Merck & Co., Inc.
- What it sells
- Pharmaceutical is 89% of revenue (fiscal year to Dec 2025), the same as a year earlier.
- Growing?
- Yes: revenue up 5% on a year earlier (quarter ended Sep 2026); earnings per share down 87% over the last four quarters.
- Expensive?
- Pricier than usual: 151× trailing earnings; its five-year median is 20.2×. Priced 239% above the peer median of 44.6x (excludes 1 unprofitable peer).
- Analysts?
- 68% of 28 say buy; average 12-month target $162, 10% above today's price.
- Risky?
- About average for a large company: its price swung 30% over the past year (the S&P 500's 14%), and it fell as much as 45% since Nov 2021.
Merck & Co., Inc. (NYSE: MRK) is a global biopharmaceutical company that discovers, develops, manufactures, and markets human health pharmaceuticals and vaccines as well as animal health products, generating revenue primarily from prescription medicine and vaccine sales (to wholesalers, pharmacies, hospitals, and government channels) and veterinary product sales.
More about Merck & Co.
Market Position
Merck is a leading large-cap innovator pharma company with a broad portfolio and late-stage pipeline, with differentiation anchored in patented medicines, global commercial scale, and high R&D intensity.
Key Segments
Merck reports two operating segments: Pharmaceutical (human health pharmaceuticals and vaccines) and Animal Health (veterinary pharmaceuticals, vaccines, and related health management solutions/services).
How has the stock done?
Over the past month MRK rose 1.0%; the health care ETF (XLV) rose 9.2% and the S&P 500 fell 2.7%.
Over the past six months MRK rose 30.8%; the health care ETF (XLV) rose 28.8% and the S&P 500 rose 2.6%.
Over the past year MRK rose 60.7%; the health care ETF (XLV) rose 22.9% and the S&P 500 rose 10.8%.
Over five years MRK rose 74.9%; the health care ETF (XLV) rose 40.4% and the S&P 500 rose 62.0%.
From Jun 24, 2024 to May 14, 2025, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.2% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Oct 29, 2026 | ended Sep 2026 | $18.1B (+5% vs a year earlier) | $2.49 vs $2.08 (beat) | +6.1% | +4.3% |
| Aug 4, 2026 | ended Jun 2026 | $16.6B (+5% vs a year earlier) | −$0.13 vs −$0.26 (beat) | +0.4% | +2.1% |
| Apr 30, 2026 | ended Mar 2026 | $16.3B (+5% vs a year earlier) | −$1.28 vs −$1.47 (beat) | +1.1% | +1.2% |
| Feb 3, 2026 | ended Dec 2025 | $16.4B (+5% vs a year earlier) | $2.04 vs $2.01 (beat) | +4.4% | +3.3% |
| Oct 30, 2025 | ended Sep 2025 | $17.3B (+4% vs a year earlier) | — | −0.7% | −0.9% |
| Jul 29, 2025 | ended Jun 2025 | $15.8B (−2% vs a year earlier) | — | −2.7% | −3.9% |
| Apr 24, 2025 | ended Mar 2025 | $15.5B (−2% vs a year earlier) | — | +5.1% | +5.7% |
| Feb 4, 2025 | ended Dec 2024 | $15.6B (+7% vs a year earlier) | — | −10.1% | −13.3% |
| Oct 31, 2024 | ended Sep 2024 | $16.7B (+4% vs a year earlier) | — | −2.8% | −3.5% |
| Jul 30, 2024 | ended Jun 2024 | $16.1B (+7% vs a year earlier) | — | −11.5% | −13.0% |
| Apr 25, 2024 | ended Mar 2024 | $15.8B (+9% vs a year earlier) | — | +3.3% | +1.0% |
| Feb 1, 2024 | ended Dec 2023 | $14.6B (+6% vs a year earlier) | — | +4.7% | +4.8% |
| Oct 26, 2023 | ended Sep 2023 | $16.0B (+7% vs a year earlier) | — | −0.8% | −0.8% |
| Aug 1, 2023 | ended Jun 2023 | $15.0B (+3% vs a year earlier) | — | −0.9% | −0.2% |
| Apr 27, 2023 | ended Mar 2023 | $14.5B (−9% vs a year earlier) | — | +1.8% | +3.5% |
| Feb 2, 2023 | ended Dec 2022 | $13.8B (+2% vs a year earlier) | — | −3.8% | −0.2% |
| Oct 27, 2022 | ended Sep 2022 | $15.0B (+14% vs a year earlier) | — | +2.4% | +0.3% |
| Jul 28, 2022 | ended Jun 2022 | $14.6B (+28% vs a year earlier) | — | −2.1% | −4.8% |
| Apr 28, 2022 | ended Mar 2022 | $15.9B (+50% vs a year earlier) | — | +5.1% | +4.3% |
| Feb 3, 2022 | ended Dec 2021 | $13.5B (+24% vs a year earlier) | — | −4.2% | −6.6% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
Is the business growing?
