Form 8-K

8-K — Merck & Co., Inc.

Accession: 0001104659-26-090045

Filed: 2026-08-04

Period: 2026-08-04

CIK: 0000310158

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2621496d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2621496d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2621496d1_ex99-2.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event

reported) August 4, 2026 (August 4, 2026)

Merck & Co., Inc.

(Exact name of registrant as specified in

its charter)

New Jersey

(State or other jurisdiction

of incorporation)

1-6571

(Commission

File Number)

22-1918501

(I.R.S. Employer

Identification No.)

126 East Lincoln Avenue, Rahway, NJ

(Address of principal executive offices)

07065

(Zip Code)

Registrant’s telephone number, including

area code (908) 740-4000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common

Stock ($0.50 par value)

MRK

New York Stock Exchange

1.875% Notes due 2026

MRK/26

New York Stock Exchange

3.250% Notes due 2032

MRK/32

New York Stock Exchange

2.500% Notes due 2034

MRK/34

New York Stock Exchange

1.375% Notes due 2036

MRK 36A

New York Stock Exchange

3.500% Notes due 2037

MRK/37

New York Stock Exchange

3.700% Notes due 2044

MRK/44

New York Stock Exchange

3.750% Notes due 2054

MRK/54

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

The following information, including the exhibits hereto, is being

furnished pursuant to this Item 2.02.

Incorporated by reference is a press release issued

by Merck & Co., Inc. on August 4, 2026, regarding earnings for the second quarter of 2026, attached as Exhibit 99.1.

Also incorporated by reference is certain supplemental information not included in the press release, attached as Exhibit 99.2.

This information shall not be deemed to be “filed”

for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject

to the liabilities of that Section, and is not incorporated by reference in any filing under the Securities Act of 1933, as amended, or

the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1

Press

release issued August 4, 2026, regarding earnings for the second quarter of 2026

Exhibit 99.2

Certain

supplemental information not included in the press release

Exhibit 104

Cover Page Interactive Data File (embedded within the

Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf

by the undersigned hereunto duly authorized.

Merck & Co., Inc.

Date:

August 4, 2026

By:

/s/

Kelly E. W. Grez

Kelly

E. W. Grez

Corporate Secretary

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2621496d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

- 1 -

News Release

Merck & Co., Inc., Rahway, N.J., USA Announces

Second-Quarter 2026 Financial Results; Highlights Key Regulatory and Clinical Milestones Across Broad, Diverse Pipeline

Sales Growth Reflects Continued Strength in

Oncology, Including Initial Uptake of KEYTRUDA QLEX, and Animal Health, Plus Contributions From Launches Such as WINREVAIR

Financial Highlights

- Total Worldwide Sales Were $16.6 Billion (5% Growth; 4% Growth ex-FX)

o KEYTRUDA/KEYTRUDA QLEX1

Sales Were $8.4 Billion (5% Growth; 4% Growth ex-FX); Includes KEYTRUDA QLEX Sales of $463 Million

o WINREVAIR Sales Were $588 Million (75% Growth; 75% Growth ex-FX)

o Animal Health Sales Were $1.8 Billion (8% Growth; 5% Growth

ex-FX)

- GAAP Loss per Share Was $0.54; Non-GAAP Loss per Share Was $0.13; GAAP and Non-GAAP Loss per Share Include a Charge of $2.31

per Share for the Acquisition of Terns

Pipeline & Portfolio Highlights

- Received U.S. FDA Approval for LIPFENDRA (enlicitide), the First and Only Once-Daily Oral PCSK9 Inhibitor To Reduce

LDL-C in Adults With Hypercholesterolemia

- Announced Positive Data From TroFuse-005 Trial Evaluating Sacituzumab Tirumotecan (sac-TMT) in Certain Patients With Advanced or Recurrent

Endometrial Cancer

- Announced Positive Phase 3 Results From Once-Weekly Investigational Oral HIV Treatment Regimen of Islatravir and Lenacapavir, in Collaboration

With Gilead

Full-Year 2026 Financial Outlook

- Narrows and Raises Expected Worldwide Sales Range To Be Between $66.3 Billion and $67.3 Billion

- Now Expects Non-GAAP EPS To Be Between $2.66 and $2.76; Outlook Includes Charges of $2.43 per Share for the Acquisition of Terns,

Comprised of a One-Time Charge of $2.31 per Share as Well as Costs of Approximately $0.12 per Share To Finance the Acquisition and Advance

MK-4208 (Formerly TERN-701)

1 Available in

some markets as KEYTRUDA SC.

- 2 -

RAHWAY, N.J., Aug. 4, 2026 – Merck & Co., Inc., Rahway, N.J.,

USA (NYSE: MRK), known as MSD outside the United States and Canada, today announced financial results for the second quarter of 2026.

“We continued to make substantial progress

across our business this quarter, driven by strong execution and growing contributions from new product launches,” said Robert M.

Davis, chairman and chief executive officer. “The FDA approval of LIPFENDRA is an exciting moment for our company and for patients,

marking the latest milestone in our nearly 70-year legacy in cardiovascular disease. Together with key regulatory and clinical advances

across oncology, HIV and immunology, this achievement reflects the strength of our pipeline and portfolio transformation as we bring forward

the next wave of innovation. I am confident in the ongoing execution of our strategy as we deliver for patients and further enhance our

long-term growth trajectory.”

Financial Summary

Second Quarter

$ in millions, except EPS amounts

2026

2025

Change

Change Ex-

Exchange

Sales

$ 16,607

$ 15,806

5 %

4 %

GAAP net (loss) income2

(1,335 )

4,427

N/M

Non-GAAP net (loss) income that

excludes certain items2,3*

(330 )

5,366

N/M

GAAP EPS

(0.54 )

1.76

N/M

Non-GAAP EPS that excludes certain items3*

(0.13 )

2.13

N/M

*Refer to table on page 7.

N/M - Not meaningful

For the second quarter of 2026, Generally Accepted

Accounting Principles (GAAP) loss / earnings per share (EPS) assuming dilution was a loss per share of $0.54 and non-GAAP loss per share

was $0.13. Both the GAAP and non-GAAP loss per share were due to a charge for the acquisition of Terns

Pharmaceuticals, Inc. (Terns) of $2.31 per share. Both GAAP and non-GAAP

EPS in the second quarter of 2025 include a charge of $0.07 per share for an upfront payment related to a license agreement with Jiangsu

Hengrui Pharmaceutical Co., Ltd. (Hengrui Pharma).

Non-GAAP EPS excludes acquisition- and divestiture-related

costs and costs related to restructuring programs, as well as income and losses from investments in equity securities. Non-GAAP EPS in

the second quarter of 2025 also excludes tax benefits primarily resulting from favorable audit reserve adjustments.

Year-to-date results can be found in the attached

tables.

2 Net (loss) income attributable

to the Company.

3 The Company is providing certain 2026 and 2025 non-GAAP

information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business

performance and trends. Management believes that providing this information enhances investors’ understanding of the Company’s

results because management uses non-GAAP results to assess performance. Management uses non-GAAP measures internally for planning and

forecasting purposes and to measure the performance of the Company along with other metrics. In addition, annual employee compensation,

including senior management’s compensation, is derived in part using a non-GAAP pretax income metric. This information should be

considered in addition to, but not as a substitute for or superior to, information prepared in accordance with GAAP. For a description

of the non-GAAP adjustments, see Table 2a attached to this release.

