Merck & Co., Inc. (MRK): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Sumergirse en el intrincado mundo de Merck & Co., Inc. (MRK), una potencia farmacéutica que transforma desafíos médicos complejos en soluciones de salud innovadoras. Esta exploración de su lienzo de modelo de negocio revela una estrategia sofisticada que entrea en investigación de vanguardia, asociaciones globales y tratamientos médicos innovadores, posicionando a Merck como un jugador fundamental en el panorama de la salud en constante evolución. Desde instalaciones de investigación avanzadas hasta enfoques centrados en el paciente, descubra cómo este gigante de la industria navega por el intrincado ecosistema de desarrollo farmacéutico y la prestación de salud global.

Merck & Co., Inc. (MRK) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con instituciones de investigación farmacéutica

Merck colabora con las siguientes instituciones de investigación:

Institución	Área de enfoque	Año de asociación
Instituto del Cáncer Dana-Farber	Investigación oncológica	2022
MIT	Tecnologías de descubrimiento de drogas	2023
Escuela de Medicina de Harvard	Investigación de inmunología	2021

Acuerdos de colaboración con organizaciones de atención médica global

Las asociaciones clave de atención médica global incluyen:

• Organización Mundial de la Salud (OMS) - Distribución de vacunas
• Gavi Alliance - Programas de inmunización
• Fondo global: tratamiento con enfermedades infecciosas

Empresas conjuntas con compañías de biotecnología

Asociaciones de biotecnología notables:

Compañía	Valor de asociación	Área terapéutica
Moderna	$ 1.2 mil millones	Terapéutica de ARNm
Ridgeback Bioterapeutics	$ 356 millones	Tratamientos antivirales

Asociaciones con centros médicos académicos

COLABORACIONES DE CENTROS MÉDICOS MÉDICOS SEGIFICADOS:

• Universidad Johns Hopkins - Investigación de medicina de precisión
• Centro Médico de Stanford - Ensayos clínicos
• Mayo Clinic - Investigación de enfermedades raras

Acuerdos de licencia con firmas innovadoras de desarrollo de medicamentos

Asociaciones de licencia activa:

Compañía	Tipo de licencia	Valor de acuerdo estimado
Seagen	Licencia de drogas oncológicas	$ 2.75 mil millones
Prometeo biosciencias	Licencia de enfermedad inflamatoria	$ 1.1 mil millones

Merck & Co., Inc. (MRK) - Modelo de negocio: actividades clave

Investigación y desarrollo farmacéutico

Merck invirtió $ 14.5 mil millones en gastos de investigación y desarrollo en 2022. La compañía mantiene 12 laboratorios de investigación primarios en todo el mundo, centrándose en áreas terapéuticas clave que incluyen oncología, enfermedades infecciosas y tratamientos cardiovasculares.

Inversión de I + D	Número de instalaciones de investigación	Áreas de investigación primarias
$ 14.5 mil millones (2022)	12 laboratorios primarios	Oncología, enfermedades infecciosas, cardiovascular

Ensayos clínicos y pruebas de drogas

Merck realizó 425 ensayos clínicos activos en 2022, que abarcan 45 países. La tubería de desarrollo clínico de la compañía incluyó 87 nuevas entidades moleculares y vacunas potenciales.

• 425 ensayos clínicos activos
• 45 países involucrados
• 87 nuevas entidades moleculares potenciales

Fabricación de medicamentos recetados

Merck opera 33 instalaciones de fabricación en todo el mundo, produciendo aproximadamente 3,2 mil millones de dosis de medicamentos anualmente. La red de fabricación de la compañía abarca América del Norte, Europa y Asia.

Instalaciones de fabricación	Producción anual de medicamentos	Alcance geográfico
33 instalaciones	3.200 millones de dosis	América del Norte, Europa, Asia

Marketing y distribución global de productos de atención médica

Merck generó ingresos totales de $ 59.2 mil millones en 2022, con productos farmacéuticos que representan el 82% de las ventas totales. La compañía mantiene operaciones comerciales en más de 140 países.

• Ingresos totales: $ 59.2 mil millones (2022)
• Ventas de productos farmacéuticos: 82% de los ingresos totales
• Presencia comercial: más de 140 países

Innovación continua en tratamientos médicos

La estrategia de innovación de Merck dio como resultado 11 nuevas aprobaciones de drogas entre 2020-2022. La Compañía presentó 1.287 solicitudes de patentes a nivel mundial durante el mismo período.

