⚡What does Merck do, in 30 seconds?
Merck invents, makes and sells medicines and vaccines for people, and medicines and vaccines for animals 1. It sold $65.0bn ✓ in FY2025. Its cancer medicine Keytruda made up 49% of total 2025 sales 45.
📱What does Merck sell?
Merck reports two segments, and medicines and vaccines for people bring in most of its sales, 89% ✓ in FY2025. Here is what each part is and who buys from it.
Pharmaceuticals
Medicines and vaccines for people 1. This segment brought in $58.1bn ✓ in FY2025. The biggest product is Keytruda, a cancer immunotherapy approved for many cancers, including lung cancer and melanoma 3. Keytruda and Keytruda Qlex, a version given as a shot under the skin, sold $31,680 million in 2025 4536. Gardasil vaccines, which help prevent certain cancers and other diseases caused by HPV, sold $5,233 million in 2025 43. Winrevair, for adults with pulmonary arterial hypertension, sold $1,443 million in 2025 43. Other medicines include Januvia and Janumet for type 2 diabetes 43. Merck also books alliance revenue, its share of profits, from Lynparza with AstraZeneca and Lenvima with Eisai 47. Merck also sells vaccines against measles, mumps, rubella, chickenpox and pneumococcal disease 3.
👥 Drug wholesalers and retailers, hospitals, government agencies and drug-benefit managers buy the medicines 1. Doctors, wholesalers, distributors and governments buy the vaccines 1.
Animal health
Medicines, vaccines and health products for farm animals and pets, plus digital products that identify and monitor animals 1. This segment brought in $6.4bn ✓ in FY2025. Products for farm animals sold $3,896 million in 2025, and products for pets $2,458 million 4. A well-known pet brand is Bravecto, for fleas and ticks on dogs and cats; the original products last up to 12 weeks 3.
👥 Vets, distributors, farmers, animal producers and pet owners 1.
Other
Revenue outside the two segments came to $0.5bn ✓ in FY2025, or about 1% ✓ of the total.
👥 A small amount of revenue that Merck does not assign to either segment.
How the mix has shifted
Where the customers are
The United States brought in 56% ✓ of Merck's sales in FY2025, or $36.4bn ✓. Europe, the Middle East and Africa added 22% ✓. Latin America added 5% ✓, the rest of Asia Pacific 5% ✓, Japan 4% ✓ and China 3% ✓. Sales by Merck's businesses outside the US fell to 44% of the total in 2025, from 53% in 2023 34. Merck's business in China shrank a lot in 2025, with lower Gardasil sales 215.
💸How does Merck make money?
Follow the money: what customers pay for, what it costs to make, and what is left as profit.
Merck sold $65.0bn ✓ of medicines and vaccines in FY2025. Making them cost $16.4bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $48.6bn ✓.
Next come the costs of running the company. Research and development, the search for new medicines, took $15.8bn ✓. Sales, marketing and admin took $10.7bn ✓. Other operating items came to -$0.1bn ✓, a small net gain. That left operating profit, the profit from the main business, of $22.2bn ✓. Interest and other items came to -$1.2bn ✓, and tax took $2.8bn ✓. Net income was $18.3bn ✓. Put simply, out of every hundred dollars of sales, Merck spent about $24 ✓ on research and kept about $28 ✓ as profit.
Out of every $100 customers paid in FY2025…
⏱️ Merck by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: Merck & Co., Inc. 10-K [8].
📈How is Merck doing?
Merck kept growing in FY2025, but slowly. Sales reached $65.0bn ✓, up 1.3% ✓ on FY2024. Operating margin was 34.2% ✓, so about a third of sales became operating profit. Two big products moved in opposite directions. Keytruda and Keytruda Qlex sales rose to $31,680 million in 2025, from $29,482 million 45. Gardasil and Gardasil 9 sales fell to $5,233 million, from $8,583 million 43.
Profit swings a lot from year to year. In FY2023, research and development costs reached $30.5bn ✓, leaving operating profit of just $3.1bn ✓. In the four quarters to 30 June 2026, sales were $66.6bn ✓, up 4.6% ✓ on the four quarters before.
In the third quarter of 2026, which ended on 30 September, Merck's sales were $18,085 million, up 5% on a year earlier 20. Keytruda and Keytruda Qlex sold $8,601 million in that quarter, up 6% 20. Winrevair sales rose 93% to $694 million 20. Januvia and Janumet sales fell 39%, after generic copies arrived in the US 20. As of 29 October 2026, Merck expected 2026 sales of $66.8 billion to $67.3 billion 26.
