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Merck & Co., Inc. Annual Report 2022

By: Christopher Wiesler


Merck & Co., Inc. (Merck) is a global healthcare company that offers innovative health solutions through its prescription medicines, biologic therapies, vaccines, and animal health products. The company operates through two primary segments: Pharmaceutical and Animal Health.

Pharmaceutical Segment:

  • Oncology: Merck's flagship product in this category is Keytruda, an anti-PD-1 therapy used for various types of cancers. The company also recognizes alliance revenue from sales of Lynparza, Lenvima, and Reblozyl for specific cancer treatments.

  • Vaccines: The company's vaccine portfolio includes Gardasil/Gardasil 9 for HPV prevention, ProQuad for measles, mumps, rubella, and varicella, and RotaTeq for rotavirus gastroenteritis, among others.

  • Hospital Acute Care: Products in this category include Bridion, Prevymis, Dificid, and Zerbaxa, which cater to various bacterial and fungal infections.

  • Cardiovascular: Adempas and Verquvo are the primary products for treating specific cardiovascular conditions.

  • Virology: Lagevrio, an investigational oral antiviral for COVID-19, and Isentress for HIV-1 infection are the main products in this category.

  • Neuroscience: Belsomra is Merck's offering for the treatment of insomnia.

  • Immunology: Simponi and Remicade are treatments for certain inflammatory diseases.

  • Diabetes: Januvia and Janumet are the company's flagship products for type 2 diabetes treatment.

Animal Health Segment:

Merck's Animal Health segment provides a wide range of veterinary pharmaceuticals, vaccines, health management solutions, and digitally connected identification, traceability, and monitoring products. 

Key products include:

Livestock Products: Nuflor, Bovilis/Vista, Banamine, Estrumate, Matrix, Resflor, Zuprevo, Zilmax, Safe-Guard, M+Pac, Porcilis, Nobilis/Innovax, Paracox, Exzolt, Slice, Aquavac, Compact PD, Aquaflor, and Allflex Livestock Intelligence solutions.


On June 2, 2021, Merck completed the spin-off of products from its women's health, biosimilars, and established brands businesses into a new independent company named Organon & Co. (Organon). This move allowed Merck to streamline its focus on its core therapeutic areas.

Sales Overview:

  • 2022 Total Sales: $59.283 billion

  • Pharmaceutical: $52.005 billion

  • Keytruda: $20.937 billion

  • Gardasil/Gardasil 9: $6.897 billion

  • Lagevrio: $5.684 billion

  • Januvia/Janumet: $4.513 billion

  • Animal Health: $5.550 billion

  • Livestock: $3.300 billion

  • Companion Animals: $2.250 billion

  • Other Revenues: $1.728 billion

Insights and Implications:

Merck's annual report underscores its commitment to healthcare innovation, with a strong emphasis on oncology, vaccines, and animal health. The company's flagship product, Keytruda, continues to be a significant revenue driver, highlighting the importance of innovative cancer therapies in the pharmaceutical market. The introduction of Lagevrio, an antiviral for COVID-19, showcases Merck's agility in responding to global health crises.

The spin-off of Organon indicates Merck's strategic move to focus on its core strengths and streamline its product portfolio. This decision could lead to more specialized research and development in Merck's primary therapeutic areas.

The Animal Health segment's robust performance, especially in the livestock category, suggests a growing market opportunity in veterinary pharmaceuticals and health management solutions.


In conclusion, Merck's diversified product portfolio, combined with its strategic business decisions and commitment to research and development, positions it well in the ever-evolving healthcare market. The company's focus on oncology, vaccines, and animal health will likely continue to drive growth in the coming years.

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