Revenue was $18.1B in the quarter ended Sep 2026, up 5% from a year earlier.
Show the data
| Quarter ended | Revenue | vs a year earlier |
|---|---|---|
| Dec 2022 | $13.8B | +2% |
| Mar 2023 | $14.5B | −9% |
| Jun 2023 | $15.0B | +3% |
| Sep 2023 | $16.0B | +7% |
| Dec 2023 | $14.6B | +6% |
| Mar 2024 | $15.8B | +9% |
| Jun 2024 | $16.1B | +7% |
| Sep 2024 | $16.7B | +4% |
| Dec 2024 | $15.6B | +7% |
| Mar 2025 | $15.5B | −2% |
| Jun 2025 | $15.8B | −2% |
| Sep 2025 | $17.3B | +4% |
| Dec 2025 | $16.4B | +5% |
| Mar 2026 | $16.3B | +5% |
| Jun 2026 | $16.6B | +5% |
| Sep 2026 | $18.1B | +5% |
Revenue went from $59.3B in FY22 to $65.0B in FY25; net income from $14.5B to $18.3B.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | $59.3B | $14.5B |
| FY23 | $60.1B | $365M |
| FY24 | $64.2B | $17.1B |
| FY25 | $65.0B | $18.3B |
In the fiscal year to Dec 2025, Pharmaceutical was 89% and Animal Health was 10% of revenue.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2024 | Pharmaceutical | $57.4B | 89% |
| FY2024 | Animal Health | $5.9B | 9% |
| FY2024 | Other | $891M | 1% |
| FY2025 | Pharmaceutical | $58.1B | 89% |
| FY2025 | Animal Health | $6.4B | 10% |
| FY2025 | Other | $515M | 1% |
In the fiscal year to Dec 2025, United States was 56% and Europe, Middle East and Africa was 22% of revenue; United States rose from 47% in the fiscal year to Dec 2023; Asia Pacific (other than Japan and China) was 5%, as in the fiscal year to Dec 2023.
Show the data
| Fiscal year | Part | Revenue | Share |
|---|---|---|---|
| FY2023 | United States | $28.5B | 47% |
| FY2023 | Europe, Middle East and Africa | $13.3B | 22% |
| FY2023 | Asia Pacific (other than Japan and China) | $3.2B | 5% |
| FY2023 | Japan | $3.2B | 5% |
| FY2023 | Other | $12.0B | 20% |
| FY2024 | United States | $32.3B | 50% |
| FY2024 | Europe, Middle East and Africa | $14.0B | 22% |
| FY2024 | Latin America | $3.5B | 5% |
| FY2024 | Japan | $3.3B | 5% |
| FY2024 | Other | $11.1B | 17% |
| FY2025 | United States | $36.5B | 56% |
| FY2025 | Europe, Middle East and Africa | $14.6B | 22% |
| FY2025 | Latin America | $3.4B | 5% |
| FY2025 | Asia Pacific (other than Japan and China) | $3.0B | 5% |
| FY2025 | Japan | $2.7B | 4% |
| FY2025 | Other | $4.8B | 7% |
A year earlier $2.32
Diluted, from SEC filings
Quarters: Merck & Co., Inc.'s SEC filings, named by the month they end. Fiscal years: Merck & Co., Inc.'s annual reports to the SEC.
How it makes money
Of every $100 in revenue, $28.1 ends up as net income. Net margin rose from 24.5% to 28.1% over the past 3 years.
+4.2 pts over 3 years
+3.2 pts over 3 years
+3.6 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Merck & Co., Inc.'s annual reports to the SEC.
How much goes into research?
Merck & Co. spent $30.8B on research and development in the four quarters to Sep 2026, 45.6% of its revenue, against 25.7% a year earlier. Over the year its research spending rose 86.5% and its revenue rose 4.9%.
Up 86.5% on the four quarters before
25.7% a year earlier
Show the data
| Quarter ended | Research and development | Revenue | Share of revenue, four quarters |
|---|---|---|---|
| Dec 2023 | $9.6B | $14.6B | 50.8% |
| Mar 2024 | $4.0B | $15.8B | 49.3% |
| Jun 2024 | $3.5B | $16.1B | 32.7% |
| Sep 2024 | $5.9B | $16.7B | 36.4% |
| Dec 2024 | $4.6B | $15.6B | 28.0% |
| Mar 2025 | $3.6B | $15.5B | 27.5% |
| Jun 2025 | $4.0B | $15.8B | 28.5% |
| Sep 2025 | $4.2B | $17.3B | 25.7% |
| Dec 2025 | $3.9B | $16.4B | 24.3% |
| Mar 2026 | $12.6B | $16.3B | 37.6% |
| Jun 2026 | $9.7B | $16.6B | 45.7% |
| Sep 2026 | $4.5B | $18.1B | 45.6% |
From Merck & Co., Inc.'s SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.