- 3 -

Second-Quarter Sales Performance

The following table reflects sales of the Company’s

top products and significant performance drivers.

Second Quarter

$ in millions

2026

2025

Change

Change Ex-

Exchange

Commentary

Total Sales

$ 16,607

$ 15,806

5 %

4 %

Pharmaceutical

14,760

14,050

5 %

4 %

Increase primarily driven by growth in oncology as well as cardiometabolic and respiratory, partially offset by a decline in diabetes.

KEYTRUDA/ KEYTRUDA QLEX

8,366

7,956

5 %

4 %

Growth primarily driven by strong global uptake in earlier-stage indications, including triple-negative breast cancer (TNBC), cervical cancer, head and neck cancer and bladder cancer, as well as higher global demand in metastatic indications, including urothelial cancer. Sales of KEYTRUDA QLEX were $463 million.

GARDASIL/GARDASIL 9

1,169

1,126

4 %

3 %

Increase primarily due to higher demand in Asia Pacific and Europe, as well as favorable timing of tenders in Europe, partially offset by lower demand in certain other international markets.

PROQUAD, M-M-R II and VARIVAX

592

609

-3 %

Decrease primarily reflects lower demand in the U.S., partially offset by higher net pricing in the U.S., higher demand in Europe and favorable private-sector purchasing patterns for M-M-R II in the U.S.

WINREVAIR

588

336

75 %

Growth primarily reflects continued uptake in the U.S. and early launch uptake in certain international markets, particularly in Japan and Europe.

BRIDION

497

461

8 %

Growth primarily due to higher demand and net pricing in the U.S.

JANUVIA/JANUMET

429

623

-31 %

Decline primarily due to lower demand and net pricing in the U.S. due to competition, as well as lower demand in China and most other international markets due to ongoing generic competition.

Lynparza*

365

370

-1 %

-2 %

Relatively flat compared with prior year.

PREVYMIS

295

228

29 %

28 %

Increase primarily due to higher demand in the U.S. and certain European markets, reflecting in part the launch of new indications.

Lenvima*

283

265

7 %

6 %

Growth primarily due to higher demand in the U.S., partially offset by lower net pricing.

- 4 -

Second Quarter

$ in millions

2026

2025

Change

Change Ex-

Exchange

Commentary

WELIREG

271

162

67 %

Growth primarily driven by higher demand in the U.S. and continued launch uptake in several international markets, particularly in Japan, as well as favorable wholesaler purchasing patterns in the U.S.

OHTUVAYRE

204

Product obtained as part of the Company’s October 2025 acquisition of Verona Pharma plc. Includes a benefit from the timing of specialty pharmacy purchases in the U.S.

CAPVAXIVE

184

129

42 %

40 %

Increase primarily driven by launch uptake in several international markets, particularly in Asia Pacific and Europe, as well as in the U.S.

VAXNEUVANCE

148

229

-35 %

-36 %

Decline primarily due to favorable prior period public-sector activity in the U.S., which increased sales in that period, as well as lower demand in the U.S. and in most international markets in the current period due to competitive pressure.

LAGEVRIO

-95 %

Decline largely due to lower demand in Japan and the U.S.

Animal Health

1,775

1,646

8 %

5 %

Growth attributable to both Livestock and Companion Animal product portfolios.

Livestock

1,041

961

8 %

6 %

Growth primarily driven by higher demand for ruminant and poultry products.

Companion Animal

734

685

7 %

5 %

Growth primarily due to new product launches. Sales of BRAVECTO line of products were $359 million and $335 million in the current and prior-year quarters, respectively, which represents an increase of 7%, or 4% excluding impact of foreign exchange.

Other Revenues**

110

-35 %

-34 %

Decline primarily due to lower revenue from third-party manufacturing arrangements.

*Alliance revenue for this product represents the

Company’s share of profits, which are product sales net of cost of sales and commercialization costs.

**Other revenues are comprised primarily of revenues

from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities.

- 5 -

Second-Quarter Expense and Related Information

The table below presents selected expense information.

$ in millions

GAAP

Acquisition-

and

Divestiture-

Costs4

Restructuring

Costs

(Income)

Loss From

Investments

in Equity

Securities

Non-

GAAP3

Second Quarter 2026

Cost of sales

$ 4,395

$ 1,067

$ 184

$ -

$ 3,144

Selling, general and administrative

2,904

2,887

Research and development

9,741

(1 )

9,736

Restructuring costs

151

Other (income) expense, net

(191 )

290

Second Quarter 2025

Cost of sales

$ 3,557

$ 576

$ 165

$ -

$ 2,816

Selling, general and administrative

2,649

2,633

Research and development

4,048

3,992

Restructuring costs

560

Other (income) expense, net

(7 )

(61 )

GAAP Expense, EPS and Related Information

Gross margin was 73.5% for the second quarter of

2026 compared with 77.5% for the second quarter of 2025. The decrease was primarily due to higher amortization

of intangible assets and inventory write-downs.

Selling, general and administrative (SG&A)

expenses were $2.9 billion in the second quarter of 2026, an increase of 10% compared with the second quarter of 2025. The

increase was primarily due to higher administrative costs (including investments in IT), as well as higher promotional costs in support

of product launches.

Research and development (R&D) expenses were

$9.7 billion in the second quarter of 2026 compared with $4.0 billion in the second quarter of 2025. The increase was largely due to a

$5.7 billion charge for the acquisition of Terns and higher clinical development spending, partially offset by a $200 million reduction

in R&D expenses as part of a funding agreement with Blackstone Life Sciences (Blackstone). R&D expenses in the second quarter

of 2025 include a $200 million charge for an upfront payment related to a license agreement with Hengrui Pharma.

Other (income) expense, net, was $99 million of

expense in the second quarter of 2026 compared with $7 million of income in the second quarter of 2025. The

unfavorability was primarily due to higher net interest expense, partially offset by higher net income from investments in equity securities.

4 Reflects expenses

related to business combinations, including the amortization of intangible assets, intangible asset impairment charges, and expense or

income related to changes in the estimated fair value measurement of liabilities for contingent consideration. Also includes integration,

transaction and certain other costs associated with acquisitions and divestitures, as well as amortization of intangible assets related

to collaborations, licensing arrangements and asset acquisitions, and recognition of fair value step-up to inventories for asset acquisitions.

- 6 -

The income tax provision for the second quarter

of 2026 was $654 million on a pretax loss of $683 million, resulting in an effective income tax rate of (95.9)%.

This effective income tax rate includes a 108.9 percentage point unfavorable impact of the charge for the acquisition of Terns, for which

no tax benefit was recorded.

GAAP loss per share was $0.54 for the second quarter

of 2026 compared with earnings per share of $1.76 for the second quarter of 2025, largely due to higher charges for business development

transactions, reflecting a $2.31 per share charge in the second quarter of 2026 for the acquisition of Terns compared with a $0.07 per

share charge in the second quarter of 2025 related to a license agreement with Hengrui Pharma.

Non-GAAP Expense, EPS and Related Information

Non-GAAP gross margin was 81.1% for the second

quarter of 2026 compared with 82.2% for the second quarter of 2025. The decrease was primarily due to higher

inventory write-downs.

Non-GAAP SG&A expenses were $2.9 billion in

the second quarter of 2026, an increase of 10% compared with the second quarter of 2025. The increase was primarily

due to higher administrative costs (including investments in IT), as well as higher promotional costs in support of product launches.

