129M driven by demand 
from retail pharmacies and non-retail customers
VAXNEUVANCE sales of $229M increased 20%
‒ In the U.S., growth benefitted by ~$60M from CDC 
stockpile activity2, partially offset by competitive 
pressures
‒ Outside the U.S., growth in certain international 
markets offset by competitor preferential 
recommendation in Japan
2Q23 2Q24 2Q25
$1.7B
+40%
2Q23 2Q24 2Q25
$129M
$168M $189M
+16%
$229M
+20%
Growth rates exclude the impact of foreign exchange.
1. Launched in 3Q24 2. Benefit to VAXNEUVANCE was offset by a draw down of CDC stockpile inventory for ROTATEQ and VARIVAX resulting in a net neutral transaction
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ENFLONSIA: Excited to bring new option for RSV prevention in infants
First and only RSV preventive option for administration 
to infants using same dose regardless of weight
Compelling clinical data and operational simplicity 
make it an important option
Initial orders received in July
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WINREVAIR: Strong launch execution demonstrates ability to maximize 
value of pipeline
>$1B cumulative net sales since launch 
2Q24 3Q24 4Q24 1Q25 2Q25
$1.7B
+40%
$336M
$280M
$200M
$70M
$149M
In the U.S., continued growth in new patient starts and TRx
• >1,600 new patients prescribed in the quarter
• >8,200 total patients prescribed since launch
• >6,500 patients with claims approved by payers started 
treatment since launch
• ~58,000 total prescriptions filled since launch
Strong breadth and depth of prescribers 
• >1,200 physicians have written at least one prescription since 
launch
• Steady increase in percentage of prescriptions for patients whose 
background PAH therapies do not include a prostacyclin
Achieved coverage for >70% of lives since launch
Ex-U.S., progressing with approvals and reimbursement
• Expect to launch later in 3Q25 in Japan
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Animal Health: Growth across livestock and companion animal
Animal Health sales increased 11% to $1.6B
‒ Livestock sales grew 16%, driven by higher 
demand across all species, as well as inclusion of 
sales from recently expanded aqua portfolio
‒ Companion Animal sales growth of 6% reflects 
price
‒ Growth in both segments benefitted from 
improved supply 
Growth rates exclude the impact of foreign exchange.
1. ~3 percentage points of negative impact of foreign exchange due to devaluation of Argentine peso, which was largely offset by inflation-related price increases.
2Q23 2Q24 2Q25
$1.5B
+2%
$1.5B
+6%1
$1.6B
+11%
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Q2 2025 non-GAAP financial results summary1
$ in billions, except EPS amounts
1. The company is providing certain 2025 and 2024 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 the earnings release. 2. Q2 2025 includes a charge of $0.07 per share 
related to the closing of a license agreement with Hengrui Pharma. 3. Q2 2025 GAAP EPS of $1.76
Q2 2025 Q2 2024 Change Change 
Ex-FX
Sales $15.8 $16.1 -2% -2%
Non-GAAP Gross Margin 82.2% 80.9% +1.3pts +1.4pts
Non-GAAP Operating 
Expenses $6.6 $6.2 +7% +7%
Non-GAAP Tax Rate 15.0% 14.1% +0.9pts N/A
Non-GAAP EPS2,3 $2.13 $2.28 -7% -5%
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Updated 2025 financial outlook
1. Guidance does not assume any additional significant potential business development transactions, and does not include anticipated impact of the announced acquisition of Verona Pharma. 
Prior Guidance Updated Guidance Key Assumptions
Revenue $64.1B to $65.6B $64.3B to $65.3B • Now assumes ~0.5 percentage point FX headwind
• Implies +0% to +2% nominal (+1% to +2% ex-FX)
Non-GAAP
Gross Margin Rate ~82.0% ~82.0% • Continues to assume ~$200M of costs related to tariffs, 
pending the outcome of additional potential government 
actions 
Non-GAAP
Operating Expenses1 $25.6B to $26.6B $25.6B to $26.4B
• Continues to assume $300M tech transfer milestone to 
LaNova, which was completed in July, and includes $200M 
upfront payment related to license agreement with 
Hengrui Pharma
Other (Income) / Expense ~$300M to ~$400M of expense ~$300M to ~$400M of expense
Tax Rate ~15.5% to 16.5% ~15.0% to 16.0%
Shares Outstanding ~2.51B ~2.51B
Non-GAAP EPS1 $8.82 to $8.97 $8.87 to $8.97
• Continues to assume one-time charges related to tech 
transfer milestone to LaNova and upfront payment to 
Hengrui Pharma (now totaling ~$0.16 per share) 
• Now assumes ~$0.15 FX headwind
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Key modeling considerations
GARDASIL 
Family1
• In China, channel inventories remain elevated and demand continues to be soft, therefore will not resume shipments 
through at least the end of this year
• Japan will be a more significant headwind to growth in second half as we lap increased vaccinations from catch-up cohort 
Other 
Revenue • Expect second half other revenue to be significantly lower due to negative impact from foreign exchange hedging program
Operating 
Expenses • Expect second half operating expenses to be roughly evenly split between 3Q and 4Q, excluding business development
1. GARDASIL Family includes GARDASIL and GARDASIL 9
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Remain committed to balanced capital allocation strategy
Q2 Spend ($ in billions)1
Continue to invest in our 
pipeline and business, as well 
as augment our pipeline with 
value-enhancing business 
development, while returning 
cash to shareholders 
1. Reflects quarter spend
2. Reflects R&D excluding Business Development 
$3.2 
$0.7 
$2.1 
$0.3 
$1.3 
After-Tax R&D CapEx Dividends
Paid
Business 
Development
(ex-divestitures)
Share Repurchase
Capital allocation order of priority
2
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    Research Update
Dr. Dean Y. Li
Executive Vice President and President, 