Over a longer stretch, growth has been faster. From FY2019 to FY2025, sales grew 8.8% ✓ a year on average, from $39.1bn ✓. Sales rose in each of the 6 ✓ years after FY2019. Gross margin rose from 69.3% ✓ to 74.8% ✓.
📝 The report card
Merck earns a top mark for cash, a good mark for profit, a middle mark for steadiness, a low mark for growth and a fail for its balance sheet. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Merck (orange) and its 4 peers land; further right is better.
Growth
Merck's sales grew 3.1% ✓ a year over its last three fiscal years, which earns a D ✓. Eli Lilly grew 31.7% ✓ a year, an A ✓, while Pfizer's sales growth was -14.8% ✓ a year, an F ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Merck kept 24.4% ✓ of sales as operating profit, a B ✓. The weak FY2023, with an operating margin of 5.2% ✓, pulls that figure down. Eli Lilly kept 31.6% ✓, enough for an A ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Merck turned 20.9% ✓ of sales into free cash flow, just above the 20% line for an A ✓. AbbVie did better at 33.6% ✓, while Eli Lilly managed 9.4% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
Merck's borrowings were larger than its cash and investments. At the end of FY2025, its net cash (cash and investments minus borrowings; leases and stakes in other companies not counted) was -52.0% ✓ of a year's sales, an F ✓. AbbVie is lower still at -91.9% ✓, also an F ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Merck's yearly growth rates swing a fair amount, with a standard deviation of 8.5% ✓, just above the 8% line for a B, so it earns a C ✓. Growth ranged from 1.3% ✓ in FY2025 to 21.7% ✓ in FY2022. Johnson & Johnson is steadier at 2.2% ✓, an A ✓, and Pfizer far less steady at 41.5% ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Merck compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
7 years at a glance
Where the cash goes
Over the seven fiscal years from FY2019 to FY2025, Merck handed back less cash than its free cash flow. It spent $63.6bn ✓ on buybacks and dividends, against $78.9bn ✓ of free cash flow. In FY2025, free cash flow fell to $12.4bn ✓, from $18.1bn ✓ in FY2024. Payouts that year were 107% ✓ of free cash flow: $8.2bn ✓ of dividends and $5.1bn ✓ of buybacks.
🧮Ratios 101: what are Merck's key financial ratios?
Ratios shrink Merck's big numbers into easy comparisons with other drug makers, and they show how much it spends on research. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Merck's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 Merck kept 74.8% ✓ of FY2025 sales after the cost of making its products, up from 67.2% ✓ in FY2020 and a little above the 72.3% ✓ peer median.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 At 34.2% ✓ in FY2025, Merck's operating margin beats the 26.5% ✓ peer median and its own 13.8% ✓ of FY2020.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Merck kept 28.1% ✓ of FY2025 sales as final profit, above the 20.4% ✓ peer median.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 34.7% ✓ in FY2025 is a little above the 32.9% ✓ median of the peers it can be worked out for.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 Merck earned 13.3% ✓ on everything it owned in FY2025, above the 8.6% ✓ peer median.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Merck's FY2025 sales were 0.5x ✓ the value of everything it owned, the same as the 0.5x ✓ peer median.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Merck held 148 ✓ days of stock at the end of FY2025, below the peer median of 207 ✓ days.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 Merck's 1.5x ✓ means that at the end of FY2025 it had $43.5bn ✓ of short-term assets against $28.3bn ✓ of bills due within a year. That is above the 1.1x ✓ peer median.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 At the end of FY2025, Merck's total debt was 0.9x ✓ its shareholders' equity, down from 1.3x ✓ in FY2020. That is above the 0.7x ✓ median of the peers it can be worked out for.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 In FY2025, operating profit covered interest costs 16.4x ✓, close to the 16.1x ✓ peer median and up from 6.9x ✓ in FY2020.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Merck turned profit into free cash at 0.7x ✓ in FY2025, below the 1.0x ✓ peer median.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 Merck spent 24.3% ✓ of FY2025 sales on research, well above the 16.1% ✓ peer median but down from 32.3% ✓ in FY2020.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay was 1.3% ✓ of FY2025 sales, close to the 1.4% ✓ peer median and up from 1.1% ✓ in FY2020.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Merck paid out 72.6% ✓ of FY2025 profit as dividends and buybacks, below the 97.1% ✓ peer median.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Merck's competitors?
