Merck & Co. 10-Q, filed Nov 4, 2026

Summary

Merck & Co. reported third-quarter 2026 worldwide sales of $18.1 billion, up 5% from a year earlier, and detailed 2026 business development activity including the $9.2 billion acquisition of Cidara Therapeutics, the $6.8 billion acquisition of Terns Pharmaceuticals, the $647 million acquisition of TARGAN, and a $400 million upfront license from SciBrunch Therapeutics for the preclinical KRAS G12D inhibitor MK-2690. Merck said U.S. and German cost-containment measures, including Medicare price setting under the Inflation Reduction Act and Germany's GKV-BStabG, are expected to continue pressuring sales and profits, particularly for Keytruda in Germany.

Key points

• Worldwide sales were $18.1 billion in the third quarter of 2026 and $51.0 billion in the first nine months, each up 5% versus the same periods of 2025, driven by oncology and cardiometabolic, respiratory and specialty franchises plus animal health, partly offset by a decline in vaccines and infectious diseases.
• Merck closed an exclusive worldwide license from SciBrunch Therapeutics for MK-2690 (SPR2015), a preclinical molecular glue KRAS G12D inhibitor, recording a $400 million R&D charge for the upfront payment, expected to be paid in the fourth quarter of 2026.
• Merck acquired Terns Pharmaceuticals for $6.8 billion, gaining MK-4208 (formerly TERN-701), an oral allosteric BCR::ABL1 tyrosine kinase inhibitor in a Phase 1/2 trial for previously treated Philadelphia chromosome-positive chronic phase chronic myeloid leukemia.
• Merck acquired Cidara Therapeutics for $9.2 billion, gaining MK-1406 (formerly CD388), a long-acting antiviral in a Phase 3 trial for prevention of seasonal and pandemic influenza; under an assumed prior license, J&J Innovative Medicine is eligible for regulatory and sales-based milestones on MK-1406.

Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.