Business Update & Financial Outlook

Capital allocation: Trailing twelve months. Over the past 12 months $15 $12 $9 $10.4 $6 Billions is is in in $3 $0 Order of priority $13.8 $7.2 $4.2 After-Tax R&D CapEx Dividends Paid Business $0.5 Share Development1 Repurchase (ex-divestitures) Capital investments 2023 to 2027 ~$15B Over 5 years, including expanding manufacturing capacity for Oncology, Vaccines, and Animal Health. Includes >$10B in the U.S. 1. Includes payments reflected in operating cash flow Dollars per share Well positioned balance sheet with capacity to fund additional value-enhancing business development opportunities Commitment to the dividend $3.20 +6% $2.90 +6% +7% $2.92 $2.60 +11% $2.76 +15% $2.60 $2.30 $2.44 $2.00 +2% +2% +2% +2% +2% $2.20 $1.70 $1.76 $1.80 $1.84 $1.88 $1.92 $1.40 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E MERCK 28

View entire presentation