Merck meets other big drug makers product by product. Pfizer sells rival pneumococcal vaccines, Eli Lilly rival diabetes medicines and Johnson & Johnson rival medicines for pulmonary arterial hypertension 41817141516. AbbVie, like Merck, sells cancer medicines 413.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Merck (MRK, FY2025) | Cancer medicines, vaccines, other medicines for people, and animal health | $65.0bn | 3.1% | 34.2% | 19.0% |
| AbbVie (ABBV, FY2025) | Cancer medicines: both sell them. AbbVie's include Imbruvica, Venclexta, Elahere and Epkinly; Merck's include Keytruda 413 | $61.2bn | 1.8% | 24.6% | 29.1% |
| Johnson & Johnson (JNJ, FY2025) | Pulmonary arterial hypertension: Johnson & Johnson's Opsumit and Opsynvi against Merck's Winrevair 141516 | $94.2bn | 5.6% | 26.8% | 20.9% |
| Eli Lilly (LLY, FY2025) | Type 2 diabetes medicines: Lilly's Mounjaro against Merck's Januvia and Janumet 417 | $65.2bn | 31.7% | 40.4% | 13.8% |
| Pfizer (PFE, FY2025) | Pneumococcal vaccines: Pfizer's Prevnar family against Merck's Vaxneuvance and Capvaxive 418 | $62.6bn | -14.8% | 26.1% | 14.5% |
Merck says its markets are highly competitive and highly regulated 21. Its rivals include global drug companies, smaller research companies, makers of generic copies and animal health companies 21. Amgen is developing ABP 234, a candidate copy of Keytruda that met its main goals in a comparison study in September 2026 353637.
🧭Merck SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Keytruda is approved for over 45 uses in the US, across 19 tumor types 6.
- Over the last three years combined, Merck turned 20.9% ✓ of sales into free cash flow, an A ✓.
- Winrevair sales grew to $1,443 million in 2025, from $419 million in 2024 43.
- Merck is the only US maker of ProQuad, a combined measles, mumps, rubella and chickenpox vaccine, and of a chickenpox vaccine, Varivax 6.
🩹 Weaknesses
- Keytruda made up 49% of Merck's total 2025 sales, so one medicine drives much of the business 45.
- Gardasil and Gardasil 9 sales fell to $5,233 million in 2025, from $8,583 million in 2024 43.
- In the third quarter of 2026, Januvia and Janumet sales fell 39% and Bridion sales fell 67%, after generic copies arrived in the US 20.
- At 30 June 2026, Merck had $53.9bn ✓ of borrowings against $8.4bn ✓ of cash and investments.
🚀 Opportunities
- In July 2026, the FDA approved Lipfendra, a pill that lowers LDL cholesterol in adults with high cholesterol 6. Merck says it is the first FDA-approved PCSK9 inhibitor pill shown to do so 6.
- Merck and Moderna tested intismeran with Keytruda after melanoma surgery 26. In October 2026 they reported it cut the risk of the cancer returning, or death, by 42% against Keytruda alone 26.
- In January 2026, Merck bought Cidara Therapeutics for $9.2 billion; its lead candidate is a long-acting flu-prevention drug in a Phase 3 trial 27.
- Merck lists 2043 as the key US patent expiry year for Keytruda Qlex, the under-the-skin version 7.
⚠️ Threats
- Merck expects copies of Keytruda to hurt its sales materially in 2028 and 2029, and they could start in December 2028 5.
- Merck expects Keytruda to be picked in 2027 for a government-set Medicare price from 1 January 2029, and US Keytruda sales to fall materially after that 21.
- In patent disputes with Halozyme, temporary court orders (preliminary injunctions) stop sales of Keytruda SC in Denmark and Italy 286. They also block its launch in Germany, the Netherlands, Belgium, Ireland and France 286.
- Merck says new drugs from rivals can lead to price cuts and replace its products, even when those products have patents 21.
🏰Does Merck have a moat?
Why 1?
Merck describes its markets as highly competitive, with rivals from global drug companies to makers of generic copies 21.
Why 3?
About 24,700 people worked in Merck's research at the end of 2025 22. Merck had about 75,000 staff in all 23. In 2025 it earned $1.5 billion of royalties on its patents and know-how and paid $1.9 billion in royalties to others 7. McKesson, Cencora and Cardinal Health accounted for about 22%, 21% and 13% of what customers owed Merck at the end of 2025 24.
