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Merck vs AstraZeneca: MRK and AZN compared
Merck is the larger company: $18.1B of revenue in its latest quarter (Q3 2026) against $14.5B for AstraZeneca (Q2 2025). AstraZeneca is growing faster (+12% against +5% a year earlier). Merck is more profitable, with an operating margin of 30.7% against 24.3%.
Where the money goes: MRK and AZN
Merck (MRK) · Q3 2026
Merck, Q3 2026: revenue $18.1B (+5% year over year), operating margin 30.7%, net earnings $5.1B, operating cash flow $6.6B. The chart follows the revenue to costs, profit and cash.
AstraZeneca (AZN) · Q2 2025
AstraZeneca, Q2 2025: revenue $14.5B (+12% year over year), operating margin 24.3%, net earnings $2.4B. The chart follows the revenue to costs, profit and cash.
| Merck (MRK) | AstraZeneca (AZN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2025 |
| Revenue | $18.1B | $14.5B |
| Revenue growth, Y/Y | +5% | +12% |
| Gross margin | — | 82.9% |
| Operating margin | 30.7% | 24.3% |
| Net earnings | $5.1B | $2.4B |
| Net margin | 28.0% | 16.9% |
| Operating cash flow | $6.6B | — |
| Free cash flow | $5.5B | — |
| Market value | $363.6B | $289.1B |
| P/E | 151.3× | 28.3× |
| Analysts’ mean target | $161.53 | $208.07 |
Where the revenue comes from
AstraZeneca
- Product Revenue: $14.4B (100%)
- Collaboration Revenue: $8.0M (0%)
Questions
Which is bigger, Merck or AstraZeneca?
Merck is the larger company: $18.1B of revenue in its latest quarter (Q3 2026) against $14.5B for AstraZeneca (Q2 2025).
Is Merck or AstraZeneca growing faster?
AstraZeneca is growing faster (+12% against +5% a year earlier).
Which is more profitable, Merck or AstraZeneca?
Merck is more profitable, with an operating margin of 30.7% against 24.3%.
More: Merck earnings · how Merck makes money · AstraZeneca earnings · how AstraZeneca makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 6-K filed Jul 29, 2025). Fiscal quarters can end on different dates. Not investment advice.