Merck & Co., Inc. (Merck) is a global healthcare company that operates through two main segments: Pharmaceutical and Animal Health. The company develops and sells human health pharmaceutical and vaccine products, primarily by prescription, for the treatment of human disorders, as well as veterinary pharmaceutical and vaccine products for livestock and companion animals . Merck's revenue growth is driven by strong performance in oncology, vaccines, and animal health, with significant contributions from products like Keytruda and Gardasil/Gardasil 9 .
- Pharmaceutical - Develops and sells human health pharmaceutical and vaccine products, primarily by prescription, for the treatment of human disorders. Key products include Keytruda and Gardasil/Gardasil 9, which are major contributors to revenue growth.
- Animal Health - Focuses on veterinary pharmaceutical and vaccine products, as well as health management solutions for livestock and companion animals. Includes digitally connected identification, traceability, and monitoring products.
- Livestock Products - Provides pharmaceutical and vaccine products for livestock health management.
- Companion Animal Products - Offers pharmaceutical and vaccine products for the health of companion animals.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert M. Davis ExecutiveBoard | Chairman, CEO, and President | Board Member at Duke Energy | Joined Merck in 2014. Previously CFO and EVP. Became CEO in 2021 and Chairman in 2022. Extensive management and financial expertise. | View Report → |
Betty D. Larson Executive | EVP and Chief Human Resources Officer | None | Joined Merck in 2024. Leads HR strategy and operations. Previously at GE HealthCare. | |
Caroline Litchfield Executive | EVP and Chief Financial Officer | None | CFO since 2021. Oversees financial strategy and operations. Previously held senior finance roles at Merck. | |
Chirfi Guindo Executive | Chief Marketing Officer | None | Joined Merck in 2022. Oversees global marketing strategy. Previously at Biogen. | |
Cristal Downing Executive | EVP and Chief Communications Officer | None | Joined Merck in 2021. Leads global communications and public affairs. | |
Dalton Smart Executive | SVP Finance – Global Controller | None | Joined Merck in 2009. Promoted to SVP in 2023. Oversees global financial reporting and compliance. | |
David M. Williams Executive | EVP, Chief Information and Digital Officer | None | Joined Merck in 2017. EVP since 2020. Leads IT and digital transformation. | |
Dean Li, M.D., Ph.D. Executive | EVP and President, Merck Research Labs | None | Leads Merck Research Labs. Joined Merck in 2017. EVP since 2021. Focuses on R&D and innovation. | |
Jennifer Zachary Executive | EVP and General Counsel | None | General Counsel since 2018. Oversees legal and compliance functions. | |
Johannes J. Oosthuizen Executive | SVP and President, U.S. Human Health | None | Leads U.S. Human Health since 2022. Previously led global oncology and MSD Japan. | |
Michael A. Klobuchar Executive | EVP and Chief Strategy Officer | None | Joined Merck in 2009. EVP since 2021. Leads corporate strategy and business development. | |
Richard R. DeLuca, Jr. Executive | EVP and President, Merck Animal Health | None | Leads Merck Animal Health since 2011. Oversees global animal health operations. | |
Sanat Chattopadhyay Executive | EVP and President, Merck Manufacturing | None | Leads global manufacturing and supply chain operations. Joined Merck in 2010. EVP since 2016. | |
Christine E. Seidman Board | Director | Investigator at Howard Hughes Medical Institute, Professor at Harvard | Director since 2020. Renowned geneticist and physician. Expertise in molecular medicine. | |
Inge G. Thulin Board | Director | None | Director since 2018. Former CEO of 3M. Expertise in innovation and governance. | |
Kathy J. Warden Board | Director | Chair, CEO, and President of Northrop Grumman | Director since 2020. Leads Northrop Grumman. Expertise in cybersecurity and technology. | |
Mary Ellen Coe Board | Director | Chief Business Officer at YouTube | Director since 2019. Leads global business operations at YouTube. Former President of Google Customer Solutions. | |
Pamela J. Craig Board | Director | Director at Progressive Insurance, Corning Incorporated | Director since 2015. Former CFO of Accenture. Extensive financial and governance expertise. | |
Patricia F. Russo Board | Director | Chair at Hewlett Packard Enterprise, Lead Director at General Motors, KKR | Director since 1995. Former CEO of Alcatel-Lucent. Extensive governance and operational expertise. | |
Paul B. Rothman Board | Director | Director at Labcorp | Director since 2015. Former CEO of Johns Hopkins Medicine. Expertise in healthcare and governance. | |
Risa J. Lavizzo-Mourey Board | Director | Director at GE HealthCare Technologies, Intel Corporation | Director since 2020. Former CEO of Robert Wood Johnson Foundation. Expertise in health policy and governance. | |
Stephen L. Mayo Board | Director | Board Member at Sarepta Therapeutics, Allogene Therapeutics | Director since 2021. Renowned scientist in protein design. Professor at Caltech. | |
Surendralal Karsanbhai Board | Director | CEO of Emerson Electric, Deputy Chair of Federal Reserve Bank of St. Louis | Director since 2025. CEO of Emerson Electric. Expertise in global business and operations. | |
Thomas H. Glocer Board | Independent Lead Director | Board Member at Morgan Stanley, Publicis Groupe | Director since 2007. Former CEO of Thomson Reuters. Extensive governance expertise. |
- "You've mentioned that GARDASIL shipments to your partner in China have decreased and that inventory at Zhifei remains above historical levels ; what specific strategies are you implementing to address the demand challenges in China, and how confident are you in achieving your goal of over $11 billion in GARDASIL sales by 2030 ?"
