Merck & Co., Inc.
- Open
- 128.77
- Day high
- 131.74
- Day low
- 127.03
- Prev close
- 127.67
- Volume
- 10.7M
- Mkt cap
- $314.9B
- P/E (TTM)
- 35.8
- EPS (TTM)
- $3.56
- P/B
- 6.9
- P/S
- 4.8
- Yield
- 2.64%
- Per share
- $3.36
Merck & Co., Inc. (MRK) is a Healthcare company listed on NYSE. The stock is up 59% over the past year. Drillr has 6 published research articles covering MRK.
Merck & Co., Inc. (MRK) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MRK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $-1.47 | $-1.28 | +12.9% | $16.3B | +2.8% |
| Feb 3, 2026 | $2.01 | $2.04 | +1.5% | $16.4B | +1.2% |
| Oct 30, 2025 | $2.36 | $2.58 | +9.3% | $17.3B | +1.8% |
| Jul 29, 2025 | $2.03 | $2.13 | +4.9% | $15.8B | -0.4% |
| Apr 24, 2025 | $2.13 | $2.22 | +4.2% | $15.5B | +1.2% |
| Feb 4, 2025 | $1.85 | $1.72 | -7.0% | $15.6B | +0.9% |
| Oct 31, 2024 | $1.50 | $1.57 | +4.7% | $16.7B | +1.1% |
| Jul 30, 2024 | $2.15 | $2.28 | +6.0% | $16.1B | +1.5% |
| Apr 25, 2024 | $1.88 | $2.07 | +10.1% | $15.8B | +3.7% |
| Feb 1, 2024 | $-0.09 | $0.03 | +133.3% | $14.6B | +0.9% |
| Oct 26, 2023 | $1.95 | $2.13 | +9.2% | $16.0B | +10.5% |
| Aug 1, 2023 | $-2.17 | $-2.06 | +5.1% | $15.0B | +4.1% |
MRK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Seidman Christine Edirector | Grant | 63 | — |
| Jul 1, 2026 | Coe Mary Ellendirector | Grant | 233 | — |
| Jul 1, 2026 | Karsanbhai Surendralal Lancadirector | Grant | 126 | — |
| Jun 2, 2026 | Warden Kathy Jdirector | Grant | 1,853 | — |
| Jun 2, 2026 | Craig Pamela J.director | Grant | 1,853 | — |
| Jun 2, 2026 | Rothman Pauldirector | Grant | 1,853 | — |
| Jun 2, 2026 | Seidman Christine Edirector | Grant | 1,853 | — |
| Jun 2, 2026 | Coe Mary Ellendirector | Grant | 1,853 | — |
| Jun 2, 2026 | Karsanbhai Surendralal Lancadirector | Grant | 1,853 | — |
| Jun 2, 2026 | THULIN INGE Gdirector | Grant | 1,853 | — |
| Jun 2, 2026 | LAVIZZO-MOUREY RISA Jdirector | Grant | 1,853 | — |
| Jun 2, 2026 | GLOCER THOMAS Hdirector | Grant | 1,853 | — |
| Jun 2, 2026 | RUSSO PATRICIA Fdirector | Grant | 1,853 | — |
| Jun 2, 2026 | Mayo Stephendirector | Grant | 1,853 | — |
| Jun 2, 2026 | BAKER DOUGLAS M JRdirector | Grant | 1,853 | — |
Source: MRK SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full MRK insider & 13F page →MRK research & analysis
LLY, MRK, PFE: 2026 Biotech M&A Patent Cliff Driver
Biotech M&A 2026 on track for best year since 2018. Patent cliffs (Keytruda 2028, Trulicity 2027) drive LLY/MRK/PFE acquisition urgency.
LLYPFEABBVLLY: $2.3B Ajax Buy Hedges Mounjaro Patent Cliff
Eli Lilly's $2.3 billion Ajax Therapeutics acquisition reveals a critical divergence in large-cap pharma M&A strategy that the market has mispriced. While Merck and Pfizer scramble to replace patent cliff revenue with expensive blockbuster acquisitions, Lilly is buying rare-disease optionality from a position of GLP-1 strength. Long LLY versus short MRK/PFE targets 8-12% relative return over six months as earnings reveal the cost of desperate dealmaking.
LLYPFEBMYPharma Tariffs: Buy LLY & AMGN, Sell PFE & MRK — Here's Why
Trump policies eroding Europe's pharma lead via tariffs favor US manufacturing-heavy Eli Lilly and Amgen, with strong growth and margins, while Pfizer and Merck's global chains invite cost squeezes. J&J and AbbVie sit in the middle with diversification. Rank: Buy LLY/AMGN, sell PFE/MRK.
