Merck reported FY2025 revenue of $65.0 billion and 2026 Q1 revenue of $16.3 billion. The thesis depends on Keytruda durability, pipeline conversion, R&D productivity, acquisition discipline and cash conversion.
Merck: Keytruda scale still has to bridge the patent and pipeline test
NYSEMRKCoverage BootstrapMerck & Company, Inc.
Thesis summary
Merck reported FY2025 revenue of $65.0 billion and 2026 Q1 revenue of $16.3 billion. The thesis depends on Keytruda durability, pipeline conversion, R&D productivity, acquisition discipline and cash conversion.
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