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$MRK$146.31 ▼0.4%
Merck & Co., Inc.
WHAT THEY DO
Merck is a global pharmaceutical company that discovers, develops and sells prescription medicines and vaccines. Its biggest product is the cancer immunotherapy Keytruda, alongside vaccines like Gardasil and a large animal-health business.
💎 CONVERGENCE PLAY — in 2 themes
Oncology ImmunotherapyGLP-1/ObesityVaccines
PRICE
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REVENUE MIX
Pharmaceuticals88%
Animal Health9%
Other/Alliance3%
COST
COGS23%
R&D22%
SG&A14%
Op Margin35%
FINANCIAL HEALTH
Reported through Sep 30, 2026
Figures are trailing twelve months (TTM) unless marked otherwise.
REVENUE
$67.4B
Growth
5%
QTR YOY
Gross M.
75%
P/E
148.4
EV/EBITDA
13.8
Net M.
4%
FCF M.
21%
D/E
0.94
LATEST QTR
Op M.
35%
PLUG INTO YOUR DCF
Historical growth
9.4%
Analyst 5y growth
—
Forward P/E
16.3
PEG ratio
3.50
Trailing EPS
$1.00
Forward EPS
$9.00
Multiple compressing
Forward P/E is lower than trailing — earnings are expected to grow into the price.
CAPEX & R&D — LAST 0 FISCAL YEARS (SEC FILINGS)
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TAM
SIZE
$1.9T by 2030
CAGR
6%
Global prescription drug spending is projected to exceed $1.9 trillion by 2030, driven by oncology, immunology and cardiometabolic demand. Merck competes in the largest and fastest-growing therapeutic categories, but pricing pressure and patent cliffs shape the addressable opportunity.
RISK ASSESSMENT
HIGKeytruda patent cliff around 2028 could remove a large share of revenue and profit if pipeline/subcutaneous transition underdelivers.
MEDPricing pressure and IRA Medicare negotiation, plus Gardasil weakness in China, weigh on growth.
LOWFX and litigation/legal overhangs are manageable but persistent.
🐂 BULL
Keytruda franchise plus a deep oncology and cardiometabolic pipeline (including subcutaneous Keytruda and acquired obesity assets) can offset the 2028 patent cliff and drive mid-single-digit growth.
🐻 BEAR
Depressed trailing earnings (net margin 4%) and a 155x P/E reflect one-off charges and a looming Keytruda loss of exclusivity; if pipeline replacements disappoint, the stock is expensive on normalized earnings.
EARNINGS
EPS · Q3 2026
Beat ✓
REVENUE
Miss
MANAGEMENT TONE
BearishBullish
🔗 IMPACT ON YOUR THESIS
Keytruda franchise durability and subcutaneous launch
On Track→On Track
Keytruda growth held up and subcutaneous formulation progressed.
Vaccine demand (Gardasil China) recovery
Watch→Watch
China Gardasil softness persisted, capping revenue.
Pipeline replacement for 2028 LOE
Watch→Watch
No major de-risking event this quarter.
AI-powered data, computed by TreasureX · May contain inaccuracies
⚠️
All values, scores, and figures here are computed from your own assumptions and public data, for educational purposes only. This is not investment advice — TreasureX does not recommend buying or selling any security. Results change with your inputs. Please do your own research and use your own judgement before making any investment decision.