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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
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Company details
Market cap
$282B
P/E ratio
31×
Div yield
3.0%
Revenue (TTM)
$66B
Profit margin
14%
Rev. growth
+3%
2026 guidance
$65.8–67B
Keytruda sales
~$30B/yr
In plain English
Merck (known as MSD outside North America) is one of the world's biggest drugmakers, and today it is overwhelmingly one drug: Keytruda, the cancer immunotherapy that alone brings in roughly half of all pharma revenue. With Keytruda's US patents expiring in 2028, Merck is racing to refill the well — through a string of multibillion-dollar acquisitions (Verona, Cidara, Terns) and the Daiichi Sankyo cancer-drug alliance and Moderna cancer vaccine — while a large Animal Health business hums along on the side.
In simple terms
What Merck & Co. really sells
Merck (known as MSD outside North America) is one of the world's biggest drugmakers, and today it is overwhelmingly one drug: Keytruda, the cancer immunotherapy that alone brings in roughly half of all pharma revenue. With Keytruda's US patents expiring in 2028, Merck is racing to refill the well — through a string of multibillion-dollar acquisitions (Verona, Cidara, Terns) and the Daiichi Sankyo cancer-drug alliance and Moderna cancer vaccine — while a large Animal Health business hums along on the side.
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