Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Merck & Co. Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Sales	17,276)	15,806)	15,529)	15,624)	16,657)	16,112)	15,775)	14,631)	15,962)	15,035)	14,487)	13,830)	14,959)	14,593)	15,901)	13,521)	13,154)	11,402)	10,627)	12,514)	12,551)	10,872)	12,057)
Cost of sales	(3,855)	(3,557)	(3,419)	(3,828)	(4,080)	(3,745)	(3,540)	(3,912)	(4,264)	(4,024)	(3,926)	(3,881)	(3,934)	(4,216)	(5,380)	(3,873)	(3,450)	(3,104)	(3,199)	(5,533)	(3,481)	(3,159)	(3,312)
Gross profit	13,421)	12,249)	12,110)	11,796)	12,577)	12,367)	12,235)	10,719)	11,698)	11,011)	10,561)	9,949)	11,025)	10,377)	10,521)	9,648)	9,704)	8,298)	7,428)	6,981)	9,070)	7,713)	8,745)
Selling, general and administrative	(2,633)	(2,649)	(2,552)	(2,863)	(2,731)	(2,739)	(2,483)	(2,804)	(2,519)	(2,702)	(2,479)	(2,687)	(2,520)	(2,512)	(2,323)	(2,830)	(2,336)	(2,281)	(2,187)	(3,085)	(2,450)	(2,378)	(2,555)
Research and development	(4,234)	(4,048)	(3,621)	(4,584)	(5,862)	(3,500)	(3,992)	(9,627)	(3,307)	(13,321)	(4,276)	(3,775)	(4,399)	(2,798)	(2,576)	(3,067)	(2,445)	(4,321)	(2,412)	(5,836)	(3,390)	(2,123)	(2,209)
Restructuring costs	(47)	(560)	(69)	(50)	(56)	(80)	(123)	(255)	(126)	(151)	(67)	(48)	(94)	(142)	(53)	(175)	(107)	(82)	(297)	(309)	(114)	(83)	(72)
Operating income (loss)	6,507)	4,992)	5,868)	4,299)	3,928)	6,048)	5,637)	(1,967)	5,746)	(5,163)	3,739)	3,439)	4,012)	4,925)	5,569)	3,576)	4,816)	1,614)	2,532)	(2,249)	3,116)	3,129)	3,909)
Other income (expense), net	238)	7)	35)	(129)	162)	(42)	33)	(79)	(126)	(172)	(89)	74)	(429)	(438)	(708)	333)	450)	103)	455)	255)	312)	390)	(71)
Income (loss) from continuing operations before taxes	6,745)	4,999)	5,903)	4,170)	4,090)	6,006)	5,670)	(2,046)	5,620)	(5,335)	3,650)	3,513)	3,583)	4,487)	4,861)	3,909)	5,266)	1,717)	2,987)	(1,994)	3,428)	3,519)	3,838)
Taxes on income from continuing operations	(958)	(571)	(818)	(426)	(929)	(545)	(903)	820)	(870)	(637)	(825)	(496)	(330)	(538)	(554)	(85)	(695)	(503)	(238)	(98)	(483)	(509)	(619)
Net income (loss) from continuing operations	5,787)	4,428)	5,085)	3,744)	3,161)	5,461)	4,767)	(1,226)	4,750)	(5,972)	2,825)	3,017)	3,253)	3,949)	4,307)	3,824)	4,571)	1,214)	2,749)	(2,092)	2,945)	3,010)	3,219)
Income from discontinued operations, net of taxes	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(62)	—)	332)	434)	—)	—)	—)	—)
Net income (loss)	5,787)	4,428)	5,085)	3,744)	3,161)	5,461)	4,767)	(1,226)	4,750)	(5,972)	2,825)	3,017)	3,253)	3,949)	4,307)	3,762)	4,571)	1,546)	3,183)	(2,092)	2,945)	3,010)	3,219)
Net (income) loss attributable to noncontrolling interests	(2)	(1)	(6)	(1)	(4)	(6)	(5)	—)	(5)	(3)	(4)	—)	(5)	(5)	3)	(4)	(4)	(1)	(4)	(3)	(4)	(8)	—)
Net income (loss) attributable to Merck & Co., Inc.	5,785)	4,427)	5,079)	3,743)	3,157)	5,455)	4,762)	(1,226)	4,745)	(5,975)	2,821)	3,017)	3,248)	3,944)	4,310)	3,758)	4,567)	1,545)	3,179)	(2,095)	2,941)	3,002)	3,219)