Non-GAAP R&D expenses were $9.7 billion in

the second quarter of 2026 compared with $4.0 billion in the second quarter of 2025. The increase was largely due to a $5.7 billion charge

for the acquisition of Terns and higher clinical development spending, partially offset by a $200 million reduction in R&D expenses

as part of a funding agreement with Blackstone. R&D expenses in the second quarter of 2025 include a $200 million charge for an upfront

payment related to a license agreement with Hengrui Pharma.

Non-GAAP other (income) expense, net, was $290

million of expense in the second quarter of 2026 compared with $54 million of expense in the second quarter of 2025. The

unfavorability was primarily due to higher net interest expense.

The non-GAAP income tax provision for the second

quarter of 2026 was $882 million on pretax income of $550 million, resulting in a non-GAAP effective income

tax rate of 160.3%. This effective income tax rate includes a 146.2 percentage point unfavorable impact of the charge for the acquisition

of Terns, for which no tax benefit was recorded.

Non-GAAP loss per share was $0.13 for the second

quarter of 2026 compared with earnings per share of $2.13 for the second quarter of 2025, largely due to higher charges for business development

transactions, reflecting a $2.31 per share charge in the second quarter of 2026 for the acquisition of Terns compared with a $0.07 per

share charge in the second quarter of 2025 related to a license agreement with Hengrui Pharma.

- 7 -

A reconciliation of GAAP to non-GAAP net (loss)

income and EPS is provided in the table that follows.

Second Quarter

$ in millions, except EPS amounts

2026

2025

EPS

GAAP EPS

$ (0.54 )

$ 1.76

Difference

0.41

0.37

Non-GAAP EPS that excludes items listed below3

$ (0.13 )

$ 2.13

Net (Loss) Income

GAAP net (loss) income2

$ (1,335 )

$ 4,427

Difference

1,005

939

Non-GAAP net (loss) income that excludes items listed below2,3

$ (330 )

$ 5,366

Excluded Items:

Acquisition- and divestiture-related costs4

$ 1,090

$ 594

Restructuring costs

334

779

Income from investments in equity securities

(191 )

(61 )

Increase to net loss / decrease to net income before taxes

1,233

1,312

Estimated income tax benefit5

(228 )

(373 )

Increase to net loss / decrease to net income

$ 1,005

$ 939

Pipeline and Portfolio Highlights

In the second quarter, the Company achieved key

regulatory milestones across the portfolio while continuing to advance its broad and diverse pipeline.

· Oncology:

o U.S. Food and Drug Administration (FDA) approved KEYTRUDA and KEYTRUDA QLEX, each with WELIREG, for the adjuvant treatment of certain

patients with clear cell renal cell carcinoma (ccRCC), based on Phase 3 LITESPARK-022 trial.

§ Approvals represent first approved combination of a PD-1 and hypoxia-inducible factor-2 alpha inhibitor for these patients.

o In July, FDA approved expanded use of KEYTRUDA and KEYTRUDA QLEX, each with Padcev, as treatment before and after surgery for adult

patients with muscle-invasive bladder cancer (MIBC), including cisplatin eligible patients based on Phase 3 KEYNOTE-B15 trial; the expansion

builds upon prior approval of this regimen for cisplatin ineligible patients based on Phase 3 KEYNOTE-905 trial.

o FDA approved KEYTRUDA and KEYTRUDA QLEX, each with Trodelvy, for the first-line treatment of PD-L1 positive (Combined Positive Score

[CPS] ≥10) advanced TNBC, based on Phase 3 KEYNOTE-D19/ASCENT-04 trial.

o FDA granted Breakthrough Therapy designation (BTD) for calderasib (MK-1084), an investigational oral specific KRAS G12C

inhibitor, in combination with KEYTRUDA, for the first-line treatment of patients with advanced or metastatic non-small cell lung cancer

(NSCLC) with KRAS G12C-mutation and expressing PD-L1 (tumor proportion score [TPS] ≥1%).

5 Includes the estimated income tax impacts on the reconciling items based on applying

the statutory rate of the originating territory of the non-GAAP adjustments for all periods presented. Amount in the second quarter of

2025 also includes a $146 million benefit primarily resulting from favorable audit reserve adjustments.

- 8 -

o Announced that Phase 3 TroFuse-005 trial evaluating sac-TMT, an investigational anti-TROP2 antibody-drug conjugate (ADC) being developed

in collaboration with Kelun-Biotech, met its primary endpoints of overall survival (OS) and progression-free survival (PFS) in patients

with advanced or recurrent endometrial cancer who have progressed after platinum-based chemotherapy and anti-PD-1/L1 immunotherapy.

§ First Phase 3 results from the Company’s broad sac-TMT clinical development program, which includes 17 ongoing global Phase

3 trials across multiple tumor types.

o At the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting, new research was presented across over 25 types of cancer,

reinforcing long-term impact of KEYTRUDA and momentum in the Company’s rapidly advancing oncology pipeline, including:

§ Five-year follow-up data from Phase 2b KEYNOTE-942 trial, in collaboration with Moderna, underscoring continued potential of intismeran

autogene (mRNA-4157/V940) in combination with KEYTRUDA for patients with stage III/IV melanoma following complete resection.

§ Data from Phase 3 OptiTROP-Lung05 trial, led by Kelun-Biotech, evaluating sac-TMT plus KEYTRUDA in China, adding to ongoing research

of novel treatment approaches for patients with NSCLC.

§ Results from final analysis of KEYNOTE-522 evaluating KEYTRUDA in combination with chemotherapy, reporting a continued survival benefit

for patients with high-risk early-stage TNBC.

· Vaccines

and Infectious Diseases:

o In July, presented new data for daily and weekly options across HIV treatment and prevention pipeline at 26th International

AIDS Conference (AIDS 2026). Hosted HIV investor event to highlight these data.

§ In collaboration with Gilead, presented first Phase 3 results for islatravir/lenacapavir (ISL/LEN), an investigational oral once-weekly

single-tablet HIV treatment regimen, which maintained virological suppression in adults with HIV who switched antiretroviral therapy.

ISL/LEN has the potential to be the first approved oral, once-weekly HIV treatment.

§ Presented first results from a Phase 2b study evaluating switch to investigational once-weekly oral islatravir

and ulonivirine (ISL/ULO) in adults with virologically suppressed HIV-1.

o Received regulatory approvals in Japan and China for ENFLONSIA for the prevention of RSV lower respiratory tract disease in newborns

and infants who are born during or entering their first RSV season.

- 9 -

· Cardiometabolic

and Respiratory:

o In July, FDA approved LIPFENDRA (enlicitide), the first and only once-daily oral PCSK9 inhibitor, as an adjunct to diet and exercise,

to reduce LDL-C in adults with hypercholesterolemia, based on two Phase 3 trials from the CORALreef clinical program: CORALreef Lipids

and CORALreef HeFH.

§ At week 24, LIPFENDRA significantly reduced LDL-C by a placebo-adjusted 56% and 59%, respectively.

· Immunology:

○ Announced

positive topline results from Phase 3 ATLAS-UC induction-only study (Study 2) evaluating tulisokibart (MK-7240), an investigational humanized

monoclonal antibody targeting tumor necrosis factor-like cytokine 1A (TL1A), in patients with moderately to severely active ulcerative

colitis (UC).

o Initial topline results from primary analyses of two Phase 2

studies evaluating tulisokibart:

§ In hidradenitis suppurativa (HS), the study met its primary and key secondary endpoints. Full results will be shared at an upcoming

medical meeting.

