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Third-Quarter 2025 Sales and Earnings Merck & Co., Inc., Rahway, N.J., USA October 30, 2025
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Agenda 2 Strategy and Business Update Robert M. Davis Chairman and Chief Executive Officer Agenda Financial Results and Outlook Caroline Litchfield Executive Vice President and Chief Financial Officer Research Update Dr. Dean Y. Li Executive Vice President and President, Research Laboratories Question & Answer Session
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Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA 3 This presentation of Merck & Co., Inc., Rahway, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements. Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).
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Strategy and Business Update Robert M. Davis Chairman and Chief Executive Officer 4
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55 Delivering value to patients and customers through innovative portfolio of medicines and vaccines Advancing strongest and deepest pipeline in recent memory with ~80 Phase 3 trials underway Fueling portfolio transformation and growth with investment in over 20 current and future launch opportunities Executing science- and value-driven business development 1. Does not include any future business development transactions in R&D >$70 billion investment in U.S. manufacturing and R&D1 beginning in 2025
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¹Weber Shandwick/KCR Research, 2020 / AMO 2019 6 Q3 Worldwide Sales $17.3B Strength in Oncology and Animal Health with increasing contributions from new launches +4% nominal +3% ex-FX
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Driving value by progressing innovative pipeline 7 Received FDA approval of KEYTRUDA QLEX and CHMP positive opinion1 Presented data at ESMO for novel pipeline candidates and broad oncology portfolio Announced positive topline results for WELIREG in LITESPARK-011 and LITESPARK-022 Oncology Announced positive topline results for enlicitide in Phase 3 CORALreef Lipids study Presented full results for WINREVAIR in recently diagnosed adults with PAH in HYPERION study Received FDA approval for updated indication for WINREVAIR based on ZENITH Cardiopulmonary Presented Phase 3 data for doravirine + islatravir for HIV-1 treatment in adults with suppressed virus Presented additional Phase 3 data for CAPVAXIVE at ESCMIDInfectious Disease Accelerated Phase 3 development for MK-3000 Presented first-time Phase 1 data for MK-8748 in NVAMD and RVO Ophthalmology Expanded tulisokibart development program in immunology in three new disease areas Immunology 1. MK-3475A to be marketed in the EU as KEYTRUDA SC
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88 Completed strategic acquisition of Verona Pharma in October First novel inhaled maintenance treatment for adults with COPD in more than 20 years Multibillion dollar commercial opportunity with potential to positively impact patients and drive both near- and long-term revenue growth
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9 Well positioned to drive next chapter of success Executing Business Development Actively pursuing additional science-driven value-creating transactions Launching New Growth Drivers >$50B commercial opportunity by mid-2030s from recent launches and late-phase pipeline Advancing Early- and Late-Phase Pipeline Tripled late-phase pipeline since 2021 Delivering the next wave of innovation to transform our portfolio
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Financial Results and Outlook Caroline Litchfield Executive Vice President and Chief Financial Officer 10
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Q3 performance driven by demand for our innovative portfolio 11 1. Worldwide Sales includes Other Revenue 2. There were no sales of GARDASIL in China in 3Q25. Sales of GARDASIL in China were $0.5 billion in 3Q24 Human Health $15.6B +4% nominal +3% ex-FX +8% ex-GARDASIL China2 nominal, +7% ex-FX $17.3B +4% nominal +3% ex-FX +7% ex-GARDASIL China2, nominal & ex-FX WORLDWIDE SALES1 Animal Health $1.6B +9% nominal +7% ex-FX