Customers and suppliers
In its latest annual report Merck & Co. buys from Hengrui Pharma, LaNova, Orion and 1 more; sells to Zhifei, McKesson, Cencora and 1 more.
Suppliers
MRKMerck & Co.Customers
Partners
Blackstone BXFunds sacituzumab tirumotecan developmentUp to $700 million funding in fourth quarter 2026
BMS BMYCommercializes Reblozyl globally$525 million alliance revenue in 2025LaNovaLicenses MK-2010 and transfers technology$300 million technology-transfer payment in 2025Hengrui Pharma JHPCYLicenses MK-7262 development and commercialization rights$200 million upfront payment in 2025
AstraZeneca AZNDevelops and commercializes oncology medicines$150 million upfront payment in 2025; $150 million in February 2026AlteogenLicenses berahyaluronidase alfa for subcutaneous pembrolizumab$40 million regulatory milestone payments in 2025
BayerDevelops and markets Adempas and Verquvo
Moderna MRNADevelops and commercializes intismeran autogeneCosts and prospective profits shared equallyOrionLicenses opevesostat and other CYP11A1 candidatesZhifei 300122.SZDistributes and commercializes HPV vaccines in China
Taiho PharmaceuticalDevelops calderasib
Gilead GILDDevelops islatravir and lenacapavir combination
Pfizer PFECollaborates on Keytruda combination clinical trial
Astellas 4503.TCollaborates on Keytruda combination clinical trial
Wuxi ApptechWorks on Chinese research and manufacturing operationsChanges since the previous annual report (10-K filed Feb 25, 2025)
AlteogenNamed for the first time, as a supplier and a partner$890 million accrued contingent milestones at December 31, 2025Hengrui Pharma JHPCYNamed for the first time, as a supplier and a partner$200 million upfront payment in 2025Blackstone BXNamed for the first time, as a partnerUp to $700 million funding in fourth quarter 2026Taiho PharmaceuticalNamed for the first time, as a partnerBMS BMYNo longer a supplier, still a partnerLaNovaNow also a supplierNamed in other companies’ filings
AbbVie ABBVlicensing deal with it · Exclusively licenses patents related to ubrogepantModerna MRNAlicensing deal with it · Develops and commercializes personalized mRNA cancer vaccinesWorldwide costs and profits and losses shared equally
SELLAS Life Sciences Group SLSco-develops with it · Evaluates GPS combined with pembrolizumabShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| AstraZeneca | partner · co-develops with it | “In 2017, Merck and AstraZeneca PLC (AstraZeneca) entered into a global strategic oncology collaboration to co-develop and co-commercialize AstraZeneca’s Lynparza (olaparib) for multiple cancer types....In exchange, Merck received a $150 million upfront payment in 2025 (which was recorded within Sales as alliance revenue in 2025) and $150 million in February 2026 (which will be recorded within Sales as alliance revenue in 2026).” |
| Eisai | partner · co-develops with it | “In 2018, Merck and Eisai Co., Ltd. (Eisai) announced a strategic collaboration for the worldwide co-development and co-commercialization of Lenvima (lenvatinib), an orally available tyrosine kinase inhibitor discovered by Eisai....Eisai records Lenvima product sales globally (Eisai is the principal on Lenvima sales transactions) and Merck and Eisai share applicable profits equally.” |
| Bayer | partner · co-develops with it | “In 2014, the Company entered into a worldwide clinical development collaboration with Bayer AG (Bayer) to market and develop soluble guanylate cyclase (sGC) modulators including Bayer’s Adempas (riociguat) and Verquvo (vericiguat). The two companies have implemented a joint development and commercialization strategy.” |
| Daiichi Sankyo | partner · co-develops with it | “Merck and Daiichi Sankyo equally share research and development costs, except for raludotatug deruxtecan, where Merck is responsible for 75% of the first $2.0 billion of research and development expenses.” |
| Moderna | partner · licensing deal with it | “In 2022, Merck exercised its option to jointly develop and commercialize intismeran autogene (V940/mRNA-4157), an investigational individualized neoantigen therapy, pursuant to the terms of an existing collaboration and license agreement with Moderna, Inc. (Moderna)....Merck and Moderna share costs and will share any profits equally under this worldwide collaboration.” |
| BMS | partner · distribution deal with it | “Reblozyl (luspatercept-aamt) is a first-in-class erythroid maturation recombinant fusion protein that is being commercialized through a global collaboration with Bristol-Myers Squibb Company (BMS)....Alliance revenue related to this collaboration, consisting of royalties (recorded within Sales), was $525 million in 2025, $371 million in 2024 and $212 million in 2023.” |
| Blackstone | partner | “Also in October 2025, Merck and Blackstone Life Sciences (Blackstone) entered into a funding arrangement under which Blackstone will pay Merck up to $700 million in the fourth quarter of 2026 (which is non-refundable, subject to the termination provisions of the agreement) to fund a portion of the Company’s development costs for MK-2870, sacituzumab tirumotecan (sac-TMT), expected to be incurred throughout 2026.” |
