10x Insights
Loading account…
Companies / Health Care / Merck & Co.
MRK

Merck & Co.

Health CarePharmaceutical PreparationsS&P 500
Ticker MRKRAHWAY, NJFiscal year ends DecemberBook value per share $16.97Diluted shares 2.5B

Merck & Co., Inc. (NYSE: MRK) is a global health care company that develops and sells prescription medicines, biologic therapies, vaccines and animal health products. Its Pharmaceutical segment supplies human medicines and pediatric, adolescent and adult vaccines to wholesalers, retailers, hospitals, government… From the company’s description.

In fiscal 2025, Merck & Co. reported revenue of $65.01B, up 1.3% from fiscal 2024, and net income of $18.26B. Its operating margin was 32.6%, and operations generated $16.47B in cash. Over the twelve months to Jun 30, 2026, revenue was $66.57B.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-06-30
Sales & profitability
$65.01BFY2025
+1.3% year over year
Last 12 mo $66.57B
32.64%FY2025
+1.6 percentage points
Last 12 mo 9.58%
$18.26BFY2025
+6.6% year over year
Last 12 mo $3.17B
36.16%FY2025
−1.4 percentage points
Last 12 mo 7.57%
Cash & financing
$16.47BFY2025
−23.3% year over year
Last 12 mo $19.97B
$12.36BFY2025
−31.7% year over year
Last 12 mo $16.06B
0.94FY2025
Was 0.80× a year earlier
Last 12 mo 1.29
2.5BFY2025
−1.3% year over year
Last 12 mo 2.5B

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What Merck & Co. does

In the company’s own words

Merck & Co., Inc. (NYSE: MRK) is a global health care company that develops and sells prescription medicines, biologic therapies, vaccines and animal health products. Its Pharmaceutical segment supplies human medicines and pediatric, adolescent and adult vaccines to wholesalers, retailers, hospitals, government agencies, physicians and managed health care providers. Its Animal Health segment sells veterinary pharmaceuticals and vaccines, health management services, and digitally connected animal identification, traceability and monitoring products to veterinarians, distributors, farmers, animal producers and pet owners. Key brands include Keytruda, Gardasil, Januvia, Bridion, Bravecto and Nobivac. In fiscal 2025, the Pharmaceutical segment generated $58.1 billion in sales and Animal Health generated $6.4 billion; total company sales were $65.0 billion. Its website is www.merck.com.

Company details
Sector
Health Care
Industry (SIC)
Pharmaceutical Preparations
Headquarters
RAHWAY, NJ
Fiscal year end
December
CIK
310158
SIC
2834

Financial performance, year by year

Fiscal 2013–2025 · USD
$-6.66B$13.31B$33.28B$53.26B$73.23B2013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns Merck & Co. — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

1.5K
funds hold it
5 of 35
superinvestors hold it
$96.14B
held by funds, at market
32.0%
of shares held by funds
50
bond issues held by funds

Superinvestors in Merck & Co. · what they did last quarter

Bill NygrenDECREASED -2.4%
Harris Associates (Oakmark)
2.1%of 13F portfolio
Bill SmeadDECREASED -5.5%
Smead Capital Management
6.4%of 13F portfolio
Prem WatsaUNCHANGED
Fairfax Financial Holdings
0.8%of 13F portfolio

Share of each manager’s reported 13F portfolio. Change is in shares held, since the previous quarter.

Largest fund holders · Merck & Co.’s weight in each

VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.44%of fund net assets
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.49%of fund net assets
iShares Core S&P 500 ETF
IVV · iShares Trust
0.49%of fund net assets
Fidelity 500 Index Fund
FXAIX · Fidelity Concord Street Trust
0.45%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Merck & Co.’s bonds, as funds hold them

Funds report holding 50 issues of Merck & Co.’s debt, $5.69B at market value — what funds hold, not the company’s total debt. Weighted-average coupon 4.29%, maturing 2027 to 2065.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

Compare this company with peers, find it in your funds and follow its financial history with your connected AI:

  • “How do Merck & Co. and its peers compare on margins and cash generation over ten years?”
  • “Where did five years of Merck & Co.'s earnings go — cash, debt, buybacks, reinvestment?”
  • “What changed in Merck & Co.'s last four quarterly filings that the numbers alone won't show?”
See how it works →All research tools with a subscription. Use your own AI account.