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 & Co. secured an exclusive license for Evaxion’s preclinical EVX-B3 vaccine candidate in a deal worth up to $600 million, comprising a $7.5 million upfront payment and up to $592 million in milestones plus royalties.
- Merck will fund all development costs and holds an option to license EVX-B2 (gonorrhea) in H1 2026, which would trigger a $2.5 million upfront fee and similar milestone and royalty terms.
- The agreement extends Evaxion’s cash runway to mid-2027 and validates its AI-Immunology platform through a strategic collaboration with Merck.
- Merck’s recent financials—9.6% revenue growth, 31.16% operating margin, 25.79% net margin—underscore its capacity to support vaccine development.
- Evaxion shares jumped over 44% premarket following the announcement.
- The FDA granted priority review to AstraZeneca/Daiichi Sankyo’s Enhertu plus pertuzumab as a first-line treatment for unresectable or metastatic HER2-positive breast cancer, with a target action date of January 23, 2026.
- This follows a breakthrough therapy designation based on DESTINY-Breast09 phase 3 results showing a 44% reduction in risk of progression or death and median PFS exceeding 3 years.
- Approval could establish the regimen as a new standard of care for approximately 10,000 US patients treated annually in this setting.
- Merck received CHMP positive recommendations for Enflonsia, the first single-dose, weight-independent RSV preventive in Europe, offering up to 5 months of protection in infants.
- The CHMP also recommended expanded approvals for Keytruda, including subcutaneous administration across all adult indications and perioperative use for resectable locally advanced head and neck carcinoma.
- These recommendations are supported by robust data from the Phase 2b/3 CLEVER and Phase 3 SMART trials (published in NEJM), and analysts forecast significant upside, noting $29.5 billion in Keytruda sales last year and a consensus “Outperform” rating.
- Raludotatug deruxtecan (R-DXd), an antibody–drug conjugate targeting CDH6 for platinum-resistant epithelial ovarian, primary peritoneal, and fallopian tube cancers after bevacizumab, received FDA Breakthrough Therapy designation.
- The designation was supported by promising Phase 1 trial results and interim efficacy data from the REJOICE-Ovarian01 Phase 2/3 trial, aiming to expedite development and review.
- This is the first Breakthrough Therapy designation for R-DXd and the second breakthrough designation from the Daiichi Sankyo–Merck collaboration.
- Ken Takeshita (Daiichi Sankyo) and Eliav Barr (Merck) highlighted R-DXd’s potential to meet high unmet needs in this patient population.
- FDA Breakthrough Therapy Designation awarded to raludotatug deruxtecan for adult patients with CDH6-expressing platinum-resistant ovarian, primary peritoneal or fallopian tube cancers previously treated with bevacizumab.
- Designation based on encouraging preliminary clinical results from a phase 1 trial and the ongoing REJOICE-Ovarian01 phase 2/3 trial.
- Represents the first Breakthrough Therapy Designation for raludotatug deruxtecan and the second under the Daiichi Sankyo–Merck collaboration.
- Raludotatug deruxtecan is a potential first-in-class CDH6-directed DXd antibody-drug conjugate co-developed by Daiichi Sankyo and Merck.
- STRIDE-13 Phase 3 trial shows Capvaxive elicits strong immune responses to all 21 serotypes, noninferior to PPSV23 for 12 shared serotypes and superior for 9 unique serotypes in children and adolescents with chronic conditions.
- Safety profiles were comparable between Capvaxive and PPSV23, indicating good tolerability in the study population.
- The vaccine, FDA-approved in early 2024 for adult use, is being positioned for pediatric indication expansion to help offset revenue declines from GARDASIL and the upcoming loss of KEYTRUDA exclusivity.
- Merck’s stock rose 5% over the past month, supported by these positive trial results and broader market gains amid expected interest rate cuts.
- Merck’s oral PCSK9 inhibitor enlicitide decanoate demonstrated statistically significant and clinically meaningful reductions in LDL-C versus placebo at Week 24, meeting all primary and key secondary endpoints in the Phase 3 CORALreef Lipids trial.
- The study also showed consistent reductions in non-HDL-C, ApoB and Lp(a), with a favorable safety profile and comparable discontinuation rates between treatment arms.
- These results bolster Merck’s broader CORALreef program and support planned regulatory submissions, building on prior positive findings from CORALreef HeFH and AddOn trials.
- Global lung cancer therapeutics market valued at USD 32.83 billion in 2024, projected to reach USD 61.08 billion by 2032 at a CAGR of 8.08%.
- U.S. market estimated at USD 9.51 billion in 2024, expected to grow to USD 15.86 billion by 2032 at a 6.65% CAGR.
- Targeted therapies accounted for 56.6% of market share in 2024, while immunotherapies represent the fastest-growing segment.
- Non-small cell lung cancer (NSCLC) made up over 85% of the market in 2024, driven by strong responses to targeted and immune-based treatments.
- Merck’s Keytruda received FDA approval for adjuvant treatment in resected early-stage NSCLC in January 2025.
- Merck’s Phase 3 VICTOR trial of VERQUVO® in stable HFrEF patients did not meet its primary endpoint: 18.0% vs 19.1% experienced cardiovascular death or heart failure hospitalization (HR 0.93; p=0.22).
- A pre-specified pooled analysis of VICTOR and VICTORIA in 11,155 patients showed a statistically significant reduction in the composite endpoint of cardiovascular death or heart failure hospitalization.
- The safety profile of VERQUVO in VICTOR was consistent with prior trials, with no new safety signals observed.
- Merck reaffirmed VERQUVO’s approved indication for reducing the risk of cardiovascular death and heart failure hospitalization in HFrEF patients following a recent heart failure event (EF < 45%).
- The European Commission granted marketing authorization for OGSIVEO® (nirogacestat), making it the first and only approved therapy in the EU for adults with progressing desmoid tumors.
- Approval was based on the Phase 3 DeFi trial (n=142), which demonstrated a 71% reduction in risk of disease progression (HR = 0.29; p < 0.001) and an ORR of 41% versus 8% with placebo.
- OGSIVEO showed a manageable safety profile; common adverse reactions included diarrhea (85%), rash (65%) and ovarian toxicity (60%).
- Merck plans to launch OGSIVEO as the standard-of-care systemic therapy in Europe, following its U.S. approval and recent EC approval for NF1-PN.