V
Velarion™Intelligence
Sign InFree TrialBook a Walkthrough
Biopharma & Life Sciences

Merck & Co. Executive Compensation (FY25)

MRK · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 28, 2026
388 figures on this page: 379 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
Robert Davis was paid $20,797,845 in total compensation as Chairman, Chief Executive Officer and President for fiscal 2025, and Davis' total was 10.3% lower than the $23,186,064 reported for fiscal 2024. For fiscal 2025, the company reported a chief executive pay ratio of 191:1, against median employee compensation of $108,614. 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. Companies named in the disclosed peer group include 3M, Amazon, Apple, Boeing and Caterpillar, among others.
Chief executive, fiscal 2025
◇
Robert Davis
Latest say-on-pay support
=
May 26, 2026
Chief executive pay ratio
◇
To the median employee
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 LitchfieldOPTION◇——◇—◇◇
Caroline LitchfieldRSU◇——◇——◇
Caroline LitchfieldPSU◇—◇—◇—◇
Dean LiOPTION◇——◇—◇◇
Dean LiPSU◇—◇—◇—◇
Dean LiRSU◇——◇——◇
Jennifer ZacharyOPTION◇——◇—◇◇
Jennifer ZacharyRSU◇——◇——◇
Jennifer ZacharyPSU◇—◇—◇—◇
Robert DavisPSU◇—◇—◇—◇
Robert DavisRSU◇——◇——◇
Robert DavisOPTION◇——◇—◇◇
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
Dean LiOption◇—◇5/1/2033
RSU◇◇——
Option◇—◇5/3/2031
PSU◇◇——
Option◇—◇5/2/2029
Option◇—◇4/30/2030
Option◇—◇5/3/2028
Option◇—◇4/28/2035
PSU◇◇——
Option◇—◇4/30/2030
Option◇—◇4/29/2034
Option◇—◇5/2/2032
Jennifer ZacharyOption◇—◇5/2/2032
PSU◇◇——
Option◇—◇5/1/2033
PSU◇◇——
RSU◇◇——
Option◇—◇4/28/2035
Option◇—◇5/3/2031
Option◇—◇4/30/2030
Option◇—◇4/29/2034
Caroline LitchfieldOption◇—◇5/2/2032
Option◇—◇5/3/2031
Option◇—◇5/3/2028
Option◇—◇5/4/2027
Option◇—◇4/28/2035
RSU◇◇——
PSU◇◇——
Option◇—◇4/29/2034
PSU◇◇——
Option◇—◇4/30/2030
Option◇—◇5/2/2029
Option◇—◇5/1/2033
Option◇—◇5/9/2026
Sanat ChattopadhyayOption◇—◇5/3/2031
PSU◇◇——
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
Robert DavisPSU◇◇——
Option◇—◇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
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

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
◇————◇◇
Mary Ellen Coe
◇————◇◇
Risa J. Lavizzo-Mourey, M.D
◇————◇◇
Kathy J. Warden
◇————◇◇
Inge G. Thulin
◇————◇◇
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
◇
Email me this page as a cited PDF
The same figures, the same citations, formatted to hand to a committee. Nothing is added that is not on this page.
Your address is used for this and nothing else. Unsubscribe in one click.
Tell me when Merck & Co. files
You get a note when this company’s compensation data changes.
Your address is used for this and nothing else. Unsubscribe in one click.

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.
Peer benchmarking
Where Merck & Co. sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about access
Multiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion Intelligence
Join the list for a Velarion Pro seat
Full platform access for one person: every industry we cover, peer positioning, and the written analysis. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.
Join the list for Peer Group Review
Whether Merck & Co.'s disclosed peer group is defensible, who names Merck & Co. back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
388 figures on this page: 379 cited to the filing that reported them, 9 calculated from figures it prints.
379 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 · Director Compensation · Grants of Plan-Based Awards · and 2 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
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Merck & Co. executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/MRK (accessed 2026).
Short form: data: Velarion
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about Merck & Co. and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Setup guide and the full list of questions it answers

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 GroupVisaWalmartWalt DisneyAbbVieAmgen

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
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}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy