2024 Revenues ($USD) : $64.17B

Ranked #1 on the Pharma 50 list, Merck & Co. (NYSE: MRK) reported worldwide sales of $64.17 billion in FY2024. This marked a 6.7% increase over its 2023 revenue of $60.12 billion (reported by the company as $117.11 billion at year-end, including alliance revenues). Merck demonstrated a strong commitment to innovation, investing $17.94 billion in R&D during FY2024, equivalent to 28.0% of its sales.

A primary driver of performance was the continued expansion of its flagship oncology drug, Keytruda, which saw sales climb 18% year-over-year to $29.5 billion as it reached more cancer patients globally. Additionally, the successful launch of Winrevair for pulmonary arterial hypertension (PAH) generated $419 million in its initial year. Merck’s Animal Health division also posted solid results, with sales growing 4% to $5.9 billion.

Entering 2025, Merck highlighted several key pipeline and regulatory updates. Positive topline results from a pivotal Phase 3 trial demonstrated noninferior pharmacokinetics for an investigational subcutaneous formulation of pembrolizumab (Keytruda) compared to the current intravenous version. The FDA accepted a Biologics License Application (BLA) for clesrovimab, an investigational long-acting monoclonal antibody aimed at protecting infants from Respiratory Syncytial Virus (RSV) disease.

Merck also announced an exclusive license agreement with Jiangsu Hengrui Pharmaceuticals for HRS-5346, an investigational oral lipoprotein(a) inhibitor targeting cardiovascular disease. In addition, the company shared positive clinical data for Winrevair (sotatercept-csrk) from the Phase 3 ZENITH trial, showing a 76% reduction in the risk of a composite endpoint including all-cause death, lung transplantation, or PAH-related hospitalization versus placebo.

The European Commission approved Capvaixive, Merck’s Pneumococcal 21-valent Conjugate Vaccine, for preventing invasive pneumococcal disease and pneumonia in adults.

For fiscal year 2025, Merck forecasts worldwide sales to be between $64.1 billion and $65.6 billion and projects non-GAAP Earnings Per Share (EPS) to fall within the range of $8.88 to $9.03.