# Merck & Co., Inc. (MRK)

> Source: Nexqual · https://nexqual.com/MRK · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Merck & Co., Inc. (MRK), nexqual.com/MRK" · informational, not investment advice.

**Price:** USD 147.24 (-1.76% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 149.88 · day 144.07–154.02 · 52w 82.01–156.92 · market cap $363B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $66.6B, net income $3.17B (4.8% margin), free cash flow $16.1B (SEC filings).
- Valuation: P/E 114.5x (avg 263.4x at the last 3 fiscal year-ends), net debt $46.8B.
- 10 of 80 tracked superinvestors hold MRK (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 2 added, 4 reduced, 4 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $30.0M; 7 not under a Rule 10b5-1 plan ($30.0M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.11 on a 1–5 scale) (27 analysts), mean target USD 158.56 (range 105–186).
- Total return with dividends: 1Y +73.8% vs S&P 500 +14.9%; 5Y +111.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 2.09, revenue estimate $17.3B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $48.7B | $59.3B | $60.1B | $64.2B | $65.0B | $66.6B |
| Gross profit | $35.1B | $41.9B | $44.0B | $49.0B | $48.6B | — |
| Net income | $13.0B | $14.5B | $365M | $17.1B | $18.3B | $3.17B |
| EPS (diluted) | $5.14 | $5.71 | $0.14 | $6.74 | $7.28 | — |
| Free cash flow | $8.67B | $14.7B | $9.14B | $18.1B | $12.4B | $16.1B |
| Gross margin | 72.0% | 70.6% | 73.2% | 76.3% | 74.8% | — |
| Net margin | 26.8% | 24.5% | 0.6% | 26.7% | 28.1% | 4.8% |
| Revenue growth | +17.3% | +21.7% | +1.4% | +6.7% | +1.3% | — |
| Cash + short-term investments | $8.10B | $13.2B | $7.09B | $13.7B | $14.6B | — |
| Total debt | $33.1B | $30.7B | $35.1B | $37.1B | $49.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 114.5x · P/S 5.5x · EV/Sales 6.2x · P/FCF 22.6x · P/B 8.7x · FCF yield 4.42% · Earnings yield 0.87% · Dividend yield (paid, TTM) 2.28% · Buyback yield (TTM) 1.16% · Net debt $46.8B · EV $410B
P/E at fiscal year-ends: Dec 2025 14.5x, Dec 2024 14.8x, Dec 2023 760.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
10 of 80 tracked investors hold MRK (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Kahn Brothers | Kahn Brothers Group | 4.85% | $27.3M | Unchanged | Q2 2026 |
| Bill Nygren | Oakmark Funds | 2.06% | $1.55B | Reduced -2.4% | Q2 2026 |
| Sarah Ketterer | Causeway Capital Management | 1.33% | $123M | Added +11.8% | Q2 2026 |
| Prem Watsa | Fairfax Financial Holdings | 0.84% | $22.2M | Unchanged | Q2 2026 |
| Christopher Bloomstran | Semper Augustus | 0.65% | $5.7M | Unchanged | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.06% | $6.6M | Added +2.3% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.02% | $236K | Reduced -3.0% | Q3 2026 |
| Dodge & Cox Funds | Dodge & Cox | 0.01% | $17.4M | Reduced -0.2% | Q2 2026 |
| Richard Pzena | Pzena Investment Management | <0.01% | $323K | Unchanged | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | <0.01% | $211K | Reduced -23.3% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-13 | Guindo Chirfi | EVP, Access, Policy & Comms | 10,000 | $1.4M | 21.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-12 | Zachary Jennifer | EVP, General Counsel | 80,315 | $10.7M | 63.8% | No | Too little history (no open-market trades in 2025) |
| 2026-08-10…2026-08-12 | Deluca Richard R. | EVP&Pres, Merck Animal Heallth | 45,320 | $5.9M | 29.1% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-06 | Deluca Richard R. | EVP&Pres, Merck Animal Heallth | 6,050 | $789K | 3.7% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-06 | Guindo Chirfi | EVP, Access, Policy & Comms | 15,000 | $2.0M | 24.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05 | Maraldo David R. | EVP & Pres. MMD | 18,706 | $2.4M | 50.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05 | Williams David Michael | EVP,Chief Info&Digital Officer | 52,847 | $6.8M | 62.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.11 on a 1–5 scale), 27 analysts; mean target USD 158.56 (low 105, high 186).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Citigroup | Target raised | Neutral | $125 → $145 |
| 2026-10-12 | RBC Capital | Target lowered | Sector Perform | $150 → $145 |
| 2026-10-08 | Cantor Fitzgerald | Target raised | Neutral | $120 → $145 |
| 2026-10-07 | Morgan Stanley | Target lowered | Overweight | $179 → $177 |
| 2026-10-05 | JP Morgan | Target raised | Overweight | $150 → $165 |
| 2026-09-29 | Scotiabank | Target raised | Sector Outperform | $155 → $180 |
| 2026-09-10 | HSBC | Target raised | Buy | $150 → $172 |
| 2026-09-09 | Leerink Partners | Target raised | Outperform | $127 → $161 |
| 2026-09-08 | Guggenheim | Target raised | Buy | $146 → $170 |
| 2026-09-04 | Wells Fargo | Target raised | Overweight | $150 → $170 |
| 2026-08-25 | Wolfe Research | Target raised | Outperform | $155 → $180 |
| 2026-08-25 | Argus Research | Target raised | Buy | $145 → $170 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +73.8% | +111.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +74.2% | +16.1% |
| Volatility (annualized) | 29.2% | 25.5% |
| Max drawdown | -11.4% (Apr 2026→Apr 2026) | -40.7% (Mar 2024→May 2025) |

