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.
- Evaxion presented new biomarker and immune data from its phase 2 trial of the AI-designed personalized cancer vaccine EVX-01 at the SITC 2025 Annual Meeting.
- EVX-01, built on the AI-Immunology™ platform, targets multiple neoantigens and is being tested with Merck’s KEYTRUDA® in advanced melanoma patients.
- In selected patients, clinical responses were accompanied by a rapid and sustained induction of EVX-01-specific T-cells.
- This follow-on data complements the two-year clinical efficacy results from the same trial, presented at ESMO 2025 last month.
- In Q3 2025, Codexis reported $8.6 million in total revenues, down from $12.8 million in Q3 2024, and a net loss of $19.6 million or $0.22 per share.
- Product gross margin improved to 64% from 61%, while R&D expenses rose to $13.9 million and SG&A expenses fell to $11.2 million in the quarter.
- In October 2025, Codexis signed a $37.8 million Supply Assurance Agreement with Merck, extending its cash runway through 2027; cash, cash equivalents and short-term investments totaled $58.7 million as of Sept 30, 2025.
- Leadership changes include Alison Moore replacing Stephen Dilly as CEO (he becomes Executive Chair), alongside a reduction of 46 positions (~24% of workforce) with an expected $3.5 million restructuring charge in Q4 2025.
- UDC has entered a definitive agreement to acquire OLED emitter patent assets from Germany’s Merck Group.
- The portfolio includes over 300 granted and pending patents across 110 distinct patent families in OLED emitter structures and materials.
- The deal, via UDC Ireland Limited and Merck Electronics KGaA, is expected to close in January 2026, subject to customary regulatory conditions.
- The acquisition broadens UDC’s IP coverage in key OLED materials, strengthening its technology roadmap and competitive position.
- Universal Display Corporation (UDC) will acquire a portfolio of over 300 issued and pending emissive OLED patents from Merck KGaA, covering more than 110 unique patent families with an average remaining life of approximately 10 years, under a definitive agreement expected to close in January 2026.
- The acquisition is intended to bolster UDC’s UniversalPHOLED® technology roadmap and broaden its OLED materials platform—complementing its existing 6,500+ patents—while allowing Merck KGaA to focus on charge transport and triplet host materials.
- The transaction will be executed between UDC Ireland Limited and Merck Electronics KGaA, Darmstadt, Germany, subject to customary closing conditions.
- SCYNEXIS resolved its disagreement with GSK, securing a $24.8 million one-time payment to be received in Q4 2025; following this, cash runway extends beyond two years.
- Q3 2025 revenue totaled $0.3 million (license agreement), with net loss of $8.6 million, and cash, cash equivalents and investments of $37.9 million as of September 30, 2025.
- Research and development expenses decreased by 33% year-over-year to $5.5 million, while SG&A expenses rose to $3.3 million, driven by higher professional fees.
- Phase 1 SAD/MAD data for SCY-247 showed favorable safety and pharmacokinetics, supporting initiation of an IV Phase 1 in Q1 2026 and a Phase 2 oral study with proof-of-concept data expected in 2026.
- Transgene presented comprehensive immunogenicity data for its individualized neoantigen vaccine TG4050 in operable HNSCC, confirming induction of durable neoantigen-specific CD8+ T-cell responses up to two years post-treatment.
- Updated Phase I/II data for oncolytic virus BT-001 combined with KEYTRUDA® showed positive local, abscopal and sustained antitumoral activity in injected and non-injected lesions at ESMO 2025.
- Q3 2025 research tax credit increased to €5.8 million (Q3 2024: €4.8 million) and operating income rose to €6.1 million.
- As of September 30, 2025, Transgene held €12.8 million in cash; net cash burn for the first nine months was €28.8 million, and a €15 million amendment to its TSGH credit facility extends funding through December 2026.
- The global hyperlipidemia drugs market is projected to grow from $23.36 billion in 2024 to $24.74 billion in 2025 (CAGR 5.9%) and further to $30.68 billion by 2029 (CAGR 5.5%).
- Pfizer Inc., Merck & Co., and AbbVie Inc. lead the market, with North America holding the largest share in 2024 and Asia-Pacific expected to be the fastest-growing region over the forecast period.
- Key growth drivers include rising cardiovascular disease prevalence, obesity, a growing geriatric population, and advances in personalized medicine, combination therapies (e.g., rosuvastatin + omega-3), and gene-editing innovations.
- Trade tensions and tariffs have disrupted API supply chains, prompting manufacturers to shift production and seek trade exemptions to mitigate risks.
- Merck inked a $700 million non-refundable funding deal with Blackstone Life Sciences to advance Phase 3 trials of sacituzumab tirumotecan through 2026.
- The agreement includes low-to-mid single-digit royalties on net sales pending U.S. approval for triple-negative breast cancer.
- A $150 million charge from terminating its Dr. Falk Pharma partnership reduced Q4 earnings by $0.05 per share.
- Merck’s immuno-oncology (Keytruda) and vaccine (Gardasil) businesses generate 47% of U.S. human health sales, underpinning its strong financial position.
- Merck & Co. will assume full control of the development and commercialization of MK-8690 after its $10.8 billion acquisition of Prometheus Biosciences in 2023.
- It has terminated its co-development contract with Dr. Falk Pharma GmbH and will pay $150 million upfront plus milestone payments and royalties.
- The deal results in a $150 million pre-tax charge, or approximately $0.05 per share, reflected in Merck’s fourth-quarter financials.
- MK-8690, an investigational anti-CD30 ligand monoclonal antibody for inflammatory bowel diseases, is currently in early-stage clinical trials with Merck now holding global rights.
- Merck & Co. entered into an R&D funding agreement with Blackstone Life Sciences under which Blackstone will provide $700 million non-refundable financing to support the development of sac-TMT through 2026.
- Blackstone is eligible to receive low-to-mid single-digit royalties on net sales of sac-TMT across approved indications, contingent upon U.S. regulatory approval for first-line triple-negative breast cancer.
- Sac-TMT is being evaluated in 15 global Phase 3 trials across six tumor types, including breast, endometrial and lung cancers.
- Merck retains full decision-making authority, manufacturing and commercialization control over sac-TMT; Blackstone receives no ownership rights in the asset.