---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-071380"
form_type: "8-K"
ticker: "MRK"
cik: "0000310158"
company_name: "Merck & Co., Inc."
filed_at: "2025-07-29T23:59:59+00:00"
generated_at: "2026-05-17T23:51:33.453048+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Merck reports Q2 2025 sales of $15.8B, down 2%, and announces $3B restructuring program

## Summary
- Total worldwide sales $15.8 billion, down 2% nominally and ex-forex vs Q2 2024; KEYTRUDA sales $8.0 billion, up 9%.
- GAAP EPS $1.76, Non-GAAP EPS $2.13; includes $0.07 per share charge for Hengrui Pharma license agreement.
- GARDASIL/GARDASIL 9 sales $1.1 billion, decline of 55% primarily due to lower demand in China.
- Approved 2025 Restructuring Program with cumulative pretax cost ~$3.0 billion, expected annual savings ~$1.7 billion by end of 2027.
- Announced agreement to acquire Verona Pharma for ~$10 billion, adding COPD treatment Ohtuvayre; expected close Q4 2025.

## SEC filing metadata
- accession: 0001104659-25-071380
- form_type: 8-K
- ticker: MRK
- cik: 0000310158
- company_name: Merck & Co., Inc.
- filed_at: 2025-07-29T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.02, 2.05, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/310158/000110465925071380/0001104659-25-071380-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/310158/000110465925071380/tm2521736d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-071380
- JSON: https://secwatch.observer/filing/0001104659-25-071380.json
- Plain text: https://secwatch.observer/filing/0001104659-25-071380.txt

## Key facts
- Restructurings & Charges
  Merck & Co., Inc. announced a restructuring with charges of approximately $3.0 billion affecting sales and administrative organizations, research and development, global real estate footprint, manufacturing network.
  - Type: restructuring
  - Charge: approximately $3.0 billion
  - Affected area: sales and administrative organizations, research and development, global real estate footprint, manufacturing network
  source text: expected to be substantially completed by the end of 2029. The cumulative pretax costs to be incurred by the Company to implement the program are estimated to be approximately $3.0 billion, of which approximately 60% will be cash, relating primarily to employee separation expense and contractual termination costs. The remainder of the costs will be non-cash,
  evidence_url: https://www.sec.gov/Archives/edgar/data/310158/000110465925071380/0001104659-25-071380-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.