Merck & Co. · Earnings release · 8-K Exhibit 99

MERCK & CO., INC.

CONSOLIDATED

STATEMENT OF OPERATIONS - GAAP

(AMOUNTS

IN MILLIONS, EXCEPT PER SHARE FIGURES)

(UNAUDITED)

Table

1a

% Change

1Q

2Q

3Q

4Q

Full Year

1Q

2Q

3Q

4Q

Full Year

4Q

Full Year

Sales

$

$

$

$

$

$

$

$

$

$

7

%

7

%

Costs, Expenses and Other

Cost of sales

-2

%

-6

%

Selling, general and administrative

2

%

3

%

Research and development

%

%

Restructuring costs

%

%

Other (income) expense, net

)

)

)

%

*

Income (Loss) Before Taxes

)

)

*

*

Income Tax Provision (Benefit)

)

Net Income (Loss)

)

)

*

*

Less: Net Income Attributable to Noncontrolling Interests

5

6

4

2

4

3

5

1

Net Income (Loss) Attributable to Merck & Co., Inc.

$

$

$

$

$

$

$

)

$

$

)

$

*

*

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

$

$

$

$

$

$

$

)

$

$

)

$

*

*

Average Shares Outstanding Assuming Dilution (1)

Tax Rate

%

%

%

%

%

%

%

%

%

%

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

(1) Because the company recorded

a net loss in the second quarter and the fourth quarter of 2023, no potential dilutive common shares were used in the computation of

loss per common share assuming dilution as the effect would have been anti-dilutive.

MERCK & CO., INC.

FOURTH QUARTER AND FULL YEAR 2023 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

Fourth Quarter

Cost of sales

$

$

Selling, general and administrative

Research and development

Restructuring costs

–

Other (income) expense, net

)

)

)

Loss Before Taxes

)

)

)

)

)

Income Tax Provision (Benefit)

)

)(4)

)(4)

(4)

)

)

Net (Loss) Income

)

)

)

)

Net (Loss) Income Attributable to Merck & Co., Inc.

)

)

)

)

(Loss) Earnings per Common Share Assuming Dilution (5)

$

)

)

)

)

$

Tax Rate

%

%

Full Year

Cost of sales

$

$

Selling, general and administrative

Research and development

1

Restructuring costs

–

Other (income) expense, net

)

)

(3)

Income Before Taxes

)

)

)

)

Income Tax Provision (Benefit)

)(4)

)(4)

(4)

)(4)

)

Net Income

)

)

)

)

Net Income Attributable to Merck & Co., Inc.

)

)

)

)

Earnings per Common Share Assuming Dilution

$

)

)

)

)

$

Tax Rate

%

%

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

Merck 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 primarily reflect expenses for the amortization of intangible assets. 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 primarily reflect a $779 million in-process research and development (IPR&D) impairment charge related to gefapixant and expenses for the amortization of intangible assets. Amounts included in other (income) expense, net, primarily reflect royalty income related to the prior termination of the Sanofi-Pasteur MSD joint venture. Additionally, other (income) expense, net, for the full year includes a $37 million loss on the sale of a business.

(2) Amounts primarily include employee separation costs and accelerated depreciation associated with facilities to be closed or divested related to activities under the company's formal restructuring programs.

(3) Reflects a charge related to settlements with certain plaintiffs in the Zetia antitrust litigation.

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

(5) Because the company recorded a net loss in the fourth quarter of 2023, no potential dilutive common shares were used in the computation of loss per common share assuming dilution as the effect would have been anti-dilutive.

MERCK & CO., INC.

FRANCHISE / KEY PRODUCT SALES

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3a

Global

U.S.

