Financial Analysis

Contingencies and Environmental Liabilities The Company is involved in various claims and legal proceedings of a nature considered normal to its business, including product liability, intellectual property, commercial litigation, and securities litigation, as well as certain additional matters including governmental and environmental matters. In the opinion of the Company, it is unlikely that the resolution of these matters will be material to the Companys financial condition, results of operations or cash flows. Given the nature of the litigation discussed below and the complexities involved in these matters, the Company is unable to reasonably estimate a possible loss or range of possible loss for such matters until the Company knows, among other factors, (i) what claims, if any, will survive dispositive motion practice, (ii) the extent of the claims, including the size of any potential class, particularly when damages are not specified or are indeterminate, (iii) how the discovery process will affect the litigation, (iv) the settlement posture of the other parties to the litigation and (v) any other factors that may have a material effect on the litigation. The Company records accruals for contingencies when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted periodically as assessments change or additional information becomes available. Generally, for product liability claims, a portion of the overall a …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Loans Payable, Long-Term Debt and Leases Loans Payable Loans payable at December 31, 2025 included $2.3 billion of notes due in 2026, $215 million of long-dated notes that are subject to repayment at the option of the holders, and $63 million under a foreign financing facility. Loans payable at December 31, 2024 included $2.5 billion of notes due in 2025 and $149 million of long-dated notes that are subject to repayment at the option of the holders. The weighted-average interest rate of commercial paper borrowings was 4.32% and 5.18% for the years ended December 31, 2025 and 2024, respectively. There were no commercial paper borrowings outstanding at December 31, 2025 or 2024. Long-Term Debt Long-term debt at December 31 consisted of: 2025 2024 2.15% notes due 2031 $ 1,991 $ 1,989 2.75% notes due 2051 1,981 1,980 3.70% notes due 2045 1,981 1,980 3.40% notes due 2029 1,744 1,742 4.95% notes due 2035 1,739 4.50% notes due 2033 1,553 1,509 1.70% notes due 2027 1,498 1,497 5.00% notes due 2053 1,492 1,482 4.75% notes due 2035 1,486 2.90% notes due 2061 1,485 1,484 5.55% notes due 2055 1,477 4.00% notes due 2049 1,475 1,474 1.45% notes due 2030 1,242 1,240 4.15% notes due 2043 1,241 1,240 5.70% notes due 2055 1,235 2.45% notes due 2050 1,217 1,216 1.90% notes due 2028 997 996 4.55% notes due 2032 995 4.45% notes due 2032 994 4.15% notes due 2031 994 3.25% euro-denominated notes due 2032 993 880 3.50% euro-denominated notes due 2037 990 877 5.15% notes due 2063 988 987 3.90% notes …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Share-Based Compensation Plans The Company has share-based compensation plans under which the Company grants restricted stock units (RSUs) and performance share units (PSUs) to certain management level employees. In addition, employees and non-employee directors may be granted options to purchase shares of Company common stock at the fair market value at the time of grant. These plans were approved by the Companys shareholders. At December 31, 2025, 66 million shares collectively were authorized for future grants under the Companys share-based compensation plans. These awards are settled with treasury shares. Employee stock options are granted to purchase shares of Company stock at the fair market value at the time of grant. These awards generally vest one-third each year over a three-year period, with a contractual term of 7-10 years. RSUs are stock awards that are granted to employees and entitle the holder to shares of common stock as the awards vest. The fair value of the stock option and RSU awards is determined and fixed on the grant date based on the Companys stock price. PSUs are stock awards where the ultimate number of shares issued will be contingent on the Companys performance against a pre-set objective or set of objectives. The fair value of each PSU is determined on the date of grant based on the Companys stock price. For RSUs and PSUs, dividends declared during the vesting period are payable to the employees only upon vesting. Over the PSU performance period, …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangibles The following table summarizes goodwill activity by segment: Pharmaceutical Animal Health Total Balance