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Company Dossier · Health Care

Merck & Co.

MRKNYSEPharmaRAHWAY, US-NJ, USMega capWebsite ↗
  • S&P 500
  • S&P 100
  • Dow 30
  • Russell 1000

What Merck & Co. is doing, read from its filings, its own words and the news, with every figure dated and sourced. Not investment advice: no ratings, no price targets.

Open the full company record in Palanor: guidance, KPIs, ownership, calls, prices →

The latest read

Computed from the data on Oct 22, 2026. Every figure links back to its source in the sections below.

  • Revenue over the four quarters to June 30, 2026: $66.6 billion, up 4.6% from a year earlier.SEC EDGAR filings (XBRL)
  • Free cash flow (operating cash flow minus capital expenditure) over the four quarters to June 30, 2026: $16.1 billion, up 9.1% from a year earlier.SEC EDGAR filings (XBRL)
  • Capital expenditure over the four quarters to June 30, 2026: $3.90 billion, up 2.4% from a year earlier.SEC EDGAR filings (XBRL)
  • Share buybacks in the fiscal year to December 31, 2025: $5.08 billion.SEC EDGAR filings (10-K)
  • Long-term debt issued in the fiscal year to December 31, 2025: $13.9 billion.SEC EDGAR filings (10-K)
  • Latest earnings call or results release (August 4, 2026): sentiment 0.70 on a −1 to +1 scale (confident, opportunity-framed), confidence 0.85 of 1.Palanor Discourse
  • Guidance in the last 90 days: 4 outlook figures raised, 2 lowered, 0 held.Guidance Ledger (8-K results releases)
  • Latest annual report (filed February 24, 2026): 0 risk factors added, 0 removed.Risk Factor Changes (10-K Item 1A)
  • Insiders were net sellers in Q3 2026: $30.0 million on the open market.SEC Form 4
  • 3,853 institutional managers reported a position at June 30, 2026 (+47 on the quarter before).SEC Form 13F
  • H-1B filings certified in Q2 2026: 88 (97 a year earlier).U.S. Department of Labor (OFLC)
  • Headlines in the last 30 days: 22, of which 2 read positive and 0 negative.Palanor headline tone

Company Posture

How Company Posture is measured →

What Merck & Co. is doing, on three axes, from its filings and its own words, as of 2026-10-22. A description, not a rating: Company Posture never says whether to buy.

Steady · Confident

Expanding ↔ Retrenching

Steady

RetrenchingExpanding

Confident ↔ Hedging

Confident

HedgingConfident

Pressure

Components only: Not yet shown as a score: in the back-test it did not add to a naive reader's forecast of impairment, debt acceleration or bankruptcy filings (8-K 2.06, 2.04, 1.03) (not enough events (17 in half 1; needs 20)).

Credit

How these are built →

Merck & Co.'s borrowing from its SEC filings: the bonds it priced and the debt on its latest balance sheet. A description, not a rating.

Debt on the balance sheet

$53.9B

  • Due within a year $2.8B
  • Longer term $51.1B
  • Default point $28.4B (short + ½ long)

Finance leases included · Jun 30, 2026 filing

Bonds priced, last 12 months

$14.0B

U.S. dollar tranches with a term sheet on EDGAR. Deals sold under Rule 144A file none and are not counted.

PricedAmountCouponMaturesSpreadYield
May 18, 2026$500M5.750%2046 (20y)+63bp5.774%
May 18, 2026$1B5.850%2056 (30y)+73bp5.867%
May 18, 2026$1B4.300%2028 (2y)+25bp4.321%
May 18, 2026$500M4.650%2031 (5y)+40bp4.664%
May 18, 2026$500MSOFR + 37bp2028 (2y)——
May 18, 2026$1B4.950%2033 (7y)+53bp4.962%
May 18, 2026$1.5B5.200%2036 (10y)+63bp5.229%
Dec 1, 2025$1.5B5.550%2055 (30y)+85bp5.597%
Dec 1, 2025$750M5.500%2046 (20y)+80bp5.514%
Dec 1, 2025$1B5.700%2065 (40y)+100bp5.747%
Dec 1, 2025$500MSOFR + 57bp2029 (3y)——
Dec 1, 2025$750M3.850%2029 (3y)+35bp3.900%

From the pricing term sheets Merck & Co. filed with the SEC. Spread is to the benchmark Treasury (or Bund, Gilt) at pricing.