## Peers (Drug Manufacturers - General)
NVS (Novartis AG) USD 156.27 +1.52% · ABBV (AbbVie Inc.) USD 285.19 +0.14% · AZN (AstraZeneca PLC) USD 172.57 +2.45% · AMGN (Amgen Inc.) USD 447.28 +2.04% · JNJ (Johnson & Johnson) USD 267.61 +3.81% · GILD (Gilead Sciences, Inc.) USD 157.19 +2.36%

## More
Full page: https://nexqual.com/MRK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MRK's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | McKesson (MCK) | "The Company's customers with the largest accounts receivable balances are: McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., which represented approximately 22%, 21% and 13%, respectively, of total accounts …" |
| Customer | Cencora (COR) | "The Company's customers with the largest accounts receivable balances are: McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., which represented approximately 22%, 21% and 13%, respectively, of total accounts …" |
| Customer | Cardinal Health (CAH) | "The Company's customers with the largest accounts receivable balances are: McKesson Corporation, Cencora, Inc. and Cardinal Health, Inc., which represented approximately 22%, 21% and 13%, respectively, of total accounts …" |
| Partner | ASTRAZENECA PLC (AZN) | "(2) Being jointly developed and commercialized in a worldwide collaboration with AstraZeneca." |
| Partner | Moderna (MRNA) | "Intismeran autogene is being developed as part of a collaboration with Moderna, Inc." |
| Partner | Sanofi (SNY) | "The Company manufactures a hepatitis B vaccine (Recombivax HB, Hepatitis B Vaccine [Recombinant]) and, subject to a collaboration agreement with Sanofi Pasteur MSD, co-promotes a hexavalent vaccine that includes a hepati…" |
| Partner | Pfizer (PFE) | "The application is based on data from the Phase 3 KEYNOTE-905 trial conducted in collaboration with Pfizer and Astellas." |

