Every material Form 8-K Merck & has filed with the SEC since December 04, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Merck reported worldwide sales of $18.1 billion for the third quarter of 2026, representing a 5% increase compared to the same period in 2025. GAAP EPS was $2.04 and non-GAAP EPS was $2.49, both impacted by a one-time charge related to a global license agreement with SciBrunch. The company also narrowed and raised its full-year 2026 financial outlook for sales and non-GAAP EPS.
Total worldwide sales reached $18.1 billion in Q3 2026, up 5% from $17.276 billion in Q3 2025.
KEYTRUDA sales grew 6% to $8.6 billion, and WINREVAIR sales surged 93% to $694 million.
Full-year 2026 sales outlook was raised to a range of $66.8 billion to $67.3 billion.
Full-year 2026 non-GAAP EPS outlook was raised to a range of $2.77 to $2.82.
Merck & Co. said Paul J. Diaz, managing partner at Cressey & Company, will join its Board of Directors effective Nov. 1, 2026, bringing the board to 14 members. He will stand for election by shareholders in May 2027 and will serve on the Audit and Research Committees, and he will be paid as a non-employee director under the company's published compensation practices.
Diaz joins the board effective Nov. 1, 2026, and will stand for shareholder election in May 2027.
He was appointed to both the Audit Committee and the Research Committee.
The board will have 14 members after his addition.
Diaz previously served as president and CEO of Myriad Genetics, Inc. and Kindred Healthcare.
Merck reported second-quarter 2026 sales of $16.6 billion, up 5%, but a $2.31 per share charge for the Terns acquisition turned GAAP results to a loss of $0.54 per share, compared with EPS of $1.76 a year earlier. The company narrowed and raised its full-year sales outlook to $66.3 billion to $67.3 billion, but cut its non-GAAP EPS outlook to $2.66 to $2.76 from $5.04 to $5.16, reflecting one-time charges for the Terns and Cidara acquisitions.
Q2 2026 sales were $16.6 billion, up 5% (4% ex-FX); KEYTRUDA/KEYTRUDA QLEX sales were $8.4 billion and WINREVAIR sales were $588 million, up 75%.
Q2 2026 non-GAAP loss per share was $0.13, compared with non-GAAP EPS of $2.13 in Q2 2025.
Full-year 2026 non-GAAP EPS outlook is $2.66 to $2.76, including $3.62 per share for Cidara and $2.31 per share for Terns one-time charges.
Full-year 2026 sales outlook was raised to $66.3 billion to $67.3 billion from $65.8 billion to $67.0 billion.
On May 22, 2026, Merck & Co. closed an underwritten public offering of seven series of notes with a combined principal amount of $6.0 billion, maturing between 2028 and 2056. The filing describes the issuance terms and related legal documents but does not state how the company plans to use the proceeds.
Seven note series totaling $6.0 billion, from a $500 million floating rate note due 2028 to a $1 billion 5.850% note due 2056
Largest series is $1.5 billion of 5.200% notes due 2036
Notes issued under a shelf registration statement filed March 19, 2024, and an indenture dated January 6, 2010, with U.S. Bank Trust National Association as trustee
Merck reported first-quarter 2026 sales of $16.3 billion, up 5%, but posted a GAAP loss of $1.72 per share versus earnings of $2.01 a year earlier, driven by a $3.62 per share charge for the acquisition of Cidara Therapeutics. The company raised the midpoint of its full-year 2026 sales range and raised its non-GAAP EPS range to $5.04 to $5.16, but the outlook excludes the expected one-time charge of about $5.8 billion, or about $2.35 per share, tied to the planned Terns Pharmaceuticals acquisition, which is expected to close in May.
Q1 2026 sales were $16.3 billion, up 5% (3% excluding foreign exchange); KEYTRUDA/KEYTRUDA QLEX sales rose 12% to $8.0 billion.
GAAP loss per share was $1.72 and non-GAAP loss per share was $1.28, both including the $3.62 per share Cidara charge; Q1 2025 GAAP EPS was $2.01.
Full-year 2026 sales outlook narrowed to $65.8 billion to $67.0 billion from $65.5 billion to $67.0 billion; non-GAAP EPS outlook raised to $5.04 to $5.16 from $5.00 to $5.15.
Outlook excludes the Terns acquisition, expected to close in May with a one-time charge of about $5.8 billion, or about $2.35 per share.
Merck reported fourth-quarter 2025 sales of $16.4 billion, up 5%, while GAAP EPS fell to $1.19 from $1.48 a year earlier. For 2026, it expects non-GAAP EPS of $5.00 to $5.15, a range that includes a one-time charge of about $3.65 per share for the Cidara Therapeutics acquisition, which shareholders should weigh against the 2025 non-GAAP EPS of $8.98.
Q4 2025 GAAP EPS was $1.19 vs. $1.48 in Q4 2024; non-GAAP EPS was $2.04 vs. $1.72.
Full-year 2025 sales were $65.0 billion, up 1%; GAAP EPS was $7.28 vs. $6.74.
2026 outlook: worldwide sales of $65.5 billion to $67.0 billion and non-GAAP EPS of $5.00 to $5.15.
KEYTRUDA/KEYTRUDA QLEX full-year sales were $31.7 billion, up 7%; GARDASIL/GARDASIL 9 fell 39% to $5.2 billion.
Merck & Co. closed an underwritten public offering of eight series of notes on December 4, 2025, totaling $8.0 billion in principal, issued under an existing shelf registration. The filing discloses the terms and legal documents for the debt but does not state how the company plans to use the proceeds, so its effect on shareholders depends on details outside this filing.
Eight series of notes closed on December 4, 2025, ranging from $500 million floating rate notes due 2029 to $1.5 billion notes due 2055
Fixed-rate coupons range from 3.850% on the 2029 Notes to 5.700% on the 2065 Notes
Notes were issued under an indenture dated January 6, 2010, with U.S. Bank Trust National Association as trustee
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
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