January 1, 2024 $ 17,922 $ 3,275 $ 21,197 Acquisitions (1) 518 518 Other (2) (19) (28) (47) Balance December 31, 2024 (3) 17,903 3,765 21,668 Acquisitions (1) (106) (106) Other (2) 2 15 17 Balance December 31, 2025 (3) $ 17,905 $ 3,674 $ 21,579 (1) Activity is related to the 2024 acquisition of the Elanco aqua business and related measurement period adjustments in 2025. (2) Includes cumulative translation adjustments on goodwill balances. (3) Accumulated goodwill impairment losses were $531 million at both December 31, 2025 and 2024. Other acquired intangibles at December 31 consisted of: 2025 2024 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Product rights $ 42,038 $ 20,710 $ 21,328 $ 29,988 $ 19,066 $ 10,922 IPR&D 427 427 430 430 Trade names 2,881 1,158 1,723 2,881 954 1,927 Licenses and other 10,064 6,861 3,203 8,863 5,772 3,091 $ 55,410 $ 28,729 $ 26,681 $ 42,162 $ 25,792 $ 16,370 Some of the more significant acquired intangibles included in product rights, on a net basis, related to human health marketed products at December 31, 2025 were Ohtuvayre $11.8 billion; Winrevair , $5.4 billion; and Reblozyl, $2.5 billion. Additionally, the Company had $3.7 billion of net acquired intangibles related to animal health at December 31, 2025, of which $1.3 billion related to product rights …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Taxes on Income As discussed in Note 2, the Company prospectively adopted a new accounting standard effective for 2025 reporting that requires disaggregation of information in the effective income tax rate reconciliation and income taxes paid disclosures. A reconciliation between the effective income tax rate and the U.S. statutory rate (in accordance with the new guidance) for 2025 is as follows: 2025 Amount Tax Rate U.S. statutory rate applied to income before taxes $ 4,424 21.0 % Differential arising from: State and local income taxes, net of federal benefit (1) 12 0.1 Foreign tax effects: Switzerland Tax rate differential between Switzerland and the U.S. (1,428) (6.8) Withholding taxes 284 1.3 Other (2) 59 0.3 Netherlands Tax rate differential between Netherlands and the U.S. 409 1.9 Innovation box (1,042) (4.9) Other (66) (0.3) Other foreign jurisdictions 308 1.5 Effect of cross-border tax laws: Net controlled foreign corporation tested income 3,759 17.8 Foreign-derived deduction-eligible income (31) (0.1) Subpart F 227 1.1 Tax credits: Foreign tax credits (4,190) (19.9) Research and development tax credits (260) (1.2) Valuation allowances 76 0.4 Nontaxable or nondeductible items (78) (0.4) Changes in unrecognized tax benefits 341 1.5 $ 2,804 13.3 % (1) State and local tax expense was not material in 2025. (2) Includes the impact of Cantonal tax holiday and OECD Pillar 2. A reconciliation between the effective income tax rate and the U.S. statutory rate (as previously re …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Loans Payable, Long-Term Debt and Leases Loans Payable Loans payable at December 31, 2025 included $2.3 billion of notes due in 2026, $215 million of long-dated notes that are subject to repayment at the option of the holders, and $63 million under a foreign financing facility. Loans payable at December 31, 2024 included $2.5 billion of notes due in 2025 and $149 million of long-dated notes that are subject to repayment at the option of the holders. The weighted-average interest rate of commercial paper borrowings was 4.32% and 5.18% for the years ended December 31, 2025 and 2024, respectively. There were no commercial paper borrowings outstanding at December 31, 2025 or 2024. Long-Term Debt Long-term debt at December 31 consisted of: 2025 2024 2.15% notes due 2031 $ 1,991 $ 1,989 2.75% notes due 2051 1,981 1,980 3.70% notes due 2045 1,981 1,980 3.40% notes due 2029 1,744 1,742 4.95% notes due 2035 1,739 4.50% notes due 2033 1,553 1,509 1.70% notes due 2027 1,498 1,497 5.00% notes due 2053 1,492 1,482 4.75% notes due 2035 1,486 2.90% notes due 2061 1,485 1,484 5.55% notes due 2055 1,477 4.00% notes due 2049 1,475 1,474 1.45% notes due 2030 1,242 1,240 4.15% notes due 2043 1,241 1,240 5.70% notes due 2055 1,235 2.45% notes due 2050 1,217 1,216 1.90% notes due 2028 997 996 4.55% notes due 2032 995 4.45% notes due 2032 994 4.15% notes due 2031 994 3.25% euro-denominated notes due 2032 993 880 3.50% euro-denominated notes due 2037 990 877 5.15% notes due 2063 988 987 3.90% notes …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Standards In December 2023, the Financial Accounting Standards Board (FASB) issued guidance intended to improve the transparency of income tax disclosures by requiring consistent categories and disaggregation of information in the effective income