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April 24, 2025 6:30 am ET Total Worldwide Sales Were $15.5 Billion, a Decrease of 2% From First Quarter 2024; Excluding the Impact of Foreign Exchange, Sales Grew 1% KEYTRUDA Sales Grew 4% to $7.2 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 6% WINREVAIR Sales Were $280 Million Animal Health Sales Grew 5% to $1.6 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 10% GARDASIL/GARDASIL 9 Sales Declined 41% to $1.3 Billion; Excluding the Impact of Foreign Exchange, Sales Declined 40% GAAP EPS Was $2.01; Non-GAAP EPS Was $2.22 Presented Compelling Data From a Diverse Range of Programs, Including: Phase 3 Trial of Subcutaneous Pembrolizumab With Berahyaluronidase Alfa Phase 3 ZENITH Trial of WINREVAIR for the Treatment of Adults With PAH (WHO Group 1) Functional Class III or IV at High Risk of Mortality Phase 3 Trials Evaluating Investigational, Once-Daily, Oral Two-Drug Regimen of Doravirine/Islatravir for the Treatment of Adults With Virologically Suppressed HIV-1 Infection Expanded Pipeline Through Exclusive License Agreement With Hengrui Pharma for an Investigational Oral Small Molecule Lp(a) Inhibitor; Transaction Expected to Close in Second Quarter 2025 Full-Year 2025 Financial Outlook Continues To Expect Worldwide Sales To Be Between $64.1 Billion and $65.6 Billion Now Expects Non-GAAP EPS To Be Between $8.82 and $8.97; Outlook Revised to Reflect Negative Impact From Anticipated One-Time Charge of Approximately $0.06 per Share Related to License Agreement With Hengrui Pharma Outlook Absorbs an Estimated $200 Million of Additional Costs for Tariffs Implemented to Date KEYTRUDA Sales Grew 4% to $7.2 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 6% WINREVAIR Sales Were $280 Million Animal Health Sales Grew 5% to $1.6 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 10% GARDASIL/GARDASIL 9 Sales Declined 41% to $1.3 Billion; Excluding the Impact of Foreign Exchange, Sales Declined 40% Phase 3 Trial of Subcutaneous Pembrolizumab With Berahyaluronidase Alfa Phase 3 ZENITH Trial of WINREVAIR for the Treatment of Adults With PAH (WHO Group 1) Functional Class III or IV at High Risk of Mortality Phase 3 Trials Evaluating Investigational, Once-Daily, Oral Two-Drug Regimen of Doravirine/Islatravir for the Treatment of Adults With Virologically Suppressed HIV-1 Infection Continues To Expect Worldwide Sales To Be Between $64.1 Billion and $65.6 Billion Now Expects Non-GAAP EPS To Be Between $8.82 and $8.97; Outlook Revised to Reflect Negative Impact From Anticipated One-Time Charge of Approximately $0.06 per Share Related to License Agreement With Hengrui Pharma Outlook Absorbs an Estimated $200 Million of Additional Costs for Tariffs Implemented to Date RAHWAY, N.J.--(BUSINESS WIRE)-- Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced financial results for the first quarter of 2025. “Our company made strong progress to start the year, with increasing contributions from our newer commercialized medicines and vaccines and continued advancement of our pipeline,” said Robert M. Davis, chairman and chief executive officer, Merck. “We are working with focus and urgency to both realize the full potential of our near-term opportunities and to rapidly progress the next wave of innovation that will positively impact the lives of patients and drive future value creation for all of our stakeholders.” Financial Summary $ in millions, except EPS amounts First Quarter 2025 2024 Change Change Ex- Exchange Sales $15,529 $15,775 -2% 1% GAAP net income1 5,079 4,762 7% 12% Non-GAAP net income that excludes certain items1,2* 5,611 5,279 6% 11% GAAP EPS 2.01 1.87 7% 13% Non-GAAP EPS that excludes certain items2* 2.22 2.07 7% 12% *Refer to table on page 7. For the first quarter of 2025, Generally Accepted Accounting Principles (GAAP) earnings per share (EPS) assuming dilution was $2.01 and non-GAAP EPS was $2.22. GAAP