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

MERCK & CO., INC., RAHWAY, N.J., USA

CONSOLIDATED STATEMENT OF OPERATIONS - GAAP

(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)

(UNAUDITED)

Table 1a

% Change

1Q

2Q

June YTD

1Q

2Q

June YTD

3Q

4Q

Full Year

2Q

Full Year

Sales

$

$

$

$

$

$

$

$

$

5

%

5

%

Costs, Expenses and Other

Cost of sales

%

%

Selling, general and administrative

%

8

%

Research and development

*

*

Restructuring costs

%

%

Other (income) expense, net

)

(7

)

)

)

*

*

(Loss) Income Before Taxes

)

)

)

*

*

Income Tax Provision

Net (Loss) Income

)

)

)

*

*

Less: Net (Loss) Income Attributable to Noncontrolling Interests

(3

)

(2

)

(5

)

6

1

8

2

(1

)

9

Net (Loss) Income Attributable to Merck & Co., Inc., Rahway, N.J., USA

$

)

$

)

$

)

$

$

$

$

$

$

*

*

(Loss) Earnings 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 both the second quarter and first six months of 2026, no potential dilutive common shares were used in the computations of loss per common share assuming dilution as the effects would have been anti-dilutive.

MERCK & CO., INC., RAHWAY, N.J., USA

THREE AND SIX MONTHS ENDED JUNE 30, 2025 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

Second Quarter

Cost of sales

$

$

Selling, general and administrative

1

Research and development

3

Restructuring costs

–

Other (income) expense, net

(7

)

)

)

Income Before Taxes

)

)

)

Income Tax Provision (Benefit)

)(3)

)(3)

(3)

)(4)

)

Net Income

)

)

)

Net Income Attributable to Merck & Co., Inc., Rahway, N.J., USA

)

)

)

Earnings per Common Share Assuming Dilution

$

)

)

)

$

Tax Rate

%

%

June YTD

Cost of sales

$

$

Selling, general and administrative

1

Research and development

Restructuring costs

–

Other (income) expense, net

)

(3

)

)

)

Income Before Taxes

)

)

)

Income Tax Provision (Benefit)

)(3)

)(3)

(3)

)(4)

)

Net Income

)

)

)

Net Income Attributable to Merck & Co., Inc., Rahway, N.J., USA

)

)

)

Earnings per Common Share Assuming Dilution

$

)

)

)

$

Tax Rate

%

%

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

The Company 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 reflect expenses for the amortization of intangible assets and intangible asset impairment charges, partially offset by a decrease in the estimated fair value measurement of liabilities for contingent consideration. 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 reflect the amortization of intangible assets.

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

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

(4) Represents tax benefits primarily resulting from favorable audit reserve adjustments.

MERCK & CO., INC., RAHWAY, N.J., USA

FRANCHISE / KEY PRODUCT SALES

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3a

Global

U.S.

International

% Change

% Change

% Change

TOTAL SALES (1)

$

$

5

$

$

6

$

$

4

PHARMACEUTICAL

5

6

4

Oncology

T1Keytruda

-1

-3

3

Keytruda Qlex

-

-

-

Alliance Revenue – Lynparza (2)

-1

-4

2

Alliance Revenue – Lenvima (2)

7

6

8

Welireg

Alliance Revenue – Reblozyl (3)

Vaccines(4)

Gardasil/Gardasil 9

4

-1

8

ProQuad/M-M-R II/Varivax

-3

-9

Capvaxive

7

-

Vaxneuvance

RotaTeq

Enflonsia

2

-

2

-

Cardiometabolic & Respiratory

T2Winrevair

*

Ohtuvayre

-

-

Alliance Revenue - Adempas/Verquvo (5)

3

4

-1

Adempas(6)

-2

-2

Infectious Diseases

Bridion

8

Prevymis

Delstrigo

-7

Zerbaxa

4

-3

Isentress/Isentress HD

Dificid

T3Lagevrio

5

1

3

Diabetes

T4Januvia

Janumet

Other Pharmaceutical (7)

-9

-6

T5ANIMAL HEALTH

8

7

8

Livestock

8

6

9

Companion Animal

7

8

7

Other Revenues (8)

5

9

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

(1) Only select products are shown.

