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Biopharma & Life Sciences

Merck & Co. Executive Compensation (FY25)

MRK · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Robert Davis
Latest say-on-pay support
=
May 26, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 20, 2026Latest filing (8-K): May 28, 2026
13 filings cited on this page
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Published by Velarion Company Intelligence
Merck & Co. brief$1,500Get the executive brief
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398 figures on this page: 389 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Robert Davis: $23,186,064 → $20,797,845 (10.3% lower)
Say-on-pay support: 91.5% → 94.1% (2.6 points higher)
CEO pay ratio: 219:1 → 191:1 (12.8% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Merck & Co.'s chief executive and what were they paid?
Robert Davis was paid $20,797,845 in total compensation as Chairman, Chief Executive Officer and President for fiscal 2025. Davis' total was 10.3% lower than the $23,186,064 reported for fiscal 2024.
What was Merck & Co.'s say-on-pay result?
Shareholders supported the say-on-pay proposal with 94.1% of votes cast for or against in favor at the meeting held May 26, 2026 for fiscal 2025.
Which companies are in Merck & Co.'s peer group?
Companies named in the disclosed peer group include 3M, Amazon, Apple, Boeing and Caterpillar, among others. The Primary Peer Group names AbbVie, Amgen, AstraZeneca, Bristol-Myers Squibb and Eli Lilly, among others.
What is Merck & Co.'s chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 191:1, against median employee compensation of $108,614.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Robert Davis
Chairman, Chief Executive Officer and President
◇—◇◇◇◇◇◇
Chirfi Guindo
Chief Marketing Officer, Human Health
◇◇◇—◇—◇◇
Kenneth Frazier
Former Executive Chairman
Departed during or after this year
◇—◇—◇—◇◇
Dean Li
Executive Vice President and President, Merck Research Laboratories
◇—◇◇◇◇◇◇
Jennifer Zachary
Executive Vice President and General Counsel
◇—◇◇◇—◇◇
Caroline Litchfield
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Robert Davis
Chairman, Chief Executive Officer and President
◇—◇◇◇◇◇◇
Dean Li
Executive Vice President and President, Merck Research Laboratories
◇—◇◇◇◇◇◇
Caroline Litchfield
Executive Vice President and Chief Financial Officer
◇—◇◇◇◇◇◇
Sanat Chattopadhyay
Executive Vice President and President, Merck Manufacturing Division
◇—◇◇◇◇◇◇
Richard DeLuca
Executive Vice President and President, Merck Animal Health
◇—◇◇◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Robert Davis
Chairman, Chief Executive Officer and President
◇—◇◇◇◇◇◇
Betty Larson
Executive Vice President and Chief Human Resources Officer
◇◇◇◇◇◇◇◇
Dean Li
Executive Vice President and President, Merck Research Laboratories
◇—◇◇◇◇◇◇
Richard DeLuca
Executive Vice President and President, Merck Animal Health
◇—◇◇◇◇◇◇
Caroline Litchfield
Executive Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Robert Davis
Chairman, Chief Executive Officer and President
◇—◇◇◇◇◇◇
Dean Li
Executive Vice President and President, Merck Research Laboratories
◇—◇◇◇◇◇◇
Caroline Litchfield
Executive Vice President and Chief Financial Officer
◇—◇◇◇◇◇◇
Jennifer Zachary
Executive Vice President and General Counsel
◇—◇◇◇◇◇◇
Sanat Chattopadhyay
Executive Vice President and President, Merck Manufacturing Division
◇—◇◇◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Caroline LitchfieldRSU◇——◇——◇
Caroline LitchfieldOPTION◇——◇—◇◇
Caroline LitchfieldPSU◇◇◇—◇—◇
Dean LiOPTION◇——◇—◇◇
Dean LiRSU◇——◇——◇
Dean LiPSU◇◇◇—◇—◇
Jennifer ZacharyRSU◇——◇——◇
Jennifer ZacharyOPTION◇——◇—◇◇
Jennifer ZacharyPSU◇◇◇—◇—◇
Robert DavisRSU◇——◇——◇
Robert DavisOPTION◇——◇—◇◇
Robert DavisPSU◇◇◇—◇—◇
Sanat ChattopadhyayOPTION◇——◇—◇◇
Sanat ChattopadhyayRSU◇——◇——◇
Sanat ChattopadhyayPSU◇◇◇—◇—◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Sanat ChattopadhyayPSU◇◇——
Option◇—◇4/28/2035
RSU◇◇——
Option◇—◇4/29/2034
Option◇—◇5/2/2029
Option◇—◇4/30/2030
PSU◇◇——
Option◇—◇5/1/2033
Option◇—◇5/2/2032
Option◇—◇5/3/2031
Dean LiOption◇—◇4/30/2030
Option◇—◇5/3/2028
Option◇—◇4/28/2035
PSU◇◇——
Option◇—◇4/30/2030
Option◇—◇4/29/2034
Option◇—◇5/2/2032
Option◇—◇5/2/2029
PSU◇◇——
Option◇—◇5/3/2031
RSU◇◇——
Option◇—◇5/1/2033
Caroline LitchfieldRSU◇◇——
PSU◇◇——
Option◇—◇4/29/2034
PSU◇◇——
Option◇—◇4/30/2030
Option◇—◇5/2/2029
Option◇—◇5/1/2033
Option◇—◇5/9/2026
Option◇—◇4/28/2035
Option◇—◇5/4/2027
Option◇—◇5/3/2028
Option◇—◇5/3/2031
Option◇—◇5/2/2032
Robert DavisOption◇—◇5/1/2033
RSU◇◇——
PSU◇◇——
Option◇—◇4/29/2034
Option◇—◇4/28/2035
Option◇—◇5/2/2032
Option◇—◇5/2/2029
Option◇—◇5/3/2031
Option◇—◇4/30/2030
PSU◇◇——
Jennifer ZacharyOption◇—◇5/1/2033
PSU◇◇——
RSU◇◇——
Option◇—◇4/28/2035
Option◇—◇5/3/2031
Option◇—◇4/30/2030
Option◇—◇4/29/2034
PSU◇◇——
Option◇—◇5/2/2032
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Caroline Litchfield
Executive Vice President and Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance cash amount◇
Dean Li
Executive Vice President and President, Merck Research Laboratories · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance cash amount◇
Jennifer Zachary
Executive Vice President and General Counsel · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance cash amount◇
Robert Davis
Chairman, Chief Executive Officer and President · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance cash amount◇
Sanat Chattopadhyay
Executive Vice President and President, Merck Manufacturing Division · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance cash amount◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Thomas H. Glocer
Lead independent director
◇————◇◇
Surendralal L. Karsanbhai
◇————◇◇
Pamela J. Craig
◇————◇◇
Paul B. Rothman, M.D
◇————◇◇
Christine E. Seidman, M.D
◇————◇◇
Patricia F. Russo
◇————◇◇
Douglas M. Baker Jr
◇————◇◇
Stephen L. Mayo, Ph.D
◇————◇◇
Risa J. Lavizzo-Mourey, M.D
◇————◇◇
Kathy J. Warden
◇————◇◇
Inge G. Thulin
◇————◇◇
Mary Ellen Coe
◇————◇◇
Robert M. Davis served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Deferred Stock Units (phantom shares).
Stock ownership guideline: 5x annual cash retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • 3M MMM
  • Amazon AMZN
  • Apple AAPL
  • Boeing BA
  • Caterpillar CAT
  • Chevron CVX
  • Cisco Systems CSCO
  • Coca-Cola KO
  • Home Depot HD
  • Honeywell HON
  • IBM IBM
  • McDonald's MCD
  • Microsoft MSFT
  • Nike NKE
  • Nvidia NVDA
  • Procter & Gamble PG
  • Salesforce.com CRM
  • Sherwin-Williams SHW
  • UnitedHealth Group UNH
  • Verizon VZ
  • Visa V
  • Walmart WMT
  • Walt Disney DIS
Primary Peer Group
  • AbbVie ABBV
  • Amgen AMGN
  • AstraZeneca AZN
  • Bristol-Myers Squibb BMY
  • Eli Lilly LLY
  • Gilead Sciences GILD
  • GlaxoSmithKline GSK
  • Johnson & Johnson JNJ
  • Novartis NVS
  • Pfizer PFE
  • Roche Holding AG symbol not shown
  • Sanofi SNY

