Merck & Co., Inc.

MRK

Pharmaceutical preparations

Last filing · Quarter 2 · Jun 30, 2026

14 more years with Pro

Merck & Co., Inc. back to 2009, every line as filed.

USD ($) $ in Millions	LTM	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Cash Flows from Operating Activities
Net income	$ 3,169	$ 18,263	$ 17,133	-
Net income from continuing operations	-	-	-	377
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization	3,510	2,793	2,395	2,044
Depreciation	3,205	3,045	2,104	1,828
Intangible asset impairment charges	55	55	39	792
Depreciation and amortization	-	-	-	-
Income from investments in equity securities, net	(590)	(368)	(14)	(340)
Charge for the acquisition of Prometheus Biosciences, Inc.	-	-	-	10,217
Charge for the acquisition of Imago BioSciences, Inc.	-	-	-	1,192
Charges for certain research and development asset acquisitions	13,811	0	3,456	0
Charge for the acquisition of Peloton Therapeutics, Inc.	-	-	-	-
Charge for future payments related to collaboration license options	-	-	-	-
Provisional charge for one-time transition tax related to the enactment of U.S. tax legislation	-	-	-	-
Charge related to the settlement of worldwide Keytruda patent litigation	-	-	-	-
Foreign currency devaluation related to Venezuela	-	-	-	-
Net charge related to the settlement of Vioxx shareholder class action litigation	-	-	-	-
Gain on divestiture of Merck Consumer Care business	-	-	-	-
Gain on AstraZeneca option exercise	-	-	-	-
Loss on extinguishment of debt	-	-	-	-
In-process research and development impairment charges	-	-	-	-
Gains on distributions from AstraZeneca LP	-	-	-	-
Gain related to Merck/Schering-Plough partnership	-	-	-	-
Gain on disposition of interest in Merial Limited	-	-	-	-
Gain on distribution from AstraZeneca LP	-	-	-	-
Equity income from affiliates	-	-	-	-
Dividends and distributions from equity method affiliates	-	-	-	-
Deferred income taxes	(1,896)	(1,671)	(1,249)	(1,899)
Share-based compensation	892	820	761	645
Other	6	511	510	355
Taxes paid for Internal Revenue Service settlement	-	-	-	-
Net changes in assets and liabilities:
Accounts receivable	(1,090)	(1,090)	(244)	(1,148)
Inventories	(1,180)	(1,180)	(835)	(816)
Trade accounts payable	110	110	182	(380)
Accrued and other current liabilities	(1,841)	(1,841)	(2,328)	1,783
Income taxes payable	137	137	1,023	214
Noncurrent liabilities	195	195	(49)	456
Other	(3,307)	(3,307)	(1,416)	(2,314)
Net Cash Provided by Operating Activities	19,967	16,472	21,468	-
Net Cash Provided by Operating Activities of Continuing Operations	-	-	-	13,006
Cash Flows from Investing Activities
Capital expenditures	(3,904)	(4,112)	(3,372)	(3,863)
Purchase of Seagen Inc. common stock	-	-	-	-
Purchases of securities and other investments	(522)	(1,207)	(519)	(955)
Proceeds from sales of securities and other investments	1,924	1,678	377	1,658
Proceeds from sale of Seagen Inc. common stock	0	0	0	1,145
Acquisition of Peloton Therapeutics, Inc., net of cash acquired	-	-	-	-
Proceeds from sale of interest in Merial Limited	-	-	-	-
Schering-Plough merger, net of cash acquired	-	-	-	-
Acquisition of Verona Pharma plc, net of cash acquired	(18,821)	(10,042)	(746)	0
Proceeds from AstraZeneca option exercise	-	-	-	-
Acquisition of Eyebiotech Limited, net of cash acquired	-	0	0	0
Acquisition of Elanco Animal Health Incorporated aqua business	0	0	(1,303)	-
Acquisition of Harpoon Therapeutics, Inc., net of cash acquired	0	0	0	0
Acquisition of MK-1045 from Curon Pharmaceutical	0	0	(700)	-
Acquisition of Prometheus Biosciences, Inc., net of cash acquired	-	-	-	(10,705)
Acquisition of Prometheus Biosciences, Inc., net of cash acquired	0	0	(1,344)	(1,327)
Acquisition of Imago BioSciences Inc., net of cash acquired	0	0	-	-
Divestiture of Merck Consumer Care business, net of cash divested	-	-	-	-
Dispositions of businesses, net of cash divested	-	-	-	-
Acquisition of Bayer AG collaboration rights	-	-	-	-
Cash inflows from net investment hedges	-	-	-	-
Decrease in restricted assets	-	-	-	-
Decrease (Increase) in restricted assets	-	-	-	-
Other	(131)	(58)	(127)	(36)
Net Cash Used in Investing Activities	(27,296)	(13,741)	(7,734)	-
Net Cash Used in Investing Activities of Continuing Operations	-	-	-	(14,083)
Cash Flows from Financing Activities
Net change in short-term borrowings	-	-	-	0
Net change in short-term borrowings	-	-	-	-
Payments on debt	(1,148)	(2,503)	(1,290)	(1,755)
Proceeds from issuance of debt	19,836	13,880	3,599	5,939
Distribution from Organon & Co.	-	-	-	0
Purchases of treasury stock	(4,206)	(5,084)	(1,306)	(1,346)
Dividends paid to stockholders	(8,298)	(8,176)	(7,840)	(7,445)
Other dividends paid	-	-	-	-
Proceeds from exercise of stock options	261	92	177	125
Other	(227)	(131)	(372)	(328)
Net Cash Used in Financing Activities	6,170	(1,922)	(7,032)	-
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-	-	-	-
Net (Decrease) Increase in Cash and Cash Equivalents	-	-	-	-
Net Cash (Used in) Provided by Financing Activities of Continuing Operations	-	-	-	(4,810)
Cash Flows from Discontinued Operations
Net cash provided by operating activities	-	-	-	0
Net cash used in investing activities	-	-	-	0
Net cash used in financing activities	-	-	-	0
Net Cash Flows Provided by Discontinued Operations	-	-	-	0
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(23)	563	(293)	23
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	$ (1,182)	$ 1,372	$ 6,409	$ (5,864)