(2) Alliance Revenue represents the Company's share of profits, which are product sales net of cost of sales and commercialization costs.

(3) Alliance Revenue represents royalties.

(4) T6Total Vaccines sales were $2,361 million and $2,370 million on a global basis in the second quarter of 2026 and 2025, respectively.

(5) Alliance Revenue represents the Company'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 the Company's marketing territories.

(7) Includes Pharmaceutical products not individually shown above. Also reflects total alliance revenue for Koselugo of $10 million and $43 million on a global basis in the second quarter of 2026 and 2025, respectively.

(8) 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 milestone payments for out-licensed products were $0 million and $5 million on a global basis in the second quarter of 2026 and 2025, respectively.

MERCK & CO., INC., RAHWAY, N.J., USA

FRANCHISE / KEY PRODUCT SALES

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3b

Global

U.S.

International

June YTD

June YTD

% Change

June YTD

June YTD

% Change

June YTD

June YTD

% Change

TOTAL SALES (1)

$

$

5

$

$

7

$

$

3

PHARMACEUTICAL

5

7

3

Oncology

Keytruda

4

2

8

Keytruda Qlex

-

-

-

Alliance Revenue – Lynparza (2)

4

-1

8

Alliance Revenue – Lenvima (2)

3

0

9

Welireg

Alliance Revenue – Reblozyl (3)

Vaccines(4)

Gardasil/Gardasil 9

-9

-5

ProQuad/M-M-R II/Varivax

-2

-6

Capvaxive

9

1

*

Vaxneuvance

RotaTeq

-3

Enflonsia

3

-

-1

-

4

-

Cardiometabolic & Respiratory

Winrevair

*

Ohtuvayre

-

-

Alliance Revenue - Adempas/Verquvo (5)

3

8

Adempas(6)

6

6

Infectious Diseases

Bridion

7

Prevymis

Delstrigo

Zerbaxa

9

Isentress/Isentress HD

Dificid

Lagevrio

Diabetes

Januvia

Janumet

Other Pharmaceutical (7)

-5

ANIMAL HEALTH

5

Livestock

8

Companion Animal

8

4

Other Revenues (8)

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

(1) Only select products are shown.

(2) Alliance Revenue represents the Company'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 $4,675 million and $4,977 million on a global basis for June YTD 2026 and 2025, respectively.

(5) Alliance Revenue represents the Company'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 the Company's marketing territories.

(7) Includes Pharmaceutical products not individually shown above. Also reflects total alliance revenue for Koselugo of $171 million and $87 million on a global basis for June YTD 2026 and 2025, respectively.

(8) 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 milestone payments for out-licensed products were $132 million and $100 million on a global basis for June YTD 2026 and 2025, respectively.

MERCK & CO., INC., RAHWAY, N.J., USA

PHARMACEUTICAL GEOGRAPHIC SALES

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3c

% Change

1Q

2Q

June YTD

1Q

2Q

June YTD

3Q

4Q

Full Year

2Q

June YTD

TOTAL PHARMACEUTICAL

$

$

$

$

$

$

$

$

$

5

5

United States

6

7

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

Europe(1)

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

Latin America

-3

1

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

Asia Pacific (other than China and Japan)

5

5

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

Japan

-8

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

Eastern Europe/Middle East/Africa

-7

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

T7China

-9

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

Canada

% 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., RAHWAY, N.J., USA

OTHER (INCOME) EXPENSE, NET - GAAP

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 4

OTHER (INCOME) EXPENSE, NET

June

June

Interest income

$

)

$

)

$

)

$

)

Interest expense

Exchange losses

Income from investments in equity securities, net (1)

)

)

)

)

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

)

)

)

)

Other, net

)

)

)

)

Total

$

$

(7

)

$

$

)

(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.