Merck (MRK) EVP Dean Li exercises options, sells 15,087 shares

Rhea-AI Filing Summary

Merck & Co., Inc. executive Dean Y. Li reported an option exercise and share sale. On 02/04/2026 he exercised a stock option for 15,087 shares of common stock at an exercise price of $56.04 per share, increasing his direct holdings to 117,357.05 shares.

That same day, he sold 15,087 shares of Merck common stock at a weighted average price of $118.7661 per share, in multiple trades between $118.7200 and $118.8300. After the sale, he directly owned 102,270.05 Merck shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Li Dean Y

(Last) (First) (Middle)

MERCK & CO., INC.

126 EAST LINCOLN AVENUE

(Street)

RAHWAY NJ 07065

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Merck & Co., Inc. [ MRK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive VP & President, MRL

3. Date of Earliest Transaction (Month/Day/Year)
02/04/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/04/2026		M		15,087	A	$56.04	117,357.05	D
Common Stock	02/04/2026		S		15,087	D	$118.7661(1)	102,270.05	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$56.04(2)	02/04/2026		M			15,087	05/04/2019(3)	05/03/2028	Common Stock	15,087	$0	0	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $118.7200 to $118.8300, inclusive. The reporting person undertakes to provide to Merck & Co., Inc., any security holder of Merck & Co., Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. Exercise price and holdings reflect the adjustments that occurred as of June 2, 2021 in connection with the Organon & Co. ("Organon") spin-off as described in the registration statement on Form 10 filed with the SEC by Organon (the "Form 10"). As reported in the Form 10, all Merck stock option awards outstanding as of immediately prior to the distribution date were converted on the distribution date into adjusted Merck awards for Merck employees to preserve the same intrinsic value and general terms and conditions (including vesting) as were in place immediately prior to the adjustments.

3. The option became exercisable in equal installments on 5/4/2019, 5/4/2020, and 5/4/2021.

	/s/ Kelly E. W. Grez as Attorney-in-Fact for Dean Y. Li	02/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did Merck (MRK) executive Dean Y. Li report?

Dean Y. Li reported exercising 15,087 stock options and selling 15,087 Merck common shares on 02/04/2026. The filing shows one option exercise converting into shares, followed by a sale of the same number of shares on the same date.

At what prices did Dean Y. Li exercise and sell Merck (MRK) shares?

He exercised stock options at an exercise price of $56.04 per share and sold 15,087 common shares at a weighted average price of $118.7661. The sale occurred through multiple trades between $118.7200 and $118.8300, as detailed in the Form 4 footnote.

How many Merck (MRK) shares does Dean Y. Li own after this Form 4 transaction?

After the reported transactions, Dean Y. Li directly owns 102,270.05 Merck common shares. His holdings first rose to 117,357.05 shares after the option exercise, then decreased following the sale of 15,087 shares on 02/04/2026.

What type of derivative security did Dean Y. Li exercise in the Merck (MRK) filing?

He exercised a stock option (right to buy) covering 15,087 Merck common shares at an exercise price of $56.04. The option had become exercisable in installments in 2019, 2020, and 2021 and showed zero derivative securities remaining afterward.

What does the weighted average sale price mean in Dean Y. Li’s Merck (MRK) Form 4?

The weighted average price of $118.7661 per share reflects multiple sale trades between $118.7200 and $118.8300. The filing notes that detailed trade-by-trade pricing information is available upon request to Merck, its security holders, or SEC staff.