Research Laboratories
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Ohtuvayre is the first inhaled COPD maintenance treatment that 
combines bronchodilatory and non-steroidal anti-inflammatory activity
First novel inhaled mechanism for maintenance 
treatment of COPD in more than two decades
Dual inhibitor of phosphodiesterase 3 (PDE3) and 
phosphodiesterase 4 (PDE4)
Improves symptoms of COPD for better breathing 
and to reduce number of flare-ups
Source: Hubert et al, Trends Pharmacol Sci., 2024
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Important updates across cardiopulmonary portfolio 
Announced positive topline results from Phase 3 
CORALreef HeFH and CORALreef AddOn trials
– Both trials met primary and all key secondary endpoints, 
demonstrating statistically significant and clinically 
meaningful reductions in LDL-C versus placebo
Results from three Phase 3 trials, including CORALreef 
Lipids trial in broader hypercholesterolemia patient 
population, will be presented at future scientific 
congresses 
Completed enrollment for Phase 3 CORALreef 
Outcomes trial
Topline results for Phase 3 HYPERION trial in adults 
recently diagnosed with PAH showed adding 
WINREVAIR on top of background PAH therapy 
significantly reduced risk of clinical worsening events 
compared to background therapy alone
– Detailed results to be presented later this year
FDA granted priority review for sBLA to update label for 
WINREVAIR based on ZENITH trial
– PDUFA date of October 25, 2025
Received approval from MHLW in Japan
WINREVAIR Enlicitide decanoate
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Building on our progress in infectious diseases
RSV Dengue HIV
FDA approved ENFLONSIA for 
prevention of RSV lower respiratory tract 
disease in infants born during or entering 
first RSV season
– First and only option designed to protect 
infants with same dose regardless of 
weight
– ACIP recommended for use in infants 
younger than eight months of age, and 
inclusion in VFC1 program
Initiated first Phase 3 trial to evaluate 
V181, investigational quadrivalent vaccine 
for prevention of dengue disease caused 
by any four dengue virus serotypes, 
regardless of prior dengue exposure
Presented data at IAS2 from Phase 2 trial 
evaluating MK-8527 for PrEP
– Potential to enable rapid onset of 
protection within one hour of intake 
without need for loading dose
– Support imminent initiation of Phase 3 
EXPrESSIVE program 
Presented data at IAS2 for combination of 
islatravir and ulonivirine for once-weekly 
treatment of adults living with HIV 
FDA accepted NDA for combination of 
doravirine and islatravir for once-daily 
treatment of adults living with HIV-1 that 
is virologically suppressed on 
antiretroviral therapy
– PDUFA date of April 28, 2026
1. Vaccines for Children 2. International AIDS Society Conference on HIV Science
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Continuing to advance cancer care with a broad, differentiated portfolio 
and pipeline
42 total approvals2
10earlier stage approvals2
1. In collaboration with Daiichi Sankyo 2. Represents approvals in the U.S. 
Showcased diverse pipeline at ASCO investor event
Three ongoing Phase 3 trials evaluating ifinatamab deruxtecan1
– IDeate-Esophageal01 in unresectable advanced or metastatic esophageal 
squamous cell carcinoma
– IDeate-Prostate01 in metastatic castration-resistant prostate cancer
– IDeate-Lung02 in relapsed small cell lung cancer
KEYNOTE-689: Received FDA approval for KEYTRUDA as part of 
perioperative treatment regimen for adult patients with resectable, locally 
advanced HNSCC whose tumors express PD-L1 (CPS >1) 
KEYNOTE-B96: Announced positive PFS and OS results for KEYTRUDA plus 
chemotherapy with or without bevacizumab in certain patients with platinumresistant recurrent ovarian cancer 
Received approval from MHLW in Japan for WELIREG for certain patients 
with advanced RCC
Notable recent updates
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Key second half dates and milestones 
Oncology
Subcutaneous pembrolizumab with berahyaluronidase alfa 
• PDUFA date September 23rd
Cardiopulmonary
WINREVAIR
• PDUFA date October 25th for FDA label update based on ZENITH trial
• Presentation of detailed findings from HYPERION trial
• Primary completion date in September for CADENCE trial in Cpc-PH due to HFpEF
Enlicitide decanoate
• Begin presenting detailed findings from CORALreef development program
Business Development 
Verona Pharma
• Expect acquisition to close in 4Q25
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    Q&A
Robert M. Davis
Chairman and Chief Executive Officer
Dr. Dean Y. Li
Executive Vice President and President, Research Laboratories
Caroline Litchfield
Executive Vice President and Chief Financial Officer
Peter Dannenbaum
Senior Vice President, Investor Relations
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Appendix
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Q2 2025 GAAP financial results summary
$ in billions, EPS amounts
1. 2Q25 GAAP results include $200 million charge, or $0.07 negative EPS impact, related to the closing of a license agreement with Hengrui Pharma 
2. 2Q25 GAAP results include $779 million charge ($649 million related to 2025 restructuring program), or $0.25 negative EPS impact
Q2 2025 Q2 2024 Change Change Ex-FX
Sales $15.8 $16.1 -2% -2%
Operating Expenses 
(SG&A and R&D)1 $6.7 $6.2 +7% +7%
Tax Rate 11.4% 9.1% +2.3pts N/A
GAAP EPS1,2 $1.76 $2.14 -18% -16%
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    $12.6
$3.8
$8.0
$5.2
$3.4
$0
$3
$6
$9
$12
$15
After-Tax R&D CapEx Dividends Paid Business 
Development
(ex-divestitures)
Share 
Repurchase
~$21B
Over 5 years, including expanding 
manufacturing capacity for Oncology, Vaccines, 
and Animal Health. Includes >$11B in the U.S.
