Merck &

MRK · Health Care · Market cap $319B

Q3 FY25 Sep 30, 2025 reported Nov 5, 2025

Revenue$17.3B +4% year over year

Gross profit$13.4B

Operating profit$6.6B

Net profit$5.8B 33% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	17.3	100%	+4%
Non-US	7.3	42%
Pharmaceutical	6.1	35%
Sales \| Animal Health	1.6	9%
Sales \| Non-US \| Animal Health	1.1	6%
Other	0.7	4%
Sales \| U.S. \| Animal Health	0.5	3%
Cost of revenue	−3.9	23%
Gross profit	13.4	78% margin	+2pp
Research & development	−4.2	25%	−11pp
SG&A	−2.6	15%	−1pp
Operating profit	6.6	38% margin	+0pp
Tax	−1
Net profit	5.8	33%	+15pp

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	15.8	100%	−2%
US	8.8	56%	+12%
EMEA	3.7	23%	+4%
Latin America	0.9	6%	+0%
Asia Pacific	0.8	5%	+5%
JP	0.6	4%	−9%
Other Countries	0.6	4%	−3%
CN	0.4	3%	−75%
Cost of revenue	−3.6	23%
Gross profit	12.2	77% margin	+1pp
Research & development	−4.1	26%	+4pp
SG&A	−2.6	17%	+0pp
Other	−0.6	4%	+0pp
Operating profit	5	32% margin	+0pp
Tax	−0.6
Net profit	4.4	28%	−6pp

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	15.5	100%	−2%
US	8.5	55%	+14%
EMEA	3.5	23%	−3%
Latin America	0.8	5%	−1%
CN	0.7	5%	−60%
Other Countries	0.7	5%	+13%
Asia Pacific	0.7	5%	−5%
JP	0.7	5%	−19%
Cost of revenue	−3.4	22%
Gross profit	12.1	78% margin	+0pp
Research & development	−3.6	23%	−2pp
SG&A	−2.6	16%	+1pp
Operating profit	5.9	38% margin	+0pp
Tax	−0.8
Net profit	5.1	33%	+3pp

All figures in billions of U.S. dollars, for Q3 FY24 (period ends Sep 30, 2024).
Item	Value	Share of revenue	Year over year
Revenue	16.7	100%	+4%
US	8.7	52%	+13%
EMEA	3.6	22%	+8%
CN	1	6%	−40%
JP	0.9	5%	−13%
Latin America	0.9	5%	+5%
Asia Pacific	0.8	5%	+5%
Other Countries	0.6	4%	+33%
Cost of revenue	−4.1	25%
Gross profit	12.6	76% margin	+2pp
Research & development	−5.9	35%	+14pp
SG&A	−2.7	16%	+1pp
Operating profit	3.9	24% margin	+0pp
Tax	−0.9
Net profit	3.2	19%	−11pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q3 FY25	Sep 30, 2025	Nov 5, 2025	$17.3B	+4%	38%	$5.8B	33%
Q2 FY25	Apr 1 – Jun 30, 2025	Aug 5, 2025	$15.8B	−2%	32%	$4.4B	28%
Q1 FY25	Jan 1 – Mar 31, 2025	May 2, 2025	$15.5B	−2%	38%	$5.1B	33%
Q3 FY24	Jul 1 – Sep 30, 2024	Nov 6, 2024	$16.7B	+4%	23%	$3.2B	19%