Company / R&D Expense
Merck & Co. R&D Expense History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest R&D Expense
$15.8B
FY2025
5-year range
$12.2B / $30.5B
FY2021-FY2025
Trend
-12.0%
vs FY2024
Sector context
#1 of 210
Health Care
What the data says
Among 210 Health Care companies, Merck & Co. is in the top 0% for r&d expense. R&D Expense has fluctuated over the past 10 years, ranging from $9.7B in FY2019 to $30.5B in FY2023.
Based on SEC 10-K filings.
$15.8B in FY2025 with a 5-year CAGR of +3.3%. Ranks 1st among 210 companies in Health Care.
Declined from $30.5B to $15.8B over the past 2 years.
Health Care sector context is included.
R&D Expense over time
Growth rates
- 3-Year CAGR
- +5.2%
- 5-Year CAGR
- +3.3%
- 10-Year CAGR
- -
Sector benchmark
Top 0% in Health CareTop 0% of 210This company $15.8B Sector average $644.1M
▼
+2351.2% above sector average
Key checks
Key Insights
- 5-year CAGR of +3.3%, indicating consistent growth.
- In FY2025, r&d expense decreased 12.0% year-over-year.
- Ranks #1 out of 210 companies in the Health Care sector.
- Peak r&d expense was recorded in FY2023.
Company context
Key Data Points
- Strong profit margin: 29.6%
- Strong return on equity: 36.7%
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | R&D ExpenseValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $15.8B | -12.0% |
| FY2024 | $17.9B | -41.2% |
| FY2023 | $30.5B | +125.4% |
| FY2022 | $13.5B | +10.6% |
| FY2021 | $12.2B | -8.6% |
| FY2020 | $13.4B | +37.8% |
| FY2019 | $9.7B | -0.3% |
| FY2018 | $9.8B | -5.7% |
| FY2017 | $10.3B | +0.8% |
| FY2016 | $10.3B | +53.1% |
As of FY2025 · SEC 10-K · Updated Mar 9, 2026