Merck & Co., Inc., Rahway, N.J., USA Announces Fourth-Quarter and Full-Year 2025 Financial Results; Highlights Progress Advancing Broad, Diverse Pipeline

About this update from Jiangsu Hengrui Pharmaceuticals Co., Ltd. Class A

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Davis, chairman and chief executive officer. "Our business benefited from demand for our innovative portfolio, including for KEYTRUDA, increasing contributions from new launches in cardiometabolic and respiratory as well as vaccines, and strong performance of Animal Health. The transformation of our portfolio, bolstered by the acquisitions of Verona Pharma and Cidara Therapeutics, is well underway, and momentum is building as we continue to execute on our strategy. Our progress positions us to continue delivering on our purpose for patients and creating durable value for shareholders."","length":798,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" Financial Summary ","length":17,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"2","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;width:36%;padding-left:5.0px;","val":[{"type":"text","content":"$ in millions, except EPS amounts","length":33,"tagName":"p","attribs":{}}]},{"colspan":"4","rowspan":"1","style":"border-top:solid black 1.0pt;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Fourth Quarter ","length":14,"tagName":"p","attribs":{}}]},{"colspan":"4","rowspan":"1","style":"vertical-align:top;border-top:solid black 1.0pt;border-bottom:solid black 1.0pt;border-right:solid black 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Non-GAAP EPS was $2.04 for the fourth quarter and $8.98 for the full year of 2025. GAAP and non-GAAP EPS in the fourth quarter of 2025 include a charge of $0.05 per share related to an agreement with Dr. Falk Pharma GmbH (Falk) pursuant to which the Company secured the sole global rights to MK-8690. GAAP and non-GAAP EPS in the fourth quarter of 2024 include a charge of $0.23 per share related to the execution of licensing agreements with LaNova Medicines Ltd. (acquired by Sino Pharmaceutical Limited) and Hansoh Pharma. GAAP and non-GAAP EPS for the full years of 2025 and 2024 include charges of $0.20 and $1.28 per share, respectively, related to certain licensing agreements and asset acquisitions.","length":868,"tagName":"p","attribs":{}},{"type":"text","content":"Non-GAAP EPS excludes acquisition- and divestiture-related costs, costs related to restructuring programs, and income and losses from investments in equity securities. 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Lenvima represent the Company’s share of profits, which are product sales net of cost of sales and commercialization costs. Alliance revenue for Reblozyl represents royalties.","length":210,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;width:100%;text-align:right;list-style-position:inside;vertical-align:bottom;padding-right:0.0px;","val":[{"type":"text","content":"**Marketing rights in former territories of the Company reverted to Johnson & Johnson on Oct. 1, 2024.","length":106,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;width:100%;text-align:right;list-style-position:inside;vertical-align:bottom;padding-right:0.0px;","val":[{"type":"text","content":"***Other revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities.","length":173,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;width:100%;text-align:right;list-style-position:inside;vertical-align:bottom;padding-right:0.0px;","val":[{"type":"text","content":"N/M - Not meaningful.","length":21,"tagName":"p","attribs":{}}]}]}],"length":510},{"type":"text","content":"In addition, Koselugo alliance revenue was $436 million for the full year of 2025 compared with $170 million for the full year of 2024. The increase was due to an amendment to the collaboration agreement with AstraZeneca in 2025, which discontinued the provisions whereby the Company shared revenue and costs with AstraZeneca, and revised the payment structure, resulting in the Company’s recognition of a $150 million upfront payment and $175 million of regulatory milestones.","length":477,"tagName":"p"},{"type":"text","content":"Full-year 2025 Pharmaceutical sales were $58.1 billion, representing growth of 1% both nominally and excluding the impact of foreign exchange. Sales growth was primarily driven by higher sales in oncology, particularly KEYTRUDA and WELIREG, as well as increased alliance revenue from Koselugo (resulting from the amendment to the collaboration agreement noted above), Reblozyl and Lynparza. Also contributing to sales growth were higher sales in the cardiometabolic and respiratory franchise largely attributable to the ongoing launch of WINREVAIR, as well as the inclusion of OHTUVAYRE sales resulting from the acquisition of Verona Pharma, which closed on Oct. 7, 2025. Growth in the diabetes franchise, largely attributable to higher net pricing of JANUVIA in the U.S., also contributed to sales growth. Sales growth in 2025 was partially offset by lower sales in the vaccines franchise reflecting lower sales of GARDASIL/GARDASIL 9, which were offset in part by the ongoing launch of CAPVAXIVE and the U.S. launch of ENFLONSIA. Lower sales in the immunology franchise (due to the return of the marketing rights for Simponi and Remicade in former Company territories to Johnson & Johnson on Oct. 1, 2024) and lower sales in the virology franchise (largely attributable to LAGEVRIO) also offset Pharmaceutical sales growth in 2025.","length":1337,"tagName":"p"},{"type":"text","content":"Full-year 2025 Animal Health sales were $6.4 billion, representing growth of 8%, or 9% excluding the impact of foreign exchange. Sales growth was primarily driven by the performance of Livestock products across all species and new product launches in Companion Animal. 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