MSD

What MSD does

MSD (Merck & Co., Inc., NYSE: MRK) is a global biopharmaceutical company that develops, manufactures, and commercializes prescription medicines, vaccines, biologic therapies, and animal health products. Headquartered in Rahway, New Jersey, the company employs approximately 71,000 people worldwide and reported full-year 2025 worldwide sales of $65 billion. Its flagship product, Keytruda (pembrolizumab), a PD-1 inhibitor approved across multiple cancer types, generated approximately $31.7 billion in 2025, making it the world's top-selling cancer drug. The company serves healthcare providers, hospitals, specialty pharmacies, government health systems, and patients across more than 15 countries, with manufacturing operations in the US, Ireland, and Singapore, and R&D/business development offices in eight major hubs (Boston, Cambridge, West Point, South San Francisco, London, Tokyo, Shanghai, and Rahway).

The company's research platform integrates traditional drug discovery with proprietary AI/ML capabilities, most notably the KERMT foundation model (co-developed with NVIDIA and trained on 11+ million molecules for small molecule lead optimization) and the TEDDY model, which together have reportedly doubled the molecules in MSD's development pipeline, with two AI-derived candidates now in clinical trials. MSD has 22 medicines in late-stage clinical trials (versus 15 in 2023) and is running 2,800+ trials in combination regimens. The portfolio spans oncology, vaccines, infectious diseases, immunology, cardiometabolic/respiratory, and animal health, augmented by licensed assets such as sacituzumab tirumotecan (TROP2 ADC from Kelun-Biotech, 17 global Phase III studies) and co-developed products with AstraZeneca (Lynparza, Koselugo) and Moderna (individualized neoantigen therapies).

MSD monetizes primarily through direct enterprise sales of branded pharmaceuticals to healthcare providers, hospital systems, and government health programs, supplemented by licensing royalties and milestone payments from partnered products. Since 2021, the company has deployed over $65 billion in business development, including the acquisitions of Prometheus Biosciences ($10.8B), Verona Pharma ($10B), Cidara Therapeutics ($9.2B), and Terns Pharmaceuticals ($6.7B), a $700M Blackstone Life Sciences investment in its ADC program, and a strategic partnership with Google Cloud worth up to $1 billion for agentic AI. In February 2026, MSD announced a corporate restructuring to separate its oncology and non-oncology operations into two distinct divisions — led by Jannie Oosthuizen and Brian Foard respectively — to ringfence the oncology business ahead of Keytruda's primary patent expiry in 2028.

Name

MSD

Legal name

Merck & Co., Inc.

Website

https://msd.com

Company type

Public

Founded year

1891

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

MSD (Merck & Co., Inc.) is a global biopharmaceutical company that develops and commercializes innovative medicines, vaccines, biologic therapies, and animal health products across oncology, infectious disease, immunology, and cardiometabolic areas, serving hospitals, healthcare providers, and government health systems worldwide.

Ownership category

akta.pro rank

Product category

Pharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Oncology Diagnostics (tumor profiling, MRD, liquid biopsy) (HLAAALAE)

akta.pro secondary industries

Clinical Development & Regulatory for Vaccines (trials, pharmacovigilance, lot release) (HLAAAEAK), Women’s Health & Reproductive Specialty Pharmaceuticals (HLAIACAN), SaMD – Digital Biomarkers & Algorithmic Endpoints (HLACANAF)

Keywords

• Oncology pharmaceuticals
• Vaccine development
• Biopharmaceuticals manufacturing
• Immunotherapy treatments
• Animal health products

Headquarters

HQ city

Kenilworth

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain, Infrastructure

Revenue model

1. Pharmaceutical Product Sales: MSD generates the majority of revenue from sales of proprietary pharmaceutical products including Keytruda (pembrolizumab), Gardasil (HPV vaccine), and other branded medicines. Revenue is derived from direct product sales to healthcare providers, distributors, and government health programs globally. Q4 2025 global sales were $16.4 billion with full-year 2025 sales growing 1% to $65 billion.
2. Licensing and Royalty Revenue: MSD receives milestone payments and royalties from partnered products including sacituzumab tirumotecan (sac-TMT) from Kelun-Biotech partnership, where MSD holds exclusive development and commercialization rights outside Greater China. Also generates revenue from out-licensing internal technologies and receiving royalties on partner products.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