and non-GAAP EPS in the first quarter of 2024 include a charge of $0.26 per share for the acquisition of Harpoon Therapeutics, Inc. (Harpoon). Non-GAAP EPS excludes acquisition- and divestiture-related costs, costs related to restructuring programs, and income and losses from investments in equity securities. First-Quarter Sales Performance The following table reflects sales of the company’s top products and significant performance drivers. First Quarter $ in millions 2025 2024 Change Change Ex-Exchange Commentary Total Sales $15,529 $15,775 -2% 1% Pharmaceutical 13,638 14,006 -3% -1% Decline driven by vaccines, virology and immunology, partially offset by growth in oncology, cardiology and diabetes. KEYTRUDA 7,205 6,947 4% 6% Growth driven by increased global uptake in earlier-stage indications, including triple-negative breast cancer, renal cell carcinoma and non-small cell lung cancer, as well as continued strong global demand from metastatic indications, including increased uptake in bladder, endometrial and microsatellite instability-high (MSI-H) cancers, partially offset by timing of wholesaler purchases in the U.S. GARDASIL/GARDASIL 9 1,327 2,249 -41% -40% Decline primarily due to lower demand in China, partially offset by higher demand in most international regions, particularly in Japan, as well as higher pricing and demand in the U.S. Excluding China, sales grew 14%, or 16% excluding impact of foreign exchange. JANUVIA/JANUMET 796 670 19% 21% Increase primarily due to higher net pricing in the U.S., partially offset by lower demand in most international markets due to ongoing generic competition, and in the U.S. due to competitive pressure. PROQUAD, M-M-R II and VARIVAX 539 570 -5% -5% Decrease primarily reflects lower U.S. sales of PROQUAD that resulted from borrowing of doses from the U.S. Centers for Disease Control and Prevention Pediatric Vaccine Stockpile, partially offset by higher U.S. sales of M-M-R II largely attributable to private-sector buy-in due to measles outbreaks and higher pricing. BRIDION 441 440 - 1% Relatively flat compared with prior year, as higher demand and pricing in the U.S. were offset by lower demand in several international markets due to ongoing generic competition. Lynparza* 312 292 7% 8% Increase primarily due to higher demand in the U.S. and certain international markets. WINREVAIR 280 - - - Represents continued uptake since second-quarter 2024 launch in the U.S. Lenvima* 258 255 1% 2% Increase primarily due to higher demand in the U.S. VAXNEUVANCE 230 219 5% 7% Growth largely driven by higher demand in Europe and the Asia Pacific region, partially offset by lower demand in the U.S. due to competitive pressure. PREVYMIS 208 174 19% 22% Growth primarily due to higher demand in the U.S. WELIREG 137 85 62% 63% Growth primarily driven by higher demand in the U.S. CAPVAXIVE 107 - - - Represents continued uptake since third-quarter 2024 launch in the U.S. LAGEVRIO 102 350 -71% -69% Decline largely driven by lower demand in the Asia Pacific region, particularly in Japan. SIMPONI - 184 -100% -100% Marketing rights in former Merck territories reverted to Johnson & Johnson on Oct. 1, 2024. Animal Health 1,588 1,511 5% 10% Growth primarily due to higher demand for Livestock products, as well as inclusion of sales from Elanco aqua business that was acquired in July 2024. Livestock 924 850 9% 16% Growth primarily driven by higher demand across all species, a benefit from timing of ruminant product sales, as well as inclusion of sales from Elanco aqua business that was acquired in July 2024. Companion Animal 664 661 - 3% Sales consistent with prior year. Sales of BRAVECTO were $327 million and $332 million in current and prior year quarters, respectively, which represents decline of 1%, or growth of 2% excluding impact of foreign exchange. Other Revenues** 303 258 17% 16% Increase primarily due to higher payments received for out-licensing