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Merck vs Pfizer: MRK and PFE compared
Merck is the larger company: $18.1B of revenue in its latest quarter (Q3 2026) against $16.6B for Pfizer (Q3 2026). Merck is growing faster (+5% against -0.4% a year earlier). Merck is more profitable, with an operating margin of 30.7% against 20.4%.
Where the money goes: MRK and PFE
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.
Pfizer (PFE) · Q3 2026
Pfizer, Q3 2026: revenue $16.6B (-0.4% year over year), operating margin 20.4%, net earnings $3.3B, operating cash flow $5.4B. The chart follows the revenue to costs, profit and cash.
| Merck (MRK) | Pfizer (PFE) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $18.1B | $16.6B |
| Revenue growth, Y/Y | +5% | -0.4% |
| Operating margin | 30.7% | 20.4% |
| Net earnings | $5.1B | $3.3B |
| Net margin | 28.0% | 19.6% |
| Operating cash flow | $6.6B | $5.4B |
| Free cash flow | $5.5B | $4.8B |
| Market value | $363.6B | $169.0B |
| P/E | 151.3× | 42.0× |
| Analysts’ mean target | $161.53 | $30.11 |
Questions
Which is bigger, Merck or Pfizer?
Merck is the larger company: $18.1B of revenue in its latest quarter (Q3 2026) against $16.6B for Pfizer (Q3 2026).
Is Merck or Pfizer growing faster?
Merck is growing faster (+5% against -0.4% a year earlier).
Which is more profitable, Merck or Pfizer?
Merck is more profitable, with an operating margin of 30.7% against 20.4%.
More: Merck earnings · how Merck makes money · Pfizer earnings · how Pfizer makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.