Merck & Co.

Merck & Co., Inc., operating as MSD (Merck Sharp & Dohme) outside the United States and Canada, stands as one of the world's premier biopharmaceutical companies with a heritage spanning over 130 years of scientific innovation and commitment to improving human health. Headquartered in Rahway, New Jersey, Merck reported fiscal 2024 revenue of $64.168 billion, representing 7% year-over-year growth driven by its pharmaceutical segment which generated $57.400 billion. Under the leadership of Chairman and CEO Robert M. Davis, who assumed the role in July 2021, Merck employs tens of thousands of professionals globally who are united by a mission to improve health around the world through the discovery, development, and delivery of innovative medicines and vaccines. The company's transformation into a focused pharmaceutical powerhouse accelerated following strategic portfolio decisions including the 2009 acquisition of Schering-Plough for $41 billion and the 2014 spin-off of its consumer health and animal health divisions, enabling concentrated investment in high-value prescription pharmaceuticals and vaccines that address critical unmet medical needs.

Merck's business success is anchored by Keytruda (pembrolizumab), the world's best-selling pharmaceutical product which generated $29.482 billion in revenue in 2024—an 18% increase accounting for approximately 46% of the company's total sales. Originally approved by the FDA in 2014 for advanced melanoma, Keytruda has transformed oncology treatment through its mechanism as a PD-1 inhibitor that unleashes the patient's own immune system to fight cancer. Through continuous clinical development and regulatory approvals, Keytruda now treats more than 20 different types of cancer across various stages, from metastatic disease to earlier-stage adjuvant and neoadjuvant settings. This breadth of indications, combined with ongoing clinical trials exploring new cancer types and combination therapies, positions Keytruda for continued growth even as the company prepares for patent expiration in 2028. Complementing Keytruda, Merck's vaccine franchise led by Gardasil/Gardasil 9 (HPV vaccine) generated $8.583 billion in 2024 despite a 3% decline attributed to reduced demand in China amid intense competition from domestic manufacturers. The June 2024 launch of CAPVAXIVE, a 21-valent pneumococcal conjugate vaccine recommended by the CDC for adults aged 50 and older, and the June 2025 approval of Enflonsia (clesrovimab) for RSV prevention demonstrate Merck's continued innovation in vaccine development.

Beyond its established blockbuster products, Merck has strategically invested in pipeline development and business development transactions totaling over $35 billion since 2021 to prepare for Keytruda's patent cliff. Major acquisitions include Acceleron Pharma for $11 billion in 2021 (bringing the PAH drug Winrevair, which generated $419 million in its first year following March 2024 approval), Prometheus Biosciences for $10.8 billion in 2023 to expand inflammatory bowel disease capabilities, and the recently completed October 2025 acquisition of Verona Pharma for $10 billion to gain Ohtuvayre (ensifentrine), a first-in-class COPD maintenance treatment approved by the FDA in June 2024. The company's pipeline now includes more than 20 programs that Merck predicts will generate over $35 billion in sales by the middle of the next decade, with the oncology pipeline alone expected to exceed $20 billion in value by the mid-2030s. This diversified portfolio spans cancer therapies, cardiovascular disease treatments, vaccines for infectious diseases, and metabolic disorder medications, positioning Merck to maintain leadership even as Keytruda faces generic competition.

Merck's workplace culture, grounded in excellence through integrity, innovation, and diversity, has earned recognition including Fortune 100 Best Companies to Work For (2023), Forbes 2023 World's Best Employer, and the 2025 PHA Culture of Health and Wellbeing Award. The company offers comprehensive benefits organized around four pillars—physical, mental, financial, and social well-being—including world-class health insurance across 40+ countries, defined benefit pension and 401(k) plans with company matching, flexible work arrangements (global hybrid model), and extensive learning resources with tuition assistance. Looking ahead, Merck projects fiscal 2025 global sales between $64 billion and $65.6 billion with organic growth of 7-9% excluding Gardasil sales in China and foreign exchange impacts. With a market capitalization exceeding $200 billion, robust cash generation funding both R&D and shareholder returns, and a balanced portfolio combining blockbuster revenue streams with emerging growth drivers, Merck continues its founding commitment to advancing human health through scientific innovation and strategic excellence in one of the world's most competitive and consequential industries.