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Oncology: KEYTRUDA continues to benefit patients and drive growth 12 KEYTRUDA sales of $8.1B increased 8%, driven by strong demand from metastatic indications and robust uptake in earlier-stage cancers ‒ Growth driven by usage in tumors predominantly affecting women, including those with certain cervical, breast, and endometrial cancers ‒ Increased use of KEYTRUDA in combination with enfortumab vedotin in first-line, locally advanced or metastatic urothelial cancer ‒ In the U.S., growth benefitted by ~$100M due to an extra Tuesday of shipments partially offset by other channel movements 3Q23 3Q24 3Q25 $6.3B +17% $8.1B +8%$7.4B +21%1 Growth rates exclude the impact of foreign exchange 1. ~3 percentage points of negative impact of foreign exchange was due to devaluation of Argentine peso, which was largely offset b y inflation-related price increases, consistent with practice in that market
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Oncology: Continued growth across broad portfolio 13 WELIREG sales grew 41%, driven by demand in the U.S. and continued launch uptake in certain European markets Lynparza1 sales grew 12%, primarily due to higher demand in the U.S. and certain international markets Lenvima2 sales grew 2%, primarily due to higher sales in the U.S. reflecting higher demand, partially offset by lower pricing Growth rates exclude the impact of foreign exchange 1. In collaboration with AstraZeneca 2. In collaboration with Eisai 3Q23 3Q24 3Q25 $337M +13%$299M +6% $379M +12% 3Q23 3Q24 3Q25 $251M -4% $260M +30% $258M +2% 3Q23 3Q24 3Q25 $139M +157% $54M +43% $196M +41%
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Vaccines: GARDASIL protecting lives from HPV-related cancers 14 GARDASIL sales of $1.7B decreased 25%, driven primarily by China ‒ Excluding China, decline of 3% driven by lower sales in Japan following expiration of reimbursement for catch-up cohort, partially offset by growth of 13% in the U.S. driven by price and CDC purchasing patterns 3Q23 3Q24 3Q25 $2.3B -10% $1.7B -25% $2.6B +16% Growth rates exclude the impact of foreign exchange
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Vaccines & Infectious Disease: Broad portfolio driving impact for patients 15 CAPVAXIVE1 sales of $244M driven by demand from retail pharmacies and non-retail customers, as well as expected seasonal inventory build VAXNEUVANCE sales of $226M decreased 7% ‒ In the U.S., competitive pressure offset favorable CDC stockpile activity ‒ Outside the U.S., competitor preferential recommendation in Japan more than offset growth in certain international markets ENFLONSIA sales of $79M reflect initial stocking in the U.S. 3Q23 3Q24 3Q25 $1.7B +40% 3Q23 3Q24 3Q25 $244M $214M $239M +13% $226M -7% Growth rates exclude the impact of foreign exchange 1. Launched in 3Q24 $47M
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3Q23 3Q24 3Q25 $2.3B -10% WINREVAIR: Continuing to benefit more patients with PAH 16 In the U.S., continued growth in new patient starts and total prescriptions, partially offset by timing of distributor purchases ‒ ~1,500 new patients prescribed ‒ >24,000 total prescriptions dispensed ‒ >9,700 total patients prescribed since launch1 ‒ >7,800 patients with claims approved by payers started treatment since launch ‒ >83,000 total prescriptions filled since launch Strong breadth and depth of prescribers ‒ >1,400 physicians have written at least one prescription since launch ‒ Increased prescriptions for patients whose background PAH therapies do not include a prostacyclin Ex-U.S., making progress with approvals and reimbursement Growth rates exclude the impact of foreign exchange 1. Launched in 2Q24 $149M $360M +141%
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Animal Health: Strong growth driven by livestock portfolio 17 Animal Health sales increased 7% to $1.6B ‒ Livestock sales grew 14%, driven by higher demand across all species and timing of sales ‒ Companion Animal sales declined 3% due to reduction in veterinary visits and competition in parasiticides, partially offset by price, improved supply, and new product launches Growth rates exclude the impact of foreign exchange 1. ~2 percentage points of negative impact of foreign exchange due to devaluation of Argentine peso, which was largely offset by inflation-related price increases, consistent with practice in that market 3Q23 3Q24 3Q25 $1.4B +2% $1.5B +11%1 $1.6B +7%