Why 4?
Merck says its patents, taken together, are of material importance in the US and most big foreign markets 7. Key US patents run to 2028 for Keytruda and Gardasil, 2035 for Welireg (with an extension pending) and 2043 for Keytruda Qlex 7. Winrevair has US data protection until 2036 7. Keytruda's patent protection in Europe is expected to end in 2031 5. Merck says losing a patent usually brings a big, fast drop in a product's sales 5. Merck expects copies of Keytruda to hurt sales materially in 2028 and 2029 5.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Merck; grey dots are peers).
🔭What should you watch next?
UK patent trial with Halozyme
A UK trial on whether a Halozyme patent is valid and has been infringed is scheduled to begin on 30 November 2026 28.
Payment from Blackstone
Blackstone Life Sciences is due to pay Merck $700 million in the fourth quarter of 2026, to fund part of the development costs of sac-TMT 27.
Full-year 2026 sales
As of 29 October 2026, Merck expected 2026 sales of $66.8 billion to $67.3 billion 26.
Lower royalty on pneumococcal vaccines
Merck's royalty rate under its main licences for Vaxneuvance and Capvaxive falls from 7.25% of net sales through 2026 to 2.5% from 2027 through 2035 38.
Government-set Medicare price for Janumet
A Medicare price set under the Inflation Reduction Act takes effect for Janumet and Janumet XR on 1 January 2027 21.
Gardasil in the US
Merck expects most of the boost to US Gardasil sales from public-sector buying patterns to unwind in 2027 6.
FDA decision on sac-TMT
The FDA is reviewing sac-TMT for endometrial cancer already treated before, under priority review, with a target date of 15 June 2027 26.
Keytruda's US patent
Copies of Keytruda could start in December 2028, when its main US compound patent expires 5.
📚Learn the words
❓Frequently asked questions about Merck
How does Merck make money?
Merck makes most of its money selling medicines and vaccines for people. In FY2025 that segment brought in $58.1bn ✓, and animal health $6.4bn ✓. The cancer medicine Keytruda alone made up 49% of total 2025 sales 45.
What is Keytruda?
Keytruda is a cancer medicine that helps the immune system attack tumors; it is given into a vein 3. It is approved for over 45 uses in the US 6. A version given as a shot under the skin, Keytruda Qlex, was first approved by the FDA in September 2025 36.
What happens when Keytruda's patent runs out?
Merck expects copies of Keytruda to hurt its sales materially in 2028 and 2029 5. Those copies could start in December 2028, when its main US compound patent expires 5. Merck expects to lose its sole right to sell Keytruda in Europe in 2031 5. Merck says losing a patent usually brings a big, fast drop in a product's sales 5.
Is Merck the same company as MSD?
Yes. Merck is known as MSD outside the United States and Canada 19.
Is Merck still growing?
Merck is still growing, but slowly. Sales rose 1.3% ✓ in FY2025 and 4.6% ✓ in the four quarters to 30 June 2026. From FY2019 to FY2025, growth averaged 8.8% ✓ a year.
Who runs Merck?
Robert M. Davis runs Merck. He became CEO in July 2021 and also chairman in December 2022, after serving as chief financial officer from April 2016 30.
Does Merck make medicines for animals?
Yes, through its Animal Health segment, which brought in $6.4bn ✓ in FY2025. It sells medicines and vaccines for farm animals and pets, including the flea and tick brand Bravecto 13.
How much does Merck spend on research?
Merck spent $15.8bn ✓ on research and development in FY2025. That was 24.3% ✓ of sales, well above the 16.1% ✓ peer median.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [8] [11] [12] [9] [10].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of Merck's 2025 sales came from Keytruda?