Billions
Over the past 12 months
Capital investments
2025 to 2029
Commitment to the dividend
32
Well-positioned balance sheet 
with capacity to fund 
additional value-enhancing 
business development
opportunities
Order of priority
1. Reflects R&D excluding Business Development 
2. Includes BD payments reflected in operating cash flow
2
1
E
$1.84 $1.88 $1.92 
$2.20 
$2.44 $2.60 $2.76 $2.92 $3.08 $3.24 
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E
Dollars per share
+2% +2% +2%
+11%
+15%
+7% +6% +6% +5% +5%
Capital allocation: Trailing twelve months
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Driving value for patients and shareholders by progressing our pipeline
Key regulatory milestones since the last earnings call:
In the U.S.:
• FDA approved BRAVECTO QUANTUM as a once-yearly injectable product to treat and protect dogs from 
fleas and ticks
• FDA approved KEYTRUDA as part of a neoadjuvant/adjuvant treatment regimen for adult patients with 
resectable locally advanced HNSCC whose tumors express PD-L1 (CPS ≥1), based on KEYNOTE-689 
• FDA approved WELIREG for the treatment of adults and pediatric patients 12 years and older with locally 
advanced, unresectable, or metastatic PPGL
• FDA accepted for review an NDA for doravirine/islatravir, an investigational, once-daily, oral, two-drug 
regimen for adults with HIV-1 infection that is virologically suppressed on antiretroviral therapy
• FDA accepted and granted priority review for a new sBLA to update the U.S. product label for WINREVAIR 
based on the Phase 3 ZENITH trial 
• Following FDA approval, ACIP voted to recommend ENFLONSIA as an option for the prevention of RSV 
lower respiratory tract disease in infants younger than 8 months of age who are born during or entering 
their first RSV season
In the EU:
• EC approved NUMELVI for the treatment of pruritus associated with allergic dermatitis including atopic 
dermatitis and treatment of clinical manifestations of atopic dermatitis for dogs 
In China:
• NMPA approved KEYTRUDA in combination with LENVIMA plus TACE for the treatment of patients with 
unresectable non-metastatic HCC
In Japan:
• MHLW approved AIRWIN (sotatercept) for the treatment of adults with PAH 
• MHLW approved WELIREG as monotherapy for the treatment of adults with VHL disease-associated 
tumors, and for adults with unresectable or metastatic RCC that has progressed after chemotherapy
• MHLW approved KEYTRUDA for metastatic HER2+ gastric cancer based on KEYNOTE-811
• MHLW approved KEYTRUDA for 1L unresectable advanced or metastatic malignant pleural mesothelioma 
based on KEYNOTE-483
Key data & clinical advancements since the last earnings call:
Announced:
• Phase 3 HYPERION study evaluating WINREVAIR met primary 
endpoint in recently diagnosed adults with PAH FC II or III at 
intermediate or high risk of disease progression
• Phase 3 CORALreef HeFH and CORALreef AddOn trials evaluating 
enlicitide decanoate met primary and all key secondary endpoints for 
the treatment of adults with hyperlipidemia 
• Phase 3 KEYNOTE-B96 trial evaluating KEYTRUDA met primary 
endpoint of PFS in patients with platinum-resistant recurrent 
ovarian cancer whose tumors expressed PD-L1 and in all comers, as 
well as secondary endpoint of OS for patients whose tumors express 
PD-L1
Presented data for:
• MK-8527, an investigational novel NRTTI, once-monthly pill, in 
development for the prevention of HIV as pre-exposure prophylaxis 
(PrEP) at IAS
• Broad oncology portfolio at ASCO, including for KEYTRUDA (KND19, KN-564, KN-859, KN-A18, KN-689), WELIREG (LITESPARK004), sac-TMT (TROPION-Lung02, OptiTROP-Lung03), MK-1084 
(KANDLELIT-001), and zilovertamab vedotin (waveLINE-003)
• WINREVAIR at ATS, including new clinical and outcomes data 
Announced initiation of Phase 3 studies evaluating:
• MK-8527 (HIV PrEP), I-DXd (B7H3 ADC), V181 (Dengue), sac-TMT 
(TROP2 ADC), MK-1084 (KRAS G12Ci)
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    MK-8591A (doravirine + islatravir)
HIV-1 Infection (EU)
MK-8591D (islatravir + lenacapavir)1,4
HIV-1 Infection
LAGEVRIO (MK-4482)1,5
COVID-19 Antiviral (U.S.)
