MRK at a glance
Merck & Co. (MRK, SEC CIK 310158) filed its latest 10-K annual report on February 24, 2026, a 10-Q quarterly report on August 7, 2026, an 8-K current report on August 4, 2026 and Form 4 insider filings as recently as October 1, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Merck & Co. (MRK) reported revenue of $65.0 billion (up 1.3% from FY2024) and net income of $18.3 billion. Diluted EPS was $7.28.
- As of June 30, 2026, 69 institutional investment managers tracked by SignalX reported holding Merck & Co. (MRK) shares worth $124.0 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Guindo Chirfi on August 13, 2026 of 10,000 shares at $135.00 per share.
- In the last 90 days, MRK insiders reported 0 open-market purchases ($0) and 17 open-market sales ($30.0M) on Form 4, a net sale of $30.0M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $65.0B
- +1.3% vs prior year
- Insiders · 90 days
- 0 buys · 17 sells
- Net −$30.0M
- 13F holders
- 69 funds
- $124.0B · +1 vs prior quarter
- Latest 8-K
- Aug 4, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Management Discussion & Analysis
- Revenue $65.0B in 2025, up 1% YoY (+2% ex-FX) from $64.2B; US sales +13% to $36.5B, international -11% to $28.5B
- Gross margin 74.8% vs 76.3% in 2024; GAAP EPS $7.28 vs $6.74; non-GAAP EPS $8.98 vs $7.65
- Best segment: Pharmaceutical (Keytruda/Keytruda Qlex $31.7B, +7%; Welireg +41%); worst: Vaccines, with Gardasil/Gardasil 9 -39% to $5.2B on China demand collapse
- Operating cash flow $16.5B (vs $21.5B in 2024); capex $4.1B; dividends $8.2B; buybacks $5.1B (~59M shares); quarterly dividend raised to $0.85/share
- Key risks: Keytruda IRA government price-setting effective 2029, Januvia/Janumet US exclusivity loss May/Jul 2026, $9.2B Cidara acquisition closing Jan 2026 with ~$9.0B R&D charge expected Q1 2026
Risk Factors
- IRA price setting: Keytruda (49% of total 2025 sales) expected selected by HHS in 2027, government price effective Jan 1, 2029, U.S. sales to decline materially
- Gardasil/Gardasil 9 China shipments paused since Feb 2025; local competitor's nine-valent HPV vaccine approved June 2025 for females 9-45 years
- Keytruda biosimilar competition expected Dec 2028 when primary compound patent expires, with European market exclusivity lost 2031
- Bridion loses U.S. exclusivity July 2026; Januvia/Janumet loses exclusivity May 2026; Company expects to lose "nearly all" U.S. Januvia/Janumet sales thereafter
- IRS examining 2017-2018 tax returns including TCJA one-time transition tax position; adverse outcome described as potentially material to cash flows
Business Overview
- Global pharma/animal health company; Pharmaceutical segment (89% of sales) anchored by Keytruda immunotherapy franchise generating $31.7B in FY2025
- Keytruda Qlex (subcutaneous pembrolizumab) launched in 2025; FDA-approved September 2025 across most adult solid tumor indications: new formulation extending franchise runway beyond 2028 Keytruda compound patent expiry
- Gardasil revenue collapsed to $5.2B from $8.6B (-39% YoY) driven by China market contraction; Winrevair (PAH) debuted at $1.4B vs zero in 2024, partially offsetting Gardasil decline
- ~75,000 employees globally as of Dec 31, 2025; US international sales mix shifted to 56% domestic / 44% international vs 50/50 in 2024, reflecting China Gardasil erosion
- December 2025: Merck signed a "Most-Favored-Nation" agreement with the US government; committing to direct-to-patient pricing, Medicaid discounts, and MFN-linked launch pricing for new products in exchange for a 3-year Section 232 tariff delay on manufacturing imports
AI summary of the MRK 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Q2 revenue $16.6B vs $15.8B, up 5% YoY
- Welireg best growth, sales $271M, up 67% YoY
- Koselugo worst growth, alliance revenue $10M, down 76% YoY
- Terns and Cidara acquisitions totaled $16.0B, including $14.7B of R&D charges
- Pricing pressure from IRA negotiations, Medicaid rebates, and Germany’s GKV-BStabG expected to reduce future sales and profits
AI summary of the MRK 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 earnings released August 4, 2026, with results in Exhibit 99.1
- Supplemental information in Exhibit 99.2, providing additional investor context beyond the press release
Item EX-99.1: Item EX-99.1
- Q2 sales reached $16.6B, up 5% or 4% ex-FX, led by KEYTRUDA/QLEX at $8.4B and WINREVAIR growth of 75%
- GAAP loss per share was $0.54 versus $1.76 earnings, driven by the $2.31-per-share Terns acquisition charge
Item 5.07: Submission of Matters to a Vote of Security Holders
- All 13 director nominees elected, with Patricia F. Russo receiving the strongest opposition at 217,186,188 votes against
- Say-on-pay approved, with 1,730,192,132 votes for versus 109,310,633 against
Item 8.01: Other Events
- $6.0B debt issuance closed May 22, 2026 across seven note series
