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Merck & Co
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Latest analysis
Updated Nov 4, 2026
Merck Q3 2026: Keytruda momentum and Winrevair ramp offset $14.7B in BD charges as IRA pricing and Keytruda patent clock dominate the risk horizon
Merck's Q3 2026 10-Q reveals a company executing commercially — worldwide sales grew 5% to $18.1 billion in Q3 and $51.0 billion in the nine-month period — while absorbing $14.7 billion in R&D charges for the Cidara and Terns asset acquisitions that dominate the year-to-date P&L. The structural threat crystallizing in this filing is the confirmed IRA price-setting trajectory for Keytruda: the company explicitly states it expects Keytruda to be selected in 2027 for government price-setting effective January 1, 2029, and the new German GKV-BStabG law will exert 'significant downward pressure on revenues in Germany, particularly with respect to Keytruda' beginning 2027. The BD pipeline — MK-1406 (long-acting influenza antiviral in Phase 3), MK-4208 (oral BCR::ABL1 TKI in CML), and MK-2690 (KRAS G12D molecular glue, preclinical) — represents a deliberate pivot away from Keytruda dependency, but the timeline to meaningful revenue contribution leaves a 2029-2031 window of maximum Keytruda pricing exposure.
Tone: mixedRevenue
$65B
MRK 10-K · FY 2025
Employees
75,000
Revenue FY2024
$64.2B
Founded
1891
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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