<SEC-DOCUMENT>0001628280-25-054565.txt : 20251202
<SEC-HEADER>0001628280-25-054565.hdr.sgml : 20251202
<ACCEPTANCE-DATETIME>20251201201938
ACCESSION NUMBER:		0001628280-25-054565
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251202
DATE AS OF CHANGE:		20251201

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Merck & Co., Inc.
		CENTRAL INDEX KEY:			0000310158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				221918501
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-278066
		FILM NUMBER:		251541319

	BUSINESS ADDRESS:	
		STREET 1:		126 EAST LINCOLN AVENUE
		STREET 2:		P.O. BOX 2000
		CITY:			RAHWAY
		STATE:			NJ
		ZIP:			07065
		BUSINESS PHONE:		908-740-4000

	MAIL ADDRESS:	
		STREET 1:		126 EAST LINCOLN AVENUE
		STREET 2:		P.O. BOX 2000
		CITY:			RAHWAY
		STATE:			NJ
		ZIP:			07065

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Merck & Co. Inc.
		DATE OF NAME CHANGE:	20091103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCHERING PLOUGH CORP
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Merck & Co., Inc.
		CENTRAL INDEX KEY:			0000310158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				221918501
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		126 EAST LINCOLN AVENUE
		STREET 2:		P.O. BOX 2000
		CITY:			RAHWAY
		STATE:			NJ
		ZIP:			07065
		BUSINESS PHONE:		908-740-4000

	MAIL ADDRESS:	
		STREET 1:		126 EAST LINCOLN AVENUE
		STREET 2:		P.O. BOX 2000
		CITY:			RAHWAY
		STATE:			NJ
		ZIP:			07065