| Kelun-Biotech | partner · licensing deal with it | “Sac-TMT is an investigational trophoblast cell-surface antigen 2 (TROP2)-directed antibody drug conjugate (ADC) being developed as part of an exclusive license and collaboration agreement with Kelun-Biotech that is currently in clinical development for the treatment of a variety of cancers.” |
| Hengrui Pharma | partner · licensing deal with it | “In May 2025, Merck and Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Hengrui Pharma) closed an exclusive license agreement for MK-7262 (HRS-5346), an investigational oral small molecule Lipoprotein(a) inhibitor....The agreement provided for an upfront payment of $200 million, which was recorded as a charge to Research and development expenses in 2025.” |
| Hengrui Pharma | supplier | “In May 2025, Merck and Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Hengrui Pharma) closed an exclusive license agreement for MK-7262 (HRS-5346), an investigational oral small molecule Lipoprotein(a) inhibitor....The agreement provided for an upfront payment of $200 million, which was recorded as a charge to Research and development expenses in 2025.” |
| LaNova | partner · licensing deal with it | “In December 2024, Merck closed an exclusive global license to develop, manufacture and commercialize MK-2010 (LM-299), a novel investigational PD-1/vascular endothelial growth factor (VEGF) bispecific antibody from LaNova Medicines Ltd (LaNova)....Accordingly, Merck made a $300 million payment to LaNova (acquired by Sino Biopharmecutical Limited), which was recorded as a charge to Research and development expenses in 2025.” |
| LaNova | supplier | “In December 2024, Merck closed an exclusive global license to develop, manufacture and commercialize MK-2010 (LM-299), a novel investigational PD-1/vascular endothelial growth factor (VEGF) bispecific antibody from LaNova Medicines Ltd (LaNova)....Accordingly, Merck made a $300 million payment to LaNova (acquired by Sino Biopharmecutical Limited), which was recorded as a charge to Research and development expenses in 2025.” |
| Orion | partner · licensing deal with it | “Additionally in July 2024, Merck and Orion Corporation (Orion) announced the mutual exercise of an option to convert the companies’ ongoing co-development and co-commercialization agreement for opevesostat (MK-5684/ODM-208), an investigational cytochrome P450 11A1 (CYP11A1) inhibitor, and other candidates targeting CYP11A1, into an exclusive global license for Merck.” |
| Orion | supplier | “Orion retained responsibility for the manufacture of clinical and commercial supply for Merck.” |
| Alteogen | partner · licensing deal with it | “In February 2024, Merck and Alteogen Inc. (Alteogen) converted their existing non-exclusive license agreement into an exclusive license for the use of Alteogen’s proprietary berahyaluronidase alfa for the formulation of subcutaneous pembrolizumab....The $40 million of regulatory milestone payments were made in 2025; the future sales-based milestone payments will be paid upon achievement of the corresponding milestone.” |
| Alteogen | supplier | “License-Related Payments — At December 31, 2025, the Company has accrued liabilities for contingent sales-based milestone payments of $890 million related to a license agreement with Alteogen Inc. where payment is dependent upon the achievement of the corresponding milestone.” |
| Zhifei | partner · distribution deal with it | “Beginning in mid-2024, the Company observed a significant decline in shipments from its distributor and commercialization partner in China, Chongqing Zhifei Biological Products Co., Ltd. (Zhifei), to disease and control prevention institutions and correspondingly into the points of vaccination compared with prior quarters of 2024, resulting in above normal inventory levels at Zhifei.” |
| Zhifei | customer | “Beginning in mid-2024, the Company observed a significant decline in shipments from its distributor and commercialization partner in China, Chongqing Zhifei Biological Products Co., Ltd. (Zhifei), to disease and control prevention institutions and correspondingly into the points of vaccination compared with prior quarters of 2024, resulting in above normal inventory levels at Zhifei. Accordingly, the Company shipped less than its contracted doses to Zhifei in the latter part of 2024.” |
| Taiho Pharmaceutical | partner · co-develops with it | “Calderasib is being developed as part of a collaboration with Taiho Pharmaceutical Co. Ltd. and Astex Pharmaceuticals (UK), a wholly owned subsidiary of Otsuka Pharmaceutical Co., Ltd.” |
| Astex Pharmaceuticals (UK) | partner · co-develops with it | “Calderasib is being developed as part of a collaboration with Taiho Pharmaceutical Co. Ltd. and Astex Pharmaceuticals (UK), a wholly owned subsidiary of Otsuka Pharmaceutical Co., Ltd.” |
| Gilead | partner · co-develops with it | “•MK-8591D is an investigational once-weekly, oral combination of Merck’s islatravir, a nucleoside analog leveraging translocation inhibition, and Gilead Sciences Inc.’s lenacapavir being evaluated for the treatment of HIV-1 infection in virologically suppressed adults.” |