Charts

Live charts: each one redraws from today’s data and has an image link to paste into a document or slide.

Cash flow

Business

Merck & Co.: free cash flow, trailing twelve months

Operating cash flow minus capital expenditure, $ billions, from SEC filings

$16.1BData to Jun 2026
ImageDataU.S. Securities and Exchange Commission, EDGAR
Business

Merck & Co.: operating cash flow and capital expenditure

Trailing twelve months, $ billions, from SEC filings

Data to Jun 2026
ImageDataU.S. Securities and Exchange Commission, EDGAR
Business

Merck & Co.: revenue, trailing twelve months

$ billions, from SEC filings

$66.6BData to Jun 2026
ImageDataU.S. Securities and Exchange Commission, EDGAR

Capital returned and raised

Business

Merck & Co.: share buybacks by fiscal year

Cash paid to repurchase common stock, $ billions, from the 10-K

$5.1BData to Dec 2025
ImageDataU.S. Securities and Exchange Commission, EDGAR
Business

Merck & Co.: debt issued and repaid by fiscal year

Long-term debt, $ billions, from the 10-K

Data to Dec 2025
ImageDataU.S. Securities and Exchange Commission, EDGAR
Business

Merck & Co.: debt maturity schedule, latest annual report

Scheduled repayments of long-term debt principal by year from the fiscal year end, $ billions, from the 10-K

Data to Dec 2025
ImageDataU.S. Securities and Exchange Commission, EDGAR
Business

Merck & Co.: debt due within a year and cash

At each balance-sheet date, $ billions, from SEC filings

Data to Jun 2026
ImageDataU.S. Securities and Exchange Commission, EDGAR
Business

Merck & Co.: interest coverage

Operating income ÷ interest expense, trailing twelve months, from SEC filings

4.4Data to Jun 2026
ImageDataU.S. Securities and Exchange Commission, EDGAR

What the company says

Business

Merck & Co.: guidance raised minus lowered

Guidance Ledger statements by quarter

2.0Data 23 days ago
ImageDataGuidance Ledger by Palanor · source: SEC EDGAR
Business

Merck & Co.: earnings call sentiment

Palanor Discourse score per call, −1 to +1

0.70Data to Aug 2026
ImageDataPalanor calculation
Business

Merck & Co.: earnings call confidence

Palanor Discourse score per call, 0 to 1

0.85Data to Aug 2026
ImageDataPalanor calculation
Business

Merck & Co.: risk factors added per annual report

New Item 1A risk factors in each 10-K

0.0Data to Feb 2026
ImageDataU.S. Securities and Exchange Commission, EDGAR

Hiring and ownership

Business

Merck & Co.: H-1B filings certified

Labor Condition Applications by quarter received

88.0Data to Jun 2026
ImageDataU.S. Department of Labor, Office of Foreign Labor Certification disclosure data, dol.gov
Business

Merck & Co.: insider net buying

Open-market purchases minus sales by officers and directors, $ millions, by quarter

−$30.0MData 23 days ago
ImageDataU.S. Securities and Exchange Commission, EDGAR
Business

Merck & Co.: institutional holders

Managers reporting a position on Form 13F, by quarter

3,853Data to Jun 2026
ImageDataU.S. Securities and Exchange Commission, EDGAR

News

Business

Merck & Co.: headline tone

Net share of positive headlines, trailing 28 days, −1 to +1

0.11Data 6 days ago
ImagePalanor calculation from news headlines (tone words only)

In the news

Headlines that name Merck & Co., with the publisher and a link. The tone is read from each headline’s own words, never from a summary of the article.

30 days
22 headlines
9% positive · 0% negative
90 days
31 headlines
6% positive · 3% negative

Filings and records

The last two years of notable 8-Ks, offerings, annual reports, federal awards, lobbying reports, patents and other public records, newest first.