arrangements and higher royalties, partially offset by lower revenue from third-party manufacturing arrangements. *Alliance revenue for this product represents Merck’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. First-Quarter Expense, EPS and Related Information The table below presents selected expense information. $ in millions GAAP Acquisition- and Divestiture- Related Costs3 Restructuring Costs (Income) Loss From Investments in Equity Securities Non- GAAP2 First Quarter 2025 Cost of sales $3,419 $620 $36 $ - $2,763 Selling, general and administrative 2,552 23 - - 2,529 Research and development 3,621 7 - - 3,614 Restructuring costs 69 - 69 - - Other (income) expense, net (35) (3) - (107) 75 First Quarter 2024 Cost of sales $3,540 $463 $116 $- $2,961 Selling, general and administrative 2,483 21 5 - 2,457 Research and development 3,992 16 2 - 3,974 Restructuring costs 123 - 123 - - Other (income) expense, net (33) (4) - (116) 87 GAAP Expense, EPS and Related Information Gross margin was 78.0% for the first quarter of 2025 compared with 77.6% for the first quarter of 2024. The increase was primarily due to the favorable impacts of product mix and lower restructuring costs, partially offset by higher amortization of intangible assets and the unfavorable impact of foreign exchange. Selling, general and administrative (SG&A) expenses were $2.6 billion in the first quarter of 2025, an increase of 3% compared with the first quarter of 2024. The increase was primarily due to higher administrative and promotional costs, partially offset by the favorable impact of foreign exchange. Research and development (R&D) expenses were $3.6 billion in the first quarter of 2025, a decrease of 9% compared with the first quarter of 2024. The decrease was primarily due to a $656 million charge for the acquisition of Harpoon in the first quarter of 2024 and the favorable impact of foreign exchange. The decrease was partially offset by a $100 million charge in the first quarter of 2025 associated with the achievement of a developmental milestone related to the 2024 acquisition of Eyebiotech Limited (EyeBio), increased compensation and benefit costs, higher clinical development costs, and increased discovery research and early drug development costs. Other (income) expense, net, was $35 million of income in the first quarter of 2025 compared with $33 million of income in the first quarter of 2024. The effective tax rate was 13.9% for the first quarter of 2025. GAAP EPS was $2.01 for the first quarter of 2025 compared with $1.87 for the first quarter of 2024. The increase was primarily driven by a $0.26 per share charge included in the first quarter of 2024 for the acquisition of Harpoon, partially offset by the unfavorable impact of foreign exchange. Non-GAAP Expense, EPS and Related Information Non-GAAP gross margin was 82.2% for the first quarter of 2025 compared with 81.2% for the first quarter of 2024. The increase was primarily due to the favorable impact of product mix, partially offset by the unfavorable impact of foreign exchange. Non-GAAP SG&A expenses were $2.5 billion in the first quarter of 2025, an increase of 3% compared with the first quarter of 2024. The increase was primarily due to higher administrative and promotional costs, partially offset by the favorable impact of foreign exchange. Non-GAAP R&D expenses were $3.6 billion in the first quarter of 2025, a decrease of 9% compared with the first quarter of 2024. The decrease was primarily due to a $656 million charge for the acquisition of Harpoon in the first quarter of 2024 and the favorable impact of foreign exchange. The decrease was partially offset by a $100 million charge in the first quarter of 2025 associated with the achievement of a developmental milestone related to the 2024 acquisition of EyeBio, increased compensation and benefit costs, higher clinical development costs, and increased discovery