- "Operating expenses have increased significantly due to strategic investments and charges related to acquisitions like EyeBio and Curon ; can you provide more detail on how these investments will contribute to your long-term growth and justify the increased expenditure ?"
- "Given the decline in GARDASIL sales in China and the anticipated similar level of shipments in the fourth quarter , how do you plan to mitigate the impact on your overall revenue growth and what other markets are you focusing on to offset this shortfall ?"
- "You have stated that your Phase III pipeline has nearly tripled over the past three years to more than 20 unique assets ; can you elaborate on the timing of these assets reaching the market and how they will contribute to revenue in the face of upcoming patent expirations, especially for KEYTRUDA ?"
- "In terms of capital allocation, you mentioned you have capacity to do 'pretty much anything of any size' but are focusing on deals in the $1 billion to $15 billion range ; with the increasing competition in the obesity market, why are you limiting your deal size, and how will this approach enable you to remain competitive in high-growth therapeutic areas ?"
Research analysts who have asked questions during Merck & Co. earnings calls.
Mohit Bansal
Wells Fargo & Company
5 questions for MRK
Umer Raffat
Evercore ISI
5 questions for MRK
Vamil Divan
Guggenheim Securities
5 questions for MRK
Akash Tewari
Jefferies
4 questions for MRK
Daina Graybosch
Leerink Partners
4 questions for MRK
James Shin
Analyst
4 questions for MRK
Terence Flynn
Morgan Stanley
4 questions for MRK
Trung Huynh
UBS Group AG
4 questions for MRK
Alexandria Hammond
Wolfe Research
3 questions for MRK
Christopher Schott
JPMorgan Chase & Co.
3 questions for MRK
Courtney Breen
AllianceBernstein
3 questions for MRK
Asad Haider
Goldman Sachs
2 questions for MRK
Chris Schott
JPMorgan Chase & Co.
2 questions for MRK
Evan Seigerman
BMO Capital Markets
2 questions for MRK
Geoffrey Meacham
Citi
2 questions for MRK
Luisa Hector
Berenberg
2 questions for MRK
Steve Scala
Cowen
2 questions for MRK
Tim Anderson
Bank of America
2 questions for MRK
Timothy Anderson
BofA Securities
2 questions for MRK
Carter L. Gould
Barclays
1 question for MRK
Chris Shibutani
Goldman Sachs Group, Inc.
