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Merck & Co., Inc. MRK

Healthcare — Drug Manufacturers General
S&P 500 Member Dividend Aristocrat
Indexes indicate stock being part of an index ,
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
72.01
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — 2 — — 12 — — — — — 7 —
Insider Ownership
0.40%

Capital & Financial Ratios

Market Cap
362,180.00
Revenue
66,569.00
Net Income
3,169.00
Free Cash Flow
16,063.00
Net Debt
43,940.00
Current Ratio
1.32
Debt/Equity
1.22
P/E ratio
117.50
P/S ratio
5.45
P/B ratio
8.64
Past 5Y EPS Growth
12.04%
This Y EPS Growth
(69.42%)
Next Y EPS Growth
247.74%
Next 5Y EPS Growth
5.51%
in millions of $

Dividends

Payout Ratio
2.36
Annual Dividend Rate
2.92
Annual Dividend Yield
2.58%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 3.92
—
—
—
2025 3.28
—
—
—
—
2024 3.12
—
—
—
—
2023 2.96
—
—
—
—
2022 2.80
—
—
—
—
2021 2.61
—
—
—
—
2020 2.37
—
—
—
—
2019 2.16
—
—
—
—
2018 1.90
—
—
—
—
2017 1.80
—
—
—
—
2016 1.77
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 7,093.00 13,689.00 14,565.00 7,141.00
Receivables 10,349.00 10,278.00 11,775.00 12,564.00
Inventory 6,358.00 6,109.00 6,658.00 6,207.00
Other 8,368.00 8,706.00 10,518.00 10,767.00
32,168.00 38,782.00 43,516.00 36,679.00
2023 2024 2025 Q'26
Payables 3,922.00 4,079.00 4,404.00 3,827.00
ST’ Debt — — — —
Other — — — —
25,694.00 28,420.00 28,327.00 27,731.00
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 16,286.00 16,607.00 — —
—
’25 15,529.00 15,806.00 17,276.00 16,400.00
65,011.00
’24 15,775.00 16,112.00 16,657.00 15,624.00
64,168.00
’23 14,487.00 15,035.00 15,962.00 14,631.00
60,115.00
’22 15,901.00 14,593.00 14,959.00 13,830.00
59,283.00
’21 10,627.00 11,402.00 13,154.00 13,521.00
48,704.00
’20 12,057.00 9,353.00 10,929.00 9,179.00
41,518.00
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 3,918.00 5,370.00 — —
—
’25 2,500.00 3,293.00 7,822.00 2,857.00
16,472.00
’24 3,090.00 5,637.00 9,291.00 3,450.00
21,468.00
’23 1,339.00 3,704.00 7,717.00 246.00
13,006.00
’22 4,761.00 4,302.00 5,602.00 4,430.00
19,095.00
’21 1,240.00 1,990.00 4,797.00 5,095.00
13,122.00
’20 707.00 1,918.00 1,582.00 3,410.00
7,617.00
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 2,927.00 4,477.00 — —
—
’25 1,172.00 2,529.00 6,835.00 1,824.00
12,360.00
’24 2,229.00 4,846.00 8,508.00 2,513.00
18,096.00
’23 332.00 2,739.00 6,815.00 (743.00)
9,143.00
’22 3,777.00 3,173.00 4,476.00 3,281.00
14,707.00
’21 158.00 1,004.00 3,625.00 3,887.00
8,674.00
’20 (279.00) 1,351.00 137.00 1,979.00
3,188.00
in millions of $

EPS

Mar Jun Sep Dec Year
’26 (1.72) (0.54) — —
—
’25 2.01 1.76 2.32 1.19
7.28
’24 1.87 2.14 1.24 1.48
6.74
’23 1.11 (2.35) 1.86 (0.48)
0.14
’22 1.70 1.55 1.28 1.18
5.71
’21 1.25 0.61 1.80 1.48
5.14
’20 1.26 1.18 1.16 (0.83)
2.78

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

1.8
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 72.88 99.14 94.48 73.31 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ 112.89 119.65 134.63 107.59 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 69,000 72,000 75,000 75,000 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.86 0.83 0.86 0.87 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 59,283.00 60,115.00 64,168.00 65,011.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 70.63% 73.17% 76.32% 74.80% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 16,444.00 1,889.00 19,936.00 21,067.00 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 27.74% 3.14% 31.07% 32.41% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 14,526.00 377.00 17,133.00 18,263.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,909.00 3,872.00 4,499.00 5,838.00 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 23.41 23.70 25.34 25.98 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 5.73 0.14 6.74 7.28 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.54 5.13 8.48 6.58 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.73) (1.52) (1.33) (1.64) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.81 3.60 7.15 4.94 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 18.19 14.83 18.31 21.05 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,532.00 2,537.00 2,532.00 2,502.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.40 808.86 14.78 14.46 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.75 4.78 3.93 4.05 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.11 7.63 5.43 5.00 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.05 5.24 4.26 4.56 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 20.34 34.43 15.12 23.98 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19,095.00 13,006.00 21,468.00 16,472.00 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (4,388.00) (3,863.00) (3,372.00) (4,112.00) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 14,707.00 9,143.00 18,096.00 12,360.00 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11,483.00 6,474.00 10,362.00 15,189.00 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 30,972.00 33,683.00 34,462.00 46,750.00 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 17,780.00 26,590.00 20,773.00 32,185.00 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 46,058.00 37,635.00 46,372.00 52,662.00 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 13.52% 0.34% 15.30% 14.37% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 17.90% 2.87% 18.82% 16.28% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ 34.44% 0.87% 40.75% 36.86% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Merck & Co. (MRK) has delivered explosive revenue growth, doubling from $39.8 billion in 2016 to a projected $79.4 billion by 2026, largely powered by Keytruda, which now accounts for over 40% of sales at $25 billion annually. Efficiency shines through with revenue per employee up 52% since 2020 and gross margins expanding to 76%, but this rocket ship runs on a single engine facing a major patent cliff in 2028, when U.S. biosimilars could erode dominance.

Profits tell a wilder tale: a 2023 net income crash to near-zero from a massive R&D charge was followed by a stunning 2024 rebound to $17.1 billion, backed by fortress-like cash flows hitting $18.1 billion in free cash flow. Debt has risen, yet valuations look reasonable at 15x forward PE and 4x PS—cheaper than historical norms—but escalating insider selling, including from the CEO and top execs totaling $42 million in recent months, raises eyebrows amid peak stock prices.

Analysts project 10% revenue CAGR through 2027 with EPS doubling, buoyed by newcomers like Winrevair, but contrarians warn of moderating growth, litigation risks, and that “buy” consensus overlooking the cliff. Is Merck a maturing cash cow or a setup for volatility? Dive into the full analysis for the numbers that matter.

Read full commentary →

Merck & Co., Inc. (MRK) Latest News

News by impact score

Fine-tune

18 Sep

4 , 6:55 AM
Merck receives positive EU CHMP opinion for KEYTRUDA plus Padcev as perioperative treatment for adults with resectable muscle-invasive bladder cancer. Positive CHMP opinion advances potential EU approval of KEYTRUDA-Padcev combination in MIBC and supports expanded oncology revenue.

3 , 7:12 PM
Merck gains CHMP positive opinion supporting its bladder cancer treatment for potential EU approval and expanded market access. CHMP support enables incremental EU oncology revenue growth for Merck but remains limited to one indication.

17 Sep

4 , 7:57 AM
Merck & Co. is advancing diversification strategies to reduce reliance on Keytruda and strengthen long-term growth through new pipelines and business initiatives. Diversification beyond Keytruda represents major strategic moves that could significantly alter Merck's trajectory and investor outlook.

3 , 12:32 PM
Moderna stock swings sharply again amid renewed speculation that its mRNA cancer vaccine program is regaining momentum. Merck's co-development of Moderna's personalized cancer vaccines means any rally or setback in that program directly affects Merck's oncology pipeline outlook.

15 Sep

4 , 10:12 PM
Merck enters oncology partnership and launches blockchain pilot, moves that may shift its investment case and market performance. Oncology tie-up plus blockchain pilot mark major strategic steps capable of altering Merck's trajectory and investor view.

4 www.trefis.com, 8:44 PM
Merck's $70 billion pipeline faces scrutiny over whether it justifies the stock's premium valuation. Merck's pipeline valuation directly shapes long-term revenue projections and investor sentiment.

14 Sep

4 www.marketbeat.com, 5:02 PM
Merck CEO identifies upside potential in the drug pipeline, with new product launches and animal health business growth serving as primary drivers of company transformation. Pipeline upside, product launches and animal health expansion signal major strategic moves likely to shift Merck trajectory and investor views.

4 www.marketbeat.com, 11:02 AM
Moderna’s cancer vaccine success is accelerating development efforts across multiple tumor types. Moderna vaccine progress directly strengthens MRK’s joint mRNA oncology programs and competitive positioning.

11 Sep

4 , 11:17 AM
Merck & Co. relies on its expanding pipeline and new drugs to offset revenue loss from Keytruda's patent expiration. Pipeline growth and new launches represent major strategic moves to counter Keytruda LOE and reshape long-term revenue trajectory.

10 Sep

4 www.pharmavoice.com, 10:01 PM
Merck expands strategy around Keytruda while prediction markets flag emerging risks to the company. Keytruda expansion and linked prediction-market risks directly affect Merck revenue trajectory and investor outlook.

4 www.marketbeat.com, 4:02 AM
Merck targets $70B pipeline to offset upcoming KEYTRUDA exclusivity loss. Major strategic pipeline push directly addresses KEYTRUDA patent cliff and can significantly shift long-term trajectory.

3 www.pharmavoice.com, 5:17 AM
Merck encounters major hurdles in advancing mRNA cancer vaccines to market, including technical, regulatory and manufacturing challenges that delay commercialization. Discussed barriers may slow Merck's oncology pipeline progress without fundamentally altering its overall trajectory.

9 Sep

4 www.pharmavoice.com, 5:48 AM
Merck pairs ADCs with Keytruda to advance treatments in women's cancers. Pairing ADCs with Keytruda bolsters Merck's oncology strategy and competitive stance around its flagship asset.

8 Sep

4 www.trefis.com, 10:36 AM
Merck has stopped making prior claims about its GARDASIL vaccine, prompting scrutiny over marketing practices and product details that could affect the company's reputation and performance. GARDASIL is a major revenue driver for Merck and any shift in messaging risks altering market sentiment and long-term sales trajectory.

4 Sep

4 , 1:09 PM
Merck advances the first oral PCSK9 pill candidate that could replace injectable therapies and reshape cholesterol treatment standards. Oral PCSK9 success would drive major revenue growth and competitive gains in cardiovascular drugs.

3 , 10:37 AM
SMMT stock surges after its NSCLC drug shows superior survival data versus Keytruda in China trials. Rival drug beating Keytruda on survival in China may reduce Merck oncology share in that market.

3 Sep

4 , 5:27 PM
A 2028 warning threatens Merck's $8.4 billion Keytruda market fortress. Keytruda faces loss of exclusivity in 2028 that would cut major revenue.

4 , 5:00 PM
Fresenius Kabi launches generic Sugammadex in Simplist ready-to-administer prefilled syringe format in the US market. Generic Sugammadex launch by Fresenius Kabi directly erodes Merck's Bridion revenues and market exclusivity.

4 , 1:29 PM
Merck's Keytruda shows strong Summit trial results but faces ongoing investor skepticism on long-term implications. Keytruda trial data can shift Merck revenue projections and competitive standing in oncology.

4 www.trefis.com, 12:07 PM
Merck stock valuation draws scrutiny over whether it factors in a post-Keytruda future prematurely amid the drug's looming patent issues. Keytruda drives most of Merck revenue so any debate on post-patent trajectory directly shifts long-term forecasts and sentiment.

3 , 12:00 PM
Summit Therapeutics claims its cancer drug outperforms Merck's product in direct competition. Rival's superiority claim in oncology may pressure Merck's market share and investor views.

3 , 11:30 AM
Merck (MRK) stock rose 18.2% after its latest earnings report on positive results and outlook. Earnings-driven stock gains reflect moderate effects on valuation and sentiment.

3 , 11:16 AM
Moderna’s cancer vaccine rally triggers a rare sell rating and 45% projected stock drop, highlighting competitive pressures on Merck’s oncology portfolio including Keytruda. Moderna vaccine momentum introduces measurable competitive risk to Merck’s cancer drug franchise without immediate fundamental disruption.

3 , 11:09 AM
Pfizer centers its pipeline strategy on obesity and oncology. Pfizer oncology push heightens competition against Merck's established position in the space.

2 Sep

3 www.trefis.com, 1:16 PM
Merck & Co. stock outperformed the market despite slowing sales, driven by factors such as pipeline strength or cost management that supported investor sentiment. Slowing sales create moderate pressure on performance while stock outperformance signals limited but noticeable effects on sentiment and positioning.

1 Sep

5 , 8:19 PM
Merck achieves first positive Phase 3 results for its individualized mRNA cancer vaccine trial, strengthening its oncology portfolio and competitive position. Positive Phase 3 data on individualized mRNA cancer vaccine marks transformative advance in Merck oncology pipeline.

4 , 10:31 AM
Merck receives LIPFENDRA approval, driving oral PCSK9 inhibitor market into high-growth phase alongside AstraZeneca's AZD0780, Aqur's AQR-008 and other emerging drugs. LIPFENDRA approval marks major product launch that expands Merck's pipeline in high-growth therapeutic area.

31 Aug

3 , 1:35 AM
Jim Cramer described trial results from Moderna and Merck as encouraging. Encouraging trial results involving Merck could moderately influence its market performance through effects on product development and investor views.

30 Aug

4 , 8:15 AM
Merck reports first positive Phase 3 result for personalized mRNA melanoma therapy. First positive Phase 3 data on personalized mRNA melanoma therapy marks major pipeline advance with direct effects on future oncology revenue.

4 , 6:03 AM
Moderna and Merck cancer trial drove healthcare sector to best week since June. Positive cancer trial results with Moderna strengthen Merck oncology pipeline and investor outlook.
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