- Maturities span 2028–2056, extending Merck’s debt repayment schedule
AI summaries of MRK 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for MRK
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- Fund moves. Which tracked funds opened, added or cut MRK, by share count.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Karsanbhai Surendralal Lanca | A | Sep 30, 2026 | 111.83 | $145.31 |
| Seidman Christine E | A | Sep 30, 2026 | 55.915 | $145.31 |
| Coe Mary Ellen | A | Sep 30, 2026 | 206.455 | $145.31 |
| Guindo Chirfi | Sell | Aug 13, 2026 | 10,000 | $135.00 |
| Zachary Jennifer | M | Aug 12, 2026 | 41,494 | - |
| Zachary Jennifer | M | Aug 12, 2026 | 13,433 | - |
| Zachary Jennifer | M | Aug 12, 2026 | 13,433 | $84.71 |
| DeLuca Richard R. | Sell | Aug 12, 2026 | 11,099 | $131.61 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $60.1B | $64.2B | $65.0B |
| Net Income | $365.0M | $17.1B | $18.3B |
| Net Margin | 0.6% | 26.7% | 28.1% |
| Balance Sheet | |||
| Total Assets | - | $117.1B | $136.9B |
| Equity | $37.6B | $46.3B | $52.6B |
| ROE | 1.0% | 37.0% | 34.7% |
| Per Share | |||
| EPS | $0.14 | $6.74 | $7.28 |
| Cash Flow | |||
| Operating CF | $13.0B | $21.5B | $16.5B |
| CapEx | $3.9B | $3.4B | $4.1B |
Source: XBRL data in Merck & Co. (MRK)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate MRK share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 69 | $123.97B |
| Q1 2026 | 68 | $117.02B |
| Q4 2025 | 66 | $101.00B |
| Q3 2025 | 69 | $83.30B |
| Q2 2025 | 69 | $76.77B |
| Q1 2025 | 66 | $66.02B |
| Q4 2024 | 61 | $61.71B |
| Q3 2024 | 61 | $33.38B |
- Franklin Resources+3.28M (+20%)
- Dimensional Fund Advisors+2.03M (+13%)
- Goldman Sachs Group+1.94M (+10%)
- BlackRock+1.17M (+1%)
- Ameriprise Financial+1.12M (+7%)
- JPMorgan Chase & Co−9.09M (-17%)
- T. Rowe Price Group−4.52M (-20%)
- Invesco Ltd−3.24M (-15%)
- Citadel Advisors LLC−1.89M (-49%)
- Millennium Management−1.41M (-72%)
Source: 13F-HR filings on SEC EDGAR (aggregated from 529 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
MRK filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
8-K current reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Oct 1, 2026 | - | - | - |
| 4 | Aug 13, 2026 | - | - | - |
| 4 | Aug 13, 2026 | - | - | - |
| 4 | Aug 12, 2026 | - | - | - |
| 4 | Aug 10, 2026 | - | - | - |
| 10-Q | Aug 7, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Aug 7, 2026 | - | - | - |
| 13F-HR | Aug 7, 2026 | Jun 30, 2026 | - | |
| 4 | Aug 7, 2026 | - | - | - |
| 4 | Aug 7, 2026 | - | - | - |
| 8-K | Aug 4, 2026 | - | Analysis | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 8-K | May 28, 2026 | - | Analysis | |
| 8-K | May 22, 2026 | - | Analysis | |
| 13F-HR | May 13, 2026 | Mar 31, 2026 | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - |
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MRK SEC filings: frequently asked questions
Are MRK insiders buying or selling?
In the last 90 days, Merck & Co. (MRK) officers, directors and 10% owners reported no open-market purchases and 17 open-market sales worth $30.0 million by 5 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold MRK stock?
As of June 30, 2026, the largest Merck & Co. (MRK) holders among the 13F filers tracked by SignalX were BlackRock ($29.2 billion), Vanguard Capital Management LLC ($20.7 billion), State Street Corp ($15.6 billion), Vanguard Portfolio Management LLC ($8.7 billion), Morgan Stanley ($6.3 billion). 13F-HR reports are filed up to 45 days after each quarter ends.
What was MRK's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Merck & Co. (MRK) reported revenue of $65.0 billion (up 1.3% from FY2024) and net income of $18.3 billion. Diluted EPS was $7.28. The figures come from the XBRL data in the 10-K.
What are the main risks in MRK's latest 10-K?
In the 10-K filed February 24, 2026, Merck & Co. (MRK) flagged: IRA price setting: Keytruda (49% of total 2025 sales) expected selected by HHS in 2027, government price effective Jan 1, 2029, U.S. sales to decline materially. Gardasil/Gardasil 9 China shipments paused since Feb 2025; local competitor's nine-valent HPV vaccine approved June 2025 for females 9-45 years. (AI summary of the Risk Factors section.)
What did MRK report in its latest 8-K?
Merck & Co. (MRK) filed an 8-K on August 4, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Q2 2026 earnings released August 4, 2026, with results in Exhibit 99.1.
What are the latest MRK SEC filings?
Merck & Co. (MRK) filed its latest 10-K annual report on February 24, 2026, a 10-Q quarterly report on August 7, 2026, an 8-K current report on August 4, 2026 and a Form 4 insider filing on October 1, 2026.
What is MRK's SEC CIK number?
Merck & Co. (MRK)'s SEC Central Index Key (CIK) is 310158. EDGAR lists every MRK filing under that number.
Ask anything about MRK
The research agent reads MRK's filings, financials, insider trades and 13F holders, then answers with sources.