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

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

CONSOLIDATED STATEMENT OF INCOME - GAAP

(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)

(UNAUDITED)

Table

1a

% Change

1Q

2Q

3Q

Sep

YTD

1Q

2Q

3Q

Sep

YTD

4Q

Full

Year

3Q

Sep

YTD

Sales

$

$

$

$

$

$

$

$

$

$

4

%

0

%

Costs, Expenses and Other

Cost of sales

-6

%

-5

%

Selling, general and administrative

-4

%

-1

%

Research and development

%

%

Restructuring costs

%

*

Other (income) expense, net

)

(7

)

)

)

)

)

)

)

%

%

Income Before Taxes

%

%

Income Tax Provision

Net Income

%

%

Less: Net Income Attributable to Noncontrolling Interests

6

1

2

5

6

4

2

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

$

$

$

$

$

$

$

$

$

$

%

%

Earnings per Common Share Assuming Dilution

$

$

$

$

$

$

$

$

$

$

%

%

Average Shares Outstanding Assuming Dilution

Tax Rate

%

%

%

%

%

%

%

%

%

%

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

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

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 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

Third Quarter

Cost of sales

$

$

Selling, general and administrative

Research and development

Restructuring costs

–

Other (income) expense, net

)

)

)

Income Before Taxes

)

)

)

)

Income Tax Provision (Benefit)

)(3)

)(3)

)(3)

)

Net Income

)

)

)

)

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

)

)

)

)

Earnings per Common Share Assuming Dilution

$

)

)

)

)

$

Tax Rate

%

%

Sep YTD

Cost of sales

$

$

Selling, general and administrative

Research and development

2

Restructuring costs

–

Other (income) expense, net

)

)

)

)

4

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 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 the amortization of intangible assets and Animal Health intangible asset impairment charges. Amounts included in other (income) expense, net, primarily reflect royalty income related to the prior termination of the Sanofi-Pasteur MSD joint venture.

(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 a benefit due to a reduction in reserves for unrecognized income tax benefits resulting from the expiration of the statute of limitations for assessments related to the 2019 federal tax return year.

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)

$

$

4

$

$

$

$

-8

PHARMACEUTICAL

4

-9

Oncology

Keytruda

8

Alliance Revenue – Lynparza (2)

Alliance Revenue – Lenvima (2)

3

2

4

Welireg

Alliance Revenue – Reblozyl (3)

Vaccines (4)

Gardasil/Gardasil 9

ProQuad/M-M-R II/Varivax

-3

-3

-1

Capvaxive

*

*

7

0

*

Vaxneuvance

-6

-1

RotaTeq

6

8

2

Hospital Acute Care

Bridion

5

Prevymis

Zerbaxa

Dificid

-2

Cardiovascular

Winrevair

3

*

Alliance Revenue - Adempas/Verquvo (5)

9

8

8

7

Adempas (6)

Virology

Lagevrio

Isentress/Isentress HD

Delstrigo

Pifeltro

1

-7

Neuroscience

Belsomra

Immunology

Simponi

Remicade

Diabetes (7)

Januvia

*

Janumet

*

Other Pharmaceutical(8)

ANIMAL HEALTH

9

3

Livestock

Companion Animal

-2

-1

-2

Other Revenues (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) Total Vaccines sales were $3,370 million and $3,675 million on a global basis in the third quarter of 2025 and 2024, 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) Total Diabetes sales were $703 million and $592 million on a global basis in the third quarter of 2025 and 2024, respectively.

(8) Includes Pharmaceutical products not individually shown above. Also reflects total alliance revenue for Koselugo of $214 million and $39 million on a global basis in the third quarter of 2025 and 2024, respectively.

(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 $11 million and $15 million in the third quarter of 2025 and 2024, respectively.

MERCK & CO., INC., RAHWAY, N.J., USA

FRANCHISE / KEY PRODUCT SALES

SEPTEMBER YEAR-TO-DATE 2025

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3b

Global

U.S.

International

Sep YTD

Sep YTD

%

Change

Sep YTD

Sep YTD

%

Change

Sep YTD

Sep YTD

%

Change

TOTAL SALES (1)

$

$

0

$

$

$

$

PHARMACEUTICAL

0

Oncology

Keytruda

8

7

9

Alliance Revenue – Lynparza (2)

Alliance Revenue – Lenvima (2)

3

4

2

Welireg

Alliance Revenue – Reblozyl (3)

Vaccines(4)

Gardasil/Gardasil 9

9

ProQuad/M-M-R II/Varivax

-3

-3

-4

Vaxneuvance

6

3

RotaTeq

-3

-6

2

Capvaxive

*

*

8

0

*

Hospital Acute Care

Bridion

2

Prevymis

Zerbaxa

Dificid

Cardiovascular

Winrevair

*

*

3

*

Alliance Revenue - Adempas/Verquvo (5)

9

Adempas(6)

7

7

Virology

Lagevrio

Isentress/Isentress HD

-2

Delstrigo

1

Pifeltro

4

-1

Neuroscience

Belsomra

Immunology

Simponi

Remicade

Diabetes(7)

Januvia

Janumet

9

*

Other Pharmaceutical (8)

7

ANIMAL HEALTH

8

6

9

Livestock

Companion Animal

2

2

1

Other Revenues (9)

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) Total Vaccines sales were $8,347 million and $10,755 million on a global basis for September YTD 2025 and 2024, 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) Total Diabetes sales were $2,283 million and $2,053 million on a global basis for September YTD 2025 and 2024, respectively.

(8) Includes Pharmaceutical products not individually shown above. Also reflects total alliance revenue for Koselugo of $301 million and $114 million on a global basis for September YTD 2025 and 2024, respectively.

(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 $111 million and $91 million on a global basis for September YTD 2025 and 2024, respectively.

MERCK & CO., INC., RAHWAY, N.J., USA

PHARMACEUTICAL GEOGRAPHIC SALES

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3c

% Change

1Q

2Q

3Q

Sep YTD

1Q

2Q

3Q

Sep YTD

4Q

Full Year

3Q

Sep YTD

TOTAL PHARMACEUTICAL

$

$

$

$

$

$

$

$

$

$

4

0

United States

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Europe(1)

2

-2

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Japan

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Latin America

-5

-3

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Asia Pacific (other than China and Japan)

-6

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

China(2)

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Eastern Europe/Middle East/Africa

-9

9

% Pharmaceutical Sales

%

%

%

%

%

%

%

%

%

%

Canada

1

-5

% 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.

(2) Gardasil/Gardasil

9 sales in China were $193 million, $0 and $0 in the first, second and third quarter of 2025, respectively, and $1,253 million,

$1,312 million, $517 million and $446 million in the first, second, third and fourth quarter of 2024, respectively.

MERCK & CO., INC., RAHWAY, N.J., USA

OTHER (INCOME) EXPENSE, NET - GAAP

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 4

OTHER (INCOME) EXPENSE, NET

Sep YTD

Sep YTD

Interest income

$

)

$

)

$

)

$

)

Interest expense

Exchange losses

(Income) loss 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.