Merck & Co., Inc.

Company facts

Industry

Pharmaceutical Preparations

Headquarters

Rahway, New Jersey

Most recent report

10-Q, filed Nov 4, 2026

Incorporated

New Jersey

Filings on record

1,007+ filings

On EDGAR

CIK 310158

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 2 of 10 sections worth reading, with 0 positive, 5 notable, and 2 negative flags.

• Financial Statements (Item 1)

  Balance sheet shows $5B cash drop, $2.9B debt rise, and $7.7B equity fall. Notes detail $15B+ in R&D charges for two big acquisitions.
  Notable

  • Legal defense reserves rose to ~$280M at Sep 30, 2026 from ~$245M at Dec 31, 2025.
  Negative

  • IRS proposed $1.3B additional transition tax plus $260M penalties for 2017-2018; Merck is contesting.

• Management's Discussion (Item 2)

  Massive M&A charges ($15.1B), IRA price-setting on Keytruda, and a $1.3B IRS dispute.
  Notable

  • Merck entered a three-year MFN Agreement with the U.S. government, capping prices on certain drugs and repatriating foreign revenue.
  • Preliminary injunctions block Keytruda SC sales in Denmark, Italy, and launches in five other EU countries.
  • Gross margin fell to 72.9% in Q3 2026 from 77.7% a year ago, due to higher amortization and restructuring costs.
  • Merck issued $6.0B in new senior notes in May 2026 to refinance a bridge loan for the Terns acquisition.
  Negative

  • Keytruda will face government price-setting in 2029 under the IRA, and Januvia/Janumet already lost exclusivity.

What changed: Sep 2026 vs. Jun 2026

About 7% of MRK's Sep 2026 10-Q is new information. 31 paragraphs were added, 179 changed, and 55 removed. Below are the most important lines SECSift identified.

• Item 2 94
• Item 1 70
• Item 6 2
• Item 4 1
• Item 5 1