Every 10-Q that Merck & Co., Inc. (MRK) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, 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 sales of $16,607 million for the quarter and $32,893 million for the first half of 2026, modestly above 2025 levels. Very large research and development charges, however, turned profitability negative.
First-half R&D expenses rose to $22,333 million, including a $9.0 billion charge for the Cidara Therapeutics asset acquisition and $5.7 billion for Terns Pharmaceuticals. Merck recorded a first-half net loss attributable to shareholders of $5,575 million, versus net income of $9,506 million a year earlier, and diluted EPS of $(2.26) versus $3.77.
Operating cash flow strengthened to $9,288 million, but heavy investing outflows for Cidara, Terns and other transactions drove cash and cash equivalents down to $6,849 million at June 30, 2026, from $14,565 million at year-end, while long-term debt increased to $51,081 million.
Merck continued to expand its pipeline through acquisitions and collaborations, including the purchase of TARGAN for approximately $650 million, an FDA approval and milestone payments related to Welireg/Keytruda, and ongoing alliances with AstraZeneca, Eisai, Bayer, Ridgeback, Daiichi Sankyo, Moderna and BMS. Two multiyear restructuring programs added $800 million of pretax charges in the first half.
Merck & Co., Inc. reported first‑quarter 2026 sales of $16.3 billion, up from $15.5 billion a year earlier, but swung to a net loss of $4.24 billion versus prior net income of $5.08 billion. Loss per diluted share was $(1.72) compared with earnings of $2.01.
The quarter was dominated by a $9.0 billion research and development expense from the asset acquisition of Cidara Therapeutics and higher overall R&D of $12.6 billion. Operating cash flow increased to $3.92 billion, while Merck used $8.78 billion of cash to acquire Cidara and ended the period with $5.33 billion in cash and cash equivalents.
Merck also agreed to acquire Terns Pharmaceuticals for approximately $6.7 billion, expects to record about $5.8 billion as an R&D charge at closing, and entered a $6.0 billion 364‑day term loan facility to help fund the deal. Ongoing 2024 and 2025 restructuring programs recorded $466 million of pretax charges in the quarter.
Merck & Co., Inc. reported strong Q3 2025 results, with sales of $17,276 million up from $16,657 million a year earlier and net income rising to $5,785 million from $3,157 million. Diluted EPS increased to $2.32 from $1.24, reflecting both higher revenue and lower R&D and cost of sales.
For the first nine months of 2025, sales were broadly flat at $48,611 million versus $48,544 million, but net income attributable to Merck rose to $15,291 million from $13,374 million. Operating cash flow was $13,615 million, with cash and cash equivalents growing to $18,169 million as of September 30, 2025.
Merck completed or agreed several major transactions, including the approximately $10.5 billion acquisition of Verona Pharma and a $700 million development funding arrangement with Blackstone for sacituzumab tirumotecan. The company launched a new $3.0 billion 2025 restructuring program and continued its $4.0 billion 2024 restructuring program, and issued $6.0 billion of new senior notes in September 2025.