§ In systemic sclerosis-associated interstitial lung disease (SSc-ILD), the study did not meet its primary endpoint and will be discontinued.

No new safety concerns were identified.

· Business

Development:

o Completed acquisition of Terns for $6.8 billion.

§ Added MK-4208, a novel investigational oral allosteric BCR::ABL1 tyrosine kinase inhibitor recently granted BTD by the FDA for

the treatment of certain adults with Philadelphia chromosome-positive chronic myeloid leukemia.

- 10 -

Notable recent news releases on the Company’s

pipeline and portfolio are provided in the table that follows. Visit the News Releases section of the Company’s website to read

the releases.*

Oncology

FDA Approved KEYTRUDA and KEYTRUDA QLEX, Each With WELIREG, for Adjuvant Treatment of Certain Patients With ccRCC; Based on Results From Phase 3 LITESPARK-022 Trial

FDA Approved KEYTRUDA and KEYTRUDA QLEX, Each With Padcev, as Treatment Before and After Surgery for Adults With MIBC; Based on Results From Phase 3 KEYNOTE-B15 Trial, Combined With Previous Approvals Based on Phase 3 KEYNOTE-905 Trial

FDA Approved KEYTRUDA and KEYTRUDA QLEX, Each With Trodelvy, as First-Line Treatment of PD-L1+ Advanced TNBC; Based on Results From Phase 3 KEYNOTE-D19/ASCENT-04 Trial

European Commission Approved KEYTRUDA Plus Padcev as First PD-1 Inhibitor Plus ADC Regimen for Adults With Cisplatin-Ineligible Resectable MIBC; Based on Results From Phase 3 KEYNOTE-905 Trial

FDA Granted BTD for Calderasib (MK-1084), an Investigational KRAS G12C Inhibitor, for Certain Patients With Newly Diagnosed Metastatic KRAS G12C-Mutant NSCLC

The Company Announced TroFuse-005 Trial Evaluating Sac-TMT Met Primary Endpoints of OS and PFS in Certain Patients With Advanced or Recurrent Endometrial Cancer

The Company and Moderna Presented 5-Year Data for Intismeran Autogene in Combination With KEYTRUDA in Patients With High-Risk Stage III/IV Melanoma Following Complete Resection at ASCO 2026

KEYTRUDA as Monotherapy Significantly Improved PFS in Certain Patients With Advanced or Recurrent Endometrial Cancer With Mismatch Repair Deficient Tumors Compared to Chemotherapy; Results From Phase 3 KEYNOTE-C93 Trial

The Company Highlighted New Long-Term Data and Advancements Across Broad Oncology Portfolio and Pipeline Research at ASCO 2026

The Company Completed Acquisition of Terns

Vaccines and Infectious Diseases

The Company, in Collaboration With Gilead, Announced That the Once-Weekly Investigational Oral HIV Treatment Regimen of Islatravir and Lenacapavir (ISL/LEN) Maintained Virological Suppression in People With HIV Who Switched Antiretroviral Therapy

The Company Presented New Data on Daily, Weekly and Monthly Options Across its HIV Treatment and Prevention Pipeline at AIDS 2026

The Company Announced Initial Access Plans for Alimatravir (MK-8527), Its Investigational Once-Monthly Oral Pre-Exposure Prophylaxis in Phase 3 Development; Multi-Faceted Strategy Aims To Enable Rapid, Broad and Sustainable Access to Alimatravir, if Approved, in Low- And Middle-Income Countries

The Company Announced New Agreement With AIDS Drug Assistance Program Crisis Task Force To Improve Access and Care for People Living With HIV

FDA Approved an Additional Indication for CAPVAXIVE in Children and Adolescents Aged 2 Through 17 at Increased Risk for Pneumococcal Disease; Based on Results From Phase 3 STRIDE-13 Trial

Cardiometabolic and Respiratory

FDA Approved LIPFENDRA, the First and Only Once-Daily Oral PCSK9 Inhibitor To Reduce LDL-C in Adults With Hypercholesterolemia; Based on Results From CORALreef Lipids and CORALreef HeFH Trials

Immunology

Tulisokibart Met Primary and Key Secondary Endpoints in the Phase 3 ATLAS-UC Induction-only Study in Patients With Moderately to Severely Active UC

Animal Health

The Company’s Animal Health Business Completed Acquisition of TARGAN, Broadening Its Commercial Poultry Portfolio Through TARGAN’s Innovative High-Speed Biodevice Technology

*References in the above news release titles have been modified for

the purpose of this announcement.

- 11 -

Upcoming Investor Event

The Company will hold an Oncology Investor Event

to coincide with the European Society for Medical Oncology Congress 2026 on Monday, Oct. 26, 2026, at 6 p.m. CET / 1 p.m. EDT, during

which senior management will provide an update on the Company’s oncology strategy and program. The event will take place in Madrid,

Spain, and will be accessible via live audio webcast at this weblink.

Full-Year 2026 Financial Outlook

The following table summarizes the Company’s

full-year financial outlook.

Full Year 2026

Updated

Prior

Sales*

$66.3 billion to $67.3 billion

$65.8 billion to $67.0 billion

Non-GAAP Gross margin3

Approximately 81%

Approximately 82%

Non-GAAP Operating expenses3**

$42.0 billion to $42.7 billion

$36.0 billion to $36.8 billion

Non-GAAP Other (income) expense, net3

Approximately $1.4 billion expense

Approximately $1.3 billion expense

Non-GAAP Effective income tax rate3

35.0% to 36.0%

23.5% to 24.5%

Non-GAAP EPS3***

$2.66 to $2.76

$5.04 to $5.16

Share count (assuming dilution)

Approximately 2.48 billion

*The Company does not have any non-GAAP adjustments

to sales.

**Includes one-time R&D charges of $9.0 billion

for the acquisition of Cidara Therapeutics, Inc. (Cidara) and $5.7 billion for the acquisition of Terns. Outlook does not assume any additional

significant potential business development transactions.

***Includes one-time charges of $3.62 per share

for the acquisition of Cidara and $2.31 per share for the acquisition of Terns.

The Company has not provided a reconciliation of

forward-looking non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other (income) expense, net, non-GAAP effective income tax

rate and non-GAAP EPS to the most directly comparable GAAP measures, given it cannot predict with reasonable certainty the amounts necessary

for such a reconciliation, including intangible asset impairment charges, legal settlements, and income and losses from investments in

equity securities either owned directly or through ownership interests in investment funds, without unreasonable effort. These items are

inherently difficult to forecast and could have a significant impact on the Company’s future GAAP results.

The Company is raising and narrowing the range

for its full-year sales outlook and now anticipates full-year 2026 sales to be between $66.3 billion and $67.3 billion, including a positive

impact from foreign exchange of approximately 1% at mid-July 2026 exchange rates.

The Company now expects the full-year non-GAAP

effective income tax rate to be between 35.0% and 36.0%, including the impact of the non-tax deductible one-time charges for the acquisitions

of Cidara and Terns.

