Headquartered in Rahway, NJ·Fiscal year ends December·NYSE: MRK·merck.com
About Merck &
Merck & Co., Inc. (known as MSD outside the United States and Canada) is a research-intensive biopharmaceutical company. It develops, manufactures and markets prescription medicines, vaccines and animal health products, and reports two main segments: Pharmaceutical and Animal Health.
- Oncology: The immuno-oncology franchise KEYTRUDA is the largest product, now including the subcutaneous KEYTRUDA QLEX (KEYJECT in Japan). Other oncology products include WELIREG and alliance products Lynparza (with AstraZeneca), Lenvima (with Eisai) and Reblozyl.
- Vaccines and infectious diseases: GARDASIL/GARDASIL 9, PROQUAD/M-M-R II/VARIVAX, CAPVAXIVE, VAXNEUVANCE, ROTATEQ, the RSV antibody ENFLONSIA, PREVYMIS and HIV medicines including IDVYNSO.
- Cardiometabolic, respiratory and specialty: the PAH therapy WINREVAIR, OHTUVAYRE (from the 2025 Verona Pharma acquisition) and the Adempas/Verquvo alliance.
- Legacy brands: BRIDION and JANUVIA/JANUMET face generic erosion after loss of U.S. exclusivity.
- Animal Health: livestock and companion animal products, including the BRAVECTO line.
The U.S. accounts for the majority of pharmaceutical sales, with significant business in Europe, Japan, China, Latin America and Asia Pacific. The late-stage pipeline includes the ADC sac-TMT (partnered with Kelun-Biotech), the individualized cancer vaccine intismeran autogene (with Moderna), the immunology candidate tulisokibart and the ophthalmology candidate remigromig. The pipeline has been expanded through 2026 acquisitions of Cidara Therapeutics and Terns Pharmaceuticals and a license with SciBrunch. Updated
Revenue by Segment · Q3 2026
Pharmaceutical90%
Animal Health9%
Latest Activity
PodcastMad Money w/ Jim CramerJim Cramer · 44 min
Mad Money: Wall Street Jargon, Cyclicals, GARP & Corrections 11/13/26
Cramer defines cyclicals as economy-dependent: miners like BHP, autos, homebuilders, commodity chemicals
Secular growers are the recession-proof side: Procter & Gamble, General Mills, Pfizer, Merck, Eli Lilly
He flags GLP-1 drugs as the one threat to the eat-and-drink-forever staples thesis
Caller advice: 70% stocks even for older investors, and ease idle IRA cash in one-twelfth a month
The practical call is positioning: own more cyclicals when business is booming and lean on staples and drugmakers when growth rolls over. Cramer says sector membership now drives well over half of a stock's move thanks to sector ETFs, so being in the wrong camp costs you even when the company executes.
Nvidia Fallout, AI Financing Risk and Apple’s Safe-Haven Surge
Jensen Huang's exit leaves Nvidia down nearly a third from its $6 trillion peak, with the vendor-financing web in question
DA Davidson's Gil Lauria keeps a Buy but cuts his target to $200, preferring AMD, Broadcom and Micron near term
10-year yields above 5.1% make neocloud financing costlier; NScale's S1 shows $5.5B of debt
Apple at 39x forward earnings framed as a Costco- or Walmart-style safe haven
Capital is rotating within the AI trade, moving from the Nvidia complex toward AMD and Micron, while Apple gets priced like a staple on 90% iPhone loyalty and almost no AI capex. The pressure point is funding costs, with debt-heavy neocloud borrowers the first to feel a higher 10-year yield.
A 32-point gap separates the best and worst names in a 381-stock universe today: ServiceNow and Fortinet both shed roughly 24% while Eli Lilly leads the upside at 7.72%. Positioning set for a quiet session is already wrong.
Merck topped expectations on both lines and lifted its full-year non-GAAP EPS range to $2.77 to $2.82, a signal patent cliffs are not yet biting the bottom line. Winrevair growth is offsetting Bridion's collapse to U.S. generics.
Defense and big pharma own the top of the board at the open, led by Northrop Grumman up 5.36%, with Eli Lilly, Bristol-Myers Squibb and Merck also higher. The pain is concentrated in crypto miners and optics names, where IREN leads the decline.
Cramer still buys Palantir at $190 after the stock gained 60% in Q3 and stalled short of his $250 target
Salesforce, up 46.5%, called the better SaaS-apocalypse rebound than Veeva at 30 times earnings
Caterpillar's 24% Q3 profit taking framed as a buying chance on data center engine demand
IBM, down 22% on its miss, gets the wait-a-quarter rule; Home Depot stays hostage to rates
Cramer wants to add software as the bounce-back trade and the beaten-down industrial names tied to data center power. He also warns that rising rates are the real threat heading into earnings season in a couple of weeks.
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