tax rate reconciliation and income taxes paid disclosures by jurisdiction. The guidance also includes other amendments to improve the effectiveness of income tax disclosures by removing certain previously required disclosures. The Company elected to prospectively adopt the guidance effective for 2025 annual reporting. The adoption primarily resulted in incremental disclosures to the Companys income tax disclosures contained in Note 15. In September 2025, the FASB issued amended guidance to reduce the complexity of evaluating whether contracts are derivatives by adding a scope exception (which may apply to certain R&D funding arrangements) to exclude from derivative accounting non-exchange-traded contracts with variables (underlyings) that are based on operations or activities specific to one of the parties to the contract. The Company adopted the guidance on October 1, 2025, effective for full year 2025 on a prospective basis. The Company did not have any contracts that were affected by the adoption of this new standard; therefore, there was no impact to the Companys consolidated financial statements upon adoption. Recently Issued Accounting Standards Not Yet Adopted In November 2024, the FASB issued …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension and Other Postretirement Benefit Plans The Company has defined benefit pension plans covering eligible employees in the U.S. and in certain of its international subsidiaries. In addition, the Company provides medical benefits, principally to its eligible U.S. retirees and their dependents, through its other postretirement benefit plans. The Company uses December 31 as the year-end measurement date for all of its pension plans and other postretirement benefit plans. Net Periodic Benefit Cost The net periodic benefit cost (credit) for pension and other postretirement benefit plans consisted of the following components: Pension Benefits U.S. International Other Postretirement Benefits Years Ended December 31 2025 2024 2023 2025 2024 2023 2025 2024 2023 Service cost $ 378 $ 373 $ 326 $ 228 $ 243 $ 196 $ 37 $ 30 $ 32 Interest cost 569 537 526 303 294 299 61 56 63 Expected return on plan assets (840) (826) (735) (613) (554) (517) (50) (80) (64) Amortization of unrecognized prior service (credit) cost (1) (28) (13) 2 (40) (43) (49) Net loss (gain) amortization 58 43 11 5 (3) (45) (51) (42) Termination benefits 2 5 3 1 4 Curtailments 9 8 (15) (1) (3) (1) Settlements 28 (1) (5) Net periodic benefit cost (credit) $ 176 $ 132 $ 155 $ (114) $ (25) $ (29) $ (40) $ (84) $ (61) In connection with restructuring actions (see Note 5), termination charges were recorded in 2025, 2024 and 2023 on pension and other postretirement benefit plans related to expanded eligibility for certain em …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring In July 2025, the Company approved a new restructuring program (2025 Restructuring Program) designed to position the Company for its next chapter of growth and to successfully advance its pipeline and launch new products across multiple therapeutic areas. As part of this program, the Company expects to eliminate certain positions in sales and administrative organizations, as well as research and development. The Company will, however, continue to hire employees into new roles across all strategic growth areas of the business. In addition, the Company will reduce its global real estate footprint and continue to optimize its manufacturing network, aligning the geography of its global manufacturing footprint to its customers and reflecting changes in the Companys business. Most actions contemplated under the 2025 Restructuring Program are expected to be largely completed by the end of 2027, with the exception of certain manufacturing actions, which are expected to be substantially completed by the end of 2029. The cumulative pretax costs to be incurred by the Company to implement the program are estimated to be approximately $3.0 billion, of which approximately 60% will be cash, relating primarily to employee separation expense and contractual termination costs. The remainder of the costs will be non-cash, relating primarily to the accelerated depreciation of facilities. The Company recorded total pretax costs of $2.0 billion in 2025 related to the 2025 Restructuri …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Segment Reporting The Companys operations are principally managed on a product basis and include two operating segments, Pharmaceutical and Animal Health, both of which are reportable segments. The Pharmaceutical segment includes human health pharmaceutical and vaccine products. Human health pharmaceutical products consist of therapeutic and preventive