1 question for MRK
Louise Chen
Cantor Fitzgerald
1 question for MRK
| Customer | Relationship | Segment | Details |
|---|---|---|---|
McKesson Corporation | Major drug wholesaler | All | 21% of total accounts receivable as of December 31, 2024 |
Cencora, Inc. | Major drug wholesaler | All | 21% of total accounts receivable as of December 31, 2024 |
Cardinal Health, Inc. | Major drug wholesaler | All | 13% of total accounts receivable as of December 31, 2024 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
MK‑1045 (from Curon Biopharmaceutical) | 2024 | Merck acquired MK‑1045 for an upfront payment of $700 million as an asset acquisition, with additional contingent milestone payments (up to $300 million each for developmental and regulatory milestones, plus third‑party contingent payments and tiered royalties). The acquisition supports the expansion of its pipeline targeting B‑cell malignancies and autoimmune diseases, with MK‑1045 currently in early‑stage trials. |
Eyebiotech Limited (EyeBio) | 2024 | Merck acquired EyeBio for $1.2 billion (plus $207 million in transaction costs) as an asset acquisition that includes potential future contingent payments (up to $200 million, $1.0 billion, and $500 million for various milestones). The acquisition enhances its ophthalmology portfolio, centering on the lead candidate Restoret (MK‑3000), currently in clinical development for diabetic macular edema and neovascular age‑related macular degeneration. |
Elanco Animal Health (Aqua Business) | 2024 | Merck acquired the aqua business for $1.3 billion in a business combination with no contingent payments, gaining an innovative portfolio including vaccines (e.g., Clynav) and anti‑parasitic treatments (e.g., Imvixa) for aquatic species, along with manufacturing and research facilities in Canada, Vietnam, and Chile. This bolsters its Animal Health portfolio in the aquaculture market. |
Harpoon Therapeutics, Inc. | 2024 | Merck acquired Harpoon Therapeutics for $765 million (with $56 million in transaction costs) as an asset acquisition, gaining its clinical‑stage lead candidate MK‑6070, a T‑cell engager for SCLC and neuroendocrine tumors, with no future contingent payments. The deal supports Merck's immuno‑oncology strategy, reflected in a recorded R&D charge and net asset recognition. |
Prometheus Biosciences, Inc. | 2023 | Merck acquired Prometheus for approximately $11.0 billion (including cash of $200 per share and share‑based awards) as an asset acquisition that strengthens its immunology capabilities through a precision medicine approach for immune‑mediated diseases, centered on lead candidate MK‑7240. The deal, completed in 2023, involved no future contingent payments and resulted in significant R&D expenses recorded. |
Imago BioSciences, Inc. | 2023 | Merck acquired Imago BioSciences for $1.35 billion (including share‑based equity settlements and $60 million in transaction costs) as an asset acquisition, primarily for its lead candidate bomedemstat (MK‑3543), which is in multiple Phase 2 clinical trials for various hematologic conditions. The acquisition recorded net assets of $219 million and a corresponding R&D charge, with no future contingent payments. |
Vence | 2022 | Merck acquired Vence, a pioneer in virtual fencing for rotational grazing and livestock management, to complement its broad Animal Health portfolio. While financial or operational specifics were not provided, the acquisition strategically enhances Merck's offerings in veterinary solutions. |
Recent press releases and 8-K filings for MRK.
- Merck’s Phase 3 MANEUVER trial of pimicotinib in tenosynovial giant cell tumor (TGCT) showed an objective response rate of 76.2% at a median follow-up of 14.3 months, up from 54% at Week 25.
- Patients experienced sustained improvements in pain, stiffness, range of motion and physical function through one year, underscoring meaningful quality-of-life benefits.
- No new safety signals emerged at longer-term follow-up, with the safety profile remaining consistent with earlier data.
- An application for marketing authorization has been accepted by China’s NMPA, with submissions planned in the U.S. and other regions.
- In the TROPION-PanTumor03 phase 2 trial, DATROWAY® plus rilvegostomig achieved a 68.2% confirmed objective response rate and 95.5% disease control rate as first-line therapy in cisplatin-ineligible patients (n=22).
- As second-line treatment in patients previously treated with platinum-based chemotherapy (n=18), the combination showed a 38.9% response rate and 83.3% disease control rate, with median progression-free survival of 12.5 months.
- Grade 3 or higher treatment-related adverse events occurred in 18.2% of first-line and 38.9% of second-line patients, with no grade 3+ interstitial lung disease events observed.
- Daiichi Sankyo and AstraZeneca have initiated the TROPION-Urothelial03 phase 2/3 trial to compare DATROWAY plus platinum-based chemotherapy versus gemcitabine/platinum in patients progressing after enfortumab vedotin and pembrolizumab.
- Evaxion A/S announced 75% Objective Response Rate (12/16 patients) in its two-year phase 2 trial of EVX-01, up from 69% at one year.
- 81% of vaccine targets triggered a specific T-cell response across all patients, demonstrating high immunogenicity.
- 92% of patients remained in response at 24 months with no relapses; 54% deepened their response during treatment.
- EVX-01, combined with Merck’s anti-PD-1 therapy KEYTRUDA®, was well tolerated in advanced melanoma patients.
- Data was presented at ESMO 2025, with an upcoming webinar on October 22, 2025 to discuss findings.
- EMD Serono, the U.S. healthcare business of Merck KGaA, reached a voluntary agreement with the U.S. government to offer its IVF therapies—Gonal-f, Ovidrel and Cetrotide—via direct-to-consumer sales at an 84% discount off list prices through the TrumpRx.gov platform launching in January 2026.
