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Collaborative Arrangements (Tables) | 9 Months Ended
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Sep. 30, 2025
Collaborative Arrangements [Abstract] |
Schedule of Collaboration Arrangements | Summarized financial information related to this collaboration is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Alliance revenue - Lynparza | $ | 379 |  |  | $ | 337 |  |  | $ | 1,061 |  |  | $ | 947 |
Alliance revenue - Koselugo (1) | 214 |  |  | 39 |  |  | 301 |  |  | 114 |
Total alliance revenue | $ | 593 |  |  | $ | 376 |  |  | $ | 1,362 |  |  | $ | 1,061 |
Cost of sales (2) | 84 |  |  | 82 |  |  | 253 |  |  | 245 |
Selling, general and administrative | 31 |  |  | 39 |  |  | 103 |  |  | 121 |
Research and development | 3 |  |  | 19 |  |  | 31 |  |  | 57 |
($ in millions) |  |  |  |  | September 30, 2025 |  | December 31, 2024
Receivables from AstraZeneca included in Other current assets (3) |  |  |  |  | $ | 436 |  |  | $ | 424 |
Payables to AstraZeneca included in Accrued and other current liabilities (4) |  |  |  |  | 4 |  |  | 713 |
(1) Amounts in 2025 include the $150 million upfront payment and $50 million regulatory milestone triggered in the third quarter as a result of the amendment to the collaboration agreement noted above. (2) Represents amortization of capitalized milestone payments. (3) Balance at September 30, 2025 includes a milestone receivable. (4) Balance at December 31, 2024 includes accrued milestone payments. Summarized financial information related to this collaboration is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Alliance revenue - Lenvima | $ | 258 |  |  | $ | 251 |  |  | $ | 781 |  |  | $ | 755 |
Cost of sales (1) | 60 |  |  | 60 |  |  | 181 |  |  | 181 |
Selling, general and administrative | 33 |  |  | 40 |  |  | 99 |  |  | 120 |
Research and development | 2 |  |  | 4 |  |  | 10 |  |  | 18 |
($ in millions) |  |  |  |  | September 30, 2025 |  | December 31, 2024
Receivables from Eisai included in Other current assets |  |  |  |  | $ | 258 |  |  | $ | 257 |
(1) Represents amortization of capitalized milestone payments. Summarized financial information related to this collaboration is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Alliance revenue - Adempas/Verquvo | $ | 112 |  |  | $ | 102 |  |  | $ | 340 |  |  | $ | 306 |
Net sales of Adempas recorded by Merck | 82 |  |  | 72 |  |  | 229 |  |  | 214 |
Net sales of Verquvo recorded by Merck | 12 |  |  | 11 |  |  | 33 |  |  | 25 |
Total sales | $ | 206 |  |  | $ | 185 |  |  | $ | 602 |  |  | $ | 545 |
Cost of sales (1) | 71 |  |  | 59 |  |  | 190 |  |  | 182 |
Selling, general and administrative | 22 |  |  | 29 |  |  | 80 |  |  | 88 |
Research and development | 11 |  |  | 27 |  |  | 55 |  |  | 82 |
($ in millions) |  |  |  |  | September 30, 2025 |  | December 31, 2024
Receivables from Bayer included in Other current assets |  |  |  |  | $ | 168 |  |  | $ | 160 |
Payables to Bayer included in Accrued and other current liabilities |  |  |  |  | 93 |  |  | 82 |
(1) Includes amortization of intangible assets, cost of products sold by Merck, as well as Bayer’s share of profits from sales in Merck’s marketing territories. Summarized financial information related to this collaboration is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales of Lagevrio recorded by Merck | $ | 138 |  |  | $ | 383 |  |  | $ | 323 |  |  | $ | 843 |
Cost of sales (1) | 81 |  |  | 204 |  |  | 178 |  |  | 491 |
Selling, general and administrative | 11 |  |  | 11 |  |  | 39 |  |  | 43 |
Research and development | 11 |  |  | 5 |  |  | 25 |  |  | 7 |
($ in millions) |  |  |  |  | September 30, 2025 |  | December 31, 2024
Payables to Ridgeback included in Accrued and other current liabilities (2) |  |  |  |  | $ | 49 |  |  | $ | 68 |
(1) Includes cost of products sold by Merck, Ridgeback’s share of profits, royalty expense, amortization of capitalized milestone payments and inventory reserves. (2) Includes accrued royalties. Summarized financial information related to this collaboration is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Cost of sales (1) | $ | 67 |  |  | $ | — |  |  | $ | 67 |  |  | $ | — |
Selling, general and administrative | 8 |  |  | 5 |  |  | 21 |  |  | 21 |
Research and development | 110 |  |  | 94 |  |  | 379 |  |  | 227 |
($ in millions) |  |  |  |  | September 30, 2025 |  | December 31, 2024
Receivables from Daiichi Sankyo included in Other current assets |  |  |  |  | $ | 17 |  |  | $ | 8 |
Payables to Daiichi Sankyo included in Accrued and other current liabilities (2) |  |  |  |  | 869 |  |  | 817 |
(1) Represents Merck’s share of certain inventory-related costs. (2) Includes accrued continuation payment. Summarized financial information related to this collaboration is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
($ in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Selling, general and administrative | $ | 7 |  |  | $ | 5 |  |  | $ | 19 |  |  | $ | 11 |
Research and development (1) | 96 |  |  | 93 |  |  | 272 |  |  | 255 |
($ in millions) |  |  |  |  | September 30, 2025 |  | December 31, 2024
Payables to Moderna included in Accrued and other current liabilities |  |  |  |  | $ | 13 |  |  | $ | 57 |
(1) Includes amortization of shared facility costs.

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- Definition Tabular disclosure of collaborative arrangement and arrangement other than collaborative applicable to revenue-generating activity or operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 808 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479402/808-10-50-1 + Details
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