research and early drug development costs. Non-GAAP other (income) expense, net, was $75 million of expense in the first quarter of 2025 compared with $87 million of expense in the first quarter of 2024. The non-GAAP effective tax rate was 14.2% for the first quarter of 2025. Non-GAAP EPS was $2.22 for the first quarter of 2025 compared with $2.07 for the first quarter of 2024. The increase was primarily driven by a $0.26 per share charge included in the first quarter of 2024 for the acquisition of Harpoon, partially offset by the unfavorable impact of foreign exchange. A reconciliation of GAAP to non-GAAP net income and EPS is provided in the table that follows. First Quarter $ in millions, except EPS amounts 2025 2024 EPS GAAP EPS $2.01 $1.87 Difference 0.21 0.20 Non-GAAP EPS that excludes items listed below2 $2.22 $2.07 Net Income GAAP net income1 $5,079 $4,762 Difference 532 517 Non-GAAP net income that excludes items listed below1,2 $5,611 $5,279 Excluded Items: Acquisition- and divestiture-related costs3 $647 $496 Restructuring costs 105 246 Income from investments in equity securities (107) (116) Decrease to net income before taxes 645 626 Estimated income tax (benefit) expense4 (113) (109) Decrease to net income $532 $517 Pipeline and Portfolio Highlights In the first quarter, Merck continued to advance its broad and diverse pipeline, achieving key regulatory and clinical milestones across a range of therapeutic areas. In oncology, at the European Lung Cancer Congress 2025, Merck presented pivotal data from the 3475A-D77 Phase 3 trial evaluating the subcutaneous administration of pembrolizumab with berahyaluronidase alfa (subcutaneous pembrolizumab). Based on these data, applications for subcutaneous pembrolizumab are under review in the U.S. and Europe; in the U.S., the Prescription Drug User Fee Act (PDUFA) date is Sept. 23, 2025. If approved, subcutaneous pembrolizumab has the potential to become a new, meaningful treatment option that may increase access and save time needed for administration compared to intravenous (IV) KEYTRUDA. Merck also announced the initiation of waveLINE-010, a Phase 3 trial evaluating a combination regimen that incorporates zilovertamab vedotin, an investigational antibody-drug conjugate (ADC) targeting receptor tyrosine kinase-like orphan receptor 1, for the treatment of patients with previously untreated diffuse large B-cell lymphoma (DLBCL). Additional regulatory milestones include the U.S. Food and Drug Administration (FDA) granting Priority Review to Merck’s application for KEYTRUDA plus standard of care as perioperative treatment for resectable locally advanced head and neck squamous cell carcinoma (LA-HNSCC), following compelling results from the KEYNOTE-689 trial. The FDA has set a PDUFA date of June 23, 2025. In addition, Merck received approval from the European Commission (EC) for KEYTRUDA plus chemotherapy as first-line treatment for adult patients with unresectable non-epithelioid metastatic malignant pleural mesothelioma, based on results from the Phase 2/3 IND.227/KEYNOTE-483 trial. The company also received conditional EC approval for two indications for WELIREG, making it the first and only oral hypoxia-inducible factor-2 alpha inhibitor approved in the European Union, based on results from the Phase 2 LITESPARK-004 and Phase 3 LITESPARK-005 trials. In vaccines and infectious diseases, Merck received EC approval for CAPVAXIVE for the prevention of invasive pneumococcal disease and pneumococcal pneumonia in adults, marking the fourth approval for CAPVAXIVE following the U.S., Canada and Australia. Merck also received approval for GARDASIL 9 for males in China, making it the first 9-valent HPV vaccine approved for the prevention of certain HPV-related cancers and diseases in Chinese males 16-26 years of age. At the 32nd Conference on Retroviruses and Opportunistic Infections, Merck presented positive results from two