Welcome & Introductions Ken Frazier, Chairman and Chief - PowerPoint PPT Presentation

Welcome & Introductions Ken Frazier, Chairman and Chief Executive Officer Financial & Value Creation Overview Rob Davis, Chief Financial Officer and Head of Global Services Commercial Growth Drivers: KEYTRUDA & Beyond Frank Clyburn, Chief Commercial Officer Animal Health Innovation Rick DeLuca, President, Merck Animal Health Merck R&D Strategy Overview Dr. Roger M. Perlmutter, President, Merck Research Laboratories Pipeline Opportunities Dr. Roy Baynes, Head of Clinical Development and Chief Medical Officer, and Mike Nally, Chief Marketing Officer Future of Merck R&D: Panel Discussion Merck Research Laboratories Leadership: Dr. Dean Li, Dr. Fiona Marshall and Dr. Daria Hazuda Q&A / Closing Remarks All Lunch Break All Breakout Sessions Pipeline Deep Dive Next Generation Discovery International Opportunity & China 47

FORWARD-LOOKING STATEMENT OF MERCK & Co., Inc., Kenilworth, N.J., USA These presentations from Merck & Co., Inc., Kenilworth, N.J., USA (the “company”) include “forward- looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline products that the products will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements. Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s 2018 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s internet site (www.sec.gov). 2

BROAD ONCOLOGY STRATEGY TO IMPROVE OUTCOMES FOR CANCER PATIENTS GLOBALLY 1 Broadly explore Identify patients Advance pipeline and Dr. Roy Baynes combinations to reach pursue strategic most likely to benefit more patients collaborations and using biomarkers acquisitions to expand portfolio Establish KEYTRUDA as foundational treatment across most tumor types and stages of disease 1 Peloton acquisition expected to close in 3Q 2019 48

KEYTRUDA: BROAD ACTIVITY IN >25 CANCER TYPES Melanoma NSCLC H&N Urothelial TNBC Gastric cHL 100 100 100 100 100 100 100 Change from baseline in tumor size (%) 0 0 0 0 0 0 0 -100 -100 -100 -100 -100 -100 -100 = cancer types 100 NHL PMBCL Mesothelioma Ovarian SCLC Esophageal NPC Anal with approved 100 100 100 100 100 100 indications 0 0 0 0 0 0 0 Dr. Roy Baynes -100 -100 -100 -100 -100 -100 -100 100 ER + /HER2 – BC 100 Biliary Tract HCC Cervical Thyroid Salivary Endometrial ccRCC 100 100 100 100 100 100 0 0 0 0 0 0 0 0 -100 -100 -100 -100 -100 -100 -100 -100 Prostate GBM MSI-H CRC 100 MSI-H non-CRC Carcinoid pNET Merkel Cell nccRCC 100 100 100 100 100 100 100 0 0 0 0 0 0 0 0 -100 -100 -100 -100 -100 -100 -100 -100 49