2. What does Merck's Bravecto do?
3. When was the first Merck Manual published?
4. Which disease has Merck's donated medicine Mectizan helped to fight since 1987?
5. Out of every $100 of FY2025 sales, about how much did Merck spend on research?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Merck & Co. Form 10-K for fiscal year 2025 — Cover and Item 1 overview: fiscal year end, state of incorporation, segments, products, customers (accessed 2026-11-04)
- Merck (MRK) Form 10-K for fiscal year 2025, filed 2026-02-24 — revenue and cost of sales by product, segment and geography (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Item 1 product descriptions: Keytruda, Keytruda Qlex, vaccines, hospital, cardiometabolic and Animal Health products (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Item 1 product sales table: 2025, 2024 and 2023 sales by segment and top product (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Item 1A risk factors: product concentration, loss of exclusivity timing, Gardasil in China (accessed 2026-11-04)
- Merck & Co. Form 10-Q for the quarter ended September 30, 2026 — MD&A: Keytruda and Keytruda SC, Gardasil, U.S. vaccine policy, ProQuad and Varivax, Lipfendra, MFN and Medicaid, Animal Health (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Item 1 patents, trademarks and licenses: key patent expiry table, footnotes, data exclusivity, royalties (accessed 2026-11-04)
- SEC EDGAR companyfacts: Merck (MRK) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: ELI LILLY & Co (LLY) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: PFIZER INC (PFE) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: AbbVie Inc. (ABBV) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: JOHNSON & JOHNSON (JNJ) — annual 10-K facts (accessed 2026-11-04)
- AbbVie Form 10-K for fiscal year 2025 — Item 1 oncology products and MD&A net revenues: Imbruvica, Venclexta, Elahere, Epkinly 2025 (accessed 2026-11-04)
- Johnson & Johnson Form 10-K for fiscal year 2025 — Item 1 Innovative Medicine segment: therapeutic areas, customers, key products (accessed 2026-11-04)
- Johnson & Johnson Form 10-K for fiscal year 2025 — Item 7 MD&A: 2025 sales by region and product, STELARA biosimilar impact, franchise drivers, research and development expense (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Item 1 Winrevair description and 2025 product sales table (accessed 2026-11-04)
- Eli Lilly Form 10-K for fiscal year 2025 — MD&A revenue by product: Mounjaro 2025 revenue (accessed 2026-11-04)
- Pfizer Form 10-K for fiscal year 2025 — MD&A product revenues: Prevnar family 2025 worldwide revenues (accessed 2026-11-04)
- Merck & Co. third-quarter 2026 results release (Form 8-K exhibit 99.1, October 29, 2026) — About our company: known as MSD outside the U.S. and Canada; more than 130 years (accessed 2026-11-04)
- Merck & Co. third-quarter 2026 results release (Form 8-K exhibit 99.1, October 29, 2026) — Third-quarter 2026 sales, product sales and earnings per share (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Item 1 competition and health care environment: competition, MFN agreement, IRA price setting, China (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Item 1 research and development: research headcount, pipeline areas, FDA review process and priority vouchers (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Item 1 human capital: employees at December 31, 2025 (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Note on concentrations of credit risk: largest wholesaler customers (accessed 2026-11-04)
- SEC EDGAR companyfacts: Merck (MRK) — balance sheet at 2026-06-30 (accessed 2026-11-04)
- Merck & Co. third-quarter 2026 results release (Form 8-K exhibit 99.1, October 29, 2026) — Third-quarter 2026 pipeline highlights, FDA action dates and full-year 2026 outlook (accessed 2026-11-04)
- Merck & Co. Form 10-Q for the quarter ended September 30, 2026 — Note 2 acquisitions, collaborations and funding: Cidara, Terns, TARGAN, SciBrunch, Blackstone (accessed 2026-11-04)
- Merck & Co. Form 10-Q for the quarter ended September 30, 2026 — Note 8 contingencies: subcutaneous pembrolizumab patent matters with Halozyme; securities class action (accessed 2026-11-04)
- SEC EDGAR companyfacts: Merck (MRK) — quarterly 10-Q/10-K facts (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Executive officers of the registrant: Robert M. Davis (accessed 2026-11-04)
- Merck Manuals: history of the Merck Manuals — First Merck Manual, 1899 (accessed 2026-11-04)
- Merck story: the Mectizan Donation Program — Mectizan donation start year, diseases and treatments donated (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Item 2 properties: headquarters and research sites (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Item 1 operations outside the U.S.: share of sales by subsidiaries outside the U.S. (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 1 competition: biosimilars, generics, own biosimilar launches, competitor table (accessed 2026-11-04)
- Amgen Inc. Form 10-K for fiscal year 2025 — Item 1 research and development: biosimilar candidates ABP 206 and ABP 234 (accessed 2026-11-04)
- Amgen Inc. Form 10-Q for the quarter ended September 30, 2026 — MD&A overview and significant developments: drug pricing policy, tariffs, pipeline events in the quarter (accessed 2026-11-04)
- Merck & Co. Form 10-K for fiscal year 2025 — Item 7 MD&A: 2025 sales drivers, vaccine royalties, Verona Pharma acquisition (accessed 2026-11-04)