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Q3 2025 non-GAAP financial results summary1 $ in billions, except EPS amounts 18 1. The company is providing certain 2025 and 2024 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 this information enhances investors’ understanding of the company’ s results because management uses non-GAAP results 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. This information should be considered in addition to, but not as a substitute for or superior to, information prepared in accordance with GAAP. For a description of the non-GAAP adjustments, see Table 2a attached to the earnings release. 2. Q3 2025 GAAP EPS of $2.32 3. Q3 2025 includes a charge of $0.10 related to the LaNova technology transfer milestone payment. Q3 2024 includes a net charge of $0.7 9 for the EyeBio (including milestone), Curon, and Daiichi Sankyo transactions. Q3 2025 Q3 2024 Change Change Ex-FX Sales $17.3 $16.7 +4% +3% Non-GAAP Gross Margin 81.9% 80.5% +1.4 pts +1.6 pts Non-GAAP Operating Expenses $6.6 $8.5 -22% -23% Non-GAAP Tax Rate 13.4% 21.9% -8.5 pts N/A Non-GAAP EPS2,3 $2.58 $1.57 +64% +65%
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Updated 2025 financial outlook 19 1. Guidance does not assume any additional significant potential business development transactions Prior Guidance Updated Guidance Key Assumptions Revenue $64.3B to $65.3B $64.5B to $65.0B • Continues to assume ~0.5 percentage point FX headwind • Implies +1% nominal (+1% to +2% ex-FX) Non-GAAP Gross Margin Rate ~82.0% ~82.0% • Includes updated estimate of <$100M of costs related to tariffs Non-GAAP Operating Expenses1 $25.6B to $26.4B $25.9B to $26.4B Other (Income) / Expense ~$300M to ~$400M of expense ~$400M to ~$500M of expense • Now includes financing costs related to the acquisition of Verona Pharma Tax Rate ~15.0% to 16.0% ~14.0% to 15.0% • Now includes benefit from certain discrete items Shares Outstanding ~2.51B ~2.51B Non-GAAP EPS1 $8.87 to $8.97 $8.93 to $8.98 • Continues to assume ~$0.15 FX headwind • Now includes net $0.05 benefit related to the restructured agreement for Koselugo and an estimated negative impact related to the acquisition of Verona
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Key modeling considerations 20 KEYTRUDA YoY growth in 4Q expected to be negatively impacted by ~$200M due to timing of U.S. wholesaler purchases in 4Q 2024 ENFLONSIA Initial sales in 3Q reflect stocking ahead of expected use in this RSV season Operating Expenses Expect acceleration in underlying operating expense growth in 2026 driven by investment in both R&D and SG&A to fuel pipeline and new launches
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Remain committed to balanced capital allocation strategy Q3 Spend ($ in billions)1 21 Continue to invest in our pipeline and business, as well as augment our pipeline with value-enhancing business development, while returning cash to shareholders 1. Reflects quarter spend 2. Reflects R&D excluding Business Development Capital allocation order of priority 2 $3.2 $1.0 $2.0 $0.4 $1.3 After-Tax R&D CapEx Dividends Paid Business Development (ex-divestitures) Share Repurchase
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Research Update Dr. Dean Y. Li Executive Vice President and President, Research Laboratories 22
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KEYTRUDA continues to expand benefits, including for earlier-stage patients 23 ‒ Received FDA approval for subcutaneous pembrolizumab1 across all solid tumor indications approved for IV KEYTRUDA ‒ Subcutaneous administration in as little as one minute2 ‒ Potential to provide flexibility in site of care while helping to increase efficiency in and access to health care systems ‒ Opportunity for use in certain patients with earlier-stage disease ‒ Granted positive CHMP opinion in the EU ‒ KEYNOTE-689: Received EC approval for KEYTRUDA in perioperative treatment of certain patients whose tumors express PD-L1 CPS ≥1 with resectable, locally advanced HNSCC ‒ 10 earlier-stage approvals to date KEYTRUDA QLEXKEYTRUDA 1. Pembrolizumab with berahyaluronidase alfa 2. When administered every 3 weeks