Nuevas aprobaciones de drogas	Solicitudes de patentes	Enfoque de innovación
11 aprobaciones (2020-2022)	1.287 aplicaciones globales	Oncología, vacunas, enfermedades infecciosas

Merck & Co., Inc. (MRK) - Modelo de negocio: recursos clave

Extensas instalaciones de investigación y desarrollo

Merck opera 12 centros principales de I + D a nivel mundial, con un gasto total de I + D de $ 14.7 mil millones en 2023. Las instalaciones de investigación abarcan múltiples ubicaciones que incluyen:

Ubicación	Área de enfoque	Tamaño
Kenilworth, NJ	Sede global	350,000 pies cuadrados
Boston, MA	Investigación oncológica	250,000 pies cuadrados
West Point, PA	Investigación de fabricación	500,000 pies cuadrados

Fuerza laboral científica y médica altamente calificada

Composición de la fuerza laboral a partir de 2023:

• Total de empleados: 68,000
• PhD/MD Professionals: 22% de la fuerza laboral
• Científicos de Investigación Global: 5.600

Cartera de propiedad intelectual robusta

Métricas de propiedad intelectual:

• Patentes activas totales: 3,200
• Presentaciones de patentes anuales: 450-500
• Duración de protección de patentes: 15-20 años

Infraestructura tecnológica avanzada

Detalles de la inversión tecnológica:

Categoría de tecnología	Inversión anual
Tecnologías de salud digital	$ 780 millones
IA/Investigación de aprendizaje automático	$ 420 millones
Biología computacional	$ 350 millones

Fuerte capital financiero para la inversión

Instantánea de recursos financieros:

• Activos totales: $ 79.5 mil millones
• Equivalentes en efectivo y efectivo: $ 8.3 mil millones
• Gasto anual de capital: $ 3.2 mil millones

Merck & Co., Inc. (MRK) - Modelo de negocio: propuestas de valor

Tratamientos médicos innovadores y soluciones farmacéuticas

Merck & Co. invirtió $ 13.2 mil millones en investigación y desarrollo en 2023. La compañía desarrolló 12 nuevas entidades moleculares entre 2020-2023.

Área terapéutica	Inversión de I + D	Nuevos tratamientos
Oncología	$ 4.5 mil millones	5 nuevas entidades moleculares
Enfermedades infecciosas	$ 3.2 mil millones	3 nuevas entidades moleculares
Cardiovascular	$ 2.8 mil millones	2 nuevas entidades moleculares

Medicamentos recetados de alta calidad

La cartera de medicamentos de prescripción de Merck generó $ 48.7 mil millones en ingresos en 2023.

• KeyTruda (Oncology): $ 21.4 mil millones en ventas
• Januvia (diabetes): $ 5.6 mil millones en ventas
• Gardasil (vacuna contra el VPH): $ 8.2 mil millones en ventas

Terapias avanzadas para afecciones médicas complejas

Merck desarrolló terapias especializadas dirigidas a afecciones médicas complejas con 87 ensayos clínicos en curso en 2023.

Condición médica	Número de ensayos clínicos	Inversión
Cáncer	42 pruebas	$ 6.7 mil millones
Inmunología	22 pruebas	$ 3.4 mil millones
Enfermedades raras	15 pruebas	$ 2.1 mil millones

Compromiso para mejorar la atención médica global

Merck asignó $ 750 millones a las iniciativas mundiales de atención médica en 2023, apoyando programas de vacunación en 87 países.

• COVID-19 Distribución de la vacuna: $ 320 millones
• Acceso al tratamiento con VIH/SIDA: $ 180 millones
• Programas de salud pediátricas: $ 150 millones

Enfoque centrado en el paciente para la investigación médica

Merck contrató a 45,000 pacientes en programas de investigación clínica durante 2023, con el 62% de la investigación centrada en los resultados informados por el paciente.

Enfoque de investigación	Participantes de los pacientes	Metodología de investigación
Resultados informados por el paciente	27,900 pacientes	62% de la investigación total
Ensayos de eficacia clínica	12,500 pacientes	28% de la investigación total
Monitoreo de seguridad	4.600 pacientes	10% de la investigación total

Merck & Co., Inc. (MRK) - Modelo de negocios: relaciones con los clientes

Compromiso médico directo

Merck mantiene 5.200 representantes de ventas dirigidos a profesionales de la salud en 2024. La estrategia de participación directa de la compañía se centra en oncología, vacunas y segmentos de cuidados agudos del hospital.