LLYAMGNABBVTrump 100% Pharma Tariffs: PFE and MRK Face $200M Hit While LLY Gains 25%
Trump's proposed 100% pharma tariffs and China's biotech surge, per April 11 CNBC, threaten Europe's manufacturing edge, hiking costs for PFE (-2.8% 1M) and MRK (-5.1% 1M) while LLY's US focus drives 25% 2026 growth. Supply chain filings flag $100-200M hits; investors should fade exposed names, buy domestic leaders. Next catalysts: Earnings tariff disclosures and China trade flows.
PFELLYTMOPharma Tariffs: LLY and AMGN Win While PFE and MRK Face Margin Squeeze
Trump's pharma import tariffs shield U.S.-focused drugmakers like Eli Lilly and Amgen from cost hikes while pressuring import-reliant Pfizer and Merck. Analysis ranks six majors by exposure, highlighting financials and guidance. Domestic winners eye margin expansion amid onshoring push.
LLYAMGNABBVPharma Tariffs: LLY, TMO, CVS Supply Chain Exposure Ranked by Risk
Trump's April 2 pharma tariff announcement highlights supply chain risks for LLY, TMO, and CVS, with SEC filings exposing China reliance. Stocks dipped mildly, but domestic manufacturing offers protection amid margin pressures.
PFELLYTMO
Merck & Co., Inc. company profile
Overview
Merck & Co., Inc. (NYSE:MRK) is one of the world's largest pharmaceutical companies, founded in 1891 and headquartered in Kenilworth, New Jersey. Originally established as the American subsidiary of the German chemical company E. Merck, the company became independent during World War I and has since evolved into a global healthcare leader. Today, Merck operates as a diversified healthcare company serving patients worldwide through two primary business segments: pharmaceuticals for human health and animal health products. The company has built its reputation on developing breakthrough medicines and vaccines that address some of the most challenging diseases facing humanity.
Business
Merck operates in the pharmaceutical industry, which involves the research, development, manufacturing, and marketing of prescription drugs and vaccines. The pharmaceutical industry is characterized by high research and development costs, lengthy regulatory approval processes, and significant patent protection periods that allow companies to recoup their investments. The company operates through two main business segments. The Pharmaceutical segment represents the vast majority of Merck's revenue, focusing on human health pharmaceutical products across several therapeutic areas including oncology, hospital acute care, immunology, neuroscience, virology, cardiovascular disease, and diabetes. This segment also includes vaccine products for preventive care across pediatric, adolescent, and adult populations. The pharmaceutical segment generates approximately 85-90% of total company revenue. The Animal Health segment discovers, develops, manufactures, and markets veterinary pharmaceuticals, vaccines, and health management solutions for livestock and companion animals. This segment also provides digitally connected identification, traceability, and monitoring products for animal producers. Animal Health represents approximately 10-15% of total company revenue. Merck's flagship product is Keytruda (pembrolizumab), an immunotherapy drug that helps the body's immune system fight cancer by blocking a protein called PD-1. Keytruda has become one of the world's best-selling cancer drugs, generating over $25 billion in annual sales. Another major product is Gardasil, a vaccine that prevents human papillomavirus (HPV) infections that can lead to cervical and other cancers. The company also markets Winrevair (sotatercept) for pulmonary arterial hypertension, a rare but serious cardiovascular condition.
Revenue model
Merck generates revenue primarily through direct product sales of prescription pharmaceuticals and vaccines to various customer segments. The company sells to drug wholesalers and retailers, hospitals, government agencies, managed health care providers such as health maintenance organizations and pharmacy benefit managers, physicians and physician distributors, veterinarians, and animal producers. The business model relies heavily on patent protection, which provides exclusive marketing rights for new drugs typically lasting 10-20 years from the time of filing. During this exclusivity period, Merck can price its products at premium levels to recoup the substantial research and development investments, which often exceed $1 billion per drug and take 10-15 years to develop. Once patents expire, generic competition typically causes dramatic price reductions and market share loss. Several factors significantly impact Merck's margins and profitability. Positive margin drivers include successful new product launches, patent extensions, expanded indications for existing drugs, pricing power in specialty therapeutic areas, and operational efficiencies in manufacturing. The company's focus on oncology and rare diseases provides particular pricing strength due to limited treatment alternatives and high unmet medical need. Negative margin pressures come from patent expirations of major products, increasing generic competition, regulatory pricing pressures from governments and payers, rising research and development costs, manufacturing complexity, and foreign exchange fluctuations. Healthcare cost containment efforts by insurance companies and government payers also pressure pricing. Additionally, the high failure rate in drug development means that for every successful drug, companies must absorb the costs of multiple failed programs.