Sales: Sales exhibit a generally increasing trend over the analyzed quarters, beginning at approximately 12.1 billion US dollars and rising to 17.3 billion US dollars by the end of the period. Despite some quarter-to-quarter fluctuations, the overall trajectory is upward, with notable jumps seen between late 2021 and early 2022, and again from late 2023 through 2024.
Cost of Sales: The cost of sales also trends upwards but displays more volatility. Starting at about 3.3 billion US dollars, costs peak sharply in certain quarters, such as the fourth quarter of 2020 and the first quarter of 2022, reaching beyond 5.3 billion US dollars. Subsequently, costs decrease somewhat in 2024 and 2025, reflecting a potential improvement in production efficiency or cost management.
Gross Profit: Gross profit parallels sales increases, moving from roughly 8.7 billion US dollars to approximately 13.4 billion US dollars, although it exhibits some quarter-to-quarter variability. The gross margin appears resilient despite fluctuations in cost of sales, suggesting effective pricing strategies or product mix management.
Selling, General and Administrative Expenses (SG&A): SG&A costs remain relatively stable but show slight growth, ranging between 2.2 billion and 2.8 billion US dollars. There is no dramatic upward or downward trend, indicating consistent operational expenses related to administration and selling activities over the periods analyzed.
Research and Development (R&D): R&D expenses fluctuate significantly, with a low of around 2.1 billion US dollars and a high peak exceeding 13 billion US dollars in the second quarter of 2023. These spikes indicate periods of intensified investment in innovation or new product development. After the peak, R&D expenditures normalize but still maintain considerable levels.
Restructuring Costs: Restructuring costs are generally low relative to other expenses but show occasional spikes, particularly in the second quarter of 2023 and the third quarter of 2025. These suggest episodic restructuring activities, which could be related to operational realignments or strategic shifts.
Operating Income (Loss): Operating income demonstrates high volatility. While positive and growing during many quarters, certain periods, such as the fourth quarter of 2020 and the second quarter of 2023, register operating losses, reflecting the impact of elevated costs or extraordinary charges. Nonetheless, the overall trend in operating income remains moderately positive by the end of the period.
Other Income (Expense), Net: This category fluctuates between gains and losses without a clear trend, suggesting variable results from non-operational activities that occasionally help offset operating results or add expense in some quarters.
Income Before Taxes: Income before taxes is broadly aligned with operating income trends, showing growth interspersed with declines, including a significant dip into negative territory in late 2020 and mid-2023. The pattern reflects the combined effects of operating income volatility and other net income components.
Taxes on Income: Tax expenses vary considerably, with some quarters showing significant tax charges and others reflecting tax benefits or credits, especially the positive tax figure in the fourth quarter of 2023. This variability impacts net income patterns and indicates fluctuating tax liabilities, possibly influenced by changes in profitability or tax strategies.
Net Income from Continuing Operations: Net income from continuing operations largely follows gross profit and operating income trends but is notably affected by tax fluctuations. Despite some quarters of losses, most notably in late 2020 and mid-2023, net income recovers strongly in subsequent periods, demonstrating resilience and profitability overall.
Income from Discontinued Operations: This component is minor and sporadic, with limited data points. It shows a modest positive impact in the first half of 2021 and a small negative effect in late 2021, reflecting limited contributions from discontinued business lines.
Net Income: The net income attributable to the company tracks closely with income from continuing operations, showing positive earnings growth overall while experiencing some sharp declines and losses in certain quarters corresponding with operating challenges and restructuring activities. Despite these fluctuations, the data culminates in increased net income levels into 2024 and 2025, indicating improved financial health.
Net Income Attributable to Noncontrolling Interests: Amounts attributable to noncontrolling interests are relatively small and mostly negative or near zero, indicating minor influence on the company's consolidated net results.

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Merck & Co. Inc. (NYSE:MRK)

Income Statement Quarterly Data

Income Statement
Quarterly Data