Merck (MRK) Operating Expenses (2009 - 2026)
Merck (MRK) recorded Operating Expenses of $12.8 billion in Q2 2026, up 76.3% from $7.26 billion a year earlier but down 17.4% from the prior quarter.
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Analysis
Merck (MRK) Operating Expenses (2009 - 2026) Analysis & Trends
On a TTM basis, Merck's Operating Expenses came in at $42.19 billion as of Jun 30, 2026, up 42.3% year-over-year; for FY2025, it came in at $27.41 billion, down 5.7% from FY2024.
- Annual Operating Expenses has a five-year compound annual growth rate of 3.6% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $29.06 billion in FY2024 (+75.0%), $16.6 billion in FY2023 (-30.6%), $23.93 billion in FY2022 (+6.2%) and $22.54 billion in FY2021 (-1.7%).
- Quarterly Operating Expenses has ranged from $4.89 billion in Q3 2021 to $16.17 billion in Q2 2023 over the past five years.
- On a year-over-year basis, Operating Expenses rose in four of the last eight quarters, with growth averaging 30.0%.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 196.7% in Q2 2023, against a decline of 60.9% in Q2 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at $15.49 billion (Q1 2026), $7 billion (Q4 2025) and $6.91 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Johnson & Johnson | 638.12 Bn | 556.64 Bn | 17.26 Bn | 10.12 Bn |
| 2 | AbbVie | 462.60 Bn | 435.75 Bn | 12.70 Bn | 10.56 Bn |
| 3 | Merck | 358.70 Bn | 313.13 Bn | 12.21 Bn | 12.80 Bn |
| 4 | Novartis Ag | 272.16 Bn | 228.03 Bn | 11.24 Bn | -6.09 Bn |
| 5 | Astrazeneca | 250.36 Bn | 223.92 Bn | 12.86 Bn | -9.70 Bn |
| 6 | Amgen | 227.87 Bn | 183.27 Bn | 7.24 Bn | 6.54 Bn |
| 7 | Gilead Sciences | 184.97 Bn | 159.08 Bn | 6.22 Bn | 18.20 Bn |
| 8 | Pfizer | 162.61 Bn | 109.56 Bn | 10.94 Bn | 6.68 Bn |
| 9 | Vertex Pharmaceuticals | 132.45 Bn | 104.46 Bn | 2.84 Bn | 2.09 Bn |
| 10 | Bristol Myers Squibb | 127.55 Bn | 78.82 Bn | 9.25 Bn | 8.89 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 12.80 Bn |
| Mar 31, 2026 | 15.49 Bn |
| Dec 31, 2025 | 7.00 Bn |
| Sep 30, 2025 | 6.91 Bn |
| Jun 30, 2025 | 7.26 Bn |
| Mar 31, 2025 | 6.24 Bn |
| Dec 31, 2024 | 7.50 Bn |
| Sep 30, 2024 | 8.65 Bn |
| Jun 30, 2024 | 6.32 Bn |
| Mar 31, 2024 | 6.60 Bn |
| Dec 31, 2023 | 8.56 Bn |
| Sep 30, 2023 | 5.95 Bn |
| Jun 30, 2023 | 16.17 Bn |
| Mar 31, 2023 | 6.82 Bn |
| Dec 31, 2022 | 6.51 Bn |
| Sep 30, 2022 | 7.01 Bn |
| Jun 30, 2022 | 5.45 Bn |
| Mar 31, 2022 | 4.95 Bn |
| Dec 31, 2021 | 6.07 Bn |
| Sep 30, 2021 | 4.89 Bn |
API Access
Merck Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=MRK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "MRK", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=MRK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();