Merck & Co., Inc. operates as a healthcare company worldwide. It operates through two segments, Pharmaceutical and Animal Health. The Pharmaceutical segment offers human health pharmaceutical products in the areas of oncology, hospital acute care, immunology, neuroscience, virology, cardiovascular, and diabetes, as well as vaccine products, such as preventive pediatric, adolescent, and adult vaccines. The Animal Health segment discovers, develops, manufactures, and markets veterinary pharmaceuticals, vaccines, and health management solutions and services, as well as digitally connected identification, traceability, and monitoring products. It serves drug wholesalers and retailers, hospitals, and government agencies; managed health care providers, such as health maintenance organizations, pharmacy benefit managers, and other institutions; and physicians and physician distributors, veterinarians, and animal producers. The company has collaborations with AstraZeneca PLC; Bayer AG; Eisai Co., Ltd.; Ridgeback Biotherapeutics; and Gilead Sciences, Inc. to jointly develop and commercialize long-acting treatments in HIV. Merck & Co., Inc. was founded in 1891 and is headquartered in Kenilworth, New Jersey.

Merck & Co., Inc.

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Assets	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Cash and Cash Equivalents	8,007	13,242	11,304	6,841	5,660	12,694
Cash and Cash Equivalents
Short-Term Investments	615	447	50	252	718	498
Short-Term Investments
Total Cash and Cash Equivalents	8,622	13,689	11,354	7,093	6,378	13,192
Accounts Receivable	11,846	10,278	11,642	10,349	11,030	9,450
Accounts Receivable, Net
Total Trade Receivables	11,846	10,278	11,642	10,349	11,030	9,450
Inventories	6,601	6,109	6,469	6,358	5,930	5,911
Inventories
Other Current Assets	9,996	8,706	8,740	8,368	6,639	7,169
Other Current Assets
Current Assets of Discontinued Operations
Total Current Assets	37,065	38,782	38,205	32,168	29,977	35,722
Total Current Assets
Net Property, Plant & Equipment	25,236	23,779	23,221	23,051	22,231	21,422
Total Property, Plant and Equipment (At Cost)
Less: Accumulated Depreciation
Net Intangible Assets	15,193	16,370	16,984	18,011	19,665	20,269
Other Intangibles, Net
Goodwill	21,591	21,668	21,161	21,197	21,195	21,204
Goodwill
Long-Term Investments	774	463	357	252	1,214	1,015
Investments
Other Long-Term Assets	17,664	16,044	12,702	11,996	10,187	9,528
Other Assets
Noncurrent Assets of Discontinued Operations
Total Assets	117,523	117,106	112,630	106,675	104,469	109,160
Total Assets

Liabilities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Accounts Payable	3,892	4,079	3,519	3,922	3,442	4,264
Trade Accounts Payable
Accrued Expenses	14,502	15,694	14,712	15,766	13,747	14,159
Accrued and Other Current Liabilities
Short-Term Debt	1,434	2,649	3,071	1,372	2,839	1,946
Loans Payable and Current Portion of Long-Term Debt
Other Current Liabilities	6,209	5,998	4,758	4,634	3,366	3,870
Income Taxes Payable
Dividends Payable
Current Liabilities of Discontinued Operations
Total Current Liabilities	26,037	28,420	26,060	25,694	23,394	24,239
Total Current Liabilities
Long-Term Debt	33,968	34,462	34,717	33,683	34,072	28,745
Long-Term Debt
Other Long-Term Liabilities	8,458	7,852	8,205	9,663	8,261	10,118
Deferred Income Taxes
Other Noncurrent Liabilities
Noncurrent Liabilities of Discontinued Operations
Total Long-Term Liabilities	42,426	42,314	42,922	43,346	42,333	38,863
Total Liabilities	68,463	70,734	68,982	69,040	65,727	63,102

Equity	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Common Stock	1,788	1,788	1,788	1,788	1,788	1,788
Common Stock
Treasury Stock	-60,495	-58,303	-57,394	-57,450	-56,612	-56,489
Less Treasury Stock, at Cost
Additional Paid-in Capital	44,644	44,704	44,362	44,509	44,219	44,379
Other Paid-in Capital
Accumulated Other Comprehensive Income	-5,421	-4,945	-5,361	-5,161	-4,900	-4,768
Accumulated Other Comprehensive Loss
Retained Earnings	68,477	63,069	60,187	53,895	54,198	61,081
Retained Earnings
Total Common Shareholders' Equity	48,993	46,313	43,582	37,581	38,693	45,991
Total Merck & Co., Inc. Stockholders' Equity
Minority Interests and Other	67	59	66	54	49	67
Noncontrolling Interests
Total Shareholders' Equity	49,060	46,372	43,648	37,635	38,742	46,058
Total Equity
Total Liabilities and Shareholders' Equity	117,523	117,106	112,630	106,675	104,469	109,160
Total Liabilities and Equity