  1. Oct 20, 2026Lobbying
    Lobbying report (MERCK & CO, INC.)third_quarter 2026 · $2.4 million
  2. Oct 20, 2026Lobbying
    Lobbying report (WILLIAMS AND JENSEN, PLLC)third_quarter 2026 · $0.1 million
  3. Oct 20, 2026Lobbying
    Lobbying report (AVENUE SOLUTIONS)third_quarter 2026 · $0.1 million
  4. Oct 20, 2026Lobbying
    Lobbying report (TARPLIN, DOWNS & YOUNG, LLC)third_quarter 2026 · $0.1 million
  5. Oct 19, 2026Lobbying
    Lobbying report (THE NICKLES GROUP, LLC)third_quarter 2026 · $0.1 million
  6. Oct 19, 2026Lobbying
    Lobbying report (TIBER CREEK GROUP)third_quarter 2026 · $0.1 million
  7. Oct 19, 2026Lobbying
    Lobbying report (TODD STRATEGY GROUP)third_quarter 2026 · $0.1 million
  8. Oct 18, 2026Lobbying
    Lobbying report (BALLARD PARTNERS)third_quarter 2026 · $0.1 million
  9. Oct 13, 20268-K
    Director or officer changeItem 5.02
  10. Oct 13, 2026Patent
    Patent granted: BICYCLOHEPTANE PYRROLIDINE OREXIN RECEPTOR AGONISTSUS 12760005
  11. Oct 13, 2026Patent
    Patent granted: PLASMA KALLIKREIN INHIBITORSUS 12760037
  12. Oct 13, 2026Patent
    Patent granted: HETEROAROYL AMIDES AS LRRK2 INHIBITORS, PHARMACEUTICAL COMPOSITIONS, AND USES THEREOFUS 12760026
  13. Oct 13, 2026Patent
    Patent granted: ENSIFENTRINE (RPL554) FOR INCREASING TROUGH LUNG FUNCTION IN COPDUS 12758511
  14. Oct 6, 2026Patent
    Patent granted: DIAMINOPYRIMIDINE CARBOXAMIDE INHIBITORS OF HPK1US 12753163
  15. May 28, 20268-K
    Shareholder vote resultsItem 5.07
  16. Feb 24, 202610-K
    Annual report (10-K)0 risk factors added, 0 removed
  17. Jul 29, 20258-K
    Exit or restructuring costsItem 2.05
  18. May 29, 20258-K
    Shareholder vote resultsItem 5.07
  19. Feb 25, 202510-K
    Annual report (10-K)2 risk factors added, 0 removed
  20. Nov 22, 20248-K
    Director or officer changeItem 5.02
  21. Feb 26, 202410-K
    Annual report (10-K)0 risk factors added, 3 removed

Peers

Companies in the same industry in the S&P 500, Russell 1000 or MidCap 400, closest in revenue first. Trailing twelve months, from SEC filings.

CompanyRevenueFree cash flowThrough
Pfizer Inc. PFE$63.7B$11.0BJun 28, 2026
Eli Lilly and Company LLY$79.7B—Jun 30, 2026
Johnson & Johnson JNJ$97.9B$22.2BJun 28, 2026
AbbVie Inc. ABBV$64.4B$18.2BJun 30, 2026
HCA Healthcare HCA$76.4B$7.9BMar 31, 2026
Bristol Myers Squibb BMY$49.2B$11.4BJun 30, 2026
Thermo Fisher Scientific TMO$46.3B$7.3BJun 27, 2026
Abbott Laboratories ABT$45.1B$7.4BMar 31, 2026

Identity

SEC CIK
310158
LEI
4YV9Y5M8S0BRK1RP0397
Wikidata
Q247489
SAM UEI
GYXFTAF6L3W4
SAM UEI
JGKZHRUNYH54

Built from SEC EDGAR filings (public domain), the Guidance and KPI Ledgers, Palanor Discourse, U.S. Department of Labor filings, USPTO, USAspending and Senate lobbying records, and rights-checked news headlines. Updated nightly; this page was built Oct 22, 2026. How the Dossier is built

S&P 500, S&P 100, S&P MidCap 400 and Dow Jones Industrial Average are trademarks of S&P Dow Jones Indices LLC or its affiliates; Nasdaq-100 is a trademark of Nasdaq, Inc.; Russell 1000 is a trademark of FTSE Russell. Membership is shown for identification only. Palanor is not affiliated with or endorsed by the index owners.

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