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Broad and innovative pipeline to address significant unmet medical needs
As of July 29, 2025
Phase 3
Oncology
MK-1026 (nemtabrutinib)
Hematological Malignancies
MK-10842
CRC
NSCLC
MK-1308A (quavonlimab 
+pembrolizumab)
RCC
MK-2140 (zilovertamab vedotin)
Hematological Malignancies
MK-2400 (ifinatamab deruxtecan)1
Esophageal
Prostate
SCLC
MK-2870 (sacituzumab tirumotecan)1,3
Breast
Cervical
Endometrial
Gastric
NSCLC
Ovarian
MK-3543 (bomedemstat)
Myeloproliferative Disorders
KEYTRUDA (MK-3475)
HCC (EU)
Ovarian
SCLC 
MK-5684 (opevesostat)
Prostate
LYNPARZA (MK-7339)1,2
NSCLC
SCLC
V940 (intismeran autogene)1,2
Melanoma 
NSCLC
Infectious Disease
MK-7240 (tulisokibart)
Crohn’s Disease
Ulcerative Colitis
Immunology
Cardiopulmonary
MK-0616 (enlicitide decanoate)
Hypercholesterolemia
MK-30006
Diabetic Macular Edema
Ophthalmology
Phase 2
MK-2870 (sacituzumab 
tirumotecan)1,3
Biliary
Bladder
CRC
Neoplasm Malignant
Pancreatic
KEYTRUDA (MK-3475)
Prostate
MK-3475A (pembrolizumab + 
berahyaluronidase alfa)
cSCC
Hematological Malignancies
MK-5909 (raludotatug 
deruxtecan)1
Biliary
Bladder
Cervical
CRC
Endometrial
Gastric
NSCLC
Ovarian
Pancreas
RCC
SCLC
WELIREG (MK-6482)
Breast
V940 (intismeran autogene)1,2
Bladder
RCC
MK-1022 (patritumab 
deruxtecan)1,3
Biliary 
Bladder
Breast
Cervical
CRC
Endometrial
Esophageal
Gastric
HCC
HNSCC
Melanoma
NSCLC
Ovarian
Pancreas
Prostate
MK-2400 (ifinatamab deruxtecan)1
Biliary
Bladder
Breast
Cervical
CRC
Endometrial
HCC
HNSCC
Melanoma
NSCLC
Ovarian
Pancreas
Oncology
Infectious Disease
MK-8527
HIV-1 PrEP
MK-8591B (islatravir+ulonivirine)
HIV-1 Infection
MK-5475
PH-COPD
MK-6024 (efinopegdutide)
MASH
WINREVAIR (MK-7962)
Pulmonary Hypertension due to 
Left Heart Disease
Cardiopulmonary
MK-7240 (tulisokibart)
Hidradenitis Suppurativa 
Systemic Sclerosis
Immunology
MK-1167
Alzheimer’s Disease
MK-2214
Alzheimer’s Disease
Neuroscience
Under regulatory review
Oncology
KEYTRUDA (MK-3475)
HNSCC (EU, JPN)
MK-3475A (pembrolizumab + 
berahyaluronidase alfa)
Previously Approved Solid Tumors (U.S.)
Previously Approved Tumors (EU) 
Vaccines
CAPVAXIVE (V116)
Pneumococcal Vaccine Adult (JPN)
Infectious Disease
ENFLONSIA (MK-1654)
Respiratory Syncytial Virus (EU, JPN)
MK-8591A (doravirine + islatravir)
HIV-1 Infection (U.S., JPN)
Cardiopulmonary
WINREVAIR (MK-7962)
Pulmonary Arterial Hypertension (ZENITH) 
(US)
1. Being developed in a collaboration 2. Being developed in combination with KEYTRUDA 3. Being developed as monotherapy and/or in combination with KEYTRUDA 4. On partial clinical hold for higher doses of islatravir than those used in current clinical trials 
5. Available in the U.S. under Emergency Use Authorization 6. Program is in Phase 2/3 study
MK-8748
Eye Disorders
Ophthalmology
V181
Dengue Fever Virus
Vaccines
    34/34

    Merck Second-Quarter 2025 Sales and Earnings

    • 1. Second-Quarter 2025 Sales and Earnings Merck & Co., Inc., Rahway, N.J., USA July 29, 2025
    • 2. Agenda 2 Agenda Strategy and Business Update Robert M. Davis Chairman and Chief Executive Officer Financial Results and Outlook Caroline Litchfield Executive Vice President and Chief Financial Officer Research Update Dr. Dean Y. Li Executive Vice President and President, Research Laboratories Question & Answer Session
    • 3. 3 This presentation 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, 2024 and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov). Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA
    • 4. Strategy and Business Update Robert M. Davis Chairman and Chief Executive Officer 4
    • 5. 5 Q2 performance in-line with expectations $15.8B Q2 Worldwide Sales Results reflect strength in Oncology, Animal Health, and increasing contributions from new launches Q2 Non-GAAP EPS1,2 $2.13 1. Q2 2025 includes a charge of $0.07 per share related to the closing of a license agreement with Hengrui Pharma 2. Q2 2025 GAAP EPS of $1.76
    • 6. 6 Driving value by progressing innovative pipeline • Received 10th earlier stage approval for KEYTRUDA • Presented data at ASCO from multiple novel candidates and broad oncology portfolio Oncology • FDA approved and ACIP recommended ENFLONSIA for prevention of RSV in infants younger than 8 months of age born during or entering their first RSV season • FDA accepted NDA for doravirine + islatravir for HIV-1 treatment in adults with suppressed virus Infectious Disease • Presented Phase 2 data at IAS for MK-8527 for PrEP • Positive topline results for enlicitide in hyperlipidemia in first two CORALreef studies • Positive topline results for WINREVAIR in recently diagnosed PAH in HYPERION study • Supplemental BLA accepted for WINREVAIR based on ZENITH study Cardiopulmonary
    • 7. 7 Ohtuvayre® is the first novel inhaled COPD maintenance treatment in more than 20 years, a large disease area with significant unmet medical need Significant potential to positively impact patients and create shareholder value Multibillion dollar commercial opportunity with potential to drive both near- and long-term revenue growth Continuing to advance science-led strategy through pending acquisition of Verona Pharma Science-driven business development that strengthens and complements cardiopulmonary portfolio
