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Merck vs Novartis AG: MRK and NVS compared
Merck is the larger company: $18.1B of revenue in its latest quarter (Q3 2026) against $14.4B for Novartis AG (Q2 2026). Merck is growing faster (+5% against +2% a year earlier). Novartis AG is more profitable, with an operating margin of 33.0% against 30.7%.
Where the money goes: MRK and NVS
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.
Novartis AG (NVS) · Q2 2026
Novartis AG, Q2 2026: revenue $14.4B (+2% year over year), operating margin 33.0%, net earnings $3.3B, operating cash flow $5.9B. The chart follows the revenue to costs, profit and cash.
| Merck (MRK) | Novartis AG (NVS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $18.1B | $14.4B |
| Revenue growth, Y/Y | +5% | +2% |
| Operating margin | 30.7% | 33.0% |
| Net earnings | $5.1B | $3.3B |
| Net margin | 28.0% | 22.6% |
| Operating cash flow | $6.6B | $5.9B |
| Free cash flow | $5.5B | — |
| Market value | $363.6B | — |
| P/E | 151.3× | — |
| Analysts’ mean target | $161.53 | — |
Questions
Which is bigger, Merck or Novartis AG?
Merck is the larger company: $18.1B of revenue in its latest quarter (Q3 2026) against $14.4B for Novartis AG (Q2 2026).
Is Merck or Novartis AG growing faster?
Merck is growing faster (+5% against +2% a year earlier).
Which is more profitable, Merck or Novartis AG?
Novartis AG is more profitable, with an operating margin of 33.0% against 30.7%.
More: Merck earnings · how Merck makes money · Novartis AG earnings · how Novartis AG makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 6-K filed Jul 21, 2026). Fiscal quarters can end on different dates. Not investment advice.