Merck & Co., Inc.
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Financial Performance
Revenue
$65.011B
Market Cap
$325.4B
Net Income
$18.3B
Employees
72,000
Merck's financial narrative is a massive story of terrifying concentration risk entirely masked by astronomical, unprecedented revenue. They generate over $60 billion in revenue. However, a massive 40% of their total revenue (over $25 billion a year) comes entirely from one single drug: Keytruda. Keytruda is the highest-grossing pharmaceutical drug in human history. The profit margins are incredibly high, generating massive free cash flow. However, Wall Street is terrified of the 'Patent Cliff' in 2028, when Keytruda loses its legal monopoly, meaning Merck must desperately execute massive acquisitions to replace that revenue.
Revenue Trend Analysis
YoY Change
+1.3%
2-Year CAGR
+4%
Peak Year
2025
Trend
Consistent Growth
Merck & Co., Inc. has reported revenue across 3 fiscal years, compounding at +4% annually over 2 years. The most recent year saw a 1.3% increase versus the prior year. Revenue peaked in 2025 at $65.0B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $65.0B | $18.3B | +1.3% |
| FY2024 | $64.2B | $17.1B | +6.7% |
| FY2023 | $60.1B | $365M | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Merck & Co., Inc. reported approximately $60.1B in fiscal year 2025 with a team of 72,000 employees worldwide.
Merck & Co., Inc. strategically balances reinvestment into core R&D with operational cost discipline, focusing on workflow automation to expand operating margins in 2026.
Financial performance in Pharmaceuticals / Biotechnology / Animal Health is driven by steady cash generation and pricing power, enabling Merck & Co., Inc. to reinvest in high-return strategic initiatives.
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CorpDigest. "Merck & Co., Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/merck/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Merck & Co., Inc. reported $65B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/merck/financials" target="_blank" rel="noopener">CorpDigest — Merck & Co., Inc. financials</a></div>