International

% Change

% Change

% Change

TOTAL SALES (1)

$

$

7

$

$

$

$

-1

PHARMACEUTICAL

7

-2

Oncology

Keytruda

Alliance Revenue – Lynparza (2)

5

Alliance Revenue – Lenvima (2)

1

Welireg

4

*

Alliance Revenue – Reblozyl (3)

Vaccines(4)

Gardasil/Gardasil 9

4

ProQuad/M-M-R II/Varivax

9

4

Vaxneuvance

-9

RotaTeq

Hospital Acute Care

Bridion

5

Prevymis

Dificid

-9

-4

7

Zerbaxa

4

Noxafil

-2

4

Cardiovascular

Winrevair

-

-

9

-

Alliance Revenue - Adempas/Verquvo (5)

1

3

5

6

Adempas(6)

Virology

Lagevrio

*

Isentress/Isentress HD

-4

Delstrigo

Pifeltro

Neuroscience

Belsomra

Immunology

Simponi

N/M

N/M

Remicade

N/M

N/M

Diabetes(7)

Januvia

Janumet

7

Other Pharmaceutical (8)

ANIMAL HEALTH

9

7

Livestock

6

Companion Animal

8

5

Other Revenues (9)

3

*

N/M - Not Meaningful

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

(1) Only select products are shown.

(2) Alliance Revenue represents Merck’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 $2,693 million and $2,962 million on a global basis in the fourth quarter of 2024 and 2023, respectively.

(5) Alliance Revenue represents Merck'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 Merck's marketing territories.

(7) Total Diabetes sales were $546 million and $876 million on a global basis in the fourth quarter of 2024 and 2023, respectively.

(8) Includes Pharmaceutical products not individually shown above.

(9) 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 upfront and milestone payments for out-licensed products were $15 million on a global basis in the fourth quarter of 2024.

MERCK & CO., INC.

FRANCHISE / KEY PRODUCT SALES

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3b

Global

U.S.

International

FullYear

Full Year

% Change

Full Year

Full Year

% Change

Full Year

Full Year

% Change

TOTAL SALES (1)

$

$

7

$

$

$

$

1

PHARMACEUTICAL

7

-

Oncology

Keytruda

Alliance Revenue – Lynparza (2)

9

3

Alliance Revenue – Lenvima (2)

5

7

1

Welireg

*

Alliance Revenue – Reblozyl (3)

Vaccines(4)

Gardasil/Gardasil 9

-3

-9

ProQuad/M-M-R II/Varivax

5

4

7

Vaxneuvance

*

RotaTeq

-8

-4

Hospital Acute Care

Bridion

-4

Prevymis

Dificid

Zerbaxa

7

Noxafil

7

-6

Cardiovascular

Winrevair

-

-

-

Alliance Revenue - Adempas/Verquvo (5)

Adempas(6)

Virology

Lagevrio

*

Isentress/Isentress HD

Delstrigo

Pifeltro

Neuroscience

Belsomra

-4

-

Immunology

Simponi

Remicade

Diabetes(7)

Januvia

Janumet

Other Pharmaceutical (8)

8

6

ANIMAL HEALTH

4

3

5

Livestock

4

5

3

Companion Animal

6

2

9

Other Revenues (9)

-2

-8

-1

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

(1)Only select products are shown.

(2)Alliance Revenue represents Merck’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 $13,448 million and $13,654 million on a global basis for December YTD 2024 and 2023, respectively.

(5)Alliance Revenue represents Merck'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 Merck's marketing territories.

(7)Total Diabetes sales were $2,599 million and $3,701 million on a global basis for December YTD 2024 and 2023, respectively.

(8)Includes Pharmaceutical products not individually shown above.

(9)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 upfront and milestone payments for out-licensed products were $106 million and $118 million on a global basis for December YTD 2024 and 2023, respectively.

MERCK & CO., INC.

PHARMACEUTICAL GEOGRAPHIC SALES

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3c

% Change

1Q

2Q

3Q

4Q

Full Year

1Q

2Q

3Q

4Q

Full Year

4Q

Full Year

TOTAL PHARMACEUTICAL

$

$

$

$

$

$

$

$

$

$

7

7

United States

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Europe(1)

-

5

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

China

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Japan

4

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Latin America

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Asia Pacific (other than China and Japan)

-1

-8

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Eastern Europe/Middle East/Africa

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Canada

4

3

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Other

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

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.

OTHER (INCOME) EXPENSE, NET - GAAP

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 4

OTHER (INCOME) EXPENSE, NET

Full Year

Full Year

Interest income

$

)

$

)

$

)

$

)

Interest expense

Exchange losses

Loss (income) from investments in equity securities, net (1)

)

)

)

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

)

)

)

)

Other, net

)

)

)

Total

$

$

$

)

$

(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.