agents, generally sold by prescription, for the treatment of human disorders. The Company sells these human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies, and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions. Human health vaccine products consist of preventive pediatric, adolescent and adult vaccines. The Company sells these human health vaccines primarily to physicians, wholesalers, distributors and government entities. A large component of pediatric and adolescent vaccine sales are made to the U.S. Centers for Disease Control and Prevention Vaccines for Children program, which is funded by the U.S. government. Additionally, the Company sells vaccines to the Federal government for placement into vaccine stockpiles. The Animal Health segment discovers, develops, manufactures and markets a wide range of veterinary pharmaceutical and vaccine products, as well as health management solutions and services, for the prevention, treatment and control of disease in all major livestock and companion animal …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. Intercompany balances and transactions are eliminated. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights or, in the case of variable interest entities, by majority exposure to expected losses, residual returns or both. For those consolidated subsidiaries where Merck ownership is less than 100%, the outside shareholders interests are shown as Noncontrolling Interests in equity. Investments in affiliates over which the Company has significant influence but not a controlling interest, such as interests in entities owned equally by the Company and a third party that are under shared control, are carried on the equity method basis. Acquisitions In a business combination, the acquisition method of accounting requires that the assets acquired and liabilities assumed be recorded as of the date of the acquisition at their respective fair values with limited exceptions. Assets acquired and liabilities assumed in a business combination that arise from contingencies are generally recognized at fair value. If fair value cannot be determined, the asset or liability is recognized if probable and reasonably estimable; if these criteria are not met, no asset or liability is recognized. Fair value is defined as …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Equity The Merck certificate of incorporation authorizes 6,500,000,000 shares of common stock and 20,000,000 shares of preferred stock. Capital Stock A summary of common stock and treasury stock transactions (shares in millions) is as follows: 2025 2024 2023 Common Stock Treasury Stock Common Stock Treasury Stock Common Stock Treasury Stock Balance January 1 3,577 1,049 3,577 1,045 3,577 1,039 Purchases of treasury stock 59 11 13 Issuances (1) (6) (7) (7) Balance December 31 3,577 1,102 3,577 1,049 3,577 1,045 (1) Issuances primarily reflect activity under share-based compensation plans. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Contingencies The Company is involved in various claims and legal proceedings of a nature considered normal to its business, including product liability, intellectual property, commercial litigation, and securities litigation, as well as certain additional matters including governmental and environmental matters. In the opinion of the Company, it is unlikely that the resolution of these matters will be material to the Companys financial condition, results of operations or cash flows. Given the nature of the litigation discussed below and the complexities involved in these matters, the Company is unable to reasonably estimate a possible loss or range of possible loss for such matters until the Company knows, among other factors, (i) what claims, if any, will survive dispositive motion practice, (ii) the extent of the claims, including the size of any potential class, particularly when damages are not specified or are indeterminate, (iii) how the discovery process will affect the litigation, (iv) the settlement posture of the other parties to the litigation and (v) any other factors that may have a material effect on the litigation. The Company records accruals for contingencies when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted periodically as assessments change or additional information becomes available. Generally, for product liability claims, a portion of the overall accrual is actuarially determin …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The effective income tax rates of 14.2% and 13.3% for the third quarter and first nine months of 2025, respectively, reflect the favorable impacts of geographical mix of income and expense, as well as certain discrete items. The