    • 8. 8 Excludes ongoing Phase 3 studies for marketed products including KEYTRUDA, Lenvima, Lynparza, Verquvo, LAGEVRIO and WELIREG. Reflects select late-phase programs. 1. Collaboration with Moderna 2. Collaboration with Taiho and Astex 3. Collaboration with Kelun Biotech 4. Collaboration with Daiichi Sankyo 5. Collaboration with Gilead Entering period of rapid transformation with expansive late-phase pipeline Oncology Vaccines & Infectious Disease Other Pharma subQ pembrolizumab + berahyaluronidase alfa intismeran autogene1 nemtabrutinib bomedemstat opevesostat MK-10842 sacituzumab tirumotecan3 zilovertamab vedotin patritumab deruxtecan4 ifinatamab deruxtecan4 raludotatug deruxtecan4 doravirine + islatravir islatravir + lenacapavir5 MK-8527 V181 enlicitide decanoate tulisokibart MK-3000 Recent launches Broad late-phase pipeline
    • 9. 9 Delivering the next wave of innovation Well positioned to successfully navigate the KEYTRUDA LOE period Executing Business Development Actively pursuing additional science-driven value-creating transactions Launching New Growth Drivers >$50B commercial opportunity by mid-2030s from recent launches and late-phase pipeline Advancing Early- and Late-Phase Pipeline Tripled late-phase pipeline since 2021
    • 10. Financial Results and Outlook Caroline Litchfield Executive Vice President and Chief Financial Officer 10
    • 11. 11 Q2 performance driven by robust demand for our innovative portfolio 1. Worldwide Sales includes Other Revenue 2. Excludes sales of GARDASIL in China of $1.3 billion in 2Q24 Human Health $14.1B -2% nominal -3% ex-FX +7% ex-GARDASIL China2, nominal & ex-FX $15.8B -2% nominal & ex-FX +7% ex-GARDASIL China2, nominal & ex-FX WORLDWIDE SALES1 Animal Health $1.6B +11% nominal & ex-FX
    • 12. 12 Oncology: KEYTRUDA continues to benefit patients and drive growth KEYTRUDA sales of $8.0B increased 9%, driven by robust demand from metastatic indications and increased uptake in earlierstage cancers ‒ Growth driven by usage in tumors predominantly affecting women, including those with certain breast, cervical and endometrial cancers ‒ Increased use of KEYTRUDA in combination with enfortumab vedotin in first-line, locally advanced urothelial cancer ‒ Positive feedback from HCPs following recent launch of KN-689 in certain patients with locally advanced head and neck cancer 2Q23 2Q24 2Q25 $6.3B +21% $8.0B $7.3B +9% +21%1 Growth rates exclude the impact of foreign exchange. 1. ~4 percentage points of negative impact of foreign exchange substantially all of which was due to devaluation of Argentine peso, which was largely offset by inflation-related price increases.
    • 13. 13 Oncology: Strong growth across broad portfolio WELIREG sales grew 29%, driven by increased uptake in certain adult patients with previously treated advanced RCC in the U.S. Lynparza1 sales grew 15%, primarily due to higher demand in the U.S. and certain international markets Lenvima2 sales grew 5%, primarily due to higher sales in the U.S. reflecting higher demand, partially offset by lower pricing Growth rates exclude the impact of foreign exchange. 1. In collaboration with AstraZeneca 2. In collaboration with Eisai 2Q23 2Q24 2Q25 $317M +4% $310M +15% $370M +15% 2Q23 2Q24 2Q25 $249M +4% $242M +6% $265M +5% 2Q23 2Q24 2Q25 $126M +150% $50M +89% $162M +29%
    • 14. 14 Vaccines: GARDASIL protecting lives from HPV-related cancers GARDASIL sales of $1.1B decreased 55%, driven primarily by China ‒ Outside the U.S. and China, decline driven by lower sales in Japan reflecting expiration of reimbursement for catch-up cohort and timing of public sector purchases in certain international markets ‒ In the U.S., growth of 2% driven by price and higher demand, partially offset by CDC purchasing patterns 2Q23 2Q24 2Q25 $2.5B +4% $1.1B -55% $2.5B +53% Growth rates exclude the impact of foreign exchange.
    • 15. 15 Vaccines: Growth across pneumococcal vaccine portfolio CAPVAXIVE1 sales of $129M driven by demand from retail pharmacies and non-retail customers VAXNEUVANCE sales of $229M increased 20% ‒ In the U.S., growth benefitted by ~$60M from CDC stockpile activity2, partially offset by competitive pressures ‒ Outside the U.S., growth in certain international markets offset by competitor preferential recommendation in Japan 2Q23 2Q24 2Q25 $1.7B +40% 2Q23 2Q24 2Q25 $129M $168M $189M +16% $229M +20% Growth rates exclude the impact of foreign exchange. 1. Launched in 3Q24 2. Benefit to VAXNEUVANCE was offset by a draw down of CDC stockpile inventory for ROTATEQ and VARIVAX resulting in a net neutral transaction
    • 16. 16 ENFLONSIA: Excited to bring new option for RSV prevention in infants First and only RSV preventive option for administration to infants using same dose regardless of weight Compelling clinical data and operational simplicity make it an important option Initial orders received in July
    • 17. 17 WINREVAIR: Strong launch execution demonstrates ability to maximize value of pipeline >$1B cumulative net sales since launch 2Q24 3Q24 4Q24 1Q25 2Q25 $1.7B +40% $336M $280M $200M $70M $149M In the U.S., continued growth in new patient starts and TRx • >1,600 new patients prescribed in the quarter • >8,200 total patients prescribed since launch • >6,500 patients with claims approved by payers started treatment since launch • ~58,000 total prescriptions filled since launch Strong breadth and depth of prescribers • >1,200 physicians have written at least one prescription since launch • Steady increase in percentage of prescriptions for patients whose background PAH therapies do not include a prostacyclin Achieved coverage for >70% of lives since launch Ex-U.S., progressing with approvals and reimbursement • Expect to launch later in 3Q25 in Japan
