Merck & Co., Inc. operates as a healthcare company worldwide. It offers human health pharmaceutical for various areas under the Keytruda, Keytruda Qlex, Welireg, Gardasil, ProQuad, M-M-R II, Varivax, Vaxneuvance, Capvaxive, RotaTeq, Pneumovax 23, Bridion, Prevymis, Dificid, Zerbaxa, Winrevair, Adempas/ Verquvo, Ohtuvayre, Lagevrio, Isentress/Isentress HD, Delstrigo, Pifeltro, Belsomra, Januvia, and Janumet brands. The company also provides veterinary pharmaceuticals, vaccines and health management solutions and services, such as livestock products under the Nuflor, Bovilis/Vista, Bovilis Cryptium, Banamine, Estrumate, Matrix, Resflor, Zuprevo, Revalor, Safe-Guard, M+Pac, Porcilis, Circumvent, Nobilis/Innovax, Paracox and Coccivac, Exzolt, Slice, Imvixa, Clynav, Aquavac/Norvax, Aquaflor, Flexolt brands; Allflex Livestock Intelligence solutions; and companion animal products under the Bravecto One-Month, Bravecto Injectable/Quantum, Bravecto TriUNO, Bravecto Plus, Sentinel Spectrum, Sentinel Flavor Tabs, Numelvi, Optimmune, Nobivac NXT, GilvetMab, Otomax, Mometamax, Mometamax Ultra, Posatex, Caninsulin/Vetsulin, Panacur, Safeguard, Regumate, Prestige, Scalibor/Exspot, Sure Petcare, and Home Again brands. It has development and commercialization agreement for three of Daiichi Sankyo's deruxtecan ADC candidates; AstraZeneca PLC to co-development and co-commercialize AstraZeneca's Lynparza products for multiple cancer types; licensed to develop, manufacture and commercialize LM-299, a novel investigational PD-1/VEGF bispecific antibody from LaNova; and collaboration agreement with Eisai Co., Ltd., Bayer AG, and Ridgeback Biotherapeutics LP, as well Moderna, Inc. Merck & Co., Inc. has strategic collaboration with Infinimmune, Inc. to discover and develop antibodies against multiple therapeutic targets. The company was founded in 1891 and is headquartered in Rahway, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $65.0B | $28.3B | $18.3B | $12.4B | 34.7% | 1.3% | 6.6% |
| 2024 | $64.2B | $25.7B | $17.1B | $18.1B | 37.0% | 6.7% | 4589.6% |
| 2023 | $60.1B | $6.9B | $365M | $9.1B | 1.0% | 1.4% | -97.5% |
| 2022 | $59.3B | $21.3B | $14.5B | $14.7B | 31.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 59,283 | 60,115 | 64,168 | 65,011 |
| Cost Of Revenue | - | 17,411 | 16,126 | 15,193 | 16,382 |
| Gross Profit | - | 41,872 | 43,989 | 48,975 | 48,629 |
| Operating Expense | - | 23,590 | 41,035 | 28,754 | 26,522 |
| Operating Income | - | 18,282 | 2,954 | 20,221 | 22,107 |
| EBITDA | - | 21,315 | 6,907 | 25,706 | 28,262 |
| EBIT | - | 17,406 | 3,035 | 21,207 | 22,424 |
| Pretax Income | - | 16,444 | 1,889 | 19,936 | 21,067 |
| Tax Provision | - | 1,918 | 1,512 | 2,803 | 2,804 |
| Net Income | - | 14,519 | 365 | 17,117 | 18,254 |
| Net Income Common Stockholders | - | 14,519 | 365 | 17,117 | 18,254 |
| Total Expenses | - | 41,001 | 57,161 | 43,947 | 42,904 |
| Interest Expense | - | 962 | 1,146 | 1,271 | 1,357 |
| Interest Income | - | 157 | 365 | 415 | 343 |
| Research And Development | - | 13,548 | 30,531 | 17,938 | 15,789 |
| Selling General And Administration | - | 10,042 | 10,504 | 10,816 | 10,733 |
| Normalized EBITDA | - | 23,308 | 7,536 | 26,228 | 29,106 |
| Normalized Income | - | 16,278.82 | 861.91 | 17,565.61 | 18,985.66 |
| Market Cap | 276,380 | 276,380 | 276,380 | 276,380 | 276,380 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Merck & Co., Inc.this co. | MRK | $276.8B | 15.14β discount | 5.25 | 34.7% | 11.01 |
| AbbVie Inc. | ABBV | $354.2B | 83.17 | -107.48 | -129.2% | 23.47 |
| UnitedHealth Group Incorporated | UNH | $321.5B | 26.74 | 3.43 | 12.8% | 16.32 |
| Amgen Inc. | AMGN | $185.5B | 24.09 | 21.45 | 89.1% | 13.68 |
| Thermo Fisher Scientific Inc. | TMO | $177.2B | 26.04 |
| - |
| - |
| - |
| - |
| - |
| 3.27 |
| 12.6% |
| 17.74 |
| Gilead Sciences, Inc. | GILD | $162.1B | 19.02 | 7.13 | 37.5% | 13.20 |
| Abbott Laboratories | ABT | $158.3B | 24.27 | 3.04 | 12.5% | 13.56 |
| Pfizer Inc. | PFE | $153.1B | 19.76 | 1.78 | 9.0% | 12.89 |
| Danaher Corporation | DHR | $126.3B | 34.71 | 2.39 | 6.9% | 20.24 |
| Peer Median | - | 25.15 | 3.15 | 12.5% | 15.00 | |