The Company now expects full-year 2026 non-GAAP

EPS to be between $2.66 and $2.76, including a positive impact from foreign exchange of approximately $0.15 per share at mid-July 2026

exchange rates. This range includes one-time charges of $9.0 billion, or $3.62 per share, related to the acquisition of Cidara and $5.7

billion, or $2.31 per share, related to the acquisition of Terns. This range also includes costs of approximately $0.12 per share to finance

the Terns acquisition and advance MK-4208. The charges related to Terns were not previously included in the outlook. In 2025, non-GAAP

EPS of $8.98 was negatively impacted by one-time charges of $0.20 per share in the aggregate related to certain business development transactions.

- 12 -

Consistent with past practice, the financial outlook

does not assume additional significant potential business development transactions.

Earnings Conference Call

Investors, journalists

and the general public may access a live audio webcast of the call on Tuesday, Aug. 4, at 9 a.m.

EDT via this weblink. A replay of the webcast, along with the sales and earnings news release,

supplemental financial disclosures and slides highlighting the results, will be available on the Company’s website.

All participants may join the call by dialing (800)

369-3351 (U.S. and Canada Toll-Free) or (517) 308-9448 and using the access code 9818590.

About Our Company

At Merck & Co., Inc., Rahway, N.J., USA, known

as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and

improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines

and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront

of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster

a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people

and communities.

Forward-Looking Statement of Merck & Co., Inc., Rahway, N.J.,

USA

This news release of Merck & Co., Inc., Rahway,

N.J., USA (the “Company”) includes “forward-looking statements” within the meaning of the safe harbor provisions

of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of

the Company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline

candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful.

If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set

forth in the forward-looking statements.

Risks and uncertainties include but are not limited

to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations;

the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward

health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product

development, including obtaining regulatory approval; the Company’s ability to accurately predict future market conditions; manufacturing

difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the Company’s

patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory

actions.

- 13 -

The Company undertakes no obligation to publicly

update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could

cause results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual

Report on Form 10-K for the year ended December 31, 2025 and the Company’s other filings with the Securities and Exchange Commission

(SEC) available at the SEC’s Internet site (www.sec.gov).

Appendix

Generic product names are provided below.

Pharmaceutical

BRIDION (sugammadex)

CAPVAXIVE (Pneumococcal 21-valent Conjugate Vaccine)

ENFLONSIA (clesrovimab-cfor)

GARDASIL (Human Papillomavirus Quadrivalent [Types 6,

11, 16 and 18] Vaccine, Recombinant)

GARDASIL 9 (Human Papillomavirus 9-valent Vaccine, Recombinant)

JANUMET (sitagliptin and metformin HCl)

JANUVIA (sitagliptin)

KEYTRUDA (pembrolizumab)

KEYTRUDA QLEX (pembrolizumab and berahyaluronidase alfa-pmph)

LAGEVRIO (molnupiravir)

Lenvima (lenvatinib)

LIPFENDRA (enlicitide)

Lynparza (olaparib)

M-M-R II (Measles, Mumps and Rubella Virus Vaccine Live)

OHTUVAYRE (ensifentrine)

PREVYMIS (letermovir)

PROQUAD (Measles, Mumps, Rubella and Varicella Virus Vaccine Live)

VARIVAX (Varicella Virus Vaccine Live)

VAXNEUVANCE (Pneumococcal 15-valent Conjugate Vaccine)

WELIREG (belzutifan)

WINREVAIR (sotatercept-csrk)

- 14 -

Animal Health

BRAVECTO (fluralaner)

###

Media Contacts:

Investor Contacts:

Michael Levey

Peter Dannenbaum

michael.levey@msd.com

(732) 594-1579

John Cummins

Steven Graziano

john.cummins2@msd.com

(732) 594-1583

MERCK & CO., INC., RAHWAY, N.J., USA

CONSOLIDATED STATEMENT OF OPERATIONS - GAAP

(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)

(UNAUDITED)

Table 1

GAAP

2Q26

2Q25

% Change

June

YTD

2026

June

YTD

2025

% Change

Sales

$ 16,607

$ 15,806

5 %

$ 32,893

$ 31,335

5 %

Costs, Expenses and Other

Cost of sales

4,395

3,557

24 %

8,590

6,976

23 %

Selling, general and administrative

2,904

2,649

10 %

5,604

5,202

8 %

Research and development

9,741

4,048

22,333

7,669

Restructuring costs

151

560

-73 %

346

629

-45 %

Other (income) expense, net

(7 )

237

(43 )

(Loss) Income Before Taxes

(683 )

4,999

(4,217 )

10,902

Income Tax Provision

654

571

1,363

1,388

Net (Loss) Income

(1,337 )

4,428

(5,580 )

9,514

Less: Net (Loss) Income Attributable to Noncontrolling Interests

(2 )

(5 )

Net (Loss) Income Attributable to Merck & Co., Inc., Rahway, N.J., USA

$ (1,335 )

$ 4,427

$ (5,575 )

$ 9,506

(Loss) Earnings per Common Share Assuming Dilution (1)

$ (0.54 )

$ 1.76

$ (2.26 )

$ 3.77

Average Shares Outstanding Assuming Dilution (1)

2,470

2,513

2,471

2,522

Tax Rate

-95.9 %

11.4 %

-32.3 %

12.7 %

100% or greater

(1) Because the Company recorded a net loss in both the second quarter and first six months of 2026, no potential dilutive common shares were used in the computations of loss per common share assuming dilution as the effects would have been anti-dilutive.

MERCK & CO., INC., RAHWAY, N.J., USA

THREE AND SIX MONTHS ENDED JUNE 30, 2026 GAAP TO NON-GAAP RECONCILIATION

(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)

(UNAUDITED)

Table 2a

GAAP

Acquisition- and

Divestiture-Related

Costs (1)

Restructuring

Costs (2)

(Income) Loss

from

Investments in

Equity

Securities

Adjustment

Subtotal

Non-GAAP

Second Quarter

Cost of sales

$ 4,395

1,067

184

1,251

$ 3,144

Selling, general and administrative

2,904

2,887

Research and development

9,741

(1 )

9,736

Restructuring costs

151

–

Other (income) expense, net

(191 )

290

Loss Before Taxes

(683 )

(1,090 )

(334 )

191

(1,233 )

550

Income Tax Provision (Benefit)

654

(219 )(3)

(50 )(3)

41 (3)

(228 )

882

Net Loss

(1,337 )

(871 )

(284 )

150

(1,005 )

(332 )

Net Loss Attributable to Merck & Co., Inc., Rahway, N.J., USA

(1,335 )

(871 )

(284 )

150

(1,005 )

(330 )

Loss per Common Share Assuming Dilution (4)

$ (0.54 )

(0.35 )

(0.12 )

0.06

(0.41 )

$ (0.13 )

Tax Rate

-95.9 %

160.3 %

June YTD

Cost of sales

$ 8,590

2,081

421

2,502

$ 6,088

Selling, general and administrative

5,604

5,555

Research and development

22,333

22,294

Restructuring costs

346

–

Other (income) expense, net

237

(371 )

608

Loss Before Taxes

(4,217 )

(2,136 )

(800 )

371

(2,565 )

(1,652 )

Income Tax Provision (Benefit)

1,363

(421 )(3)

(135 )(3)

80 (3)

(476 )

1,839

Net Loss

(5,580 )

(1,715 )

(665 )

291

(2,089 )

(3,491 )

Net Loss Attributable to Merck & Co., Inc., Rahway, N.J., USA

(5,575 )

(1,715 )

(665 )

291

(2,089 )

(3,486 )

Loss per Common Share Assuming Dilution (4)

$ (2.26 )

(0.70 )

(0.27 )

0.12

(0.85 )

$ (1.41 )

Tax Rate

-32.3 %

-111.3 %

Only

the line items that are affected by non-GAAP adjustments are shown.