Canal de compromiso	Número de puntos de contacto	Frecuencia de interacción anual
Especialistas en oncología	1.750 representantes	4-6 interacciones por trimestre
Médicos del hospital	1.300 representantes	3-5 interacciones por trimestre
Médicos de atención primaria	2.150 representantes	2-4 interacciones por trimestre

Programas de apoyo al paciente

Merck opera programas integrales de apoyo al paciente en múltiples áreas terapéuticas.

• Oncology Patient Support Network atiende a 78,000 pacientes anualmente
• Programa de manejo de diabetes con 115,000 participantes activos
• Programa de apoyo a la vacunación que cubre a 250,000 pacientes

Plataformas de información de salud digital

La participación digital de Merck alcanza los 2,3 millones de profesionales de la salud a través de plataformas en línea especializadas en 2024.

Plataforma digital	Base de usuarios	Usuarios activos mensuales
MSD Red profesional	1.2 millones de profesionales de la salud	450,000
Portal de investigación clínica	650,000 investigadores	220,000
Plataformas de educación para pacientes	450,000 pacientes	180,000

Consultas de atención médica personalizadas

Merck ofrece 92,000 consultas de salud personalizadas anualmente en múltiples dominios terapéuticos.

Educación y recursos médicos en curso

La compañía invierte $ 124 millones anuales en recursos de educación médica para profesionales de la salud.

• 375 seminarios web de educación médica
• 220 conferencias científicas patrocinadas
• 1.850 publicaciones de investigación apoyadas

Merck & Co., Inc. (MRK) - Modelo de negocio: canales

Representantes de ventas farmacéuticas

Merck emplea a aproximadamente 7.500 representantes de ventas en los Estados Unidos a partir de 2023. El equipo de ventas cubre múltiples áreas terapéuticas, incluidas oncología, vacunas y atención aguda del hospital.

Tipo de canal de ventas	Número de representantes	Áreas de enfoque primario
Equipo de ventas de oncología	1,200	Tratamientos de Keytruda y Cancer
Representantes de atención primaria	2,500	Medicamentos de enfermedades crónicas
Equipo de especialidad del hospital	1,800	Tratamientos hospitalarios

Plataformas de información médica en línea

Merck opera múltiples plataformas digitales con más de 3.2 millones de profesionales de la salud registrados que acceden a sus recursos en línea en 2023.

• MSD.com Portal profesional
• Sitio web de información sobre el ensayo clínico
• Recursos de educación médica digital

Redes de proveedores de atención médica

Merck mantiene asociaciones con más de 250,000 proveedores de atención médica a nivel mundial. La red incluye:

Tipo de red	Número de asociaciones	Alcance geográfico
Redes hospitalarias	12,500	América del norte
Clínicas de práctica privada	185,000	Global
Instituciones de investigación	2,500	Internacional

Marketing directo al consumidor

Merck invirtió $ 892 millones en canales de comercialización directo al consumidor en 2023, dirigido a poblaciones de pacientes específicas.

• Publicidad televisiva
• Campañas de medios digitales
• Sitios web del programa de apoyo al paciente

Redes de distribución global

Merck opera centros de distribución en 14 países, con una red de logística total que atiende a más de 140 países.

Región de distribución	Número de centros de distribución	Volumen de distribución anual
América del norte	5	1.200 millones de unidades
Europa	4	850 millones de unidades
Asia-Pacífico	3	620 millones de unidades
América Latina	2	380 millones de unidades

Merck & Co., Inc. (MRK) - Modelo de negocio: segmentos de clientes

Profesionales de la salud

Merck atiende a aproximadamente 1,2 millones de profesionales de la salud en todo el mundo en 2024, incluyendo:

Segmento	Número de profesionales
Médicos	685,000
Oncólogos	142,000
Especialistas	373,000

Hospitales e instituciones médicas

Merck colabora con 78,500 instituciones de atención médica en todo el mundo, que incluyen:

• 42,300 hospitales
• 16,200 centros de investigación
• 20,000 instalaciones médicas especializadas

Pacientes individuales con necesidades médicas específicas

Segmentos de pacientes por áreas terapéuticas:

Área terapéutica	Pacientes atendidos
Oncología	3.2 millones
Diabetes	2.7 millones
Cardiovascular	4.1 millones

Sistemas de atención médica del gobierno

Merck opera en 140 países, con asociaciones clave del sistema de salud gubernamental:

• Estados Unidos Medicare/Medicaid: 65.2 millones de pacientes
• Sistemas de salud nacionales de la Unión Europea: 27 países
• Programas nacionales de salud en países en desarrollo: 52 países

Proveedores privados de seguros de salud

Cobertura del proveedor de seguros:

Región	Número de socios de seguros
América del norte	1,250
Europa	890
Asia-Pacífico	620

Merck & Co., Inc. (MRK) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

En 2023, Merck & Co. reportó gastos de I + D de $ 14.4 mil millones, que representan aproximadamente el 22% de los ingresos totales.

