Here are the 10-K annual reports from Merck & Co., Inc. (MRK) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow MRK and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MRK filings page.
Merck & Co., Inc. reported 2025 total sales of 65,011 million, slightly above 64,168 million in 2024, driven by its Pharmaceutical segment at 58,142 million and Animal Health at 6,354 million. Oncology remains the main growth engine, with Keytruda/Keytruda Qlex sales rising to 31,680 million from 29,482 million, while Gardasil/Gardasil 9 declined to 5,233 million from 8,583 million.
The company details an extensive portfolio across oncology, vaccines, hospital acute care, cardiometabolic, virology, neuroscience, diabetes and animal health, supported by broad global approvals in 2025–early 2026 for Keytruda, Keytruda Qlex, Capvaxive, Enflonsia, Gardasil 9, Welireg, Winrevair and multiple animal health brands.
Merck also highlights mounting pricing and access pressures, including the U.S. Inflation Reduction Act drug price setting for Januvia, Janumet, Janumet XR and Lenvima, a three‑year most‑favored‑nation agreement with the U.S. government, and the expectation that Keytruda will enter government price setting in 2029, after which U.S. Keytruda sales are expected to decline materially.