The Company is providing certain non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing non-GAAP information enhances investors’ understanding of the Company’s results because management uses non-GAAP measures to assess performance. Management uses non-GAAP measures internally for planning and forecasting purposes and to measure the performance of the Company along with other metrics. In addition, annual employee compensation, including senior management’s compensation, is derived in part using a non-GAAP pretax income metric. The non-GAAP information presented should be considered in addition to, but not as a substitute for or superior to, information prepared in accordance with GAAP.

(1) Amounts included in cost of sales reflect expenses for the amortization of intangible assets, as well as the recognition of fair value step-up of inventories related to the 2025 Verona Pharma plc acquisition. Amounts included in selling, general and administrative expenses reflect integration, transaction and certain other costs related to acquisitions and divestitures.

(2) Amounts primarily include employee separation costs, accelerated depreciation and asset impairment charges associated with facilities to be closed or divested, as well as contractual termination costs, associated with activities under the Company's formal restructuring programs.

(3) Represents the estimated tax impacts on the reconciling items based on applying the statutory rate of the originating territory of the non-GAAP adjustments.

(4) Because the Company recorded a net loss in both the second quarter and first six months of 2026, no potential dilutive common shares were used in the computations of loss per common share assuming dilution as the effects would have been anti-dilutive.

MERCK

& CO., INC., RAHWAY, N.J., USA

FRANCHISE

/ KEY PRODUCT SALES

(AMOUNTS

IN MILLIONS)

(UNAUDITED)

Table

2026

2025

June

YTD

June

YTD

June

YTD

Full

Year

Nom

Ex-Exch

Nom

Ex-Exch

TOTAL

SALES (1)

$ 16,286

$ 16,607

$ 32,893

$ 15,529

$ 15,806

$ 31,335

$ 17,276

$ 16,400

$ 65,011

PHARMACEUTICAL

14,349

14,760

29,109

13,638

14,050

27,688

15,611

14,843

58,142

Oncology

Keytruda

7,906

7,904

15,810

7,205

7,956

15,161

8,142

8,337

31,641

-1

-2

Keytruda Qlex

128

463

590

Alliance

Revenue – Lynparza (2)

341

365

706

312

370

682

379

389

1,450

-1

-2

Alliance

Revenue – Lenvima (2)

256

283

539

258

265

523

258

272

1,053

Welireg

199

271

470

137

162

300

196

220

716

Alliance

Revenue – Reblozyl (3)

148

122

270

119

107

226

136

164

525

Vaccines

(4)

Gardasil/Gardasil 9

1,069

1,169

2,238

1,327

1,126

2,453

1,749

1,031

5,233

-9

-10

ProQuad/M-M-R II/Varivax

538

592

1,130

539

609

1,148

684

619

2,451

-3

-2

-3

Vaxneuvance

202

148

350

230

229

459

226

140

825

-35

-36

-24

-26

RotaTeq

206

134

340

228

121

349

204

119

673

-3

-4

Capvaxive

142

184

325

107

129

236

244

279

759

Enflonsia

100

Cardiometabolic & Respiratory

Winrevair

525

588

1,114

280

336

615

360

467

1,443

Ohtuvayre

131

204

335

178

Alliance

Revenue - Adempas/Verquvo (5)

109

126

235

106

123

229

112

129

470

Adempas

(6)

156

147

312

-2

-4

Infectious Diseases

Bridion

472

497

969

441

461

902

439

499

1,841

Prevymis

272

295

568

208

228

436

266

275

978

Delstrigo

101

176

150

306

Zerbaxa

159

145

312

Isentress/Isentress HD

119

176

325

-30

-31

-32

-33

Dificid

179

247

-77

-69

Lagevrio

102

185

138

380

-95

-82

-83

Diabetes

Januvia

367

258

625

549

372

921

382

302

1,604

-31

-30

-32

Janumet

207

171

378

247

251

498

243

199

940

-32

-33

-24

-25

Other

Pharmaceutical (7)

774

641

1,416

865

703

1,568

1,004

770

3,340

-9

-10

-11

ANIMAL HEALTH

1,791

1,775

3,566

1,588

1,646

3,234

1,615

1,505

6,354

Livestock

1,064

1,041

2,105

924

961

1,885

1,023

987

3,896

Companion Animal

727

734

1,461

664

685

1,349

592

518

2,458

Other

Revenues (8)

146

218

303

110

413

515

-35

-34

-47

-6

Sum

of quarterly amounts may not equal year-to-date amounts due to rounding.

(1) Only select

products are shown.

(2) Alliance

Revenue represents the Company's share of profits, which are product sales net of cost of sales and commercialization costs.

(3) Alliance

Revenue represents royalties.

(4) Total Vaccines

sales were $2,314 million and $2,361 million in the first and second quarter of 2026, respectively, and $2,607 million and $2,370

million in the first and second quarter of 2025, respectively.

(5) Alliance

Revenue represents the Company's share of profits from sales in Bayer's marketing territories, which are product sales net of cost

of sales and commercialization costs.

(6) Net product

sales in the Company's marketing territories.

(7) Includes

Pharmaceutical products not individually shown above. Also reflects total alliance revenue for Koselugo of $161 million and $10 million

in the first and second quarter of 2026, respectively, and $44 million and $43 million in the first and second quarter of 2025, respectively.

(8) Other Revenues

are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging

activities. Other Revenues related to the receipt of milestone payments for out-licensed products were $132 million and $0 million

in the first and second quarter of 2026, respectively, and $95 million and $5 million in the first and second quarter of 2025, respectively.

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2621496d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

MERCK & CO., INC., RAHWAY, N.J., USA

CONSOLIDATED STATEMENT OF OPERATIONS - GAAP

(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)

(UNAUDITED)

Table 1a

2026

2025

Change

June

YTD

June

YTD

Full

Year

Full

Year

Sales

$ 16,286

$ 16,607

$ 32,893

$ 15,529

$ 15,806

$ 31,335

$ 17,276

$ 16,400

$ 65,011

5 %

Costs,

Expenses and Other

Cost

of sales

4,195

4,395

8,590

3,419

3,557

6,976

3,855

5,551

16,382

24 %

23 %

Selling,

general and administrative

2,700

2,904

5,604

2,552

2,649

5,202

2,633

2,898

10,733

10 %

8 %

Research

and development

12,592

9,741

22,333

3,621

4,048

7,669

4,234

3,886

15,789

Restructuring

costs

195

151

346

560

629

213

889

-73 %

-45 %

Other

(income) expense, net

138

237

(35 )

(7 )

(43 )

(238 )

432

151

(Loss)

Income Before Taxes

(3,534 )

(683 )

(4,217 )

5,903

4,999

10,902

6,745

3,420

21,067

Income

Tax Provision

709

654

1,363

818

571

1,388

958

458

2,804

Net

(Loss) Income

(4,243 )

(1,337 )

(5,580 )

5,085

4,428

9,514

5,787

2,962

18,263

Less:

Net (Loss) Income Attributable to Noncontrolling Interests

(3 )

(2 )

(5 )

(1 )

Net

(Loss) Income Attributable to Merck & Co., Inc., Rahway, N.J., USA

$ (4,240 )

$ (1,335 )

$ (5,575 )

$ 5,079

$ 4,427

$ 9,506

$ 5,785

$ 2,963

$ 18,254

(Loss)

Earnings per Common Share Assuming Dilution (1)

$ (1.72 )

$ (0.54 )

$ (2.26 )

$ 2.01

$ 1.76

$ 3.77

$ 2.32

$ 1.19

$ 7.28

Average

Shares Outstanding Assuming Dilution (1)

2,472

2,470

2,471

2,531

2,513

2,522

2,498

2,488

2,507

Tax

Rate

-20.1 %

-95.9 %

-32.3 %

13.9 %

11.4 %

12.7 %

14.2 %

13.4 %

13.3 %

100% or greater

Sum of quarterly amounts may not equal year-to-date amounts due to rounding.