MSD is a global biopharmaceutical company that discovers, develops, manufactures, and commercializes prescription medicines, vaccines, biologic therapies, and animal health products. Its portfolio spans oncology (led by Keytruda/pembrolizumab), vaccines (Gardasil, Enflonsia), infectious diseases, immunology (Tulisokibart), cardiometabolic and respiratory diseases (Ohtuvayre, Enlicitide), and animal health, supported by proprietary AI-driven drug discovery platforms.

Product overview

MSD is a global biopharmaceutical company offering a diversified portfolio of innovative medicines and vaccines across oncology, infectious diseases, vaccines, immunology, cardiometabolic diseases, and neuroscience. Core products include Keytruda (pembrolizumab), the world's top-selling cancer immunotherapy generating ~$31.7B annually; Gardasil for HPV/cervical cancer prevention; and Mectizan, the longest-running disease donation program for river blindness. The company has strengthened its pipeline through major acquisitions including Verona Pharma ($10B for Ohtuvayre), Terns Pharmaceuticals ($6.7B for TERN-701), and Cidara Therapeutics ($9.2B). Through licensing partnerships, MSD holds rights to sacituzumab tirumotecan (TROP2 ADC from Kelun-Biotech) outside Greater China and co-develops Lynparza and Koselugo with AstraZeneca. Digital capabilities include AI models KERMT and TEDDY for drug discovery, and generative AI systems for manufacturing quality management.

Differentiator

Problem solved

Functional benefit

Brands

• MSD Animal Health: The global animal health business unit of MSD, focused on veterinary pharmaceuticals and vaccines.

Products and services

• Keytruda (pembrolizumab) PD-1 inhibitor immunotherapy for multiple cancer types, MSD's flagship oncology product used as monotherapy and in combination regimens across oncology centers and hospital systems globally.
• Gardasil Quadrivalent HPV vaccine for the prevention of cervical cancer, distributed through national immunization programs and private health systems.
• Mectizan (ivermectin) Donated medicine for the treatment of river blindness (onchocerciasis) and lymphatic filariasis, distributed through the longest-running disease-specific drug donation program.
• Sacituzumab tirumotecan (sac-TMT) TROP2-directed antibody-drug conjugate (ADC) licensed from Kelun-Biotech, indicated across multiple solid tumors and being studied in combination with pembrolizumab for first-line PD-L1-positive NSCLC.
• TERN-701 Oral BCR-ABL inhibitor for chronic myeloid leukemia (CML) acquired through the Terns Pharmaceuticals acquisition, holding FDA breakthrough therapy designation for adults with Philadelphia chromosome-positive CML without T315I mutation.
• Ohtuvayre (ensifentrine) First-in-class inhaled COPD maintenance therapy acquired through the Verona Pharma acquisition, providing a novel mechanism of action for chronic obstructive pulmonary disease.
• Enlicitide Investigational oral PCSK9 inhibitor for hypercholesterolemia and cardiovascular disease risk reduction.
• Enflonsia (clesrovimab) Monoclonal antibody for RSV prevention in infants, demonstrating consistent safety across two RSV seasons in a Phase III high-risk infant study.
• Tulisokibart Anti-TL1A monoclonal antibody indicated for ulcerative colitis and being evaluated across seven immunology indications including Crohn's disease and rheumatoid arthritis.
• Welireg Hypoxia-inducible factor prolyl hydroxylase inhibitor approved in combination with Keytruda for renal cell carcinoma.
• Padcev (enfortumab vedotin-ejfv) Antibody-drug conjugate used in combination with Keytruda as neoadjuvant treatment for muscle-invasive bladder cancer.
• Lynparza (olaparib) PARP inhibitor jointly developed with AstraZeneca for germline BRCA-mutated HER2-negative early breast cancer and additional oncology indications.
• Koselugo (selumetinib) Oral selective MEK inhibitor co-developed with AstraZeneca for plexiform neurofibromas in neurofibromatosis type 1, approved for pediatric patients.
• MSD Animal Health Global animal health business unit offering veterinary pharmaceuticals and vaccines for companion and production animals.

