American Heart Association 2025 Investor Presentation November 9, 2025 Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA This presentation of Merck & Co., Inc., Rahway, N.J., USA (the "company") includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company's management and are subject to significant risks and uncertainties. ...

Core Insights - Merck & Co Inc. reported third-quarter 2025 sales of $17.3 billion, reflecting a 4% increase year-over-year [1] - The company expects full-year sales to be between $64.5 billion and $65 billion, and has raised its non-GAAP EPS forecast to $8.93–$8.98 [3] Sales Performance - KEYTRUDA generated $8.1 billion in sales, marking a 10% increase [2] - WINREVAIR sales surged to $360 million, while CAPVAXIVE contributed $244 million [2] - GARDASIL sales decreased by 24% to $1.7 billion, and Animal Health sales grew by 9% to $1.6 billion [2] Earnings and Financials - Earnings per share were reported at $2.32 (GAAP) and $2.58 (non-GAAP), which included a $0.10 charge related to a tech transfer deal [3] - The company received FDA approval for a new KEYTRUDA injection and shared promising cancer trial data [3] - Merck completed its acquisition of Verona Pharma [3] Company Overview - Merck & Co. Inc. is a global healthcare company focused on scientific innovation to develop health solutions, including prescription medicines, vaccines, biologic therapies, and animal health products [4] - The company's primary focus areas include oncology, vaccines, and infectious diseases [4]

Third-Quarter 2025 Sales and Earnings Merck & Co., Inc., Rahway, N.J., USA October 30, 2025 Strategy and Business Update Robert M. Davis Chairman and Chief Executive Officer Financial Results and Outlook Caroline Litchfield Executive Vice President and Chief Financial Officer Research Update Dr. Dean Y. Li Executive Vice President and President, Research Laboratories Question & Answer Session 2 Agenda Agenda Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA This presentation of Merck & Co., ...

Core Insights - Merck & Co., Inc. (NYSE:MRK) has announced positive results from its Phase 3 HYPERION trial of WINREVAIR for pulmonary arterial hypertension, indicating a significant investment opportunity as the stock is at 52-week lows [1][3] Group 1: Trial Results - The HYPERION trial included patients classified as functional class 2 or 3, at intermediate or high risk of disease progression [2] - WINREVAIR demonstrated a 76% reduction in the risk of clinical worsening events compared to placebo, with benefits observed as early as six weeks into treatment [2] - The positive results were consistent across various patient subgroups, including those with idiopathic PAH and connective tissue disease, and the safety profile was consistent with previous trials [2] Group 2: Company Overview - Merck & Co., Inc. is a global healthcare company focused on developing and delivering prescription medicines, vaccines, and animal health products [3] - While Merck shows potential as an investment, there are suggestions that certain AI stocks may offer greater upside potential with less downside risk [3]

Financial Performance - Q2 Worldwide Sales reached $15.8 billion, a decrease of 2% nominally and ex-FX[10, 24] - Non-GAAP EPS was $2.13, a decrease of 7%[10] - KEYTRUDA sales increased by 9% to $8.0 billion, driven by strong demand[25] - GARDASIL sales decreased by 55% to $1.1 billion, primarily due to China[31] - Animal Health sales increased by 11% to $1.6 billion[45] Pipeline and Regulatory Updates - FDA approved ENFLONSIA for RSV prevention in infants[14, 61] - FDA accepted NDA for doravirine + islatravir for HIV-1 treatment[14, 61] - Positive topline results were announced for enlicitide in hyperlipidemia and WINREVAIR in PAH[14, 59, 60] Future Outlook - Updated 2025 revenue guidance is $64.3 billion to $65.3 billion, implying +0% to +2% nominal growth[49] - The company anticipates a commercial opportunity exceeding $50 billion by the mid-2030s from recent launches and the late-phase pipeline[20]

Core Insights - Merck is undergoing a significant transformation with promising developments in its pipeline, including two important Phase III study readouts for enlicitide and FDA approval for clesrovimab, an RSV vaccine [4] - The company has nearly 20 new assets in its pipeline, with ongoing launches of WINREVAIR and others showing strong initial performance [5] Company Developments - Merck announced two key Phase III study results for enlicitide, an oral PCSK9 inhibitor, which yielded positive outcomes [4] - The FDA approved clesrovimab, marking a significant milestone for Merck's RSV vaccine efforts [4] - The company is poised for a series of data readouts and product launches in the near future, indicating a robust growth trajectory [4] Future Outlook - Merck is preparing for nearly 20 additional product launches over the next few years, which is expected to enhance its market position [5] - The ongoing launches of existing products are off to strong starts, contributing to the company's optimistic outlook [5]

Financial Performance - First-quarter worldwide sales reached $15.5 billion, a 2% decrease compared to the previous year, but increased 1% excluding exchange rate fluctuations[1,19] - Human Health sales were $13.6 billion, a 3% decrease, but increased 5% excluding GARDASIL sales in China[19] - Animal Health sales grew by 10% to $1.6 billion[20,36] - KEYTRUDA sales increased by 6% to $7.2 billion, driven by increased uptake in earlier-stage cancers and metastatic indications[21,22] - Non-GAAP EPS increased by 7% to $2.22[39] Product Performance - GARDASIL sales decreased by 40% to $1.3 billion, due to soft demand in China[27,28] - WINREVAIR global Q1 sales reached $280 million[33] - CAPVAXIVE sales were $107 million, driven by retail pharmacy demand[27] Pipeline and Regulatory Updates - The FDA accepted the BLA for subcutaneous pembrolizumab with berahyaluronidase alfa[10,76] - The FDA accepted the sBLA for KEYTRUDA in earlier-stage HNSCC[10,76] - The European Commission granted conditional approval for WELIREG for certain RCC and other tumors[52,76] - GARDASIL 9 was approved in China for males aged 16-26[49,73] Financial Outlook - The company maintained its revenue guidance of $64.1 billion to $65.6 billion for 2025[40] - Non-GAAP EPS guidance was updated to $8.82 to $8.97, including a ~$0.06 charge related to a license agreement with Hengrui Pharma[40]