MERCK & CO., INC., RAHWAY, N.J., USA

THREE AND SIX MONTHS ENDED JUNE 30, 2025 GAAP TO NON-GAAP RECONCILIATION

(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)

(UNAUDITED)

Table 2b

GAAP

Acquisition- and

Divestiture-Related

Costs (1)

Restructuring

Costs (2)

(Income)

Loss from

Investments

in Equity

Securities

Certain

Other

Items

Adjustment

Subtotal

Non-GAAP

Second Quarter

Cost of sales

$ 3,557

576

165

741

$ 2,816

Selling, general and administrative

2,649

2,633

Research and development

4,048

3,992

Restructuring costs

560

–

Other (income) expense, net

(7 )

(61 )

Income Before Taxes

4,999

(594 )

(779 )

(1,312 )

6,311

Income Tax Provision (Benefit)

571

(102 )(3)

(139 )(3)

14 (3)

(146 )(4)

(373 )

944

Net Income

4,428

(492 )

(640 )

146

(939 )

5,367

Net Income Attributable to Merck & Co., Inc., Rahway, N.J., USA

4,427

(492 )

(640 )

146

(939 )

5,366

Earnings per Common Share Assuming Dilution

$ 1.76

(0.20 )

(0.25 )

0.02

0.06

(0.37 )

$ 2.13

Tax Rate

11.4 %

15.0 %

June YTD

Cost of sales

$ 6,976

1,196

201

1,397

$ 5,579

Selling, general and administrative

5,202

5,163

Research and development

7,669

7,606

Restructuring costs

629

–

Other (income) expense, net

(43 )

(3 )

(168 )

(171 )

128

Income Before Taxes

10,902

(1,241 )

(884 )

168

(1,957 )

12,859

Income Tax Provision (Benefit)

1,388

(219 )(3)

(157 )(3)

36 (3)

(146 )(4)

(486 )

1,874

Net Income

9,514

(1,022 )

(727 )

132

146

(1,471 )

10,985

Net Income Attributable to Merck & Co., Inc., Rahway, N.J., USA

9,506

(1,022 )

(727 )

132

146

(1,471 )

10,977

Earnings per Common Share Assuming Dilution

$ 3.77

(0.40 )

(0.29 )

0.05

0.06

(0.58 )

$ 4.35

Tax Rate

12.7 %

14.6 %

Only

the line items that are affected by non-GAAP adjustments are shown.

The

Company is providing certain non-GAAP information that excludes certain items because of the nature of these items and the impact

they have on the analysis of underlying business performance and trends. Management believes that providing non-GAAP information

enhances investors’ understanding of the Company’s results because management uses non-GAAP measures to assess performance.

Management uses non-GAAP measures internally for planning and forecasting purposes and to measure the performance of the Company

along with other metrics. In addition, annual employee compensation, including senior management’s compensation, is derived

in part using a non-GAAP pretax income metric. The non-GAAP information presented should be considered in addition to, but not as

a substitute for or superior to, information prepared in accordance with GAAP.

(1)

Amounts included in cost of sales reflect expenses for the amortization of intangible assets and intangible asset impairment

charges, partially offset by a decrease in the estimated fair value measurement of liabilities for contingent consideration. Amounts

included in selling, general and administrative expenses reflect integration, transaction and certain other costs related to acquisitions

and divestitures. Amounts included in research and development expenses reflect the amortization of intangible assets.

(2)

Amounts primarily include employee separation costs, accelerated depreciation and asset impairments associated with facilities

to be closed or divested related to activities under the Company's formal restructuring programs.

(3)

Represents the estimated tax impacts on the reconciling items based on applying the statutory rate of the originating territory of

the non-GAAP adjustments.

(4)

Represents tax benefits primarily resulting from favorable audit reserve adjustments.

MERCK & CO., INC., RAHWAY, N.J., USA

FRANCHISE / KEY PRODUCT SALES

SECOND QUARTER 2026

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3a

Global

U.S.

International

2026

2025

Change

2026

2025

Change

2026

2025

Change

TOTAL

SALES (1)

$ 16,607

$ 15,806

$ 9,367

$ 8,836

$ 7,240

$ 6,969

PHARMACEUTICAL

14,760

14,050

8,827

8,328

5,933

5,722

Oncology

Keytruda

7,904

7,956

-1

4,611

4,749

-3

3,293

3,207

Keytruda Qlex

463

395

Alliance

Revenue – Lynparza (2)

365

370

-1

167

174

-4

198

195

Alliance

Revenue – Lenvima (2)

283

265

194

183

Welireg

271

162

214

138

133

Alliance

Revenue – Reblozyl (3)

122

107

Vaccines

(4)

Gardasil/Gardasil 9

1,169

1,126

542

545

-1

626

581

ProQuad/M-M-R II/Varivax

592

609

-3

438

481

-9

154

128

Capvaxive

184

129

138

129

Vaxneuvance

148

229

-35

136

-50

-14

RotaTeq

134

121

-18

Enflonsia

Cardiometabolic & Respiratory

Winrevair

588

336

522

323

Ohtuvayre

204

Alliance

Revenue - Adempas/Verquvo (5)

126

123

112

108

-1

Adempas

(6)

-2

Infectious Diseases

Bridion

497

461

460

411

-25

Prevymis

295

228

147

115

148

113

Delstrigo

101

-7

Zerbaxa

-3

Isentress/Isentress HD

-30

-26

-36

Dificid

-77

-87

-11

Lagevrio

-95

-96

-94

Diabetes

Januvia

258

372

-31

149

216

-31

109

155

-30

Janumet

171

251

-32

-59

143

184

-22

Other

Pharmaceutical (7)

641

703

-9

150

184

-18

489

520

-6

ANIMAL HEALTH

1,775

1,646

535

499

1,240

1,147

Livestock

1,041

961

202

190

838

771

Companion Animal

734

685

333

309

402

376

Other

Revenues (8)

110

-35

-44

100

-33

*200% or greater

Sum

of U.S. plus international may not equal global due to rounding.

(1) Only select

products are shown.

(2) Alliance

Revenue represents the Company's share of profits, which are product sales net of cost of sales and commercialization costs.

(3) Alliance

Revenue represents royalties.

(4) Total Vaccines

sales were $2,361 million and $2,370 million on a global basis in the second quarter of 2026 and 2025, respectively.

(5) Alliance

Revenue represents the Company's share of profits from sales in Bayer's marketing territories, which are product sales net of cost

of sales and commercialization costs.

(6) Net product

sales in the Company's marketing territories.

(7) Includes

Pharmaceutical products not individually shown above. Also reflects total alliance revenue for Koselugo of $10 million and $43 million

on a global basis in the second quarter of 2026 and 2025, respectively.