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Continued momentum across diversified oncology portfolio in multiple tumor types 24 KEYTRUDA Data presented at ESMO in two Presidential Symposium sessions for: • KEYNOTE-B96: PFS and OS data in patients whose tumors express PD-L1, treated with KEYTRUDA + chemo (PDUFA February 20th) • KEYNOTE-9051: EFS and OS data in cisplatin-ineligible patients with MIBC treated with perioperative KEYTRUDA + enfortumab vedotin (PDUFA April 7th) ‒ 5th earlier stage trial to demonstrate OS As well as long-term follow-up data: • Eight- and ten-year exploratory results from multiple monotherapy trials in advanced or metastatic NSCLC • Five-year exploratory follow-up in earlier-stage NSCLC setting Antibody Drug Conjugates Data presented at ESMO for investigational ADCs including: Sacituzumab tirumotecan (TROP2) 2 • Results from the Phase 3 China-only OptiTROP-Lung043 study in EGFRm NSCLC and OptiTROP-Breast023 study in locally advanced/metastatic HR+/HER2- breast cancer • Earlier-phase data3 in other tumor types including advanced cervical and mCRPC Raludotatug deruxtecan4 (CDH6) • Results from the Phase 2/3 REJOICE- Ovarian01 study in previously treated platinum-resistant ovarian, primary peritoneal or fallopian tube cancer Ifinatamab deruxtecan4 (B7H3) • Results from the Phase 2 IDeate-Lung- 01 study in eSCLC WELIREG Positive topline results announced from: • LITESPARK-011 in advanced RCC ‒ First pivotal study of WELIREG combination regimen and third pivotal study of Lenvima5 as part of combination regimen • LITESPARK-022 in adjuvant RCC ‒ Second positive Phase 3 for WELIREG as part of combination regimen 1. In collaboration with Pfizer and Astellas 2. In collaboration with Kelun 3. Conducted by Kelun 4. In collaboration with Daiichi Sankyo 5. In collaboration with Eisai
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Clinical progress across vaccines and infectious diseases 25 CAPVAXIVE • Received MHLW approval in Japan for prevention of pneumococcal infections in elderly and adults at high risk • Presented STRIDE-13 Phase 3 results in children and adolescents aged 2 to <18 who are at increased risk for pneumococcal disease at ESCMID (PDUFA June 18 th) ENFLONSIA • Now available for infants born in or entering first RSV season • Received positive CHMP opinion from EMA HIV • Presented 48-week Phase 3 results for DOR/ISL as once-daily, oral 2-drug regimen for adults with virologically suppressed HIV-1 infection • Presented 96-week Phase 2 outcomes data for ISL/LEN1 as once-weekly oral regimen for adults with virologically suppressed HIV-1 infection 1. In collaboration with Gilead
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Expanding and advancing late-stage programs in immunology and ophthalmology 26 Immunology Indication Trial Phase 1 Phase 2 Phase 3 Tulisokibart TL1A UC ATLAS-UC CD ARES-CD SSc-ILD ATHENA-SSc-ILD HS MK-7240-012 r-axSpA MK-7240-014 RA MK-7240-013 Reflects an update this quarter Ophthalmology Indication Trial Phase 1 Phase 2 Phase 3 MK-3000 Wnt DME BRUNELLO DME BAROLO NVAMD, RVO SUPER TUSCAN NVAMD, RVO RIOJA Now enrolling MK-8748 Tie2/VEGF Now enrolling Now enrolling Now enrolling Phase 1 data presented at Eyecelerator at AAO 2025 Initiating late-stage studies in 2026 Enrollment Complete Enrollment Complete UC = Ulcerative colitis; CD = Crohn’s disease; SSc-ILD = Systemic sclerosis associated with interstitial lung disease; HS = Hidradenitis suppurativa; r-axSpA = Radiographic axial spondyloarthritis; RA = Rheumatoid arthritis; DME = Diabetic macular edema; NVAMD = Neovascular age-related macular degeneration; RVO = Retinal vein occlusion
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Committed to alleviating burden of cardiopulmonary diseases 27 • HYPERION: Phase 3 data in recently diagnosed adults with PAH on background therapy presented at ERS and published in NEJM • ZENITH: Received FDA approval for updated product label 1 • First PAH drug indicated for reductions in death and lung transplantation1 First and only activin signaling inhibitor • Advancing ongoing work in non- cystic fibrosis bronchiectasis • Evaluating utility in additional indications, combinations, and formulations First-in-class selective dual inhibitor of PDE3 and PDE4 • CORALreef Lipids: Met all primary and key secondary endpoints in third positive Phase 3 study • Highlighting cardiopulmonary program at AHA Investor Event on Sunday, November 9th Enlicitide a potential first-of-its-kind oral PCSK9 inhibitor 1. WINREVAIR is now FDA-approved on top of background therapy in adults with PAH, WHO FC III or IV, at high risk of mortality to improve exercise capacity and WHO functional class, and reduce the risk of clinical worsening events, including hospitalization for PAH, lung transplantation and death. Expanded indication includes components of the clinical worsening events: hospitalization for PAH, lung transplantation and death.