effective income tax rate of 22.7% for the third quarter of 2024 reflects a 7.2 percentage point combined unfavorable impact of charges related to the acquisitions of EyeBio and MK-1045, which had minimal tax benefits. The effective income tax rate of 15.1% for the first nine months of 2024 reflects a 2.1 percentage point combined unfavorable impact of charges related to the acquisitions of Harpoon, EyeBio and MK-1045, which had minimal tax benefits. The effective income tax rate for the first nine months of 2024 also reflects a 1.6 percentage point favorable impact due to a $259 million reduction in reserves for unrecognized income tax benefits resulting from the expiration in June 2024 of the statute of limitations for assessments related to the 2019 federal tax return year. While many jurisdictions in which Merck operates have adopted the global minimum tax provision of the Organization for Economic Cooperation and Development (OECD) Pillar 2, effective for tax years beginning in January 2024, it resulted in a minimal impact to the Companys 2024 effective income tax rate due to the accounting for the tax effects of intercompany transactions. In addition, in July 2025, H.R.1 - One Big Beautiful Bill Act (OBBBA) was enacted into law, whi …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Long-Term Debt In September 2025, the Company issued $6.0 billion aggregate principal amount of senior unsecured notes consisting of $500 million of floating rate notes due 2027, $750 million of 3.85% notes due 2027, $750 million of 4.15% notes due 2030, $1.0 billion of 4.55% notes due 2032, $1.75 billion of 4.95% notes due 2035, and $1.25 billion of 5.70% notes due 2055. The Company used the net proceeds of the offering for general corporate purposes, including to fund a portion of the approximately $10.5 billion cash consideration and related fees and expenses payable in connection with Mercks acquisition of Verona Pharma in October 2025 (see Note 2). …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board (FASB) issued guidance intended to improve the transparency of income tax disclosures by requiring consistent categories and disaggregation of information in the effective income tax rate reconciliation and income taxes paid disclosures by jurisdiction. The guidance also includes other amendments to improve the effectiveness of income tax disclosures by removing certain previously required disclosures. The guidance is effective for 2025 annual reporting and will result in incremental disclosures within the footnotes to the Companys financial statements. In November 2024, the FASB issued guidance intended to improve financial reporting by requiring entities to disclose additional information about specific expense categories at interim and annual reporting periods. The guidance is effective for 2027 annual reporting and 2028 interim reporting. Early adoption is permitted. The guidance, which can be applied on a prospective or retrospective basis, will result in incremental disclosures within the footnotes to the Companys financial statements. In September 2025, the FASB issued guidance intended to clarify and modernize the accounting for costs related to internal-use software. The guidance removes all references to software development project stages and clarifies the criteria entities should apply to begin capitalizing costs. The guidance is effective for 2028 annua …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension and Other Postretirement Benefit Plans The Company has defined benefit pension plans covering eligible employees in the U.S. and in certain of its international subsidiaries. The net periodic benefit cost (credit) of such plans consisted of the following components: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 ($ in millions) U.S. International U.S. International U.S. International U.S. International Service cost $ 100 $ 57 $ 100 $ 60 $ 279 $ 171 $ 273 $ 182 Interest cost 143 78 134 74 425 225 403 220 Expected return on plan assets (210) (159) (206) (139) (630) (454) (621) (416) Amortization of unrecognized prior service credit (4) (3) (12) (10) Net loss amortization 16 3 12 1 42 8 30 4 Termination benefits 1 1 5 Curtailments 9 (16) 8 (16) $ 58 $ (41) $ 41 $ (7) $ 125 $ (78) $ 90 $ (20) The Company provides medical benefits, principally to its eligible U.S. retirees and similar benefits to their dependents, through its other postretirement benefit plans. The net credit of such plans consisted of the following components: Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) 2025 2024 2025 2024 Service cost $ 9 $ 7 $ 29 $ 23 Interest cost 15 14 46 42 Expected return on plan assets (13) (20) (39) (60) Amortization of