| Pfizer | partner · co-develops with it | “China’s National Medical Products Administration (NMPA) approval in combination with enfortumab vedotin, an antibody-drug conjugate (ADC), for the treatment of adults with locally advanced or metastatic urothelial carcinoma, based on the KEYNOTE-A39 trial that was conducted in collaboration with Seagen (now Pfizer Inc., Pfizer) and Astellas.” |
| Astellas | partner · co-develops with it | “China’s National Medical Products Administration (NMPA) approval in combination with enfortumab vedotin, an antibody-drug conjugate (ADC), for the treatment of adults with locally advanced or metastatic urothelial carcinoma, based on the KEYNOTE-A39 trial that was conducted in collaboration with Seagen (now Pfizer Inc., Pfizer) and Astellas.” |
| Sanofi Pasteur MSD | partner · distribution deal with it | “The Company manufactures a hepatitis B vaccine (Recombivax HB, Hepatitis B Vaccine [Recombinant]) and, subject to a collaboration agreement with Sanofi Pasteur MSD, co-promotes a hexavalent vaccine that includes a hepatitis B component (Vaxelis, Diphtheria and Tetanus Toxoids and Acellular Pertussis, Inactivated Poliovirus, Haemophilus b Conjugate and Hepatitis B Vaccine).” |
| Ridgeback | partner · co-develops with it | “Lagevrio is an investigational oral antiviral COVID-19 medicine being developed in a collaboration with Ridgeback (see Note 4 to the consolidated financial statements).” |
| Wuxi Apptech | partner | “In addition to its commercial operations, the Company has significant research and manufacturing operations in China, including working with Chinese entities such as Wuxi Apptech Co., Ltd.” |
| McKesson | customer | “The Company’s customers with the largest accounts receivable balances are: McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., which represented approximately 22%, 21% and 13%, respectively, of total accounts receivable at December 31, 2025.” |
| Cencora | customer | “The Company’s customers with the largest accounts receivable balances are: McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., which represented approximately 22%, 21% and 13%, respectively, of total accounts receivable at December 31, 2025.” |
| Cardinal Health | customer | “The Company’s customers with the largest accounts receivable balances are: McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., which represented approximately 22%, 21% and 13%, respectively, of total accounts receivable at December 31, 2025.” |
| AbbVie (10-K filed Feb 20, 2026) | licensing deal with it | “Merck Sharp & Dohme LLC, which exclusively licenses certain patents to AbbVie, is a co-plaintiff in the litigation.” |
| Moderna (10-K filed Feb 20, 2026) | licensing deal with it | “In September 2022, Merck exercised its option for personalized cancer vaccines (PCVs), including mRNA-4157, pursuant to the terms of our existing PCV Collaboration and License Agreement with Merck, which was amended and restated in 2018 (PCV Agreement, also referred to as the INT Agreement). Pursuant to the PCV Agreement, we and Merck will collaborate on further development and commercialization of mRNA-4157, and we will share costs and any profits and losses worldwide related to mRNA-4157 equally.” |
| SELLAS Life Sciences Group (10-K filed Mar 19, 2026) | co-develops with it | “In September 2017, we entered into a clinical trial collaboration and supply agreement through a Merck subsidiary, whereby we agreed with the Merck subsidiary to collaborate on a clinical program to evaluate GPS as it is administered in combination with their PD-1 inhibitor pembrolizumab in a Phase 1/2 clinical trial enrolling patients in up to five cancer indications, including both hematologic malignancies and solid tumors.” |
Only the companies Merck & Co. names in its 10-K filed Feb 24, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Merck & Co.. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/E of 151x, above the peer median of 44.6x, so it needs earnings to keep growing to hold up.
Priced 239% above the peer median of 44.6x (excludes 1 unprofitable peer).
Show the data
| Company | P/E (trailing) |
|---|---|
| MRK · Merck & Co., Inc. | 151× |
| ABBV · AbbVie Inc. | 50.7× |
| LLY · Eli Lilly and Company | 46.3× |
| JNJ · Johnson & Johnson | 43× |
| AMGN · Amgen Inc. | 27.1× |
| GILD · Gilead Sciences, Inc. | Loss |
At 151× trailing earnings MRK is above most of its five-year range; the five-year median is 20.2×.
Show the data
| Date | Trailing P/E |
|---|---|
| Nov 8, 2021 | 29.2× |
| Feb 8, 2022 | 15.0× |
| May 10, 2022 | 15.7× |
| Aug 10, 2022 | 13.7× |
| Nov 8, 2022 | 16.9× |
| Feb 9, 2023 | 18.7× |
| May 11, 2023 | 23.0× |
| Aug 11, 2023 | 88.1× |
| Nov 9, 2023 | 56.9× |
| Feb 12, 2024 | 964× |
| May 13, 2024 | 145× |
| Aug 13, 2024 | 21.3× |
| Nov 11, 2024 | 21.2× |
| Feb 13, 2025 | 12.5× |
| May 15, 2025 | 10.9× |
| Aug 15, 2025 | 13.0× |
| Nov 13, 2025 | 12.3× |
| Feb 17, 2026 | 16.7× |
| May 18, 2026 | 31.7× |
| Aug 18, 2026 | 108× |
| Nov 12, 2026 | 151× |
Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.