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Many important upcoming milestones through 1H 2026 28 Oncology KEYTRUDA • KEYNOTE-B96 PDUFA date February 20th • KEYNOTE-9051 PDUFA date April 7th Infectious Disease Doravirine/Islatravir • PDUFA date April 28th Islatravir/Lenacapavir2 • PCD in April for Phase 3 ISLEND-1 and ISLEND-2 trials in HIV treatment CAPVAXIVE • STRIDE-13 label expansion PDUFA date June 18th Immunology Tulisokibart • PCD in May for Phase 2 ATHENA trial in SSc-ILD Cardiopulmonary WINREVAIR • Presentation of detailed findings from Phase 2 CADENCE trial in Cpc-PH due to HFpEF Enlicitide decanoate • Presentation of detailed findings from first 3 trials of CORALreef Phase 3 program 1. In collaboration with Pfizer and Astellas 2. In collaboration with Gilead
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Q&A Robert M. Davis Chairman and Chief Executive Officer Dr. Dean Y. Li Executive Vice President and President, Research Laboratories Caroline Litchfield Executive Vice President and Chief Financial Officer Peter Dannenbaum Senior Vice President, Investor Relations
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30 Appendix
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Q3 2025 GAAP financial results summary $ in billions, EPS amounts 31 1. Q3 2025 GAAP results include $300 million charge related to the LaNova technology transfer milestone payment. 3Q24 GAAP results include $2.2 billion charge related to the acquisitions of EyeBio and MK-1045. 2. Q3 2025 GAAP results include charge of $0.10 per share related to the LaNova technology transfer milestone payment. 3Q24 GAAP results include net charge of $0.79 per share for the EyeBio (including milestone), Curon and Daiichi Sankyo transactions. Q3 2025 Q3 2024 Change Change Ex-FX Sales $17.3 $16.7 +4% +3% Operating Expenses (SG&A and R&D)1 $6.9 $8.6 -20% -21% Tax Rate 14.2% 22.7% -8.5 pts N/A GAAP EPS2 $2.32 $1.24 +87% +88%
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$12.7 $4.0 $8.1 $2.4 $4.3 $0 $3 $6 $9 $12 $15 After-Tax R&D CapEx Dividends Paid Business Development (ex-divestitures) Share Repurchase ~$21B Over 5 years, including expanding manufacturing capacity for Oncology, Vaccines, and Animal Health. Includes >$11B in the U.S. Billions Commitment to the dividend Capital allocation: Trailing twelve months 32 Well-positioned balance sheet with capacity to fund additional investments in R&D and manufacturing as well as value- enhancing business development opportunities Capital allocation order of priority 1. Reflects R&D excluding Business Development 2. Includes BD payments reflected in operating cash flow E Capital investments 2025 to 2029 Over the past 12 months 2 1 $1.84 $1.88 $1.92 $2.20 $2.44 $2.60 $2.76 $2.92 $3.08 $3.24 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dollars per share +2% +2% +2% +11% +15% +7% +6% +6% +5% +5% Executing upon balanced capital allocation strategy