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 26, 2026=◇◇◇
2024May 27, 2025=◇◇◇
2023May 28, 2024=◇◇◇
2022May 23, 2023=◇◇◇
2021May 24, 2022=◇◇◇
2020May 25, 2021=◇◇◇
2019May 26, 2020=◇◇◇
2018May 28, 2019=◇◇◇
2017May 22, 2018=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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- Robert Davis (Chairman, Chief Executive Officer and President), FY2025 total compensation $20,797,845 (base salary $1,645,302) [exec_comp, SEC accession 0001193125-26-147704, filed 2026-04-08]

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What this page does not include

Everything above is a fact Merck & Co. disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
398 figures on this page: 389 cited to the filing that reported them, 9 calculated from figures it prints.
389 cited to the filing
9 calculated from the filing

Documents cited

  1. 0001104659-26-067509
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-147704
    2025 Director Compensation · CEO Pay Ratio · Compensation Discussion and Analysis · Director Compensation · and 3 more sections
  3. 0001104659-25-054131
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-25-076859
    Summary Compensation Table
  5. 0001628280-24-025800
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001193125-24-093204
    Summary Compensation Table
  7. 0001140361-23-026845
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001193125-23-089525
    Summary Compensation Table
  9. 0000310158-22-000015
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0000310158-21-000015
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001104659-20-067501
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0000310158-19-000024
  13. 0000310158-18-000016
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Merck & Co. executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/MRK (accessed 2026).
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13 filings cited on this page
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Biopharma & Life Sciences rankings

Chief executive pay — Biopharma & Life SciencesCEO pay ratio — Biopharma & Life SciencesSay-on-pay support — Biopharma & Life Sciences

Peers Merck & Co. discloses

The companies named in MRK's own disclosed peer group.

3MAmazonAppleBoeingCaterpillarChevronCisco SystemsCoca-ColaHome DepotHoneywellIBMMcDonald'sMicrosoftNikeNvidiaProcter & GambleSalesforce.comSherwin-WilliamsUnitedHealth GroupVerizonVisaWalmartWalt DisneyAbbVie

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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