What analysts expect
The average analyst price target is $162, 10% above the current price; 68% of 28 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.
Buy or Strong Buy: 19 analysts (68%). Sell or Strong Sell: 0.
Over the past year the average of the analysts' latest price targets went from $93.33 to $162.15 (+74%), while MRK went from $92.93 to $146.95 (+58%). In the past three months targets were raised 20 times and cut 3 times. 5 upgrades and 1 downgrade over the year; the latest: RBC Capital moved it to Sector Perform from Outperform on Aug 20, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Nov 2, 2026 | Freedom Broker | Target raised | Hold | $140.00, was $125.00 |
| Nov 2, 2026 | Cantor Fitzgerald | Target raised | Neutral | $155.00, was $145.00 |
| Oct 30, 2026 | JP Morgan | Target raised | Overweight | $175.00, was $165.00 |
| Oct 30, 2026 | RBC Capital | Target cut | Sector Perform | $140.00, was $145.00 |
| Oct 30, 2026 | Guggenheim | Target raised | Buy | $171.00, was $170.00 |
| Oct 26, 2026 | Barclays | Target raised | Overweight | $180.00, was $150.00 |
| Oct 12, 2026 | Citigroup | Target raised | Neutral | $145.00, was $125.00 |
| Oct 12, 2026 | RBC Capital | Target cut | Sector Perform | $145.00, was $150.00 |
| Oct 8, 2026 | Cantor Fitzgerald | Target raised | Neutral | $145.00, was $120.00 |
| Oct 7, 2026 | Morgan Stanley | Target cut | Overweight | $177.00, was $179.00 |
| Oct 5, 2026 | JP Morgan | Target raised | Overweight | $165.00, was $150.00 |
| Sep 29, 2026 | Scotiabank | Target raised | Sector Outperform | $180.00, was $155.00 |
| Sep 10, 2026 | HSBC | Target raised | Buy | $172.00, was $150.00 |
| Sep 9, 2026 | Leerink Partners | Target raised | Outperform | $161.00, was $127.00 |
| Sep 8, 2026 | Guggenheim | Target raised | Buy | $170.00, was $146.00 |
| Sep 4, 2026 | Wells Fargo | Target raised | Overweight | $170.00, was $150.00 |
| Aug 25, 2026 | Wolfe Research | Target raised | Outperform | $180.00, was $155.00 |
| Aug 25, 2026 | Argus Research | Target raised | Buy | $170.00, was $145.00 |
| Aug 21, 2026 | Goldman Sachs | Target raised | Buy | $160.00, was $140.00 |
| Aug 20, 2026 | BMO Capital | Target raised | Outperform | $170.00, was $142.00 |
| Aug 20, 2026 | UBS | Target raised | Buy | $175.00, was $145.00 |
| Aug 20, 2026 | RBC Capital | Downgrade | Sector Perform, was Outperform | $150.00, was $142.00 |
| Aug 20, 2026 | Morgan Stanley | Upgrade | Overweight, was Equal-Weight | $179.00, was $116.00 |
| Aug 12, 2026 | Daiwa Capital | Upgrade | Outperform, was Neutral | $143.00, was $120.00 |
| Aug 11, 2026 | Argus Research | Target raised | Buy | $145.00, was $130.00 |
| Aug 5, 2026 | Guggenheim | Target raised | Buy | $146.00, was $145.00 |
| Jul 29, 2026 | Barclays | Target raised | Overweight | $150.00, was $140.00 |
| Jul 13, 2026 | JP Morgan | Target raised | Overweight | $140.00, was $135.00 |
| Jul 13, 2026 | BMO Capital | Target raised | Outperform | $142.00, was $135.00 |
| Jul 13, 2026 | Guggenheim | Target raised | Buy | $145.00, was $140.00 |
| Jul 9, 2026 | Morgan Stanley | Target raised | Equal-Weight | $113.00, was $112.00 |
| Jul 8, 2026 | RBC Capital | Target kept | Outperform | $142.00 |
| Jul 8, 2026 | Wells Fargo | Target raised | Overweight | $150.00, was $145.00 |
| Jul 6, 2026 | Cantor Fitzgerald | Target kept | Neutral | $120.00 |
| Jun 30, 2026 | B of A Securities | Target raised | Buy | $141.00, was $130.00 |
| Jun 30, 2026 | Scotiabank | Target raised | Sector Outperform | $155.00, was $136.00 |
| Jun 24, 2026 | CICC | Began coverage | Outperform | $138.00 |
| May 1, 2026 | Wells Fargo | Target cut | Overweight | $145.00, was $150.00 |
| Apr 13, 2026 | UBS | Target raised | Buy | $145.00, was $130.00 |
| Apr 6, 2026 | JP Morgan | Target raised | Overweight | $135.00, was $125.00 |
| Mar 30, 2026 | RBC Capital | Target kept | Outperform | $142.00 |