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Driving value for patients and shareholders by progressing our pipeline 33 Notable regulatory milestones since the last earnings call: In the U.S., the FDA: • Approved updated indication for WINREVAIR in adults with PAH, WHO Group 1 PH based on ZENITH • Accepted for priority review new sBLAs for KEYTRUDA and KEYTRUDA QLEX in combination with enfortumab vedotin as perioperative treatment for certain patients with MIBC based on KEYNOTE-905 1 • Accepted for priority review a new sBLA for KEYTRUDA plus chemotherapy with or without bevacizumab for certain patients with platinum-resistant recurrent ovarian cancer based on KEYNOTE-B96 • Approved KEYTRUDA QLEX injection for subcutaneous administration in adults across all solid tumor indications for KEYTRUDA • Granted I-DXd Breakthrough Therapy Designation for patients with pretreated ES-SCLC • Granted R-DXd Breakthrough Therapy Designation for patients with CDH6 expressing platinum-resistant ovarian, primary peritoneal, or fallopian tube cancers previously treated with bevacizumab In the EU: • EC approved KEYTRUDA as part of a perioperative regimen in locally advanced HNSCC based on the Phase 3 KEYNOTE-689 trial • CHMP adopted a positive opinion for ENFLONSIA for the prevention of RSV in infants during their first RSV season based on the Phase2b/3 CLEVER and Phase 3 SMART trials • CHMP adopted a positive opinion for subcutaneous administration of KEYTRUDA for all adult indications approved in the EU for KEYTRUDA based on the pivotal MK-3475A-D77 trial In Japan, the MHLW: • Approved GARDASIL9 for males 9 years and older for the prevention of anal cancer, precursor lesions, and genital warts • Approved CAPVAXIVE for the prevention of invasive pneumococcal disease and pneumococcal pneumonia in adults 65 years and older at increased risk based on the STRIDE-9 trial and in adults 18 at increased risk for diseases based on the STRIDE-8 trial Notable data & clinical advancements since the last earnings call: Presented data for: • Phase 3 STRIDE-13 trial evaluating CAPVAXIVE at the European Society of Clinical Microbiology and Infectious Diseases Conference on Vaccines demonstrating positive immune responses in children and adolescents at increased risk of pneumococcal disease • Phase 2 IDeate-Lung01 trial evaluating I-DXd at the World Conference on Lung Cancer demonstrating clinically meaningful response rates in patients with previously treated ES-SCLC • Phase 3 HYPERION trial evaluating WINREVAIR at the European Respiratory Society Congress demonstrating reduced risk of clinical worsening events in adults recently diagnosed with PAH WHO FC II or III at intermediate or high risk of disease progression. • Broad oncology portfolio at the European Society for Medical Oncology, including for KEYTRUDA, KEYTRUDA QLEX, WELIREG, R-DXd, I-DXd, and sac-TMT, including positive results from KEYNOTE-9051 and KEYNOTE-B96 • HIV treatment and prevention pipeline at the European AIDS Conference, including for doravirine/islatravir, islatravir/lenacapavir 2, and MK-8527 Announced: • Positive topline results from the Phase 3 LITESPARK-011 evaluating WELIREG in combination with Lenvima3 in certain previously treated patients with advanced RCC • Positive topline results from the Phase 3 LITESPSARK-022 trials evaluating WELIREG in combination with KEYTRUDA in certain patients with ccRCC following nephrectomy • Positive topline results from the Phase 3 CORALreef Lipids trial evaluating enlicitide for the treatment of adults with hypercholesterolemia on a moderate or high intensity statin or with documented statin intolerance 1. In collaboration with Pfizer and Astellas 2. In collaboration with Gilead 3. In collaboration with Eisai