Other companies that name MRK in their own reports (relationship from MRK's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | Incannex Healthcare Inc. (IXHL) | 10-K 2026-09-25 | "Hoffmann-La Roche AG, Bristol Myers Squibb, AstraZeneca PLC, and Merck & Co., Inc. While we believe we have identified the potential for IHL-675A to more effectively reduce pain and increase quality o…" |
| partner | Neuphoria Therapeutics Inc. (NEUP) | 10-K 2026-09-18 | "The collaboration includes MK-4334, which has completed Phase 1 studies, and MK-1167, which was evaluated in a now-terminated Merck-led Phase 2 trial in Alzheimer's disease dementia following an inter…" |
| competitor | iBio, Inc. (IBIO) | 10-K 2026-08-28 | "Our most significant competitors, among others, are fully integrated pharmaceutical companies such as Eli Lilly and Company, Novo Nordisk A/S, Amgen Inc., Bristol-Myers Squibb Company, Merck & Co., In…" |
| competitor | PHIBRO ANIMAL HEALTH CORP (PAHC) | 10-K 2026-08-26 | "Some of our principal competitors include Boehringer Ingelheim International GmbH, Ceva Santé Animale, Elanco Animal Health Incorporated, Huvepharma Inc., Merck & Co., Inc. (Merck Animal Health and MS…" |
| partner | BIO-TECHNE Corp (TECH) | 10-K 2026-08-24 | "On June 25, 2026, the Company entered into the Agreement and Plan of Merger (the "Merger Agreement"), with Merck KGaA, Darmstadt, Germany, a German corporation with general partners ("Parent") and EMD…" |
| partner | ASCENTAGE PHARMA GROUP INTERNATIONAL (AAPG) | 20-F 2026-04-29 | "a collaboration and license agreement with Innovent and clinical collaboration agreements with AstraZeneca, Merck, and Pfizer, and research" |
| partner | Burning Rock Biotech Ltd (BNR) | 20-F 2026-04-28 | "Our products are recognized by the medical, pharmaceutical and scientific communities, as evidenced by (i) the use of our products by oncology key opinion leaders in clinical trials and research studi…" |
| competitor | NORTHWEST BIOTHERAPEUTICS INC (NWBO) | 10-K 2026-04-15 | "There are also a number of existing drugs used for the treatment of brain cancer that may compete with our product, including, Avastin® (Roche Holding AG), Gliadel® (Eisai Co. Ltd.), and Temodar® (Mer…" |
| competitor | GeoVax Labs, Inc. (GOVX) | 10-K 2026-04-15 | "We face general market competition from several subsectors of the vaccine development field, including large, multinational pharmaceutical companies including Sanofi, GSK, Merck, Mitsubishi Tanabe, Ta…" |
| customer | Adagene Inc. (ADAG) | 20-F 2026-04-01 | "To further advance our pipeline, we have also put in place various clinical collaborations, including an agreement with Roche who is sponsoring and conducting a triple combination trial with ADG126, a…" |
| competitor | MANGOCEUTICALS, INC. (MGRX) | 10-K 2026-04-01 | "GROW product, we compete against the much larger pharmaceutical company Merck & Co., which offers the branded hair loss product Propecia," |
| partner | TuHURA Biosciences, Inc./NV (HURA) | 10-K 2026-03-31 | "Clinical collaboration with Merck" |
| partner | Cocrystal Pharma, Inc. (COCP) | 10-K 2026-03-31 | "Aspects of this program were developed in collaboration with Merck, which is legally protecting the intellectual property of the collaboration" |
| partner | Kairos Pharma, LTD. (KAPA) | 10-K 2026-03-31 | "and Asia, raised $100 million in equity, and set up partnerships with Merck, Fosun Pharma, Tasly Pharma, and Kalbe Pharma." |
| supplier | TOMI Environmental Solutions, Inc. (TOMZ) | 10-K 2026-03-31 | "On August 12, 2025, we announced a major new customer in the eye health sector, comparable in scale to Pfizer and Merck, who implemented SteraMist iHP at two facilities in under four months and placed…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Pharmaceutical | $14.76B | 89.3% | +5.1% |
| Animal Health | $1.77B | 10.7% | +7.8% |
| Total revenue | $16.54B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Keytruda | $7.90B | 47.8% | -0.7% |
| Gardasil Gardasil9 | $1.17B | 7.1% | +3.8% |
| Livestock | $1.04B | 6.3% | +8.3% |
| Companion Animal | $734.0M | 4.4% | +7.2% |
| Other Pharmaceutical | $643.0M | 3.9% | -8.5% |
| Pro Quad MMRII Varivax | $592.0M | 3.6% | -2.8% |
| Winrevair | $588.0M | 3.6% | +75.0% |
| Bridion | $497.0M | 3.0% | +7.8% |
| Keytruda Qlex | $463.0M | 2.8% | — |
| Alliancerevenue Lynparza | $365.0M | 2.2% | -1.4% |
| Prevymis | $295.0M | 1.8% | +29.4% |
| Lenvima | $283.0M | 1.7% | +6.8% |
| Welireg | $271.0M | 1.6% | +67.3% |
| Januvia | $258.0M | 1.6% | -30.6% |
| Ohtuvayre | $204.0M | 1.2% | — |
| Capvaxive | $184.0M | 1.1% | +42.6% |
| Janumet | $171.0M | 1.0% | -31.9% |
| Vaxneuvance | $148.0M | 0.9% | -35.4% |
| Rotateq | $134.0M | 0.8% | +10.7% |
| Alliance Revenue Adempas Verquvo | $126.0M | 0.8% | +2.4% |
| Alliance Revenue Reblozyl | $122.0M | 0.7% | +14.0% |
| Delstrigo | $101.0M | 0.6% | +21.7% |
| Adempas | $78.0M | 0.5% | -2.5% |
| Zerbaxa | $77.0M | 0.5% | +4.1% |
| Isentress Isentress HD | $60.0M | 0.4% | -30.2% |
| Dificid | $22.0M | 0.1% | -77.1% |
| Alliance Revenue Koselugo | $10.0M | 0.1% | -76.7% |
| Lagevrio | $5.0M | 0.0% | -94.0% |
| Total revenue | $16.54B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $9.36B | 56.6% | +6.1% |
| Non-US | $7.17B | 43.4% | +4.4% |
| Europe, Middle East and Africa | $3.92B | 23.7% | +7.1% |
| Latin America | $875.0M | 5.3% | +1.9% |
| Asia Pacific (other than China and Japan) | $820.0M | 5.0% | +4.5% |
| Other | $640.0M | 3.9% | +7.6% |
| Japan | $577.0M | 3.5% | -7.8% |
| China | $408.0M | 2.5% | -8.5% |
| Total revenue | $16.54B | 100% | — |
The lines above cover 143.8% of total revenue.

## Company outlook (8-K filed 2026-08-04)

- "Financial Outlook - Narrows and Raises Expected Worldwide Sales Range To Be Between $66.3 Billion and $67.3 Billion - Now Expects Non-GAAP EPS To Be Between $2.66 and $2.76;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.09 | $2.28 | -8.2% | $17.35B | 19 |
| Next quarter (ends 2026-12-31) | $1.96 | $1.99 | -1.6% | $16.79B | 17 |
| Current fiscal year (ends 2026-12-31) | $2.66 | $2.74 | -3.1% | $67.05B | 25 |
| Next fiscal year (ends 2027-12-31) | $9.26 | $9.66 | -4.1% | $69.94B | 22 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±5.6%; last 8 reports averaged ±3.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 47.2% | ±5.6% |
| 2026-11-06 | 14 | 42.0% | ±6.8% |
| 2026-11-13 | 21 | 37.2% | ±7.3% |
| 2026-11-20 | 28 | 36.0% | ±8.1% |
| 2026-11-27 | 35 | 34.8% | ±8.7% |
| 2026-12-04 | 42 | 33.4% | ±9.1% |
| 2026-12-18 | 56 | 32.7% | ±10.6% |
| 2027-01-15 | 84 | 32.7% | ±12.7% |