    • 18. 18 Animal Health: Growth across livestock and companion animal Animal Health sales increased 11% to $1.6B ‒ Livestock sales grew 16%, driven by higher demand across all species, as well as inclusion of sales from recently expanded aqua portfolio ‒ Companion Animal sales growth of 6% reflects price ‒ Growth in both segments benefitted from improved supply Growth rates exclude the impact of foreign exchange. 1. ~3 percentage points of negative impact of foreign exchange due to devaluation of Argentine peso, which was largely offset by inflation-related price increases. 2Q23 2Q24 2Q25 $1.5B +2% $1.5B +6%1 $1.6B +11%
    • 19. 19 Q2 2025 non-GAAP financial results summary1 $ in billions, except EPS amounts 1. The company is providing certain 2025 and 2024 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 the earnings release. 2. Q2 2025 includes a charge of $0.07 per share related to the closing of a license agreement with Hengrui Pharma. 3. Q2 2025 GAAP EPS of $1.76 Q2 2025 Q2 2024 Change Change Ex-FX Sales $15.8 $16.1 -2% -2% Non-GAAP Gross Margin 82.2% 80.9% +1.3pts +1.4pts Non-GAAP Operating Expenses $6.6 $6.2 +7% +7% Non-GAAP Tax Rate 15.0% 14.1% +0.9pts N/A Non-GAAP EPS2,3 $2.13 $2.28 -7% -5%
    • 20. 20 Updated 2025 financial outlook 1. Guidance does not assume any additional significant potential business development transactions, and does not include anticipated impact of the announced acquisition of Verona Pharma. Prior Guidance Updated Guidance Key Assumptions Revenue $64.1B to $65.6B $64.3B to $65.3B • Now assumes ~0.5 percentage point FX headwind • Implies +0% to +2% nominal (+1% to +2% ex-FX) Non-GAAP Gross Margin Rate ~82.0% ~82.0% • Continues to assume ~$200M of costs related to tariffs, pending the outcome of additional potential government actions Non-GAAP Operating Expenses1 $25.6B to $26.6B $25.6B to $26.4B • Continues to assume $300M tech transfer milestone to LaNova, which was completed in July, and includes $200M upfront payment related to license agreement with Hengrui Pharma Other (Income) / Expense ~$300M to ~$400M of expense ~$300M to ~$400M of expense Tax Rate ~15.5% to 16.5% ~15.0% to 16.0% Shares Outstanding ~2.51B ~2.51B Non-GAAP EPS1 $8.82 to $8.97 $8.87 to $8.97 • Continues to assume one-time charges related to tech transfer milestone to LaNova and upfront payment to Hengrui Pharma (now totaling ~$0.16 per share) • Now assumes ~$0.15 FX headwind
    • 21. 21 Key modeling considerations GARDASIL Family1 • In China, channel inventories remain elevated and demand continues to be soft, therefore will not resume shipments through at least the end of this year • Japan will be a more significant headwind to growth in second half as we lap increased vaccinations from catch-up cohort Other Revenue • Expect second half other revenue to be significantly lower due to negative impact from foreign exchange hedging program Operating Expenses • Expect second half operating expenses to be roughly evenly split between 3Q and 4Q, excluding business development 1. GARDASIL Family includes GARDASIL and GARDASIL 9
    • 22. 22 Remain committed to balanced capital allocation strategy Q2 Spend ($ in billions)1 Continue to invest in our pipeline and business, as well as augment our pipeline with value-enhancing business development, while returning cash to shareholders 1. Reflects quarter spend 2. Reflects R&D excluding Business Development $3.2 $0.7 $2.1 $0.3 $1.3 After-Tax R&D CapEx Dividends Paid Business Development (ex-divestitures) Share Repurchase Capital allocation order of priority 2
    • 23. Research Update Dr. Dean Y. Li Executive Vice President and President, Research Laboratories 23
    • 24. 24 Ohtuvayre is the first inhaled COPD maintenance treatment that combines bronchodilatory and non-steroidal anti-inflammatory activity First novel inhaled mechanism for maintenance treatment of COPD in more than two decades Dual inhibitor of phosphodiesterase 3 (PDE3) and phosphodiesterase 4 (PDE4) Improves symptoms of COPD for better breathing and to reduce number of flare-ups Source: Hubert et al, Trends Pharmacol Sci., 2024
    • 25. 25 Important updates across cardiopulmonary portfolio Announced positive topline results from Phase 3 CORALreef HeFH and CORALreef AddOn trials – Both trials met primary and all key secondary endpoints, demonstrating statistically significant and clinically meaningful reductions in LDL-C versus placebo Results from three Phase 3 trials, including CORALreef Lipids trial in broader hypercholesterolemia patient population, will be presented at future scientific congresses Completed enrollment for Phase 3 CORALreef Outcomes trial Topline results for Phase 3 HYPERION trial in adults recently diagnosed with PAH showed adding WINREVAIR on top of background PAH therapy significantly reduced risk of clinical worsening events compared to background therapy alone – Detailed results to be presented later this year FDA granted priority review for sBLA to update label for WINREVAIR based on ZENITH trial – PDUFA date of October 25, 2025 Received approval from MHLW in Japan WINREVAIR Enlicitide decanoate
