NEW YORK, December 31, 2025, 19:34 ET — After-hours
Merck & Co (MRK) shares slipped about 0.7% to $105.26 in after-hours trading on Wednesday, the electronic session after the 4 p.m. close. The stock traded between $104.97 and $106.08 and logged about 7.6 million shares in volume.
The late move capped a holiday-shortened week when lighter volume can amplify small swings, especially after the year’s final closing bell.
For Merck holders, the calendar matters as much as the tape. Investors are watching how the drugmaker sustains growth beyond Keytruda, its blockbuster cancer drug, as the franchise heads toward a patent expiry in 2028. 1
The stock’s drift came as Wall Street ended the last regular session of 2025 lower, with the S&P 500 down 0.74% and the Dow and Nasdaq off 0.63% and 0.76%, respectively, though all three posted double-digit gains for the year. Trading volume was 11.17 billion shares versus a 20-day average of 15.8 billion, and U.S. markets are closed on Thursday for New Year’s Day. “I do not expect that the last few days will have so much bearing on the performance of the next year,” said Giuseppe Sette, co-founder and president of Reflexivity. 2
Merck, formally Merck & Co., Inc., is a global healthcare company spanning prescription medicines, vaccines and animal health products, according to a Reuters company profile. 3
Some investors have also been flagging Merck as a “quality” name into year-end screens that emphasize free cash flow yield — the cash a company generates after expenses and investment, measured against its market value. Barron’s included Merck in a year-end list that leaned on those metrics and pointed to the company’s pipeline milestones ahead. 4
Merck also showed up on Barron’s “Dogs of the Dow” list for 2026 alongside peers including Amgen and Johnson & Johnson. The strategy targets the Dow’s highest-yielding stocks, betting that dividends and valuations can help cushion volatility. 5
The next clear company catalyst on traders’ calendars is Merck’s fourth-quarter 2025 earnings call on Feb. 3 at 9:00 a.m. ET, according to its investor-relations schedule. 6
When results arrive, investors will be focused on any changes to 2026 guidance, updates on late-stage pipeline programs and commentary on capital allocation, including dealmaking and shareholder returns.
With the New Year’s holiday interrupting trading, the next session will test whether Wednesday’s year-end pullback stays contained — and whether investors rotate toward large-cap drugmakers as portfolios reset for 2026.