unrecognized prior service credit (10) (11) (30) (32) Net gain amortization (12) (14) (33) (38) $ (11) $ (24) $ (27) $ (65) In connection with restructuring actions (see Note 4), termination …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Restructuring In July 2025, the Company approved a new restructuring program (2025 Restructuring Program) designed to position the Company for its next chapter of growth and to successfully advance its pipeline and launch new products across multiple therapeutic areas. As part of this program, the Company expects to eliminate certain positions in sales and administrative organizations, as well as research and development. The Company will, however, continue to hire employees into new roles across all strategic growth areas of the business. In addition, the Company will reduce its global real estate footprint and continue to optimize its manufacturing network, aligning the geography of its global manufacturing footprint to its customers and reflecting changes in the Companys business. Most actions contemplated under the 2025 Restructuring Program are expected to be largely completed by the end of 2027, with the exception of certain manufacturing actions, which are expected to be substantially completed by the end of 2029. The cumulative pretax costs to be incurred by the Company to implement the program are estimated to be approximately $3.0 billion, of which approximately 60% will be cash, relating primarily to employee separation expense and contractual termination costs. The remainder of the costs will be non-cash, relating primarily to the accelerated depreciation of facilities. The Company recorded total pretax costs of $302 million and $951 million in the third quarter a …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Segment Reporting The Companys operations are principally managed on a product basis and include two operating segments, Pharmaceutical and Animal Health, both of which are reportable segments. The Pharmaceutical segment includes human health pharmaceutical and vaccine products. Human health pharmaceutical products consist of therapeutic and preventive agents, generally sold by prescription, for the treatment of human disorders. The Company sells these human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions. Human health vaccine products consist of preventive pediatric, adolescent and adult vaccines. The Company sells these human health vaccines primarily to physicians, wholesalers, distributors and government entities. A large component of pediatric and adolescent vaccine sales are made to the U.S. Centers for Disease Control and Prevention Vaccines for Children program, which is funded by the U.S. government. Additionally, the Company sells vaccines to the Federal government for placement into vaccine stockpiles. The Animal Health segment discovers, develops, manufactures and markets a wide range of veterinary pharmaceutical and vaccine products, as well as health management solutions and services, for the prevention, treatment and control of disease in all major livestock and companion animal s …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Equity Three Months Ended September 30, Common Stock Other Paid-In Capital Retained Earnings Accumulated Other Comprehensive Loss Treasury Stock Non- controlling Interests Total ($ and shares in millions except per share amounts) Shares Par Value Shares Cost Balance at July 1, 2024 3,577 $ 1,788 $ 44,362 $ 60,187 $ (5,361) 1,041 $ (57,394) $ 66 $ 43,648 Net income attributable to Merck & Co., Inc. 3,157 3,157 Other comprehensive loss, net of taxes (10) (10) Cash dividends declared on common stock ($0.77 per share) (1,960) (1,960) Treasury stock shares purchased 4 (444) (444) Share-based compensation plans and other 168 9 177 Net income attributable to noncontrolling interests 4 4 Distributions attributable to noncontrolling interests (12) (12) Balance at September 30, 2024 3,577 $ 1,788 $ 44,530 $ 61,384 $ (5,371) 1,045 $ (57,829) $ 58 $ 44,560 Balance at July 1, 2025 3,577 $ 1,788 $ 44,644 $ 68,477 $ (5,421) 1,074 $ (60,495) $ 67 $ 49,060 Net income attributable to Merck & Co., Inc. 5,785 5,785 Other comprehensive income, net of taxes 219 219 Cash dividends declared on common stock ($0.81 per share) (2,031) (2,031) Treasury stock shares purchased 16 (1,324) (1,324) Share-based compensation plans and other 188 20 208 Net income attributable to noncontrolling interests 2 2 Distributions attributable to noncontrolling interests (12) (12) Balance at September 30, 2025 3,577 $ 1,788 $ 44,832 $ 72,231 $ (5,202) 1,090 $ (61,799) $ 57 $ 51,907 Nine Months Ended September 30, …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing