Merck & Co., Inc.
Explore Merck & Co.
Core profile pages, annual revenue records, and related research hubs for this company.
Merck & Co., Inc.
Explore Merck & Co.
Core profile pages, annual revenue records, and related research hubs for this company.
Financial Performance
Revenue
$65.011B
Market Cap
$215.0B
Net Income
$18.3B
Employees
75,000
Merck reported FY2025 worldwide sales of $65.011 billion, up 1% from 2024, and net income attributable to Merck of $18.254 billion. The company had about 75,000 employees worldwide at December 31, 2025. The product mix remains highly concentrated. Keytruda/Keytruda Qlex generated $31.7 billion in 2025 sales, while Winrevair contributed $1.4 billion in its first full year of material commercialization. The strategic story is therefore a race between today’s Keytruda cash flow, the approaching late-decade patent cliff, and pipeline/business-development assets that can broaden growth.
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 generates roughly $60 billion in annual revenue, driven almost entirely by the unstoppable, year-over-year growth of Keytruda and Gardasil.
In the US, pharmaceutical patents expire. Keytruda is scheduled to lose its primary patent protection around 2028. When this happens, competitors will legally flood the market with cheap 'biosimilar' versions, and Merck's $25 billion revenue stream will plummet overnight.
A staggering amount. Merck spends roughly $30 billion annually on Research & Development. This is the cost of doing business in pharma: pouring billions into clinical trials for thousands of drugs, knowing 90% of them will fail, hoping to discover the next Keytruda.
In 2021, Merck spun off its women's health and legacy off-patent drugs into a new public company called Organon. This allowed Merck to dump slower-growing, low-margin products and focus entirely on high-margin oncology and vaccines.
To prepare for the Keytruda cliff, Merck is aggressively buying other biotech companies (like the $10.8 billion purchase of Prometheus Biosciences). These massive cash purchases often result in short-term accounting charges that depress quarterly earnings but secure future revenue.
Using these figures? Please credit CorpDigest with a link.
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>