| Mar 20, 2026 | Citigroup | Target raised | Neutral | $125.00, was $120.00 |
| Mar 12, 2026 | Wells Fargo | Target raised | Overweight | $150.00, was $135.00 |
| Feb 25, 2026 | RBC Capital | Began coverage | Outperform | $142.00 |
| Feb 20, 2026 | Barclays | Began coverage | Overweight | $140.00 |
| Feb 9, 2026 | Freedom Broker | Target raised | Hold | $110.00, was $90.00 |
| Feb 6, 2026 | Guggenheim | Target raised | Buy | $140.00, was $122.00 |
| Feb 4, 2026 | Citigroup | Target raised | Neutral | $120.00, was $115.00 |
| Feb 4, 2026 | Cantor Fitzgerald | Target raised | Neutral | $120.00, was $116.00 |
| Feb 4, 2026 | Wells Fargo | Target raised | Overweight | $135.00, was $125.00 |
| Jan 27, 2026 | Citigroup | Target raised | Neutral | $115.00, was $110.00 |
| Jan 20, 2026 | TD Cowen | Target raised | Hold | $120.00, was $100.00 |
| Jan 8, 2026 | Wolfe Research | Upgrade | Outperform, was Peer Perform | $135.00 |
| Jan 7, 2026 | UBS | Target raised | Buy | $130.00, was $105.00 |
| Jan 7, 2026 | Citigroup | Target raised | Neutral | $110.00, was $95.00 |
| Dec 18, 2025 | BMO Capital | Upgrade | Outperform, was Market Perform | $130.00, was $82.00 |
| Dec 15, 2025 | B of A Securities | Target raised | Buy | $120.00, was $105.00 |
| Dec 12, 2025 | Morgan Stanley | Target raised | Equal-Weight | $102.00, was $100.00 |
| Dec 4, 2025 | Scotiabank | Target raised | Sector Outperform | $120.00, was $105.00 |
| Dec 2, 2025 | Goldman Sachs | Target raised | Buy | $120.00, was $92.00 |
| Nov 24, 2025 | Wells Fargo | Upgrade | Overweight, was Equal-Weight | $125.00, was $90.00 |
| Nov 18, 2025 | Deutsche Bank | Target raised | Hold | $111.00, was $110.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $2.01 | $2.04 | +1.5% |
| Mar ’26 | −$1.47 | −$1.28 | +12.9% |
| Jun ’26 | −$0.26 | −$0.13 | +50.0% |
| Sep ’26 | $2.08 | $2.49 | +19.7% |
The day after each of these reports the stock moved +4.4% (Dec 2025, beat); +1.1% (Mar 2026, beat); +0.4% (Jun 2026, beat); +6.1% (Sep 2026, beat).
For the quarter ending Dec 2026, analysts expect adjusted earnings of $1.76 a share, 14% less than the $2.04 of a year earlier, and revenue of $16.3B, down 1% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $8.98 a share, 223% more than the year before's estimate of $2.78, and revenue of $69.5B, up 3% on the year before's estimate.
Adjusted. Dec 2025: $2.04; range $1.70 to $1.96; 19 analysts
Dec 2025: $16.4B; range $15.9B to $16.8B; 17 analysts
Adjusted. The year to Dec 2026: $2.78 expected; range $8.45 to $9.75; 25 analysts
The year to Dec 2026: $67.2B expected; range $67.6B to $72.0B; 25 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | $1.76 | $1.70 to $1.96 | 19 | $2.04 (Dec 2025) | −14% |
| Quarter ending Dec 2026 | Revenue | $16.3B | $15.9B to $16.8B | 17 | $16.4B (Dec 2025) | −1% |
| Quarter ending Mar 2027 | EPS (adjusted) | $2.13 | $1.97 to $2.27 | 9 | −$1.28 (Mar 2026) | — |
| Quarter ending Mar 2027 | Revenue | $16.4B | $16.1B to $16.8B | 7 | $16.3B (Mar 2026) | +1% |
| Year ending Dec 2026 | EPS (adjusted) | $2.78 | $2.50 to $2.99 | 26 | — | — |
| Year ending Dec 2026 | Revenue | $67.2B | $66.8B to $67.8B | 25 | $65.0B (year to Dec 2025) | +3% |
| Year ending Dec 2027 | EPS (adjusted) | $8.98 | $8.45 to $9.75 | 25 | $2.78 (expected, year to Dec 2026) | +223% |
| Year ending Dec 2027 | Revenue | $69.5B | $67.6B to $72.0B | 25 | $67.2B (expected, year to Dec 2026) | +3% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated $14.7B in free cash flow over the year, of which $11.9B went back to shareholders (dividends plus buybacks), leaving $2.8B in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | $18.7B |
| Capex | −$4.0B |
| Free cash flow | $14.7B |
| Dividends | −$8.4B |
| Buybacks | −$3.5B |
| Cash retained | $2.8B |
For every $100 of market cap, the company generates about $4.1 in free cash flow a year.