Competitive moat
Merck possesses a moderately strong competitive moat built on several key factors, though this moat faces ongoing challenges typical of the pharmaceutical industry. The company's primary moat stems from its patent-protected product portfolio, particularly Keytruda, which enjoys regulatory exclusivity and has proven difficult for competitors to replicate due to its specific mechanism of action and extensive clinical data package. The company's research and development capabilities represent another significant moat component. Merck has built substantial expertise in oncology, immunology, and vaccine development, with specialized knowledge that takes years to develop and substantial capital to maintain. The company's clinical development infrastructure and regulatory expertise create barriers for smaller competitors trying to bring competing products to market. Regulatory barriers provide additional protection, as the FDA approval process requires extensive clinical trials costing hundreds of millions of dollars and taking many years to complete. This creates natural barriers to entry for new competitors and provides established players like Merck with significant advantages. However, Merck's moat faces several significant threats. Patent expiration represents the most immediate challenge, with Keytruda's patents beginning to expire in the late 2020s, potentially opening the door to biosimilar competition. Competitive innovation from other large pharmaceutical companies poses ongoing risks, as breakthrough therapies can quickly displace existing treatments. Additionally, pricing pressures from government agencies and insurance companies continue to erode the pricing power that traditionally provided pharmaceutical companies with strong margins. The company's moat strength varies significantly by product and therapeutic area, with newer, innovative products like Keytruda enjoying stronger protection than older, more commoditized treatments. Overall, while Merck maintains meaningful competitive advantages, these advantages are time-limited and require continuous innovation and investment to maintain.
Risks & safety
Merck demonstrates a solid margin of safety with strong financial fundamentals, though some metrics warrant attention given the cyclical nature of pharmaceutical patents. Liquidity and Solvency: • Cash and short-term investments: $8.6 billion (Q1 2025) • Current ratio: 1.41, indicating adequate short-term liquidity • Debt-to-equity ratio: 0.72, representing moderate leverage • Strong operating cash flow: $21.5 billion annually (2024) • Free cash flow: $18.1 billion annually (2024) Valuation Metrics: • Price-to-earnings ratio: 11.2 (Q1 2025), suggesting reasonable valuation • EV/EBITDA: 8.7, indicating moderate valuation relative to cash generation • Price-to-book ratio: 4.7, reflecting premium to book value but reasonable for pharmaceutical sector Other Considerations: • Revenue concentration risk with Keytruda representing nearly 50% of pharmaceutical revenue • Patent cliff approaching for Keytruda in late 2020s • Strong pipeline with 20+ potential blockbuster products providing future revenue diversification • Consistent dividend payments and share repurchase programs
Recent development
Over the past few years, Merck has executed several strategic initiatives to prepare for the eventual patent expiration of Keytruda while building new growth drivers. The company has significantly expanded its clinical pipeline, nearly tripling its late-phase development assets since 2021, with over 20 Phase 3 programs currently in development. Key product launches include Winrevair for pulmonary arterial hypertension, which generated $200 million in its first year, and Capvaxive, a pneumococcal conjugate vaccine for adults. The company has also advanced clesrovimab, an RSV prevention antibody, through late-stage trials with potential approval for the 2025-2026 RSV season. Strategic acquisitions and partnerships have been central to Merck's growth strategy. The company acquired Prometheus Biosciences to strengthen its immunology pipeline and EyeBio to expand into ophthalmology. Key partnerships include collaborations with Daiichi Sankyo and Kelun Biotech for antibody-drug conjugates, and ongoing work with Moderna on personalized mRNA cancer vaccines. Manufacturing and supply chain investments represent another major strategic focus. Since 2018, Merck has invested $12 billion in U.S. manufacturing capabilities and committed an additional $9+ billion through 2028. The company is implementing a "US for US, Europe for Europe, Asia for Asia" manufacturing strategy to reduce supply chain risks and potential tariff impacts. Pipeline diversification efforts have focused on expanding beyond oncology into cardiovascular, immunology, and infectious disease areas. The company has identified potential commercial opportunities exceeding $50 billion from its current pipeline by the mid-2030s, providing confidence in navigating the post-Keytruda patent expiration period.
MRK company profile · for informational purposes only — not investment advice.
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