KEYTRUDA: REPEATED OVERALL SURVIVAL BENEFITS IN MONOTHERAPY AND IN COMBINATION Ipi-Naive Melanoma, 2L Bladder, Any PD-L1 2L+ NSCLC, TPS ≥50% 2L+ NSCLC, TPS ≥1% 1L NSCLC, TPS ≥50% 1L RCC, Any PD-L1 KEYNOTE-426 Any PD-L1 KEYNOTE- 045 KEYNOTE-010 KEYNOTE-010 KEYNOTE-024 KEYNOTE-006 Pembro vs Chemo Pembro vs Docetaxel Pembro vs Docetaxel Pembro vs Chemo Pembro + Axitinib vs Sunitinib Pembro vs Ipi 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 9 0 9 0 9 0 9 0 9 0 9 0 8 0 8 0 8 0 8 0 8 0 8 0 7 0 7 0 7 0 7 0 7 0 7 0 6 0 6 0 6 0 6 0 6 0 6 0 O S , % O S , % O S , % O S , % O S , % O S , % 5 0 5 0 5 0 5 0 5 0 5 0 4 0 4 0 4 0 4 0 4 0 4 0 3 0 3 0 3 0 3 0 3 0 3 0 2 0 2 0 2 0 2 0 2 0 2 0 1 0 1 0 1 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 2 0 3 0 4 0 5 0 6 0 0 4 8 1 2 1 6 2 0 2 4 2 8 3 2 3 6 0 1 0 2 0 3 0 4 0 5 0 6 0 0 1 0 2 0 3 0 4 0 5 0 6 0 0 6 1 2 1 8 2 4 3 0 3 6 0 4 8 1 2 1 6 2 0 2 4 M o n t h s M o n t h s M o n t h s M o n t h s M o n t h s M o n t h s N o . a t R is k N o . a t R is k N o . a t R is k N o . a t R is k N o . a t R is k N o . a t R is k 2 70 1 95 1 48 1 16 98 80 67 33 7 0 2 90 1 78 1 31 1 01 50 1 0 6 90 3 74 2 48 1 71 86 5 0 4 32 4 17 3 78 2 56 1 36 18 0 5 56 4 16 3 17 2 64 2 33 0 0 1 54 1 21 1 06 89 52 5 0 2 78 1 58 1 11 94 85 0 0 2 72 1 73 1 09 73 59 42 34 18 4 0 1 52 58 29 21 10 1 0 3 43 1 35 57 40 20 2 0 1 51 1 07 80 61 31 5 0 4 29 4 01 3 41 2 11 1 10 20 0 1L Esophageal, 1L HNSCC, CPS ≥20 1L HNSCC, CPS ≥1 1L NSCLC, TPS ≥50% 1L NSCLC, TPS ≥20% 1L NSCLC, TPS ≥1% 1L NSQ NSCLC, Any PD-L1 CPS ≥10 KEYNOTE-048 KEYNOTE-048 KEYNOTE-042 KEYNOTE-042 KEYNOTE-042 KEYNOTE-189 KEYNOTE-181 Pembro vs Pembro vs Pembro vs Chemo Pembro vs Chemo Pembro vs Chemo Pembro + Pem/Platinum vs Dr. Roy Baynes Pembro vs Chemo EXTREME EXTREME Placebo + Pem/Platinum 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 9 0 9 0 9 0 9 0 9 0 9 0 9 0 8 0 8 0 8 0 8 0 8 0 8 0 8 0 7 0 7 0 7 0 7 0 7 0 7 0 7 0 6 0 6 0 6 0 6 0 6 0 6 0 6 0 O S , % O S , % O S , % O S , % O S , % O S , % O S , % 5 0 5 0 5 0 5 0 5 0 5 0 5 0 4 0 4 0 4 0 4 0 4 0 4 0 4 0 3 0 3 0 3 0 3 0 3 0 3 0 3 0 2 0 2 0 2 0 2 0 2 0 2 0 2 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 4 8 1 2 1 6 2 0 2 4 2 8 3 2 0 5 1 0 1 5 2 0 2 5 3 0 3 5 4 0 0 5 1 0 1 5 2 0 2 5 3 0 3 5 4 0 0 6 1 2 1 8 2 4 3 0 3 6 4 2 0 6 1 2 1 8 2 4 3 0 3 6 4 2 0 6 1 2 1 8 2 4 3 0 3 6 4 2 0 3 6 9 1 2 1 5 1 8 2 1 M o n t h s M o n t h s M o n t h s M o n t h s M o n t h s M o n t h s M o n t h s N o . a t R is k N o . a t R is k N o . a t R is k N o . a t R is k N o . a t R is k N o . a t R is k N o . a t R is k 1 07 86 59 45 29 13 5 1 0 1 33 1 06 85 65 47 24 11 2 0 2 57 1 96 1 52 1 10 74 34 17 2 0 2 99 2 24 1 89 1 07 59 22 2 0 4 13 3 05 2 51 1 44 73 24 2 0 6 37 4 63 3 65 2 14 1 12 35 2 0 4 10 3 77 3 47 2 78 1 63 71 18 0 1 15 76 48 23 14 4 3 2 0 1 22 1 00 64 42 22 12 5 0 0 2 55 2 07 1 31 89 47 21 9 1 0 3 00 2 31 1 49 75 40 11 1 0 4 05 3 13 2 10 1 06 53 14 1 0 3 67 4 85 3 16 1 66 88 24 1 0 2 06 1 83 1 49 1 04 59 25 8 0 1L Gastric, CPS ≥1 1L Gastric, CPS ≥10 2L HCC, Any PD-L1 2L+ HNSCC, Any PD-L1 1L HNSCC, Any PD-L1 1L HNSCC, CPS ≥1 1L SQ NSCLC, Any PD-L1 KEYNOTE-062 KEYNOTE-062 KEYNOTE-240 KEYNOTE-040 KEYNOTE-048 KEYNOTE-048 KEYNOTE-407 Pembro vs Chemo Pembro vs Chemo Pembro vs Placebo Pembro vs SOC Pembro vs EXTREME Pembro + Platinum vs Pembro + Carboplatin/Taxane vs EXTREME Placebo + Carboplatin/Taxane 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 9 0 9 0 1 0 0 9 0 9 0 9 0 9 0 8 0 8 0 9 0 8 0 8 0 8 0 8 0 8 0 7 0 7 0 7 0 7 0 7 0 7 0 7 0 6 0 6 0 6 0 6 0 O S , % O S , % 6 0 6 0 6 0 O S , % 5 0 5 0 5 0 O S , % O S , % O S , % O S , % 5 0 5 0 5 0 5 0 4 0 4 0 4 0 4 0 4 0 4 0 4 0 3 0 3 0 3 0 3 0 3 0 3 0 3 0 2 0 2 0 2 0 2 0 2 0 2 0 2 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 5 1 0 1 5 2 0 2 5 3 0 3 5 4 0 0 3 6 9 1 2 1 5 1 8 2 1 0 6 1 2 1 8 2 4 3 0 3 6 4 2 0 4 8 1 2 1 6 2 0 2 4 2 8 3 2 0 5 1 0 1 5 2 0 2 5 3 0 3 5 4 0 4 5 5 0 0 6 1 2 1 8 2 4 3 0 3 6 4 2 0 5 1 0 1 5 2 0 2 5 3 0 M o n t h s M o n t h s M o n t h s M o n t h s M o n t h s M o n t h s M o n t h s N o . a t R is k N o . a t R is k N o . a t R is k N o . a t R is k N o . a t R is k N o . a t R is k N o . a t R is k 2 56 1 62 1 20 94 59 23 4 0 92 62 52 45 32 13 4 0 2 78 2 37 1 90 1 52 1 10 57 16 1 0 2 47 1 60 1 03 48 14 2 0 3 01 2 26 1 72 1 25 99 75 46 22 13 1 0 2 81 2 27 1 69 1 22 75 40 10 1 0 2 78 2 56 1 88 1 24 62 17 2 0 2 50 1 92 1 14 75 38 15 2 0 90 70 42 28 16 7 0 0 1 35 1 13 84 65 42 23 8 1 0 2 48 1 51 82 34 10 1 0 3 00 2 45 1 58 1 07 72 51 28 11 6 0 0 2 78 2 27 1 47 1 00 51 20 5 1 0 2 81 2 46 1 75 93 45 16 4 0 50