Quick Answer
Merck & Co., Inc. reported R&D Expense of $15.79 billion for fiscal year 2025.
Merck & Co., Inc. R&D Expense — Annual History
| Fiscal Year | R&D Expense | YoY Change |
|---|---|---|
| 2025 | $15.79B | -12.0% |
| 2024 | $17.94B | -41.2% |
| 2023 | $30.53B | +125.4% |
| 2022 | $13.55B | +10.6% |
| 2021 | $12.24B | -8.6% |
| 2020 | $13.40B | +37.8% |
| 2019 | $9.72B | -0.3% |
| 2018 | $9.75B | -5.7% |
| 2017 | $10.34B | +0.8% |
| 2016 | $10.26B | +53.1% |
| 2015 | $6.70B | -6.6% |
| 2014 | $7.18B | -4.3% |
| 2013 | $7.50B | -8.1% |
| 2012 | $8.17B | -3.5% |
| 2011 | $8.47B | -23.8% |
| 2010 | $11.11B | +90.1% |
| 2009 | $5.84B | +21.6% |
| 2008 | $4.80B | -1.6% |
| 2007 | $4.88B | — |
Quarterly R&D Expense
| Quarter Ending | R&D Expense | YoY | QoQ |
|---|---|---|---|
| September 30, 2025 | $4.23B | -27.8% | +4.6% |
| June 30, 2025 | $4.05B | +15.7% | +11.8% |
| March 31, 2025 | $3.62B | -9.3% | -38.2% |
| September 30, 2024 | $5.86B | +77.3% | +67.5% |
| June 30, 2024 | $3.50B | -73.7% | -12.3% |
| March 31, 2024 | $3.99B | -6.6% | +20.7% |
| September 30, 2023 | $3.31B | -24.8% | -75.2% |
| June 30, 2023 | $13.32B | +376.1% | +211.5% |
- Merck & Co., Inc. showed a decrease of -12.0% in R&D Expense compared to the prior fiscal year.
- Over the 2007–2025 period, Merck & Co., Inc.’s r&d expense has grown by 223.4% (from $4.88 billion to $15.79 billion).
- The most recent figure is from Merck & Co., Inc.’s fiscal year 2025 report (Form 10-K), filed with the SEC on February 24, 2026.
- All figures are sourced from SEC EDGAR XBRL filings, last verified June 17, 2026.
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