    • 26. 26 Building on our progress in infectious diseases RSV Dengue HIV FDA approved ENFLONSIA for prevention of RSV lower respiratory tract disease in infants born during or entering first RSV season – First and only option designed to protect infants with same dose regardless of weight – ACIP recommended for use in infants younger than eight months of age, and inclusion in VFC1 program Initiated first Phase 3 trial to evaluate V181, investigational quadrivalent vaccine for prevention of dengue disease caused by any four dengue virus serotypes, regardless of prior dengue exposure Presented data at IAS2 from Phase 2 trial evaluating MK-8527 for PrEP – Potential to enable rapid onset of protection within one hour of intake without need for loading dose – Support imminent initiation of Phase 3 EXPrESSIVE program Presented data at IAS2 for combination of islatravir and ulonivirine for once-weekly treatment of adults living with HIV FDA accepted NDA for combination of doravirine and islatravir for once-daily treatment of adults living with HIV-1 that is virologically suppressed on antiretroviral therapy – PDUFA date of April 28, 2026 1. Vaccines for Children 2. International AIDS Society Conference on HIV Science
    • 27. 27 Continuing to advance cancer care with a broad, differentiated portfolio and pipeline 42 total approvals2 10earlier stage approvals2 1. In collaboration with Daiichi Sankyo 2. Represents approvals in the U.S. Showcased diverse pipeline at ASCO investor event Three ongoing Phase 3 trials evaluating ifinatamab deruxtecan1 – IDeate-Esophageal01 in unresectable advanced or metastatic esophageal squamous cell carcinoma – IDeate-Prostate01 in metastatic castration-resistant prostate cancer – IDeate-Lung02 in relapsed small cell lung cancer KEYNOTE-689: Received FDA approval for KEYTRUDA as part of perioperative treatment regimen for adult patients with resectable, locally advanced HNSCC whose tumors express PD-L1 (CPS >1) KEYNOTE-B96: Announced positive PFS and OS results for KEYTRUDA plus chemotherapy with or without bevacizumab in certain patients with platinumresistant recurrent ovarian cancer Received approval from MHLW in Japan for WELIREG for certain patients with advanced RCC Notable recent updates
    • 28. 28 Key second half dates and milestones Oncology Subcutaneous pembrolizumab with berahyaluronidase alfa • PDUFA date September 23rd Cardiopulmonary WINREVAIR • PDUFA date October 25th for FDA label update based on ZENITH trial • Presentation of detailed findings from HYPERION trial • Primary completion date in September for CADENCE trial in Cpc-PH due to HFpEF Enlicitide decanoate • Begin presenting detailed findings from CORALreef development program Business Development Verona Pharma • Expect acquisition to close in 4Q25
    • 29. Q&A Robert M. Davis Chairman and Chief Executive Officer Dr. Dean Y. Li Executive Vice President and President, Research Laboratories Caroline Litchfield Executive Vice President and Chief Financial Officer Peter Dannenbaum Senior Vice President, Investor Relations
    • 30. 30 Appendix
    • 31. 31 Q2 2025 GAAP financial results summary $ in billions, EPS amounts 1. 2Q25 GAAP results include $200 million charge, or $0.07 negative EPS impact, related to the closing of a license agreement with Hengrui Pharma 2. 2Q25 GAAP results include $779 million charge ($649 million related to 2025 restructuring program), or $0.25 negative EPS impact Q2 2025 Q2 2024 Change Change Ex-FX Sales $15.8 $16.1 -2% -2% Operating Expenses (SG&A and R&D)1 $6.7 $6.2 +7% +7% Tax Rate 11.4% 9.1% +2.3pts N/A GAAP EPS1,2 $1.76 $2.14 -18% -16%
    • 32. $12.6 $3.8 $8.0 $5.2 $3.4 $0 $3 $6 $9 $12 $15 After-Tax R&D CapEx Dividends Paid Business Development (ex-divestitures) Share Repurchase ~$21B Over 5 years, including expanding manufacturing capacity for Oncology, Vaccines, and Animal Health. Includes >$11B in the U.S. Billions Over the past 12 months Capital investments 2025 to 2029 Commitment to the dividend 32 Well-positioned balance sheet with capacity to fund additional value-enhancing business development opportunities Order of priority 1. Reflects R&D excluding Business Development 2. Includes BD payments reflected in operating cash flow 2 1 E $1.84 $1.88 $1.92 $2.20 $2.44 $2.60 $2.76 $2.92 $3.08 $3.24 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Dollars per share +2% +2% +2% +11% +15% +7% +6% +6% +5% +5% Capital allocation: Trailing twelve months
    • 33. 33 Driving value for patients and shareholders by progressing our pipeline Key regulatory milestones since the last earnings call: In the U.S.: • FDA approved BRAVECTO QUANTUM as a once-yearly injectable product to treat and protect dogs from fleas and ticks • FDA approved KEYTRUDA as part of a neoadjuvant/adjuvant treatment regimen for adult patients with resectable locally advanced HNSCC whose tumors express PD-L1 (CPS ≥1), based on KEYNOTE-689 • FDA approved WELIREG for the treatment of adults and pediatric patients 12 years and older with locally advanced, unresectable, or metastatic PPGL • FDA accepted for review an NDA for doravirine/islatravir, an investigational, once-daily, oral, two-drug regimen for adults with HIV-1 infection that is virologically suppressed on antiretroviral therapy • FDA accepted and granted priority review for a new sBLA to update