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The revenue of Merck & Co. increased significantly in 2025, rising from ** billion U.S. dollars in 2023 to ** billion U.S. dollars in 2025. During 2021, Merck spun off its women’s health, biosimilars, and established brands businesses into a new publicly traded company named Organon & Co. 

Revenues lifted by sales of cancer treatments

The majority of Merck’s revenue comes from its pharmaceutical segment, which includes human health and vaccine products. The company’s oncology franchise, which is dedicated to the study of cancer, generates the largest share of its pharmaceutical revenues. Revenues of Keytruda, a drug used to fight cancer, were particularly strong over the last few years – increasing by around **** billion U.S. dollars between 2023 and 2024. 

The importance of investing in innovation

Higher sales of Keytruda contributed to the increase in Merck’s revenue in 2025. Developing commercially successful products, such as Keytruda and Gardasil, is essential if Merck & Co. wants to compete in the industry. The company continues to recognize the importance of research and development and has annually invested many billions of U.S. dollars in the search for innovative medicines over the last few years, and a record high of **** billion dollars of R&D spending in 2023.