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Merck & Co. MRK Acquired in-process research and development

Acquired in-process research and development at other companies

Spyre Therapeutics, Inc. logo
Spyre Therapeutics, Inc.SYRE
$30M

Other financials

Income statement

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Revenue$16.6B+5.1%
Gross profit$12.2B-0.3%
Net income-$1.3B-130%
EPS (diluted)-$0.54-131%

Balance sheet

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Cash & equivalents$6.9B-14.6%
Total debt$56.7B+54.0%
Total equity$41.9B-14.4%
Total assets$129.80B+10.4%

Cash flow

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Operating cash flow$5.4B+63.1%
CapEx$893.0M+16.9%
Free cash flow$4.5B+77.0%

Valuation

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Market cap$317.05B+59.8%
Enterprise value$366.89B+61.5%
P/E99.9×+87.8×
P/S4.8×+1.6×

Profitability

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Gross margin73%-3.6pp
Net margin4.8%-21.0pp
FCF margin24.1%+1.0pp

Returns & leverage

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Return on equity7%-28.5pp
Debt / equity1.4×+0.6×
Current ratio1.3×-0.1×

Where this comes from

Reported directly by Merck & Co. in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentAssetAcquiredOtherThanThroughBusinessCombinationWrittenOff.

The source filing: Merck & Co.’s 10-K, filed February 24, 2026.

Filed
Feb 24, 2026, 4:15 PM EST
Fiscal year
FY2026
Accession
0000310158-26-000063
Line item202520242023
Depreciation3,0452,1041,828
Intangible asset impairment charges5539792
Income from investments in equity securities, net(368)(14)(340)
Charges for certain research and development asset acquisitions3,45611,409
Deferred income taxes(1,671)(1,249)(1,899)
Share-based compensation820761645
Other511510355
Net changes in assets and liabilities:

Item 8.Financial Statements and Supplementary Data.

FAQ

What is Merck & Co.'s acquired in-process research and development?
Merck & Co. (MRK) reported acquired in-process research and development of $0 in Q4 2025.
How has Merck & Co.'s acquired in-process research and development changed year-over-year?
Merck & Co.'s acquired in-process research and development decreased by 100.0% year-over-year, from $700M to $0.
What is the long-term trend for Merck & Co.'s acquired in-process research and development?
Over 3 years (2021 to 2025), Merck & Co.'s acquired in-process research and development has grown at a -100.0% compound annual growth rate (CAGR), from $1.56B to $0.
What does acquired in-process research and development mean?
Acquired in-process research and development represents the cash paid to acquire research projects that have not yet reached technological feasibility. In the pharmaceutical industry, this is a critical indicator of how a company is replenishing its product pipeline through external acquisitions. It represents a significant capital outlay aimed at future revenue growth.

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