Año	Gastos de I + D	Porcentaje de ingresos
2023	$ 14.4 mil millones	22%
2022	$ 13.8 mil millones	21.5%

Inversiones de ensayos clínicos

Merck invirtió aproximadamente $ 5.2 mil millones específicamente en ensayos clínicos y programas de desarrollo de medicamentos en 2023.

• Ensayos clínicos de oncología: $ 2.1 mil millones
• Ensayos de enfermedades infecciosas: $ 1.3 mil millones
• Investigación cardiovascular: $ 800 millones

Costos de fabricación y producción

Los gastos de fabricación totales para Merck en 2023 fueron de $ 9.6 mil millones.

Categoría de fabricación	Costo
Producción farmacéutica	$ 6.7 mil millones
Fabricación de vacunas	$ 2.9 mil millones

Gastos globales de marketing y ventas

Los gastos mundiales de marketing y ventas de Merck totalizaron $ 12.3 mil millones en 2023.

• Marketing norteamericano: $ 5.6 mil millones
• Marketing europeo: $ 3.2 mil millones
• Marketing de Asia-Pacífico: $ 2.5 mil millones
• Otras regiones: $ 1 mil millones

Cumplimiento regulatorio y gastos legales

Los costos legales y de cumplimiento para Merck en 2023 ascendieron a $ 1.8 mil millones.

Categoría de cumplimiento	Gastos
Costos de presentación regulatoria	$ 700 millones
Asentamientos legales	$ 600 millones
Infraestructura de cumplimiento	$ 500 millones

Merck & Co., Inc. (MRK) - Modelo de negocios: flujos de ingresos

Venta de medicamentos recetados

En 2023, los ingresos farmacéuticos totales de Merck alcanzaron los $ 59.9 mil millones. Desglose de ingresos de medicación de receta clave:

Categoría de medicamentos	Ingresos anuales
Keytruda (tratamiento del cáncer)	$ 21.0 mil millones
Januvia (diabetes)	$ 4.2 mil millones
Gardasil (vacuna contra el VPH)	$ 8.0 mil millones

Distribución de vacunas

La cartera de vacunas de Merck generó ingresos significativos en 2023:

• Ingresos totales de la vacuna: $ 12.5 mil millones
• Vacuna Gardasil: conductor de ingresos primarios de $ 8.0 mil millones
• MMR y otras vacunas pediátricas: $ 3.2 mil millones
• Vacunas relacionadas con Covid-19: $ 1.3 mil millones

Acuerdos de licencia y regalías

Los ingresos por licencias para 2023 totalizaron $ 2.7 mil millones, que incluyen:

Pareja	Ingresos por licencias
Astrazeneca	$ 850 millones
Pfizer	$ 650 millones
Otras asociaciones farmacéuticas	$ 1.2 mil millones

Cartera de productos de atención médica

Diversos ingresos por productos de salud en 2023:

• Productos de oncología: $ 25.3 mil millones
• Diabetes Medicamentos: $ 5.6 mil millones
• Productos de cuidados agudos del hospital: $ 3.8 mil millones
• Productos de salud animal: $ 6.2 mil millones

Ingresos del mercado farmacéutico global

Distribución de ingresos geográficos para 2023:

Región	Ganancia	Porcentaje
Estados Unidos	$ 38.5 mil millones	64.3%
Europa	$ 12.6 mil millones	21.0%
Asia-Pacífico	$ 6.8 mil millones	11.4%
Resto del mundo	$ 2.0 mil millones	3.3%

Merck & Co., Inc. (MRK) - Canvas Business Model: Value Propositions

Merck & Co., Inc. delivers value through a portfolio anchored by oncology breakthroughs, essential preventive measures, and growth from newer specialized treatments, all supported by a stable animal health business.

Life-extending therapy through Keytruda, a foundation in oncology.

The continued success of the PD-1 blocking antibody, Keytruda (pembrolizumab), is central to Merck & Co., Inc.'s value proposition. In the third quarter of 2025, sales for Keytruda rose 10% year-over-year, reaching $8.1 billion for the quarter, surpassing the $8 billion mark for the first time in a single quarter. This performance is driven by robust demand across metastatic indications and increased uptake in earlier-stage cancers.