Quantifiable outcome

• Keytruda demonstrated 68% progression-free survival at 2 years versus 57% with chemoradiotherapy alone in cervical cancer patients
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature5 records

Partnerships

14 partnerships are on record, tiered core and minor.

• Department of Health - Abu DhabicoreStrategic or Co-development Partner · 24 June 2026Abu Dhabi's Department of Health announced collaboration with MSD to explore establishing a regional logistics hub within the HELM (Health, Endurance, Longevity, and Medicine) Cluster. Subject to applicable approvals, the hub would support distribution of MSD's broad product portfolio across regional markets while strengthening supply chain resilience and improving patient access to innovative therapies.
• Nivi, Inc.coreStrategic or Co-development Partner · 16 June 2026Global collaboration to enhance HPV disease awareness and cervical cancer prevention through an AI-powered conversational platform deployed in India, Indonesia, and Thailand. Nivi's platform has already engaged 2.5 million users to deliver personalized HPV risk assessments, educational content, and referrals to vaccination and screening services.
• Adcendo ApSminorStrategic or Co-development Partner · 26 May 2026Clinical trial collaboration and supply agreement to evaluate ADCE-T02 (tissue factor-targeting antibody-drug conjugate) in combination with pembrolizumab in Phase Ib study for advanced solid tumors. Adcendo sponsors the trial; MSD supplies pembrolizumab. Both companies retain commercial rights to their respective compounds.
• ModernacoreStrategic or Co-development Partner · 20 May 2026MSD scientists, in collaboration with Moderna, are exploring individualized neoantigen therapies designed to train the immune system to recognize and destroy cancer cells unique to each individual patient's tumor mutations.
• City Cancer ChallengeminorGTM or Marketing Partner · 15 May 2026MSD and City Cancer Challenge expanded global partnership to strengthen women's cancer care, aiming to reach more than 300,000 women living with cancer around the world by 2030.
• Terns PharmaceuticalscoreStrategic or Co-development Partner · 6 May 2026MSD agreed to acquire Terns Pharmaceuticals for approximately $6.7 billion in an all-cash deal, gaining access to TERN-701 (oral BCR-ABL inhibitor for chronic myeloid leukemia) which has FDA breakthrough therapy designation. The transaction resulted in a $5.8 billion R&D charge.
• Quotient TherapeuticsminorStrategic or Co-development Partner · 24 March 2026$2.2 billion alliance with Quotient Therapeutics to discover new therapeutic targets for inflammatory bowel disease. MSD pays $20 million upfront with additional development, regulatory, and commercial milestones. Quotient uses somatic genomics to identify natural genetic variations linking genes to disease.
• Evaxion BiotechminorStrategic or Co-development Partner · 5 March 2026MSD exercised its option on EVX-B3 infectious disease vaccine candidate for $7.5 million upfront fee with up to $592 million in potential milestone payments. Historic out-licensing of Evaxion's infectious disease vaccine technology.
• CEPIminorStrategic or Co-development Partner · 22 January 2026CEPI providing up to $30 million to support MSD's development of an updated Zaire ebolavirus vaccine. Partners SK bioscience and Hilleman Laboratories involved in manufacturing process development with goal of improving thermostability and eliminating cold-chain storage requirements.
• Cidara TherapeuticscoreStrategic or Co-development Partner · 14 November 2025MSD confirmed $9.2 billion acquisition of Cidara Therapeutics, a flu biotech company, signifying strategic investment in infectious disease research and biotechnology.
• Verona PharmacoreStrategic or Co-development Partner · 9 July 2025MSD acquired UK-headquartered Verona Pharma for approximately $10 billion to gain Ohtuvayre (ensifentrine), a first-in-class COPD maintenance therapy approved by FDA in 2024. Projected to achieve $1-4 billion in peak annual revenue.
• Aurobindo Pharma / TheraNym BiologicscoreChannel Partner/ Reseller/ Distributor · 1 May 2024TheraNym, Aurobindo Pharma's biologics CDMO subsidiary, serves as MSD's anchor customer for manufacturing advanced therapeutics. TheraNym has committed $150-175 million to construct a new mammalian drug substance facility with 60,000 liters of bioreactor capacity. The facility equipped with 15 KL bioreactors creates over 1,500 jobs.
• Prometheus BiosciencescoreStrategic or Co-development Partner · 1 June 2023MSD acquired Prometheus Biosciences for $10.8 billion in 2023, gaining access to tulisokibart (anti-TL1A monoclonal antibody) which successfully met all primary and secondary endpoints in Phase III ATLAS-UC induction study for ulcerative colitis.
• Sichuan Kelun-BiotechcoreStrategic or Co-development Partner · 1 December 2022MSD holds exclusive development and commercialization rights for sacituzumab tirumotecan (sac-TMT) outside Greater China. Kelun-Biotech developed the TROP2 ADC which has received multiple approvals in China across TNBC, EGFR-mutant NSCLC, and HR+/HER2- breast cancer. MSD is conducting 17 global Phase III clinical studies with the drug.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Novartis: Swiss peer with overlapping oncology (Pluvicto, Kisqali), cardiovascular, and immunology pipelines. Similar global manufacturing footprint and direct PD-1/oncology competition through combination trials.
• Bristol-Myers Squibb: Direct PD-1 competitor with Opdivo (nivolumab) and a deep oncology + immunology portfolio. Closely comparable in immuno-oncology positioning and post-LOE diversification challenges.
• Eli Lilly: Large-cap biopharma with comparable vaccines, oncology, and cardiometabolic franchises. Increasingly competitive in AI-driven drug discovery and large M&A to offset LOE pressure.
• Roche: Swiss multinational with leading oncology franchise (Tecentriq, Herceptin, Avastin) and strong diagnostics arm. Directly competes with Keytruda across multiple tumour types and shares the large-pharma biologics + vaccines profile.
• Pfizer: One of the world's largest biopharmaceutical companies with a similarly diversified oncology, vaccines, and primary care portfolio. Direct competitor in PD-1/IO, vaccines, and biologics manufacturing at comparable global scale.
• Sanofi: Global vaccines and specialty care peer competing in RSV, HPV, and immunology. Provides context on talent (Brian Foard joining MSD's non-oncology unit from Sanofi) and pipeline competition in Dupixent-class indications.
• AstraZeneca: Co-development partner with MSD on Lynparza and Koselugo and direct competitor in oncology (Imfinzi, Tagrisso, Enhertu). Shares focus on ADC + IO combinations and global expansion in emerging markets.
• Johnson & Johnson (Innovative Medicine): Diversified biopharma with major oncology, immunology, and vaccines franchises. Comparable scale, hospital-channel distribution, and post-patent-cliff diversification strategy via M&A.
• GSK: UK-based peer with overlapping vaccines (Shingrix, HPV), HIV, and specialty pharma franchises. Direct competitor in global HPV vaccination and respiratory markets.

Broad incumbents

• Amgen: Large biotech with biologics manufacturing expertise and oncology focus. Overlaps in biologics production, inflammation (Tezspire), and broader portfolio diversification strategies.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat7 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/MSDInvents
• YouTubeyoutube.com/channel/UChHvXY_b3cgM_Bvb2J-B5-Q
• Facebookfacebook.com/MSDInvents
• LinkedInlinkedin.com/company/msd-global
• Instagraminstagram.com/msdinvents

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MSD