pivotal Phase 3 trials of the investigational, once-daily, oral two-drug regimen of doravirine/islatravir (DOR/ISL) in adults with virologically suppressed HIV-1 infection. Merck plans to begin submitting applications for marketing authorization of DOR/ISL by mid-2025. In cardiovascular disease, results were presented from the Phase 3 ZENITH trial evaluating WINREVAIR when added to background therapy in adults with pulmonary arterial hypertension (PAH, Group 1 PH) WHO functional class (FC) III or IV at high risk of mortality. The results, presented at the American College of Cardiology’s 74th Annual Scientific Session and Expo, demonstrated that WINREVAIR reduced the risk of a composite of all-cause death, lung transplantation and hospitalization for PAH by 76% compared to placebo. The trial was stopped early due to overwhelming efficacy at the interim analysis. Merck continued executing on its business development strategy to expand and diversify its pipeline. The company entered into an exclusive license agreement with Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Hengrui Pharma) for HRS-5346, an investigational oral small molecule Lipoprotein(a) [Lp(a)] inhibitor currently being evaluated in a Phase 2 clinical trial in China. The transaction is expected to close in the second quarter of 2025. Notable recent news releases on Merck’s pipeline and portfolio are provided in the table that follows. Oncology FDA Granted Priority Review for Merck’s Application for KEYTRUDA Plus Standard of Care as Perioperative Treatment for Resectable LA-HNSCC; Based on Results From Phase 3 KEYNOTE-689 Trial; FDA Set PDUFA Date of June 23, 2025 (Read Announcement) WELIREG Received First Conditional EC Approval for Two Indications; Based on Results From Phase 2 LITESPARK-004 and Phase 3 LITESPARK-005 Trials (Read Announcement) Merck’s Investigational Subcutaneous Pembrolizumab With Berahyaluronidase Alfa Demonstrated Noninferior Pharmacokinetics Compared to IV KEYTRUDA in Pivotal 3475A-D77 Trial; FDA Set PDUFA Date of Sept. 23, 2025 (Read Announcement) Merck Announced Phase 3 waveLINE-010 Trial Initiation Evaluating Zilovertamab Vedotin, an Investigational ADC, for the Treatment of Patients With Previously Untreated DLBCL (Read Announcement) Vaccines EC Approved CAPVAXIVE for Prevention of Invasive Pneumococcal Disease and Pneumococcal Pneumonia in Adults (Read Announcement) Cardiovascular WINREVAIR Reduced Risk of a Composite of All-Cause Death, Lung Transplantation and Hospitalization for PAH by 76% Compared to Placebo in Phase 3 ZENITH Trial (Read Announcement) Infectious Diseases Merck Announced Positive Data From Phase 3 Trials That Show the Investigational, Once-Daily, Oral Two-Drug Regimen of Doravirine/Islatravir (DOR/ISL) Maintained HIV-1 Viral Suppression at Week 48 (Read Announcement) Manufacturing and R&D Investment Merck is making long-term investments in its U.S. manufacturing and R&D capabilities. Merck has allocated more than $12 billion toward U.S. capital investment since 2018 and expects to invest over $9 billion more by the end of 2028. This includes the recently announced opening of a new, $1 billion, 225,000-square-foot facility dedicated to vaccine manufacturing at Merck’s Durham, North Carolina, site. Upcoming Investor Event Merck will host an Oncology Investor Event to coincide with the American Society for Clinical Oncology Annual Meeting on Monday, June 2, 2025, 6 p.m. CT, at which senior management will provide an update on the company’s oncology strategy and program. The event will take place in Chicago and will be accessible via live audio webcast at this weblink. Full-Year 2025 Financial Outlook The following table summarizes the company’s full-year financial outlook. Full Year 2025 Updated Prior Sales* $64.1 billion to $65.6 billion $64.1 billion to $65.6 billion Non-GAAP Gross margin2 Approximately 82% Approximately 82.5% Non-GAAPOperating