Merck & Co. (known as MSD outside the US/Canada) is a global healthcare leader built around Keytruda, the world’s best-selling drug. The company has a strong vaccine franchise and animal health division.
Oncology, Vaccines, Infectious Diseases, Animal Health
5-year financial trajectory
Business segment breakdown
Key product revenue comparison
Geographic revenue split
| Product | Indication | Revenue |
|---|---|---|
| Keytruda (pembrolizumab) | Oncology | $25.0B |
| Gardasil (HPV vaccine) | Vaccines | $8.9B |
| Januvia (sitagliptin) | Diabetes | $3.4B |
| Lagevrio (molnupiravir) | COVID-19 | $1.0B |
| Winrevair (sotatercept) | PAH | $0.4B |
| Bridion (sugammadex) | Anesthesia reversal | $1.7B |
Merck is the #4 pharma company. Keytruda represents >50% of pharma revenue, creating concentration risk. The company is investing heavily in pipeline diversification ahead of 2028 Keytruda LOE.
Revenue stable at $48-52B through 2026. Keytruda subcutaneous formulation and new indications extend the franchise. Winrevair (PAH), V116 (pneumococcal), and TL1A antibody represent post-Keytruda growth drivers.
Merck & Co. 2023 Annual Report (Form 10-K). Revenue and financial data from SEC filings (Form 10-K/20-F). Pipeline data from company R&D presentations and ClinicalTrials.gov. Market analysis by Medifirm Intelledge Global.