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Merck & Co. Inc.
		DATE OF NAME CHANGE:	20091103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCHERING PLOUGH CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>merck-fwp.htm
<DESCRIPTION>FWP
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="i394e6791c11046df92b016403040fc96_78"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt"><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Issuer Free Writing Prospectus</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Filed under Rule 433</font></div><div style="margin-bottom:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Registration Statement No. 333-278066</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:115%">Pricing Term Sheet</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">Merck &#38; Co., Inc.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">December 1, 2025</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">Floating Rate Notes due 2029</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">3.850% Notes due 2029</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">4.150% Notes due 2031</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">4.450% Notes due 2032</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">4.750% Notes due 2035</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">5.500% Notes due 2046 </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%"> 5.550% Notes due 2055</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">5.700% Notes due 2065</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:139%">The 3.850% Notes due 2029, 4.150% Notes due 2031, 4.450% Notes due 2032, 4.750% Notes due 2035, 5.500% Notes due 2046, 5.550% Notes due 2055 and 5.700% Notes due 2065 are collectively referred to as the &#8220;Fixed Rate Notes.&#8221; The Fixed Rate Notes, together with the Floating Rate Notes due 2029, are collectively referred to as the &#8220;Notes.&#8221; Unless otherwise indicated, terms used but not defined herein have the meanings assigned to such terms in the preliminary prospectus supplement dated December 1, 2025 (the &#8220;Preliminary Prospectus Supplement&#8221;).</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:139%">Terms Applicable to the Notes</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:24.980%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:72.820%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Expected Ratings of the Notes&#58;*</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Aa3 (stable) Moody&#8217;s &#47; A+ (stable) S&#38;P</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Trade Date&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">December 1, 2025</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Settlement Date&#58;**</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">December 4, 2025 (T+3)</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Joint Book-Running Managers&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:139%">Citigroup Global Markets Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Co-Managers&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:139%">Barclays Capital Inc., BofA Securities, Inc., Santander US Capital Markets LLC,  DNB Carnegie, Inc., SG Americas Securities, LLC, Standard Chartered Bank, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, Academy Securities, Inc., Independence Point Securities LLC, MFR Securities, Inc., Penserra Securities LLC and Telsey Advisory Group LLC </font></td></tr></table></div><div style="height:87.84pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:139%">Terms Applicable to the Floating Rate Notes due 2029</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:24.552%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:73.248%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Size&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">$500,000,000</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Maturity Date&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">March 15, 2029</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Interest Payment Dates&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">March 15, June 15, September 15 and December 15, commencing March 15, 2026</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Interest Rate Basis&#58;&#160;&#160;&#160;&#160;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Compounded SOFR </font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Spread to Compounded SOFR&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">+57 bps</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Day Count&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Actual&#47;360</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Interest Reset Dates&#58;&#160;&#160;&#160;&#160;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Each floating rate interest payment date</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Initial Interest Rate&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">The initial interest rate will be Compounded SOFR determined on March 12, 2026, plus 57 bps</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Interest Determination Date&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">The second U.S. Government Securities Business Day preceding each floating rate interest payment date.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Interest Period&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:139%">The period from and including a floating rate interest payment date (or, in the case of the initial interest period, from and including December 4, 2025) to, but excluding, the immediately succeeding floating rate interest payment date (such succeeding floating rate interest payment date, the &#8220;latter floating rate interest payment date&#8221;)&#59; provided that the final interest period for the Floating Rate Notes due 2029 will be the period from and including the floating rate interest payment date immediately preceding the maturity date of the Floating Rate Notes due 2029 to, but excluding, the maturity date.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Observation Period&#58;&#160;&#160;&#160;&#160;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:139%">The period from and including two U.S. Government Securities Business Days preceding the first date of such relevant interest period to but excluding two U.S. Government Securities Business Days preceding the latter floating rate interest payment date for such interest period&#59; provided that the first Observation Period shall be the period from and including two U.S. Government Securities Business Days preceding the Settlement Date to, but excluding, the two U.S. Government Securities Business Days preceding the first floating rate interest payment date.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Optional Redemption&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">The Floating Rate Notes due 2029 are not redeemable prior to their maturity.</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Calculation Agent&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">U.S. Bank Trust National Association</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Price to Public&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">100.000%</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Underwriting Discount&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">25 bps</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">CUSIP&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">58933Y BV6</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">ISIN&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.17pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">US58933YBV65</font></td></tr></table></div><div style="height:87.84pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:139%">Terms Applicable to the Fixed Rate Notes</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:9.548%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.404%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Title&#58;</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">3.850% Notes due 2029</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.150% Notes due 2031</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.450% Notes due 2032</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.750% Notes due 2035</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">5.500% Notes due 2046</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">5.550% Notes due 2055</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">5.700% Notes due 2065</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Size&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">$750,000,000</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">$1,000,000,000</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">$1,000,000,000</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">$1,500,000,000</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">$750,000,000</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">$1,500,000,000</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">$1,000,000,000</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Maturity Date&#58;</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">March 15, 2029</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">March 15, 2031</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">December 4, 2032</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">December 4, 2035</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">March 15, 2046</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">December 4, 2055</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">December 4, 2065</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Interest Payment Dates&#58;</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">March 15 and September 15, commencing March 15, 2026</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">March 15 and September 15, commencing March 15, 2026</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">June 4 and December 4, commencing June 4, 2026</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">June 4 and December 4, commencing June 4, 2026</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">March 15 and September 15, commencing March 15, 2026</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">June 4 and December 4, commencing June 4, 2026</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">June 4 and December 4, commencing June 4, 2026</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Coupon&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">3.850%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.150%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.450%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.750%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">5.500%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">5.550%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">5.700%</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Benchmark Treasury&#58;</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">UST 3.500% due November 15, 2028</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">UST 3.500% due November 30, 2030</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">UST 3.750% due November 30, 2032</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">UST 4.000% due November 15, 2035</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">UST 4.625% due November 15, 2045</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">UST 4.750% due August 15, 2055</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">UST 4.750% due August 15, 2055</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Benchmark Treasury Yield&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">3.550%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">3.671%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">3.864%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.090%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.714%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.747%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.747%</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Spread