expenses2** $25.6 billion to $26.6 billion $25.4 billion to $26.4 billion Non-GAAPOther (income) expense, net2 $300 million to $400 million expense $300 million to $400 million expense Non-GAAPEffective tax rate2 15.5% to 16.5% 16.0% to 17.0% Non-GAAPEPS2*** $8.82 to $8.97 $8.88 to $9.03 Share count (assuming dilution) Approximately 2.51 billion Approximately 2.53 billion *The company does not have any non-GAAP adjustments to sales. **Includes $300 million for an anticipated milestone payment to LaNova Medicines Ltd. (LaNova) associated with the technology transfer for MK-2010 and an anticipated $200 million upfront payment to Hengrui Pharma upon closing of the license agreement. Outlook does not assume any additional significant potential business development transactions. ***Includes expected one-time charges of approximately $0.15 per share in the aggregate related to the $300 million payment to LaNova upon completion of the technology transfer for MK-2010 and the $200 million upfront payment to Hengrui Pharma upon closing of the license agreement. Merck 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 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. Merck continues to expect full-year 2025 sales to be between $64.1 billion and $65.6 billion, including a revised negative impact of foreign exchange of approximately 1% at mid-April 2025 exchange rates. Merck’s outlook includes the impact of tariffs implemented to date by the U.S. government on imports from other countries, plus the tariffs imposed by foreign governments on the U.S., the most significant of which relate to China. Merck estimates the impact of these tariffs will lead to incremental costs of approximately $200 million, which will primarily be recorded in Cost of Sales, negatively impacting gross margin. Merck now expects its full-year non-GAAP effective income tax rate to be between 15.5% and 16.5%. Merck now expects its full-year non-GAAP EPS to be between $8.82 and $8.97, including a negative impact of foreign exchange of more than $0.20 per share. This revised non-GAAP EPS range now reflects an anticipated one-time charge of $200 million, or approximately $0.06 per share, for an upfront payment to be made upon closing of the license agreement with Hengrui Pharma, which is expected in the second quarter of 2025. If not for this newly anticipated charge, the updated non-GAAP EPS outlook would have been unchanged from the prior outlook. The guidance range continues to reflect an anticipated one-time charge of $300 million, or approximately $0.09 per share, related to the payment to LaNova that will be recognized upon completion of the technology transfer for MK-2010. In 2024, non-GAAP EPS of $7.65 was negatively impacted by a net charge of $1.28 per share related to certain asset acquisitions, licensing agreements and collaborations. 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 Thursday, April 24, at 9 a.m. ET 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 at www.merck.com. 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 Merck At Merck, 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. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn. 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. 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, 2024 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) 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) LAGEVRIO (molnupiravir) Lenvima (lenvatinib) Lynparza (olaparib) M-M-R II (Measles, Mumps and Rubella Virus Vaccine Live) PREVYMIS (letermovir) PROQUAD (Measles, Mumps, Rubella and Varicella Virus Vaccine Live) SIMPONI (golimumab) VARIVAX (Varicella Virus Vaccine Live) VAXNEUVANCE (Pneumococcal 15-valent Conjugate Vaccine) WELIREG (belzutifan) WINREVAIR (sotatercept-csrk) Animal Health BRAVECTO (fluralaner) ____________________ 1 Net income attributable to Merck & Co., Inc. 2 Merck is providing certain 2025 and 2024 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 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 and licensing arrangements. 