(8) Other Revenues are comprised primarily

of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities.

Other Revenues related to the receipt of milestone payments for out-licensed products were $0 million and $5 million on a global

basis in the second quarter of 2026 and 2025, respectively.

MERCK & CO., INC., RAHWAY, N.J., USA

FRANCHISE / KEY PRODUCT SALES

JUNE YEAR-TO-DATE 2026

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3b

Global

U.S.

International

June

YTD

2026

June

YTD

2025

Change

June

YTD

2026

June

YTD

2025

Change

June

YTD

2026

June

YTD

2025

Change

TOTAL

SALES (1)

$ 32,893

$ 31,335

$ 18,532

$ 17,359

$ 14,361

$ 13,977

PHARMACEUTICAL

29,109

27,688

17,338

16,254

11,771

11,434

Oncology

Keytruda

15,810

15,161

9,210

9,057

6,600

6,104

Keytruda

Qlex

590

501

Alliance

Revenue – Lynparza (2)

706

682

315

319

-1

391

363

Alliance

Revenue – Lenvima (2)

539

523

369

368

170

155

Welireg

470

300

366

261

103

166

Alliance

Revenue – Reblozyl (3)

270

226

189

Vaccines

(4)

Gardasil/Gardasil 9

2,238

2,453

-9

1,027

1,082

-5

1,211

1,371

-12

ProQuad/M-M-R

II/Varivax

1,130

1,148

-2

847

903

-6

283

245

Capvaxive

325

236

256

235

Vaxneuvance

350

459

-24

192

275

-30

158

184

-14

RotaTeq

340

349

-3

249

225

125

-27

Enflonsia

-1

Cardiometabolic

& Respiratory

Winrevair

1,114

615

999

591

114

Ohtuvayre

335

Alliance

Revenue - Adempas/Verquvo (5)

235

229

221

205

-40

Adempas

(6)

156

147

156

147

Infectious

Diseases

Bridion

969

902

887

789

113

-27

Prevymis

568

436

282

217

285

219

Delstrigo

176

150

-21

153

121

Zerbaxa

159

145

Isentress/Isentress

119

176

-32

-29

-37

Dificid

179

-69

155

-77

-10

Lagevrio

185

-82

-73

119

-87

Diabetes

Januvia

625

921

-32

401

561

-29

224

360

-38

Janumet

378

498

-24

133

-28

283

366

-23

Other

Pharmaceutical (7)

1,416

1,568

-10

318

408

-22

1,097

1,160

-5

ANIMAL

HEALTH

3,566

3,234

1,054

1,001

2,512

2,233

Livestock

2,105

1,885

414

384

1,691

1,501

Companion

Animal

1,461

1,349

640

617

821

732

Other

Revenues (8)

218

413

-47

140

104

310

-75

*200% or greater

Sum of U.S. plus international

may not equal global due to rounding.

(1) Only select products are shown.

(2) Alliance Revenue represents the Company's

share of profits, which are product sales net of cost of sales and commercialization costs.

(3) Alliance Revenue represents royalties.

(4) Total Vaccines sales were $4,675 million

and $4,977 million on a global basis for June YTD 2026 and 2025, respectively.

(5) Alliance Revenue represents the Company's

share of profits from sales in Bayer's marketing territories, which are product sales net of cost of sales and commercialization

costs.

(6) Net product sales in the Company's marketing

territories.

(7) Includes Pharmaceutical products not

individually shown above. Also reflects total alliance revenue for Koselugo of $171 million and $87 million on a global basis for

June YTD 2026 and 2025, respectively.

(8) Other Revenues are comprised primarily

of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities.

Other Revenues related to the receipt of milestone payments for out-licensed products were $132 million and $100 million on a global

basis for June YTD 2026 and 2025, respectively.

MERCK & CO., INC., RAHWAY, N.J., USA

PHARMACEUTICAL GEOGRAPHIC SALES

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3c

2026

2025

Change

June

YTD

June

YTD

Full

Year

June

YTD

TOTAL

PHARMACEUTICAL

$ 14,349

$ 14,760

$ 29,109

$ 13,638

$ 14,050

$ 27,688

$ 15,611

$ 14,843

$ 58,142

United States

8,512

8,827

17,338

7,927

8,328

16,254

9,493

8,662

34,409

% Pharmaceutical Sales

59.3 %

59.8 %

59.6 %

58.1 %

59.3 %

58.7 %

60.8 %

58.4 %

59.2 %

Europe

(1)

2,725

2,801

5,525

2,384

2,551

4,935

2,675

2,839

10,449

% Pharmaceutical Sales

19.0 %

17.5 %

18.2 %

17.8 %

17.1 %

19.1 %

18.0 %

Latin America

624

636

1,260

589

654

1,243

691

644

2,578

-3

% Pharmaceutical Sales

4.3 %

4.7 %

4.5 %

4.4 %

4.3 %

4.4 %

Asia Pacific (other than

China and Japan)

569

636

1,205

535

609

1,144

593

586

2,323

% Pharmaceutical Sales

4.0 %

4.3 %

4.1 %

3.9 %

4.3 %

4.1 %

3.8 %

4.0 %

Japan

535

558

1,093

651

604

1,255

693

684

2,632

-8

-13

% Pharmaceutical Sales

3.7 %

3.8 %

4.8 %

4.3 %

4.5 %

4.4 %

4.6 %

4.5 %

Eastern Europe/Middle East/Africa

413

408

821

435

451

886

365

348

1,598

-10

-7

% Pharmaceutical Sales

2.9 %

2.8 %

3.2 %

2.3 %

2.7 %

China

353

368

721

668

407

1,075

377

364

1,816

-9

-33

% Pharmaceutical Sales

2.5 %

4.9 %

2.9 %

3.9 %

2.4 %

2.5 %

3.1 %

Canada

137

154

291

125

135

261

134

153

547

% Pharmaceutical Sales

1.0 %

0.9 %

1.0 %

0.9 %

1.0 %

0.9 %

Other

481

372

855

324

311

635

590

563

1,790

% Pharmaceutical

Sales

3.3 %

2.5 %

2.9 %

2.4 %

2.1 %

2.4 %

3.9 %

3.8 %

3.2 %

Sum of quarterly amounts may not equal year-to-date amounts due to rounding.

(1) Europe represents all European Union countries, the European Union accession markets

and the United Kingdom.

MERCK & CO., INC., RAHWAY, N.J., USA

OTHER (INCOME) EXPENSE, NET - GAAP

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 4

OTHER

(INCOME) EXPENSE, NET

2Q26

2Q25

June

YTD 2026

June

YTD 2025

Interest income

$ (35 )

$ (69 )

$ (70 )

$ (178 )

Interest expense

525

305

1,004

618

Exchange losses

167

Income from investments in equity securities, net (1)

(242 )

(100 )

(411 )

(189 )

Net periodic defined benefit plan (credit) cost other than service cost

(127 )

(152 )

(262 )

(300 )

Other, net

(59 )

(69 )

(99 )

(161 )

Total

$ 99

$ (7 )

$ 237

$ (43 )

(1) Includes net realized and

unrealized gains and losses from investments in equity securities either owned directly or through ownership interests in investment

funds. Unrealized gains and losses from investments that are directly owned are determined at the end of the reporting period, while

gains and losses from ownership interests in investment funds are accounted for on a one quarter lag.

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