Preventive health solutions via the Gardasil/Gardasil 9 vaccine portfolio.

Merck & Co., Inc. offers preventive health through the Gardasil/Gardasil 9 vaccine portfolio, which protects against cancer-causing human papillomavirus (HPV) infections. However, this segment faced near-term headwinds in late 2025. Gardasil/Gardasil 9 sales declined 24% in the third quarter of 2025, reporting $1.7 billion in revenue. This was primarily due to a temporary pause in shipments to China to allow channel inventory to reduce, with the full-year 2025 contribution from China expected to be less than $1 billion at the high end of guidance.

New treatments for rare diseases, such as the recently launched Winrevair.

The company is expanding its portfolio with new product launches that address significant unmet needs. Winrevair, a treatment for pulmonary arterial hypertension (PAH), demonstrated rapid uptake. Global sales for Winrevair reached $360 million in the third quarter of 2025, representing a 141% growth rate both nominally and excluding foreign exchange impacts. Cumulative net sales for Winrevair already exceeded $1 billion within 15 months of its launch as of the second quarter of 2025. Merck & Co., Inc. projects a peak sales potential of $3 billion for Winrevair.

The following table summarizes the key product performance figures from the third quarter of 2025:

Product/Segment	Q3 2025 Sales Amount	Year-over-Year Growth/Decline
KEYTRUDA (Oncology)	$8.1 billion	10% growth
GARDASIL/GARDASIL 9 (Vaccines)	$1.7 billion	24% decline
WINREVAIR (Cardiovascular/Rare Disease)	$360 million	141% growth
Animal Health	$1.6 billion	9% growth

High-quality, reliable supply of essential medicines and animal health products.

Merck & Co., Inc. maintains a reliable supply chain, evidenced by consistent growth in its Animal Health segment. This segment posted sales of $1.6 billion in the third quarter of 2025, marking an 9% increase year-over-year. For context, the full-year 2024 Animal Health Revenue was $5.877 billion. The company's overall 2025 financial outlook, narrowed in October 2025, projects total worldwide sales between $64.5 billion and $65.0 billion.

Expanding subcutaneous (SC) delivery options, like Keytruda QLEX Injection.

To enhance patient experience and provider efficiency, Merck & Co., Inc. is expanding delivery options for its foundational oncology product. The FDA approved KEYTRUDA QLEX (pembrolizumab and berahyaluronidase alfa-pmph) injection for subcutaneous use across most solid tumor indications in September 2025. This new formulation allows for administration by a health care provider in as little as one minute every three weeks or two minutes every six weeks, compared to the intravenous infusion time.

Merck & Co., Inc. (MRK) - Canvas Business Model: Customer Relationships

You're looking at how Merck & Co., Inc. manages its critical relationships with prescribers, payers, and patients as of late 2025. The approach is highly specialized, given the complexity of their portfolio, especially in oncology.

High-touch, specialized medical science liaison support for oncology providers.

Merck & Co., Inc. Medical Science Liaisons (MSLs) focus on communicating complex scientific data, particularly for specialty areas like oncology, where the need for clear medical and scientific data is high among prescribers. The deployment of MSLs is a key strategy to bridge communication between clinical development and commercial success. While specific 2025 global MSL budget data for Merck & Co., Inc. isn't public, industry benchmarks for Top 20 pharmaceutical firms historically showed spending between $10 million and $48 million to deploy MSLs across the US, Europe, and Asia. Merck & Co., Inc. presented new research across more than 25 types of cancer at the 2025 American Society of Clinical Oncology Annual Meeting. The company received FDA approval for KEYTRUDA QLEX Injection for subcutaneous use across all solid tumor indications, which impacts how providers interact with the product.

The scale of the commercial effort supporting these relationships is suggested by the revenue figures; for example, KEYTRUDA sales were $8.1 billion in the third quarter of 2025. Selling, general and administrative (SG&A) expenses for Merck & Co., Inc. were $2.6 billion in the third quarter of 2025.

The relationship strategy with healthcare practitioners includes:

• Providing high-quality scientific engagement with healthcare professionals in key launch markets.
• Involving scientific opinion leaders in corporate medical activities.
• Delivering scientific information to drive evidence-based decision-making.

Direct negotiation with Pharmacy Benefit Managers (PBMs) and governments.