- The company secured an exclusion of its pharmaceutical products and ingredients from Section 232 tariffs, contingent on investments in U.S. biopharmaceutical manufacturing and research.
- To further expand treatment options, EMD Serono will file Pergoveris under the FDA Commissioner’s National Priority Voucher program, potentially becoming the first combined r-hFSH/r-hLH therapy approved in the U.S..
- This agreement aligns with the White House Executive Order on affordable IVF access and was confirmed at a first-of-its-kind White House Fertility event.
- Merck KGaA targets mid-single-digit annual organic sales growth over the medium term and a full-year 2%–5% outlook for 2025.
- Revised 2025 net sales guidance to €20.5–21.7 billion, down from a prior €25 billion target, citing a “Covid cliff” impact on mRNA vaccine demand.
- Aims to expand EBITDA pre-exceptional margin by 1 percentage point, building on a 28.7% margin in 2024.
- CEO Belén Garijo will step down at end-April 2025; recent M&A includes the $3.9 billion SpringWorks deal and acquisition of JSR Life Sciences’ chromatography unit.
- Merck’s MilliporeSigma business agreed to acquire JSR Life Sciences’ chromatography unit, including its Amsphere™ Protein A resin technology, to expand downstream processing offerings.
- The deal will strengthen Merck’s biologics portfolio with advanced Protein A chromatography solutions for scalable monoclonal antibody purification and is expected to close by end of Q2 2026.
- JSR’s chromatography business in Belgium employs over 50 people and supplies high-performance Amsphere™ A3 and A+ resins to pharmaceutical and biotech manufacturers worldwide.
- Merck presented Phase 3 MK-8591A-052 and MK-8591A-051 data showing investigational DOR/ISL maintained viral suppression and demonstrated non-inferiority to BIC/FTC/TAF and bART, with no treatment-emergent resistance.
- Participants switching to DOR/ISL experienced minimal changes in weight, body composition, fasting lipids and HOMA-IR at Week 48, comparable to those remaining on their prior regimens.
- The FDA has accepted the NDA for DOR/ISL with a target action date of April 28, 2026 under PDUFA.
- Gilead Sciences and Kite will showcase new oncology data at the European Society for Medical Oncology (ESMO) 2025 Congress, October 17–21, underscoring their focus on transforming cancer care.
- Phase 3 ASCENT-03 data demonstrate a statistically significant and clinically meaningful improvement in progression-free survival with Trodelvy® versus chemotherapy as first-line treatment in metastatic triple-negative breast cancer patients ineligible for PD-1/PD-L1 inhibitors.
- A quality-of-life analysis from the ASCENT-04/KEYNOTE-D19 study will compare Trodelvy + Keytruda® versus Keytruda + chemotherapy in PD-L1+ metastatic triple-negative breast cancer.
- In the Phase 2 EDGE-Gastric Arm A1 study, first-line treatment with domvanalimab + zimberelimab + chemotherapy yielded a median overall survival of 26.7 months, with 50% of patients surviving beyond two years and no unexpected safety signals.
- Evaxion will present two-year clinical efficacy, immunogenicity and safety data from its phase 2 trial of the AI-designed personalized cancer vaccine EVX-01 in advanced melanoma at the ESMO Congress 2025, Berlin, October 17–21, 2025.
- The data include a 69% Overall Response Rate, reduction in tumor target lesions in 15 of 16 patients, and a strong correlation between AI-Immunology™ predictions and induced immune responses (p = 0.00013).
- Presentations comprise a mini oral session on October 17 (Abstract #6308, Presentation #1516MO) and a webinar on October 22 featuring Dr. Muhammad Adnan Khattak.
- Daiichi Sankyo will feature four late-breaking presentations at ESMO 2025, including back-to-back Presidential Symposium data from DESTINY-Breast11 and DESTINY-Breast05 showcasing ENHERTU’s potential as a foundational curative-intent therapy in HER2-positive early breast cancer.
- Late-breaking results from the TROPION-Breast02 trial demonstrate that DATROWAY significantly improves overall survival versus chemotherapy as first-line treatment for metastatic triple-negative breast cancer patients ineligible for immunotherapy.
- Data from eight additional trials (DESTINY-Breast09, REJOICE-Ovarian01, IDeate-Lung01, TROPION-PanTumor03, DESTINY-Gastric04, DESTINY-CRC02, DESTINY-PanTumor02 and DS-3939) will further underscore the breadth of the DXd ADC portfolio across multiple cancer types.
- An investor conference call is scheduled for October 21, 2025 to review these ESMO data.