the U.S. product label for WINREVAIR based on the Phase 3 ZENITH trial • Following FDA approval, ACIP voted to recommend ENFLONSIA as an option for the prevention of RSV lower respiratory tract disease in infants younger than 8 months of age who are born during or entering their first RSV season In the EU: • EC approved NUMELVI for the treatment of pruritus associated with allergic dermatitis including atopic dermatitis and treatment of clinical manifestations of atopic dermatitis for dogs In China: • NMPA approved KEYTRUDA in combination with LENVIMA plus TACE for the treatment of patients with unresectable non-metastatic HCC In Japan: • MHLW approved AIRWIN (sotatercept) for the treatment of adults with PAH • MHLW approved WELIREG as monotherapy for the treatment of adults with VHL disease-associated tumors, and for adults with unresectable or metastatic RCC that has progressed after chemotherapy • MHLW approved KEYTRUDA for metastatic HER2+ gastric cancer based on KEYNOTE-811 • MHLW approved KEYTRUDA for 1L unresectable advanced or metastatic malignant pleural mesothelioma based on KEYNOTE-483 Key data & clinical advancements since the last earnings call: Announced: • Phase 3 HYPERION study evaluating WINREVAIR met primary endpoint in recently diagnosed adults with PAH FC II or III at intermediate or high risk of disease progression • Phase 3 CORALreef HeFH and CORALreef AddOn trials evaluating enlicitide decanoate met primary and all key secondary endpoints for the treatment of adults with hyperlipidemia • Phase 3 KEYNOTE-B96 trial evaluating KEYTRUDA met primary endpoint of PFS in patients with platinum-resistant recurrent ovarian cancer whose tumors expressed PD-L1 and in all comers, as well as secondary endpoint of OS for patients whose tumors express PD-L1 Presented data for: • MK-8527, an investigational novel NRTTI, once-monthly pill, in development for the prevention of HIV as pre-exposure prophylaxis (PrEP) at IAS • Broad oncology portfolio at ASCO, including for KEYTRUDA (KND19, KN-564, KN-859, KN-A18, KN-689), WELIREG (LITESPARK004), sac-TMT (TROPION-Lung02, OptiTROP-Lung03), MK-1084 (KANDLELIT-001), and zilovertamab vedotin (waveLINE-003) • WINREVAIR at ATS, including new clinical and outcomes data Announced initiation of Phase 3 studies evaluating: • MK-8527 (HIV PrEP), I-DXd (B7H3 ADC), V181 (Dengue), sac-TMT (TROP2 ADC), MK-1084 (KRAS G12Ci)
    • 34. MK-8591A (doravirine + islatravir) HIV-1 Infection (EU) MK-8591D (islatravir + lenacapavir)1,4 HIV-1 Infection LAGEVRIO (MK-4482)1,5 COVID-19 Antiviral (U.S.) 34 Broad and innovative pipeline to address significant unmet medical needs As of July 29, 2025 Phase 3 Oncology MK-1026 (nemtabrutinib) Hematological Malignancies MK-10842 CRC NSCLC MK-1308A (quavonlimab +pembrolizumab) RCC MK-2140 (zilovertamab vedotin) Hematological Malignancies MK-2400 (ifinatamab deruxtecan)1 Esophageal Prostate SCLC MK-2870 (sacituzumab tirumotecan)1,3 Breast Cervical Endometrial Gastric NSCLC Ovarian MK-3543 (bomedemstat) Myeloproliferative Disorders KEYTRUDA (MK-3475) HCC (EU) Ovarian SCLC MK-5684 (opevesostat) Prostate LYNPARZA (MK-7339)1,2 NSCLC SCLC V940 (intismeran autogene)1,2 Melanoma NSCLC Infectious Disease MK-7240 (tulisokibart) Crohn’s Disease Ulcerative Colitis Immunology Cardiopulmonary MK-0616 (enlicitide decanoate) Hypercholesterolemia MK-30006 Diabetic Macular Edema Ophthalmology Phase 2 MK-2870 (sacituzumab tirumotecan)1,3 Biliary Bladder CRC Neoplasm Malignant Pancreatic KEYTRUDA (MK-3475) Prostate MK-3475A (pembrolizumab + berahyaluronidase alfa) cSCC Hematological Malignancies MK-5909 (raludotatug deruxtecan)1 Biliary Bladder Cervical CRC Endometrial Gastric NSCLC Ovarian Pancreas RCC SCLC WELIREG (MK-6482) Breast V940 (intismeran autogene)1,2 Bladder RCC MK-1022 (patritumab deruxtecan)1,3 Biliary Bladder Breast Cervical CRC Endometrial Esophageal Gastric HCC HNSCC Melanoma NSCLC Ovarian Pancreas Prostate MK-2400 (ifinatamab deruxtecan)1 Biliary Bladder Breast Cervical CRC Endometrial HCC HNSCC Melanoma NSCLC Ovarian Pancreas Oncology Infectious Disease MK-8527 HIV-1 PrEP MK-8591B (islatravir+ulonivirine) HIV-1 Infection MK-5475 PH-COPD MK-6024 (efinopegdutide) MASH WINREVAIR (MK-7962) Pulmonary Hypertension due to Left Heart Disease Cardiopulmonary MK-7240 (tulisokibart) Hidradenitis Suppurativa Systemic Sclerosis Immunology MK-1167 Alzheimer’s Disease MK-2214 Alzheimer’s Disease Neuroscience Under regulatory review Oncology KEYTRUDA (MK-3475) HNSCC (EU, JPN) MK-3475A (pembrolizumab + berahyaluronidase alfa) Previously Approved Solid Tumors (U.S.) Previously Approved Tumors (EU) Vaccines CAPVAXIVE (V116) Pneumococcal Vaccine Adult (JPN) Infectious Disease ENFLONSIA (MK-1654) Respiratory Syncytial Virus (EU, JPN) MK-8591A (doravirine + islatravir) HIV-1 Infection (U.S., JPN) Cardiopulmonary WINREVAIR (MK-7962) Pulmonary Arterial Hypertension (ZENITH) (US) 1. Being developed in a collaboration 2. Being developed in combination with KEYTRUDA 3. Being developed as monotherapy and/or in combination with KEYTRUDA 4. On partial clinical hold for higher doses of islatravir than those used in current clinical trials 5. Available in the U.S. under Emergency Use Authorization 6. Program is in Phase 2/3 study MK-8748 Eye Disorders Ophthalmology V181 Dengue Fever Virus Vaccines


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