← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Merck grew sales 1.3% to $65.01B as Keytruda and new launches offset a sharp fall in Gardasil sales, while free cash flow fell 31.7% to $12.36B
The read at a glance✓ Audited against SEC data
- Growth — Sales up 1.3% to $65.01B; U.S. up, international downNote
- Profitability — Net income attributable to Merck up 6.6% to $18.25BOK
- Cash flow — Free cash flow down 31.7% to $12.36BWatch
- Accounting quality — Safe balance-sheet screen; no manipulation flag; earnings quality safeOK
- Capital allocation — Dividends $8.18B, buybacks $5.08B; total debt up 32.9%Note
- Keytruda dependence — Keytruda $31.64B of $65.01B sales; U.S. biosimilar competition expected from 2028Watch
Business
Merck is a global health care company selling prescription medicines, vaccines and animal health products through two segments, Pharmaceutical and Animal Health. The cancer drug Keytruda is the center of gravity: $31.64B of FY2025 sales of $65.01B, with the company expecting Keytruda sales to be materially hurt by biosimilar competition between 2028 and 2029.
Where the revenue comes from
Fiscal 2025, as Merck & Co., Inc. reports it. History and quarterly detail are in the app.
- Pharmaceutical$58.1B
- Animal Health$6.4B
Leadership changes
From Merck & Co., Inc.'s own filings, the day they're filed.
- Paul J. Diaz · Directors · appointmenteff. 2026-11-01
- Peter C. Wendell · Directors · departureeff. 2024-02-15
- Rita Karachun · President · departureeff. 2023-12-04
Latest filings
- 8-K · Company announcement2026-10-13
- 10-Q · Quarterly report2026-08-07
- 8-K · Company announcement2026-08-04
- 8-K · Company announcement2026-05-28
- 8-K · Company announcement2026-05-22
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- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about Merck & Co., Inc., every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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