4 Includes the estimated tax impacts on the reconciling items based on applying the statutory rate of the originating territory of the non-GAAP adjustments. 1Q25 1Q24 $ 15,529 $ 15,775 -2% 3,419 3,540 -3% 2,552 2,483 3% 3,621 3,992 -9% 69 123 -44% (35 ) (33 ) 6% 5,903 5,670 4% 818 903 5,085 4,767 7% 6 5 $ 5,079 $ 4,762 7% $ 2.01 $ 1.87 7% 2,531 2,544 13.9 % 15.9 % $ 3,419 620 36 656 $ 2,763 2,552 23 23 2,529 3,621 7 7 3,614 69 69 69 – (35 ) (3 ) (107 ) (110 ) 75 5,903 (647 ) (105 ) 107 (645 ) 6,548 818 (117 ) (3 ) (18 ) (3 ) 22 (3 ) (113 ) 931 5,085 (530 ) (87 ) 85 (532 ) 5,617 5,079 (530 ) (87 ) 85 (532 ) 5,611 $ 2.01 (0.21 ) (0.03 ) 0.03 (0.21 ) $ 2.22 13.9 % 14.2 % 2025 2024 $15,529 $15,775 $16,112 $16,657 $15,624 $64,168 -2 1 13,638 14,006 14,408 14,943 14,042 57,400 -3 -1 7,205 6,947 7,270 7,429 7,836 29,482 4 6 312 292 317 337 365 1,311 7 8 258 255 249 251 255 1,010 1 2 137 85 126 139 160 509 62 63 119 71 90 100 110 371 68 68 1,327 2,249 2,478 2,306 1,550 8,583 -41 -40 539 570 617 703 594 2,485 -5 -5 230 219 189 239 161 808 5 7 228 216 163 193 139 711 5 7 107 47 50 97 - - 41 61 59 68 74 263 -33 -30 441 440 455 420 449 1,764 - 1 208 174 188 208 215 785 19 22 83 73 92 96 79 340 13 13 70 56 62 64 70 252 24 27 280 70 149 200 419 - - 106 98 106 102 109 415 8 8 68 70 72 72 73 287 -3 1 102 350 110 383 121 964 -71 -69 90 111 89 102 92 394 -19 -17 67 56 60 65 69 249 19 24 45 42 39 42 40 163 7 7 50 46 53 78 45 222 8 13 184 172 189 543 -100 -100 39 35 41 114 -100 -100 549 419 405 278 232 1,334 31 33 247 251 224 204 255 935 -2 2 729 632 618 638 699 2,590 16 18 1,588 1,511 1,482 1,487 1,397 5,877 5 10 924 850 837 886 889 3,462 9 16 664 661 645 601 508 2,415 - 3 303 258 222 227 185 891 17 16 Media Contacts: Robert Josephson robert.josephson@merck.com Michael Levey michael.levey@merck.com Investor Contacts: Peter Dannenbaum (732) 594-1579 Steven Graziano (732) 594-1583

本周药品注册受理数据，分门别类呈现，一目了然。(3.24-3.30）新药上市申请药品名称企业注册分类受理号布瑞哌唑口溶膜南通慧聚制药有限公司2.2CXHS2500026布瑞哌唑口溶膜南通慧聚制药有限公司2.2CXHS2500025新药临床申请药品名称企业注册分类受理号DZD6008片迪哲(江苏)医药股份有限公司1CXHL2500342DZD6008片迪哲(江苏)医药股份有限公司1CXHL2500341DZD6008片迪哲(江苏)医药股份有限公司1CXHL2500340AOD113408注射液成都奥达生物科技有限公司1CXHL2500339EDP167注射液亿腾医药(珠海)有限公司1CXHL2500336VVN432鼻喷雾剂维眸生物科技(浙江)有限公司1CXHL2500335VVN432鼻喷雾剂维眸生物科技(浙江)有限公司1CXHL2500334CPI-818片嘉兴和剂药业有限公司1CXHL2500332CPI-818片嘉兴和剂药业有限公司1CXHL2500331WJ47156片上海君实生物医药科技股份有限公司1CXHL2500330WJ47156片上海君实生物医药科技股份有限公司1CXHL2500329JKN2301干混悬剂健康元药业集团股份有限公司1CXHL2500327BW-40202注射液上海舶望制药有限公司1CXHL2500338RO7673396薄膜包衣片罗氏研发(中国)有限公司1CXHL2500325RO7673396薄膜包衣片罗氏研发(中国)有限公司1CXHL2500324RO7673396薄膜包衣片罗氏研发(中国)有限公司1CXHL2500323WSD0922-FU片杭州威瑞宝生物医药有限公司1CXHL2500322WSD0922-FU 片杭州威瑞宝生物医药有限公司1CXHL2500321JZ-14胶囊云白药征武科技(上海)有限公司1CXHL2500320JZ-14胶囊云白药征武科技(上海)有限公司1CXHL2500319SVHRSP注射液沈阳万锦医药科技有限公司1CXHL2500318Alpha-0261片深圳阿尔法分子科技有限责任公司1CXHL2500316Alpha-0261片深圳阿尔法分子科技有限责任公司1CXHL2500315AKZ002直服颗粒海南爱科制药有限公司2.2CXHL2500343WS-011湖北午时药业股份有限公司2.2CXHL2500337ZL-0018山东则正医药技术有限公司2.2CXHL2500328硫酸镁无菌溶液广东迈恒医药研发有限公司2.2CXHL2500326EP-0203XR成都苑东生物制药股份有限公司2.3CXHL2500333注射用甲苯磺酸瑞马唑仑江苏恒瑞医药股份有限公司2.4CXHL2500317注射用JS207上海君实生物医药科技股份有限公司1CXSL2500252HD006细胞华道(上海)生物医药有限公司1CXSL2500251Cizutamig注射液上海坦蒂生物医药科技有限公司1CXSL2500249注射用人白介素-2(高亲和型复合物)北京良远生物医药研究有限公司1CXSL2500248注射用SSGJ-705沈阳三生制药有限责任公司1CXSL2500247注射用BC2027无锡智康弘义生物科技有限公司1CXSL2500245注射用TQB2102正大天晴药业集团南京顺欣制药有限公司1CXSL2500241AZD0901阿斯利康全球研发(中国)有限公司1CXSL2500242注射用MK-2870默沙东研发(中国)有限公司2.2CXSL2500244注射用重组A型肉毒毒素北京博特维克生物技术有限公司2.4CXSL2500246仿制药申请药品名称企业注册分类受理号马来酸曲美布汀片浙江东亚药业股份有限公司3CYHS2501232马来酸曲美布汀片浙江东亚药业股份有限公司3CYHS2501231厄贝沙坦氨氯地平片(III)浙江昂利康制药股份有限公司3CYHS2501230维生素B6注射液湖南先施制药有限公司3CYHS2501229厄贝沙坦氨氯地平片(I)浙江昂利康制药股份有限公司3CYHS2501228重酒石酸卡巴拉汀口服液海南海和制药有限公司3CYHS2501227重酒石酸卡巴拉汀口服液海南海和制药有限公司3CYHS2501226盐酸依匹斯汀滴眼液参天制药(中国)有限公司3CYHS2501218法莫替丁注射液山西铭羽生物科技有限公司3CYHS2501216法莫替丁注射液山西铭羽生物科技有限公司3CYHS2501215维生素B6注射液西洲医药科技(浙江)有限公司3CYHS2501201琥珀酸亚铁片山