MRK
SP100NYSEMerck & Co., Inc.
Healthcare · Drug Manufacturers - General · United States
Merck & Co., Inc. operates as a healthcare company worldwide. It offers human health pharmaceutical for various areas under the Keytruda, Keytruda Qlex, Welireg, Gardasil, ProQuad, M-M-R II, Varivax, Vaxneuvance, Capvaxive, RotaTeq, Pneumovax 23, Bridion, Prevymis, Dificid, Zerbaxa, Winrevair, Adempas/ Verquvo, Ohtuvayre, Lagevrio, Isentress/Isentress HD, Delstrigo, Pifeltro, Belsomra, Januvia, and Janumet brands. The company also provides veterinary pharmaceuticals, vaccines and health management solutions and services, such as livestock products under the Nuflor, Bovilis/Vista, Bovilis Cryptium, Banamine, Estrumate, Matrix, Resflor, Zuprevo, Revalor, Safe-Guard, M+Pac, Porcilis, Circumvent, Nobilis/Innovax, Paracox and Coccivac, Exzolt, Slice, Imvixa, Clynav, Aquavac/Norvax, Aquaflor, Flexolt brands; Allflex Livestock Intelligence solutions; and companion animal products under the Bravecto One-Month, Bravecto Injectable/Quantum, Bravecto TriUNO, Bravecto Plus, Sentinel Spectrum, Sentinel Flavor Tabs, Numelvi, Optimmune, Nobivac NXT, GilvetMab, Otomax, Mometamax, Mometamax Ultra, Posatex, Caninsulin/Vetsulin, Panacur, Safeguard, Regumate, Prestige, Scalibor/Exspot, Sure Petcare, and Home Again brands. It has development and commercialization agreement for three of Daiichi Sankyo's deruxtecan ADC candidates; AstraZeneca PLC to co-development and co-commercialize AstraZeneca's Lynparza products for multiple cancer types; licensed to develop, manufacture and commercialize LM-299, a novel investigational PD-1/VEGF bispecific antibody from LaNova; and collaboration agreement with Eisai Co., Ltd., Bayer AG, and Ridgeback Biotherapeutics LP, as well Moderna, Inc. Merck & Co., Inc. has strategic collaboration with Infinimmune, Inc. to discover and develop antibodies against multiple therapeutic targets. The company was founded in 1891 and is headquartered in Rahway, New Jersey.
www.merck.com ↗Shares trade at a premium 36.5× trailing earnings, easing to 13.5× on forward estimates. Profitability shows a net margin of 13.6% and return on equity of 18.9%. Leverage is modest at 1.5× net debt/EBITDA. Revenue grew 4.9% year-on-year. It yields 2.6% in dividends. The mean analyst target of USD131.11 sits 1.2% above the current price (Buy, 27 analysts).
business model
Merck & Co is a global pharmaceutical company that discovers, develops, manufactures, and markets prescription medicines, vaccines, and animal health products. It monetizes patent-protected drugs and vaccines sold to wholesalers, hospitals, governments, and providers, and invests heavily in R&D and clinical trials.
revenue segments
Revenue is concentrated in Pharmaceuticals (led by oncology drug Keytruda, plus vaccines like Gardasil, and other therapeutics) and Animal Health (livestock and companion animal products). Keytruda represents a large share of total sales.
key dependencies
Depends critically on Keytruda revenue, its R&D pipeline to replace patent-expiring products, regulatory approvals, patent protection, favorable clinical trial outcomes, and drug pricing and reimbursement environments in the US and internationally.
competitors
Competes with large pharmaceutical firms including Bristol Myers Squibb, Pfizer, Roche, AstraZeneca, Novartis, Johnson & Johnson, and Eli Lilly, particularly in oncology and vaccines, and Zoetis and others in animal health.
moat
Benefits from patent-protected blockbuster drugs, deep R&D capabilities, a strong oncology franchise, regulatory and manufacturing expertise, and established global commercial infrastructure that create high barriers to entry.
risks
Faces a major patent cliff as Keytruda loses exclusivity later this decade, creating concentration risk. Also exposed to pipeline and clinical trial failures, drug pricing legislation (including US IRA negotiations), regulatory setbacks, and litigation.
Financials & metrics
as of 25 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $65.01B | $64.17B | $60.12B | $59.28B | — |
| Cost of revenue | $16.38B | $15.19B | $16.13B | $17.41B | — |
| Gross profit | $48.63B | $48.98B | $43.99B | $41.87B | — |
| Operating expense | $26.52B | $28.75B | $41.03B | $23.59B | — |
| R&D | $15.79B | $17.94B | $30.53B | $13.55B | — |
| Operating income | $22.11B | $20.22B | $2.95B | $18.28B | — |
| Interest expense | $1.36B | $1.27B | $1.15B | $962.00M | — |
| Pretax income | $21.07B | $19.94B | $1.89B | $16.44B | — |
| Tax provision | $2.80B | $2.80B | $1.51B | $1.92B | — |
| Net income | $18.25B | $17.12B | $365.00M | $14.52B | — |
| EBITDA | $28.26B | $25.71B | $6.91B | $21.32B | — |
| Diluted EPS | $7.28 | $6.74 | $0.14 | $5.71 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $136.87B | $117.11B | $106.67B | $109.16B | — |
| Current assets | $43.52B | $38.78B | $32.17B | $35.72B | — |
| Cash & equivalents | $14.56B | $13.24B | $6.84B | $12.69B | — |
| Inventory | $6.66B | $6.11B | $6.36B | $5.91B | — |
| Total liabilities | $84.20B | $70.73B | $69.04B | $63.10B | — |
| Current liabilities | $28.33B | $28.42B | $25.69B | $24.24B | — |
| Total debt | $49.34B | $37.11B | $35.05B | $30.69B | — |
| Long-term debt | $46.75B | $34.46B | $33.68B | $28.75B | — |
| Shareholders' equity | $52.61B | $46.31B | $37.58B | $45.99B | — |
| Retained earnings | $73.08B | $63.07B | $53.90B | $61.08B | — |
| Working capital | $15.19B | $10.36B | $6.47B | $11.48B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $16.47B | $21.47B | $13.01B | $19.09B | — |
| Investing cash flow | -$13.74B | -$7.73B | -$14.08B | -$4.96B | — |
| Financing cash flow | -$1.92B | -$7.03B | -$4.81B | -$9.12B | — |
| Capital expenditure | -$4.11B | -$3.37B | -$3.86B | -$4.39B | — |
| Free cash flow | $12.36B | $18.10B | $9.14B | $14.71B | — |
| Dividends paid | -$8.18B | -$7.84B | -$7.45B | -$7.01B | — |
| Share buybacks | -$5.08B | -$1.31B | -$1.35B | $0.00 | — |
| End cash position | $14.69B | $13.32B | $6.91B | $12.77B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 25 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 25 Aug 2026News
Sector peers
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