Merck & Co. Q3 FY25: where the revenue came from and where it went
The whole income statement of Merck & Co. for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Jul 1 – Sep 30, 2025
- Reported
- Nov 5, 2025
Revenue$17.28B
+4% year over year
Gross profit$13.42B
78% margin
Operating profit$6.55B
38% margin
Net profit$5.79B
33% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 17.28 | 100% | +4% |
| U.S. pharmaceutical | 9.49 | 55% | |
| Non-US pharmaceutical | 6.12 | 35% | |
| Non-US animal health | 1.11 | 7% | |
| U.S. animal health | 0.50 | 3% | |
| Other and unallocated | 0.05 | 0% | |
| Cost of revenue | −3.86 | 22% | |
| Gross profit | 13.42 | 78% margin | +2pp |
| R&D | −4.23 | 25% | −11pp |
| SG&A | −2.63 | 15% | −1pp |
| Operating profit | 6.55 | 38% margin | |
| Other income, net | 0.19 | ||
| Tax | −0.96 | ||
| Net profit | 5.79 | 33% margin | +15pp |
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