西同达药业有限公司3CYHS2501200琥珀酸亚铁片上海金不换兰考制药有限公司3CYHS2501199布美他尼注射液重庆博腾药业有限公司3CYHS2501196吡格列酮二甲双胍片上海青平药业有限公司3CYHS2501195罗沙司他片石家庄市华新药业有限责任公司3CYHS2501188盐酸伊立替康脂质体注射液石药集团欧意药业有限公司3CYHS2501187复方聚乙二醇电解质散(儿童型)福州基石医药科技有限公司3CYHS2501182硝普钠注射液中润药业有限公司3CYHS2501180硝普钠注射液山西九康医药科技有限公司3CYHS2501176硝普钠注射液海南海和制药有限公司3CYHS2501159比拉斯汀口服溶液湖南科伦制药有限公司3CYHS2501158盐酸丁螺环酮片浙江京新药业股份有限公司3CYHS2501157盐酸丁螺环酮片浙江京新药业股份有限公司3CYHS2501156山梨醇甘露醇冲洗剂西安京西双鹤药业有限公司3CYHS2501155铝碳酸镁混悬液江苏润恒制药有限公司3CYHS2501173盐酸精氨酸注射液四川邈济生物医药科技有限公司3CYHS2501162碳酸氢钠注射液安徽双鹤药业有限责任公司3CYHS2501161注射用吲哚菁绿仁合益康汇泽药业河北有限公司3CYHS2501160聚多卡醇注射液苏州朗科生物技术股份有限公司4CYHS2501225聚多卡醇注射液苏州朗科生物技术股份有限公司4CYHS2501224聚多卡醇注射液苏州朗科生物技术股份有限公司4CYHS2501223甲磺酸溴隐亭片江苏诚康药业有限公司4CYHS2501222乌帕替尼缓释片复星万邦(江苏)医药集团有限公司4CYHS2501221乌帕替尼缓释片复星万邦(江苏)医药集团有限公司4CYHS2501220乌帕替尼缓释片复星万邦(江苏)医药集团有限公司4CYHS2501219盐酸尼卡地平注射液国药集团容生制药有限公司4CYHS2501217注射用氟氧头孢钠齐鲁安替制药有限公司4CYHS2501214注射用氟氧头孢钠齐鲁安替制药有限公司4CYHS2501213盐酸托莫西汀口服溶液山东步长制药股份有限公司4CYHS2501212利多卡因凝胶贴膏南京海纳医药科技股份有限公司4CYHS2501211双氯芬酸二乙胺乳胶剂湖南九典制药股份有限公司4CYHS2501210苯磺酸左氨氯地平片河南普瑞药业有限公司4CYHS2501209苯磺酸左氨氯地平片河南普瑞药业有限公司4CYHS2501208硫酸氨基葡萄糖胶囊山东诚康药业有限公司4CYHS2501207棕榈酸帕利哌酮注射液石药集团中诺药业(石家庄)有限公司4CYHS2501206棕榈酸帕利哌酮注射液石药集团中诺药业(石家庄)有限公司4CYHS2501205棕榈酸帕利哌酮注射液石药集团中诺药业(石家庄)有限公司4CYHS2501204比拉斯汀片桂林南药股份有限公司4CYHS2501203阿帕他胺片成都倍特药业股份有限公司4CYHS2501202舒更葡糖钠注射液海南斯达制药有限公司4CYHS2501198妥布霉素滴眼液深圳大佛药业股份有限公司4CYHS2501197硫酸氨基葡萄糖胶囊南京海鲸药业股份有限公司4CYHS2501194骨化三醇注射液山西康成利安医药有限公司4CYHS2501193地夸磷索钠滴眼液广东恒健制药有限公司4CYHS2501192硫酸氨基葡萄糖胶囊山东诺禾康药业有限公司4CYHS2501191骨化三醇注射液河南泰丰生物科技有限公司4CYHS2501190达格列净片山东普瑞曼药业有限公司4CYHS2501189艾普拉唑肠溶片浙江高跖医药科技股份有限公司4CYHS2501186阿奇霉素干混悬剂云鹏医药集团有限公司4CYHS2501185氟比洛芬凝胶贴膏湖南金圃医药科技有限公司4CYHS2501184布洛芬缓释胶囊郑州泰丰制药有限公司4CYHS2501183阿帕他胺片正大天晴药业集团南京顺欣制药有限公司4CYHS2501181沙库巴曲缬沙坦钠片海南赛立克药业有限公司4CYHS2501179沙库巴曲缬沙坦钠片海南赛立克药业有限公司4CYHS2501178沙库巴曲缬沙坦钠片海南赛立克药业有限公司4CYHS2501177玻璃酸钠滴眼液石家庄四药有限公司4CYHS2501175玻璃酸钠滴眼液石家庄四药有限公司4CYHS2501174阿莫西林克拉维酸钾干混悬剂山东益康药业股份有限公司4CYHS2501154黄体酮软胶囊深圳大佛药业股份有限公司4CYHS2501171黄体酮软胶囊深圳大佛药业股份有限公司4CYHS2501170乳果糖口服溶液湖北午时药业股份有限公司4CYHS2501168蛋白琥珀酸铁口服溶液中山百灵生物技术股份有限公司4CYHS2501167八氟丙烷脂质微球注射液广州康臣药业有限公司4CYHS2501166硫酸镁钠钾口服用浓溶液湖北午时药业股份有限公司4CYHS2501165富马酸伏诺拉生片蚌埠丰原涂山制药有限公司4CYHS2501164富马酸伏诺拉生片蚌埠丰原涂山制药有限公司4CYHS2501163乌帕替尼缓释片上海信谊百路达药业有限公司4CYHS2501172硫酸氨基葡萄糖胶囊江苏诺泰澳赛诺生物制药股份有限公司4CYHS2501169破伤风人免疫球蛋白浙江海康生物制品有限责任公司3.4CXSS2500038盐酸达克罗宁局部溶液剂深圳珐玛易药品科技有限公司3CYHL2500073溴莫尼定凝胶深圳珐玛易药品科技有限公司3CYHL2500072酮洛芬贴剂北京福元医药股份有限公司3CYHL2500071酮洛芬贴剂北京福元医药股份有限公司3CYHL2500070盐酸毛果芸香碱滴眼液苏州欧康维视生物科技有限公司3CYHL2500067米诺地尔泡沫剂深圳珐玛易药品科技有限公司3CYHL2500066双氯芬酸依泊胺贴深圳珐玛易药品科技有限公司3CYHL2500065硝呋太尔制霉菌素阴道软胶囊山东华铂凯盛生物科技有限公司4CYHL2500069沙美特罗替卡松吸入粉雾剂杭州知兴制药有限公司4CYHL2500068吸附破伤风疫苗北京智飞绿竹生物制药有限公司3.3CXSL2500250流感病毒裂解疫苗陕西昆秦生物科技有限公司3.3CXSL2500243进口申请药品名称企业注册分类受理号艾伏尼布片Servier Pharmaceuticals LLC5.1JXHS2500042利多卡因丙胺卡因气雾剂PLETHORA SOLUTIONS LIMITED5.1JXHS2500041度伐利尤单抗注射液AstraZeneca UK Limited3.1JXSS2500038度伐利尤单抗注射液AstraZeneca UK Limited3.1JXSS2500037PF-07985045片Pfizer Inc.1JXHL2500066PF-07985045片Pfizer Inc.1JXHL2500065Orforglipron胶囊Eli Lilly and Company1JXHL2500064Orforglipron胶囊Eli Lilly and Company1JXHL2500063Orforglipron胶囊Eli Lilly and Company1JXHL2500062Orforglipron胶囊Eli Lilly and Company1JXHL2500061Orforglipron胶囊Eli Lilly and Company1JXHL2500060Orforglipron胶囊Eli Lilly and Company1JXHL2500059TPST-1120片Tempest Therapeutics, Inc.1JXHL2500058Golcadomide胶囊Celgene Corporation1JXHL2500055Golcadomide胶囊Celgene Corporation1JXHL2500054Golcadomide胶囊Celgene Corporation1JXHL2500053Golcadomide胶囊Celgene Corporation1JXHL2500052醋酸甲地孕酮口服混悬液TWi Pharmaceuticals, Inc.2.4JXHL2500056罗氟司特泡沫Arcutis Biotherapeutics INC5.1JXHL2500057Empasiprubart注射用浓溶液argenx BV1JXSL2500047DS-1062aASTRAZENECA AB1JXSL2500045AZD2936AstraZeneca AB1JXSL2500044AZD2936AstraZeneca AB1JXSL2500042仑卡奈单抗注射液(皮下注射)Eisai Co., Ltd.2.1JXSL2500046TarlatamabAmgen Inc.2.2JXSL2500041TarlatamabAmgen Inc.2.2JXSL2500040TarlatamabAmgen Inc.2.2JXSL2500039帕博利珠单抗注射液Merck Sharp & Dohme LLC2.2JXSL2500043中药相关申请药品名称企业注册分类受理号桃核承气汤颗粒合肥华润神鹿药业有限公司3.1CXZS2500012肺热咳喘颗粒海南葫芦娃药业集团股份有限公司2.3CXZL2500020注：绿色字体部分为潜在首仿品种；不包含原料药、医用氧、注射用水、氯化钠或葡萄糖注射液等申请，不包含再注册、一次性进口、技术转移、复审申请。