Negotiations with Pharmacy Benefit Managers (PBMs) and government entities are crucial, especially as KEYTRUDA, accounting for nearly half of Merck & Co., Inc.'s revenue, faces loss of exclusivity in 2028. Merck & Co., Inc. is dedicating significant resources to understand the implications of the Most Favored Nation (MFN) proposal, which could affect international pricing structures. The company's total worldwide sales for the third quarter of 2025 were $17.3 billion.

Key financial context influencing payer negotiations in 2025:

Metric	Value (Q3 2025)	Context
KEYTRUDA Sales	$8.1 Billion	Growth of 10% nominally
Total Worldwide Sales	$17.3 Billion	Increase of 4% from Q3 2024
Full-Year 2025 Sales Expectation	Between $64.5 Billion and $65.0 Billion	As of October 2025
Non-GAAP EPS Expectation	Between $8.93 and $8.98	Full-Year 2025 forecast

Patient assistance programs for high-cost specialty drugs.

Merck & Co., Inc. maintains patient support options, including the Merck Patient Assistance Program, Inc., which provides certain medicines and adult vaccines free of charge to eligible individuals in the U.S. who lack insurance or whose insurance does not cover their prescription products. This program was created based on the belief that no one should go without needed medicines or vaccines. For eligible, privately-insured patients, select Merck brands offer coupons to save on out-of-pocket costs. The principal executive offices are located at 126 East Lincoln Avenue, Rahway, N.J. 07065 U.S.A..

The patient support structure involves:

• Merck Patient Assistance Program for free medicines/vaccines for the uninsured/underinsured.
• Merck Access Program to help answer questions on insurance coverage and financial assistance options.
• Co-pay assistance for eligible patients.

Professional education and training for healthcare practitioners.

Education and scientific exchange are delivered through field teams and data dissemination. Merck & Co., Inc. announced new research across more than 25 types of cancer at the 2025 American Society of Clinical Oncology Annual Meeting. The MSL function is positioned to generate and disseminate complex scientific information to external stakeholders in a transparent and compliant manner. The company also supports humanitarian aid through the Merck Medical Outreach Program, donating pharmaceuticals and vaccines for aid in low- and middle-income countries.

Finance: draft 13-week cash view by Friday.

Merck & Co., Inc. (MRK) - Canvas Business Model: Channels

You're looking at how Merck & Co., Inc. gets its products to the people who need them, which is a massive logistical and sales undertaking. Here's the breakdown of the primary channels they use, grounded in the latest available 2025 figures.

The reach of Merck & Co., Inc. is global, relying on a multi-pronged approach that combines direct engagement with institutional customers and broad distribution networks.

• Global sales force targeting hospitals, clinics, and specialists.
• Wholesalers and distributors for pharmaceutical and vaccine delivery.
• Direct-to-consumer (DTC) advertising for select products in the U.S.
• Veterinary clinics and distributors for the Animal Health segment.

For the human pharmaceutical side, the scale of promotional and selling activities is significant, as reflected in the Selling, General and Administrative (SG&A) expenses. Selling, general and administrative (SG&A) expenses were $2.6 billion in the third quarter of 2025. This supports the global sales force engaging directly with healthcare providers.

The Direct-to-Consumer (DTC) channel in the U.S. is a major component for driving patient demand for certain prescription products. Here's what the advertising spend suggests about the intensity of this channel:

Metric	Amount/Value	Period/Context
Estimated Total U.S. DTC Ad Spend	$1.2 billion	2025 Estimate
Capvaxive Estimated TV Ad Spend	$28.2 million	September 2025

The Animal Health segment utilizes a distinct set of channels focused on veterinary professionals and livestock producers. The revenue generated through these channels gives you a sense of the segment's scale in 2025.

Here are the reported sales figures for the Animal Health segment through its distribution channels:

• Q1 2025 Animal Health Sales: $1.6 billion (5% growth nominally).
• Q2 2025 Animal Health Sales: $1.6 billion (11% growth nominally).
• Q3 2025 Animal Health Sales: $1.6 billion (9% growth nominally).

To put the overall scale of Merck & Co., Inc.'s business into perspective, the full-year 2025 worldwide sales are expected to be between $64.5 billion and $65.0 billion.

Merck & Co., Inc. (MRK) - Canvas Business Model: Customer Segments

You're looking at the core groups Merck & Co., Inc. serves, which really dictates how they structure their commercial teams and R&D focus. As of late 2025, the business is heavily weighted toward high-value specialty pharmaceuticals, but the other segments remain critical for diversification and public health impact. The company projects total worldwide sales for the full year 2025 to be between $64.5 Billion and $65.0 Billion.

