Rahway, NJ – February 2026 – Merck & Co., Inc. reported strong full-year 2025 financial and operational performance, underscoring the company’s sustained leadership in oncology and its diversified growth across vaccines, cardiometabolic disease, infectious disease, and animal health. Total revenue for 2025 reached $65.0 billion, supported by continued global demand for Merck’s innovative medicines and vaccines and disciplined execution across core therapeutic areas.
“Our 2025 performance reflects the strength of Merck’s science-driven strategy and the durability of our core franchises,” said Robert M. Davis, Chairman and Chief Executive Officer, Merck & Co., Inc.
“We are delivering for patients today while investing decisively to build the next generation of medicines.”
2025 Financial Snapshot
- Total Revenue: $65.0 billion
- Pharmaceutical Sales: $58.1 billion
- Animal Health Sales: $6.35 billion
- GAAP Net Income: $18.3 billion
Merck’s 2025 results highlight the company’s ability to balance near-term performance from established brands with long-term value creation from pipeline advancement.
Oncology: The Cornerstone Therapeutic Area
Oncology remained Merck’s most significant therapeutic area in 2025, accounting for nearly half of total pharmaceutical revenue and anchoring the company’s long-term growth strategy.
KEYTRUDA® (pembrolizumab)
- 2025 Sales: $31.68 billion
KEYTRUDA continued to define the global standard of care in cancer immunotherapy, with broad adoption across more than 30 tumor types. Growth in 2025 was driven by expanded use in earlier-stage cancers, durable uptake in metastatic settings, and continued geographic expansion. The introduction of subcutaneous formulations further reinforced KEYTRUDA’s lifecycle durability and patient convenience.
“KEYTRUDA continues to demonstrate the power of immuno-oncology to fundamentally change cancer treatment,” said Dr. Dean Y. Li, President, Merck Research Laboratories.
“Its sustained performance reflects both clinical impact and the depth of Merck’s oncology development engine.”
Oncology Portfolio Beyond KEYTRUDA
Merck’s broader oncology franchise contributed meaningfully to revenue diversification and pipeline optionality:
- LYNPARZA® (oncology, PARP inhibition)
- LENVIMA® (targeted therapy across solid tumors)
- WELIREG® (HIF-2α inhibitor for rare and genetically defined cancers)
- REBLOZYL® (hematology / supportive oncology)
These assets collectively strengthen Merck’s position across immuno-oncology, targeted therapies, and rare cancer indications, supporting a multi-pillar oncology strategy beyond a single flagship product.
Vaccines: Long-Standing Franchise with Strategic Importance
GARDASIL® / GARDASIL 9® (HPV Vaccine)
- 2025 Sales: $5.23 billion
While Gardasil experienced moderated demand dynamics in certain markets during 2025, it remains a critical global public health asset and a foundational brand within Merck’s vaccine portfolio.
Pneumococcal and Pediatric Vaccines
- VAXNEUVANCE®: $825 million
- ProQuad®, M-M-R II®, Varivax® (combined): $2.45 billion
Merck continued to invest in next-generation vaccine platforms and lifecycle management strategies to reinforce its leadership in infectious disease prevention.
Cardiometabolic & Infectious Disease Therapies
Merck maintained meaningful exposure to chronic disease management through established cardiometabolic brands:
- JANUVIA® / JANUMET®: $2.54 billion in 2025 sales
Additional contributions came from hospital and specialty medicines, including BRIDION® (anesthesia reversal) and PREVYMIS® (transplant-related CMV prevention), reinforcing Merck’s presence across acute and specialty care settings.
Animal Health: Stable and Diversifying Growth Engine
- Animal Health Revenue: $6.35 billion
Merck’s Animal Health business delivered consistent performance in 2025, driven by demand in companion animal therapeutics and livestock health. The segment continues to provide portfolio resilience and cash flow diversification.
R&D and Pipeline Execution
Merck sustained a high level of R&D investment in 2025, advancing late-stage programs across:
- Next-generation oncology modalities
- Cardiometabolic disease
- Respiratory and infectious diseases
- Novel vaccine technologies
“Our pipeline reflects a deliberate focus on scientific differentiation and long-term patient impact,” Dr. Li said.
“We are building depth across therapeutic areas while expanding beyond traditional boundaries of care.”
Strategic Outlook
Looking ahead, Merck’s strategy centers on:
- Extending oncology leadership, with KEYTRUDA at the core and multiple follow-on assets
- Strengthening therapeutic area breadth, particularly in vaccines and cardiometabolic disease
- Advancing innovative modalities, including biologics and next-generation immunotherapies
- Maintaining portfolio resilience, supported by Animal Health and hospital products
“Merck enters the next phase of growth with a strong scientific foundation, durable brands, and a clear vision for long-term value creation,” Davis concluded.
“Our focus remains firmly on delivering medicines and vaccines that matter most to patients.”
About Merck & Co., Inc.
Merck & Co., Inc., known as MSD outside the United States and Canada, is a global biopharmaceutical leader focused on discovering, developing, and delivering innovative medicines and vaccines across oncology, infectious diseases, cardiometabolic conditions, and animal health.
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