Merck posts $1.33B net loss on $14.7B acquisition charges; revenue +5.1% to $16.6B

Filed August 7, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 5, 2025 · ~1 min read

Key Changes

• high

  Net loss of $1.33B (diluted EPS -$0.54) driven by $14.7B in R&D charges for Cidara ($9.0B) and Terns ($5.7B) asset acquisitions, while operating results remained profitable.

  MD&A: Acquisitions verify on EDGAR →
• high

  MFN pricing agreement with U.S. government locks in discounted Medicaid pricing, direct-to-patient programs for Januvia/Janumet/Lipfendra, and MFN pricing for new launches through 2028 in exchange for three-year tariff delay.

  MD&A: Regulatory verify on EDGAR →
• high

  German healthcare reform (GKV-BStabG) effective January 2027 will exert "significant downward pressure on sales in Germany," a major European market; full impact still under evaluation.

  MD&A: International Markets verify on EDGAR →