The customer base is clearly segmented by therapeutic area and end-user type. Here's a breakdown of the key segments Merck & Co., Inc. targets:

• Oncology specialists and hospitals treating multiple tumor types. This is the engine room, driven almost entirely by the continued expansion of KEYTRUDA (pembrolizumab).
• Pediatricians and public health organizations for vaccine administration. This segment is focused on routine immunization schedules and public health threats, though it faces recent headwinds.
• Managed care organizations and government payers (Medicare/Medicaid). These entities are the ultimate gatekeepers for formulary access and reimbursement across all prescription products.
• Livestock producers and companion animal owners (Animal Health). This division serves the veterinary and agricultural markets globally.

The revenue contribution from these segments in the third quarter of 2025 gives you a clear picture of where the focus lies. For instance, the Oncology segment, anchored by KEYTRUDA, is the clear revenue leader. In Q3 2025, KEYTRUDA sales alone hit $8.1 Billion, marking a 10% nominal increase year-over-year. This drug accounted for nearly half of Merck & Co., Inc.'s pharmaceutical revenue in 2024, reaching $29.482 Billion. Analysts project KEYTRUDA revenue to land in the $28 to $30 Billion band for the full year 2025. To support this, Merck & Co., Inc. is pushing hard into earlier lines of therapy; by 2025, about 25% of total KEYTRUDA revenue was expected to come from these early-phase settings.

The Animal Health division is a significant, growing customer base, serving both livestock producers and companion animal owners. In Q3 2025, Animal Health sales grew 9% nominally to reach $1.6 Billion. For the full year 2024, this segment generated $5.88 Billion in revenue. Insights from a global survey conducted for Merck & Co., Inc. in early 2025 involved 4,072 pet owners and 582 veterinarians across 15 countries, showing the scale of their engagement with companion animal owners. A key finding for this customer group in the U.S. is that two-thirds of veterinarians report most pet owners do not follow year-round flea/tick treatment plans.

Vaccines remain a core area, targeting pediatricians and public health bodies, though this segment saw significant pressure in 2025. GARDASIL/GARDASIL 9 sales in Q3 2025 were $1.7 Billion, a 24% drop year-over-year, partly due to lower demand in China and declines in U.S. uptake. Still, Merck & Co., Inc. held the largest share in the global pediatric vaccine market at 30.82% in 2023, when the market was valued at nearly $41.16 Billion. New products like CAPVAXIVE contributed $244 Million in Q3 2025 sales, and the RSV preventative Enflonsia added $360 Million.

The relationship with payers-Managed Care Organizations and government bodies like Medicare/Medicaid-is implicit across all segments but most visible in the vaccine segment's performance, where reimbursement policy changes directly impact uptake. For example, the decline in GARDASIL/GARDASIL 9 sales in Q3 2025 was also attributed to the expiration of a "catch-up" reimbursement program in Japan. The company's overall Pharmaceutical segment revenue in FY 2024 was $57.40 Billion.

Here's a quick look at the revenue snapshot for the major product-driven segments based on the latest available full-year and quarterly data:

Customer Segment Focus	Key Product/Area	FY 2024 Revenue (Approximate)	Q3 2025 Revenue	Q3 2025 YoY Growth (Nominal)
Oncology Specialists/Hospitals	KEYTRUDA	$29.482 Billion	$8.1 Billion	10%
Pediatricians/Public Health	GARDASIL/GARDASIL 9	(Part of $13 Billion Vaccines total in FY2024)	$1.7 Billion	-24%
Livestock/Companion Owners	Animal Health	$5.88 Billion	$1.6 Billion	9%

The commercial organization must tailor its approach for each group. For oncology, it's about deep clinical data delivery to specialists and ensuring formulary inclusion for hospital systems. For vaccines, it involves working with public health bodies like the CDC and navigating payer coverage for childhood and adult immunization schedules. And for Animal Health, it means direct engagement with veterinarians and producers, often focusing on compliance and ease of administration, as shown by the survey data.

Finance: draft 13-week cash view by Friday.

Merck & Co., Inc. (MRK) - Canvas Business Model: Cost Structure

You're looking at the expenses that power Merck & Co., Inc.'s engine, which, as you know, is heavily weighted toward innovation and global reach. The cost structure reflects this focus, with massive, ongoing investments in the pipeline.