For every $100 of market cap, you receive about $2.3 in dividends a year.
Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $3.3 went back to shareholders.
Show the data
| Quarter ended | Free cash flow | Dividends | Buybacks |
|---|---|---|---|
| Dec 2023 | −$743M | $1.9B | $393M |
| Mar 2024 | $2.2B | $1.9B | $122M |
| Jun 2024 | $4.8B | $2.0B | $251M |
| Sep 2024 | $8.5B | $2.0B | $444M |
| Dec 2024 | $2.5B | $2.0B | $489M |
| Mar 2025 | $1.2B | $2.0B | $1.2B |
| Jun 2025 | $2.5B | $2.1B | $1.3B |
| Sep 2025 | $6.8B | $2.0B | $1.3B |
| Dec 2025 | $1.8B | $2.0B | $1.3B |
| Mar 2026 | $2.9B | $2.1B | $874M |
| Jun 2026 | $4.5B | $2.1B | $757M |
| Sep 2026 | $5.5B | $2.1B | $653M |
Merck & Co. had 2.48B diluted shares in the quarter ended Sep 2026, 0.8% fewer than a year earlier, and 0.5% fewer each year on average since Jun 2021. It spent $3.5B on buybacks over the last four quarters. Over the last four quarters its earnings per share fell 87.2% and its net income fell 87.1%: more shares took about 0 points off.
Show the data
| Quarter ended | Diluted shares |
|---|---|
| Jun 2021 | 2.54B |
| Sep 2021 | 2.54B |
| Mar 2022 | 2.54B |
| Jun 2022 | 2.54B |
| Sep 2022 | 2.54B |
| Mar 2023 | 2.55B |
| Jun 2023 | 2.54B |
| Sep 2023 | 2.55B |
| Mar 2024 | 2.54B |
| Jun 2024 | 2.54B |
| Sep 2024 | 2.54B |
| Mar 2025 | 2.53B |
| Jun 2025 | 2.51B |
| Sep 2025 | 2.50B |
| Mar 2026 | 2.47B |
| Jun 2026 | 2.47B |
| Sep 2026 | 2.48B |
Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.
Financial health
Current ratio 1.5, no pressure to repay short-term debt; debt-to-equity 0.9, debt is moderate.
Assets that can be turned into cash soon are 1.5x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.9 of debt. The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of $14.6B against debt of $49.3B. It also holds $956M of long-term investments, all of them securities it could sell.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
In the filings of 2 members of Congress and 7 funds whose copy leaves MRK out (not traded on the exchange): Tom Kean Jr., Fisher Asset Management, Swiss National Bank, Norges Bank, Mirae Asset Global Investments, Temasek Holdings (Private) and 3 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 14 held MRK at the end of their latest quarter (for most, Q3 2026). Over that quarter 6 added shares, 6 cut and 2 bought new. The largest of them is Fisher Asset Management, 41.70M shares worth $6.1B at Sep 30, 2026, 8.3% more than a quarter earlier.
2 of them new holders
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Fisher Asset Management | Q3 2026 | 41.70M | $6.1B | +3.18M | +8.3% | Nov 6, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 36.98M | $4.8B | −997,718 | −2.6% | Aug 12, 2026 |
| Harris Associates L P | Q2 2026 | 12.07M | $1.6B | −293,824 | −2.4% | Aug 14, 2026 |
| Swiss National Bank | Q3 2026 | 6.76M | $982M | −217,900 | −3.1% | Nov 12, 2026 |
| National Pension Service | Q3 2026 | 5.82M | $846M | +29,307 | +0.5% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 4.18M | $537M | +559,734 | +15% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 1.79M | $261M | −239,942 | −12% | Nov 3, 2026 |
| Korea Investment | Q2 2026 | 1.86M | $239M | −35,746 | −1.9% | Aug 12, 2026 |
| Temasek Holdings (Private) | Q3 2026 | 854,841 | $124M | +38,740 | +4.7% | Oct 28, 2026 |
| Nomura Holdings | Q2 2026 | 198,276 | $25.5M | +162,357 | +452% | Aug 14, 2026 |
| Dodge & Cox | Q2 2026 | 135,750 | $17.4M | −300 | −0.2% | Aug 13, 2026 |
| Bridgewater Associates | Q2 2026 | 30,254 | $3.9M | +30,254 | New | Aug 14, 2026 |
| Renaissance Technologies | Q3 2026 | 4,357 | $633K | +4,357 | New | Nov 12, 2026 |
| Gardner Russo & Quinn | Q3 2026 | 1,643 | $239K | +1 | +0.1% | Nov 12, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of MRK at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.