By Fineline Cube 
Merck & Co. (MSD, NYSE: MRK) reported full‑year 2025 revenue of USD 65.5 billion, up 2% year‑on‑year (YOY) at constant currency, as blockbuster Keytruda sales growth offset a 39% collapse in Gardasil revenue due to plummeting demand in China. The company guided 2026 revenue of USD 65.5–67 billion while projecting USD 70 billion in new revenue opportunities by 2030.
Financial Performance Summary
| Metric | Q4 2025 | Full‑Year 2025 | YOY Growth (CER) |
|---|---|---|---|
| Total Revenue | USD 16.4 B | USD 65.5 B | +2% |
| Pharmaceutical Sales | USD 14.84 B | USD 58.14 B | +1% |
| Animal Health | — | USD 6.35 B | +9% |
| 2026 Guidance | — | USD 65.5–67 B | +1–3% |
| Keytruda Sales | USD 8.3 B | USD 31.64 B | +7% |
| Gardasil Sales | USD 1.01 B | USD 5.23 B | -39% |
Key Product Sales Performance
| Product | 2025 Sales | YOY Growth | Strategic Role |
|---|---|---|---|
| Keytruda (pembrolizumab) | USD 31.64 B | +7% | Oncology cornerstone |
| Januvia/Janumet (sitagliptin) | USD 2.5 B | +13% | Diabetes stable growth |
| Welireg (belzutifan) | USD 716 M | +41% | Renal cell carcinoma |
| Winrevair (sotatercept) | USD 1.4 B | — | PAH launch success |
| Capvaxive (21-valent PCV) | USD 760 M | — | Vaccine launch growth |
| Gardasil (HPV vaccine) | USD 5.23 B | -39% | China demand collapse |
Regional Performance Trends (Pharmaceutical Sales)
| Region | Q4 2025 (USD M) | Q4 Growth | 2025 Sales (USD M) | 2025 Growth |
|---|---|---|---|---|
| United States | 8,662 | +12% | 34,409 | +14% |
| Europe | 2,839 | +14% | 10,449 | +2% |
| Japan | 684 | -16% | 2,632 | -18% |
| China | 364 | -58% | 1,816 | -66% |
| Latin America | 644 | -5% | 2,578 | -4% |
| Asia‑Pacific (ex‑China/Japan) | 586 | -4% | 2,323 | -5% |
| EEMEA | 348 | 0% | 1,598 | +7% |
| Canada | 153 | +6% | 547 | -2% |
Strategic Outlook & CEO Commentary
CEO Robert Davis emphasized the company’s portfolio transformation, highlighting acquisitions of Verona Pharma and Cidara Therapeutics to expand respiratory and infectious disease franchises. Davis expressed confidence that Merck is on track to replace Keytruda sales after loss of exclusivity, forecasting a “line of sight to over USD 70 billion of potential commercial opportunity by the mid‑2030s,” up from USD 50 billion a year ago.
Despite a projected USD 2.5 billion hit from generic competition and US drug price negotiations, Merck expects 1–3% revenue growth in 2026.
Forward‑Looking Statements
This brief contains forward‑looking statements regarding revenue projections, product performance, and strategic outlook. Actual results may differ due to competitive dynamics, regulatory changes, and market conditions.-Fineline Info & Tech