Companies · MRK
Merck & Co
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Latest analysis
Updated Aug 7, 2026
Merck deploys $16B in H1 2026 BD (Cidara + Terns) while Keytruda/Winrevair drive 5% sales growth against accelerating IRA and LOE headwinds
Merck's H1 2026 filing is defined by two transformative asset acquisitions — Cidara Therapeutics ($9.2B, long-acting influenza DFC MK-1406 in Phase 3) and Terns Pharmaceuticals ($6.8B, oral BCR::ABL1 TKI MK-4208 in Phase 1/2) — that generated $14.7B in IPR&D charges and pushed the company to a GAAP pretax loss of $4.2 billion for the first half. Beneath the acquisition noise, the core business is healthy: Keytruda/Keytruda Qlex grew 8% year-to-date to $16.4 billion and Winrevair surged 81% to $1.1 billion, but IRA government price-setting is now live on Januvia, Keytruda is expected to enter the IRA negotiation program in 2027 (effective 2029), and Bridion lost U.S. market exclusivity in July 2026 — the LOE pipeline is accelerating. The company simultaneously signed a three-year MFN Agreement with the U.S. government, entered the GENEROUS Medicaid model, and secured a three-year Section 232 tariff delay in exchange for U.S. manufacturing investment commitments.
Tone: mixedRevenue
$65B
MRK 10-K · FY 2025
Employees
75,000
Revenue FY2024
$64.2B
Headquarters
Rahway, NJ
Profile
MRK 10-K Item 1 · Feb 24, 2026Merck & Co., Inc. is a global health care company that discovers, develops, manufactures and markets prescription medicines, biologic therapies, vaccines, and animal health products. The company operates through two reportable segments: Pharmaceutical and Animal Health. Keytruda, its anti-PD-1 oncology therapy, represented 49% of total sales in 2025.
Read filing description ↓ Collapse description ↑
Merck & Co., Inc. (Merck or the Company) is a global health care company that delivers innovative health solutions through its prescription medicines, including biologic therapies, vaccines and animal health products. The Company's operations are principally managed on a product basis and include two operating segments, Pharmaceutical and Animal Health, both of which are reportable segments. The Pharmaceutical segment includes human health pharmaceutical and vaccine products. Human health pharmaceutical products consist of therapeutic and preventive agents, generally sold by prescription, for the treatment of human disorders. The Company sells these human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies, and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions. Human health vaccine products consist of preventive pediatric, adolescent and adult vaccines. The Company sells these human health vaccines primarily to physicians, wholesalers, distributors and government entities. The Animal Health segment discovers, develops, manufactures and markets a wide range of veterinary pharmaceutical and vaccine products, as well as health management solutions and services, for the prevention, treatment and control of disease in all major livestock and companion animal species. The Company also offers an extensive suite of digitally connected identification, traceability and monitoring products. The Company sells its products to veterinarians, distributors, animal producers, farmers and pet owners.
Primary products
- Keytruda (pembrolizumab)
- Keytruda Qlex (pembrolizumab and berahyaluronidase alfa-pmph)
- Gardasil/Gardasil 9
- Januvia (sitagliptin)
- Janumet (sitagliptin/metformin HCl)
- ProQuad/M-M-R II/Varivax
Business segments
End markets
Geographies
Named customers
Named competitors
“With its long-standing emphasis on research and development, the Company is well-positioned to compete in the search for technological innovations.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Worldwide sales increased 1% in 2025 compared with 2024, or 2% excluding the unfavorable effect of foreign exchange, driven primarily by growth in oncology, cardiometabolic and respiratory, diabetes, and animal health, largely offset by declines in vaccines, immunology, and virology.
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