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In 2025, half of Merck & Co.’s total revenue was generated from the company’s domestic market in the United States. Sales revenue in Europe, the Middle East, and Africa stood at ** billion U.S. dollars.

Emerging markets: the risks and rewards

Merck’s business operations in China fluctuated recently. However, investment in emerging markets can come with an element of risk due to the financial instability of domestic economies: companies may face barriers in the form of trade restrictions or pricing controls, for example. A failure to operate in these markets could negatively impact the future of the business, but there are no guarantees that efforts to expand will succeed. 

Why are drug patents important?

The cancer-fighting drug Keytruda was Merck’s leading product in 2025, generating sales revenue of approximately ** billion U.S. dollars. Around ** percent of the Keytruda sales were generated in the United States, where the product has key patent protection until 2028. Patents can cover the marketing of a product, but also its pharmaceutical formulations and the processes involved in its manufacture. The expiration of a patent normally results in significant competition from generic versions, which can quickly impact the revenues of a product.