Merck & Co., Inc. (MRK)
NYSE · Healthcare · analysed October 12, 2026
Merck & Co., Inc. is a global biopharmaceutical company that develops and manufactures prescription medicines, vaccines, biologic therapies, and animal health products, with primary commercial strength in oncology, infectious diseases, and preventative vaccines. Established in the United States in 1891, the company traces its historical origins to a German pharmacy founded in 1668. Currently, Merck is focused on diversifying its revenue base ahead of late-decade patent expirations for its oncology blockbuster Keytruda, prioritizing pipeline expansion in cardiovascular, cardiometabolic, and respiratory therapies alongside targeted business development acquisitions.
Executive summary
Merck continues to generate substantial cash flow from its dominant immuno-oncology franchise, led by Keytruda's global leadership and recent commercial momentum from Winrevair and Capvaxive1,5,10. However, the company faces an acute patent expiration in late 2028 on Keytruda, which accounted for nearly half of total FY2025 revenues, alongside ongoing vaccine demand volatility in China1,5,26. Following a 74% share price rally over the trailing twelve months, the stock trades in line with Wall Street consensus price targets, creating a balanced risk-reward profile as heavy acquisition-related charges compress near-term earnings1,11,17.
Sources cited here, 6 of 28
- 1gurufocus.com
- 5trefis.com
- 10stock-analysis-on.net
- 11stock-analysis-on.net
- 17marketbeat.com
- 26drugpatentwatch.com
Key figures
- Market cap
- $359.2B
- P/E, trailing
- 104.7
- P/E, next 12 months
- 23.5
- Revenue growth, last fiscal year
- 1.3%
- Net margin, last fiscal year
- 28.1%
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