to Benchmark </font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Treasury&#58;</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">T+35 bps</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">T+50 bps</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">T+60 bps</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">T+70 bps</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">T+80 bps</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">T+85 bps</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.77pt;padding-right:2.77pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">T+100 bps</font></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Yield to Maturity&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">3.900%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.171%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.464%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">4.790%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">5.514%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">5.597%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">5.747%</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Day Count&#58;</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">30&#47;360</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">30&#47;360</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">30&#47;360</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">30&#47;360</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">30&#47;360</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">30&#47;360</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">30&#47;360</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Price to Public&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">99.852%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">99.907%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">99.917%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">99.685%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">99.839%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">99.321%</font></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">99.267%</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Underwriting Discount&#58;</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">25 bps</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">35 bps</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">37.5 bps</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">45 bps</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">72.5 bps</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">75 bps</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">80 bps</font></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Make-Whole Call&#58;</font></div></td><td colspan="21" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-right:2.77pt"><font><br></font></div><div style="margin-bottom:10pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Prior to the applicable Par Call Date with respect to a series of Fixed Rate Notes, each such series of Fixed Rate Notes will be redeemable at our option, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of&#58; </font></div><div style="padding-left:0.17pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">(i) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Fixed Rate Notes to be redeemed discounted to the redemption date (assuming the Fixed Rate Notes matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points with respect to the 2029 notes, the Treasury Rate plus 10 basis points with respect to the 2031 notes, the Treasury Rate plus 10 basis points with respect to the 2032 notes, the Treasury Rate plus 15 basis points with respect to the 2035 notes, the Treasury Rate plus 15 basis points with respect to the 2046 notes, the Treasury Rate plus 15 basis points with respect to the 2055 notes, and the Treasury Rate plus 15 basis points with respect to the 2065 notes less (b) interest accrued to, but excluding, the redemption date, and </font></div><div style="padding-right:2.77pt"><font><br></font></div><div style="padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">(ii) 100% of the principal amount of the Fixed Rate Notes to be redeemed, </font></div><div style="padding-right:2.77pt"><font><br></font></div><div style="padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.</font></div></td></tr></table></div><div style="height:87.84pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt"><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:9.548%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.708%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.404%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Par Call&#58;</font></td><td colspan="21" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:0.17pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">On or after the applicable Par Call Date, we may redeem the 2029 notes, the 2031 notes, the 2032 notes, the 2035 notes, the 2046 notes, the 2055 notes or the 2065 notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of  the 2029 notes, the 2031 notes, the 2032 notes, the 2035 notes, the 2046 notes, the 2055 notes or the 2065 notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.</font></div><div style="padding-left:0.17pt;padding-right:2.77pt"><font><br></font></div><div style="padding-left:0.17pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">&#8220;Par Call Date&#8221; means February 15, 2029, the date that is one month prior to the maturity of the 2029 notes, February 15, 2031, the date that is one month prior to the maturity of the 2031 notes, October 4, 2032, the date that is two months prior to the maturity of the 2032 notes, September 4, 2035, the date that is three months prior to the maturity of the 2035 notes, September 15, 2045, the date that is six months prior to the maturity of the 2046 notes, June 4, 2055, the date that is six months prior to the maturity of the 2055 notes and June 4, 2065, the date that is six months prior to the maturity of the 2065 notes.</font></div></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Special Mandatory Redemption&#58;</font></td><td colspan="21" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">If (i) the consummation of the Cidara Acquisition does not occur on or before the later of (x) May 13, 2026 or (y) such later date to which the termination date under the Merger Agreement as in effect on the closing date of this offering may be extended in accordance with the terms thereof (such later date, the &#8220;Special Mandatory Redemption End Date&#8221;), (ii) prior to the Special Mandatory Redemption End Date, the Merger Agreement is terminated or (iii) we otherwise notify the trustee that we will not pursue the consummation of the Cidara Acquisition, we will be required to redeem the Floating Rate Notes due 2029, the 2029 notes, 2031 notes, the 2032 notes, the 2046 notes and the 2065 notes (collectively with the Floating Rate Notes due 2029, the 2029 notes, the 2031 notes, the 2032 notes and the 2046 notes, the &#8220;SMR notes&#8221;) then outstanding at a special mandatory redemption price equal to 101% of the principal amount of the SMR notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Special Mandatory Redemption Date.</font></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">Use of Proceeds&#58;</font></td><td colspan="21" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">We intend to use the net proceeds of this offering for general corporate purposes including, without limitation, to repay outstanding indebtedness, as well as potentially to fund a portion of the cash consideration and related fees and expenses payable in connection with the Cidara Acquisition.</font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font><br></font></div><div style="padding-left:2.77pt;padding-right:2.77pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">If (i) the Cidara Acquisition is not consummated on or prior to the Special Mandatory Redemption End Date, (ii) prior to the Special Mandatory Redemption End Date, the Merger Agreement is terminated or (iii) we otherwise notify the trustee that we will not pursue the consummation of the Cidara Acquisition, then we expect to use a portion of the net proceeds from this offering to redeem the SMR notes at the special mandatory redemption price, as described above under &#8220;Special Mandatory Redemption.&#8221;  In that instance, the 2035 notes and the 2055 notes will remain outstanding, and we intend to use the remaining net proceeds of such notes for general corporate purposes as described above.  </font></div></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">CUSIP&#58;</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">58933Y BW4</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">58933Y BX2</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">58933Y BY0</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">58933Y BZ7</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">58933Y CA1 </font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">58933Y CB9</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">58933Y CC7</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:174%">ISIN&#58;</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">US58933YBW49</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">US58933YBX22</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">US58933YBY05</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">US58933YBZ79</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">US58933YCA10 </font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">US58933YCB92</font></td><td colspan="3" style="padding:2px 2.38pt;text-align:center;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.5pt;font-weight:400;line-height:174%">US58933YCC75</font></td></tr></table></div><div><font><br></font></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:174%">*Note&#58; A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</font></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:174%">**Note&#58; We expect to deliver the Notes against payment therefor on the third business day following the Trade Date (such settlement being referred to as &#8220;T+3&#8221;).  Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to a trade expressly agree otherwise.  Accordingly, purchasers who wish to trade the Notes on any date prior to the business day before delivery will be required, by virtue of the fact that the Notes initially will settle in T+3, to specify alternative settlement arrangements to prevent a failed settlement and should consult their own advisors.</font></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:174%">The issuer has filed a preliminary prospectus supplement and registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the preliminary prospectus supplement, the prospectus in that registration statement, and other documents the issuer has filed with the SEC and that are incorporated by reference into the preliminary prospectus supplement for more complete information about the issuer and this offering.  You may get these documents for free by visiting </font></div><div style="height:87.84pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div style="margin-bottom:12pt"><font><br></font></div></div><div style="margin-bottom:10pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:700;line-height:174%">EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citigroup Global Markets Inc. toll free at 1-800-831-9146, BNP Paribas Securities Corp. toll free at 1-800-854-5674, Deutsche Bank Securities Inc.  collect at 1-800-503-4611 or HSBC Securities (USA) Inc. toll free at 1-866-811-8049. This pricing term sheet supplements the preliminary prospectus supplement issued by Merck &#38; Co., Inc. on December 1, 2025 relating to its prospectus dated May 14, 2024.</font></div><div style="height:87.84pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div></body></html>
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</SEC-DOCUMENT>
