Here are the DEF 14A proxy statements from Merck & Co., Inc. (MRK) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A DEF 14A covers the proxy statement, with executive pay and the shareholder votes, 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. is asking shareholders to approve its 2026 proxy proposals, including electing 13 directors, an advisory say-on-pay vote, ratifying PricewaterhouseCoopers as auditor, and three shareholder proposals that the Board recommends voting against.
The proxy highlights 2025 performance and strategy: GAAP R&D spending of $15.8B, capital returned to shareholders of $13.3B, and a late-stage pipeline expected to generate over $70B in potential commercial opportunity by the mid‑2030s. Relative total shareholder return was 9.8% over one year, 1.3% over three years, and 9.6% over five years at year-end 2025.
Executive pay remains heavily performance-based. The 2025 Company Scorecard funded annual incentives at 94% of target, and the 2023 performance share unit program also paid at 94% of target. The most recent say‑on‑pay vote received approximately 91% shareholder support. The filing also details board independence, risk oversight, sustainability integration, and extensive shareholder engagement.