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MK-8527 HIV-1 PrEP MK-8591A (doravirine + islatravir) HIV-1 Infection (EU) MK-8591D (islatravir + lenacapavir)1,4 HIV-1 Infection LAGEVRIO (MK-4482)1,5 COVID-19 Antiviral (U.S.) Broad and innovative pipeline to address significant unmet medical needs 34 As of October 30, 2025 Phase 3 Oncology MK-1022 (patritumab deruxtecan)1 Breast MK-1026 (nemtabrutinib) Hematological Malignancies MK-1084 2 CRC NSCLC MK-1308A (quavonlimab + pembrolizumab) RCC MK-2140 (zilovertamab vedotin) Hematological Malignancies MK-2400 (ifinatamab deruxtecan)1 Esophageal Prostate SCLC MK-2870 (sacituzumab tirumotecan)1,3 Breast Cervical Endometrial Gastric NSCLC Ovarian KEYTRUDA (MK-3475) HCC (EU) SCLC MK-3543 (bomedemstat) Myeloproliferative Disorders MK-5684 (opevesostat) Prostate LYNPARZA (MK-7339) 1,2 NSCLC SCLC V940 (intismeran autogene)1,2 Melanoma NSCLC Infectious Disease MK-7240 (tulisokibart) Crohn’s Disease Ulcerative Colitis Immunology Cardiopulmonary MK-0616 (enlicitide decanoate) Hypercholesterolemia MK-30006 Diabetic Macular Edema Ophthalmology Phase 2 KEYTRUDA (MK-3475) Prostate KEYTRUDA QLEX (MK-3475A)7 Hematological Malignancies (U.S.) MK-5684 (opevesostat) Breast Endometrial Ovarian MK-5909 (raludotatug deruxtecan)1 Biliary Bladder Cervical CRC Endometrial Gastric NSCLC Ovarian Pancreas RCC SCLC MK-6070 (gocatamig) SCLC WELIREG (MK-6482) Breast V940 (intismeran autogene) 1,2 Bladder RCC MK-1022 (patritumab deruxtecan)1,3 Biliary Bladder Cervical CRC Endometrial Esophageal Gastric HCC HNSCC Melanoma NSCLC Ovarian Pancreas Prostate MK-2400 (ifinatamab deruxtecan) 1 Biliary Bladder Breast Cervical CRC Endometrial HCC HNSCC Melanoma NSCLC Ovarian Pancreas MK-2870 (sacituzumab tirumotecan) 1,3 Biliary Bladder CRC Esophageal Neoplasm Malignant Pancreatic Oncology Infectious Disease MK-8591B (islatravir+ulonivirine) HIV-1 Infection MK-5475 PH-COPD ensifentrine + glycopyrrolate (MK- 5884A) COPD MK-6024 (efinopegdutide) MASH MK-7262 Atherosclerosis WINREVAIR (MK-7962) Pulmonary Hypertension due to Left Heart Disease Cardiopulmonary MK-7240 (tulisokibart) Axial Spondyloarthritis Hidradenitis Suppurativa Rheumatoid Arthritis Systemic Sclerosis Immunology MK-1167 Alzheimer’s Disease MK-2214 Alzheimer’s Disease Neuroscience Under regulatory review Oncology KEYTRUDA (MK-3475) HNSCC (JPN) MIBC (U.S.) Ovarian (U.S., EU) KEYTRUDA QLEX (MK-3475A) MIBC (U.S.) Previously Approved Tumors (EU)7 Infectious Disease ENFLONSIA (MK-1654) Respiratory Syncytial Virus (EU, JPN) MK-8591A (doravirine + islatravir) HIV-1 Infection (U.S., JPN) 1. Being developed in a collaboration 2. Being developed in combination with KEYTRUDA 3. Being developed as monotherapy and /or in combination with KEYTRUDA 4. On partial clinical hold for higher doses of islatravir than those used in current clinical trials 5. Available in the U.S. under Emergency Use Authorization 6. Program is in Phase 2/3 study 7. MK -3475A to be marketed in the EU as KEYTRUDA SC MK-8748 Eye Disorders Ophthalmology V181 Dengue Fever Virus Vaccines Phase 3Phase 2