High fixed costs for Research and Development (R&D) represent a foundational element of Merck & Co., Inc.'s spending. These costs are necessary to discover and develop the next generation of blockbusters. For the second quarter of 2025, GAAP Research and Development expenses reached $4.048 billion, which was a 16% increase compared to the second quarter of 2024. Non-GAAP R&D expenses for that same quarter were reported at $4.0 billion.

The nature of producing complex biologics means that significant manufacturing and inventory costs are unavoidable. These costs include maintaining specialized facilities and managing the supply chain for high-value products. For instance, GAAP Cost of Sales in the second quarter of 2025 stood at $3.557 billion. The gross margin for Q2 2025 was 77.5%, though this was partially offset by higher inventory write-offs.

Global commercialization requires substantial resources for Sales, General, and Administrative (SG&A) expenses. This covers everything from marketing to regulatory affairs across the globe. GAAP SG&A expenses in the second quarter of 2025 were $2.649 billion. Looking at the trailing twelve months ending September 30, 2025, the total SG&A expense was $10.697B.

Merck & Co., Inc. continues to use upfront payments for licensing and acquisition agreements to augment its pipeline quickly. These are direct costs of securing external innovation. The upfront payment for the license agreement with Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Hengrui Pharma) was $200 million, recorded in the second quarter of 2025. This transaction also resulted in a charge of $0.07 per share included in the GAAP and non-GAAP EPS for Q2 2025.

To manage costs and redirect investment, the company initiated a major overhaul. This involves restructuring charges related to the cost optimization initiative. Merck & Co., Inc. announced a new 2025 Restructuring Program with estimated cumulative pretax charges of approximately $3.0 billion. In the second quarter of 2025 alone, the company recorded GAAP charges of $649 million related to this program, with GAAP Restructuring Costs for the quarter totaling $560 million.

Here's a quick look at the major expense components from the second quarter of 2025:

Cost Component (GAAP, $ in millions)	Q2 2025 Amount	Year-over-Year Change (Approximate)
Research and development	4,048	+16%
Selling, general and administrative	2,649	Decrease of 3%
Cost of sales	3,557	N/A
Restructuring Costs	560	N/A

The restructuring program is designed to realize annual cost savings of approximately $1.7 billion by the end of 2027. This is part of a broader multiyear optimization initiative targeting $3.0 billion in annual cost savings by the same date.

You should also note the specific R&D charges factored into the full-year 2025 outlook:

• Milestone payment to LaNova for MK-2010 technology transfer: $300 million.
• Upfront payment for Hengrui Pharma license agreement: $200 million.

The full-year 2025 Non-GAAP Operating expenses outlook is between $25.9 billion and $26.4 billion.

Merck & Co., Inc. (MRK) - Canvas Business Model: Revenue Streams

You're looking at the core ways Merck & Co., Inc. brings in cash as of late 2025. It's a story dominated by one blockbuster drug, but supported by other key segments, even with some regional headwinds.

The pharmaceutical sales segment remains the powerhouse, primarily driven by the continued success of its immuno-oncology therapy. For the full fiscal year 2025, the projection for this segment, led by the flagship product, is set at $32.2 billion.

To give you a sense of the momentum, here are the recent quarterly figures for that key pharmaceutical revenue stream:

Period	KEYTRUDA Sales (USD)	Year-over-Year Growth (Nominal)
Q1 2025	$7.2 billion	4%
Q2 2025	$8.0 billion	9%
Q3 2025	$8.1 billion	10%

Vaccine sales, centered on Gardasil/Gardasil 9, show a more complex picture due to inventory management and weak demand in specific international markets. Despite this, the product still generates significant revenue.

Here's how the vaccine revenue has tracked:

• Sales for the first half of 2025 totaled $2.45 billion, a 48% year-over-year decline.
• Q3 2025 sales were reported at $1.7 billion.
• Q2 2025 sales were $1.1 billion.

The Animal Health product sales unit continues to act as a solid growth driver for Merck & Co., Inc., showing consistent quarterly increases, which helps balance the volatility in other areas. This segment also benefits from recent acquisitions, like the Elanco aqua business.

Animal Health quarterly performance:

• Q1 2025 sales reached $1.6 billion, a 5% increase.
• Q2 2025 sales were $1.6 billion, an 11% increase.
• Q3 2025 sales were $1.6 billion, a 9% increase.

The total company revenue expectation for the full fiscal year 2025 has been refined, landing in a tight range. Merck & Co., Inc. now projects total company revenue for FY 2025 to be between $64.5 billion and $65.0 billion.

Also contributing to the top line is collaboration and licensing revenue from strategic partnerships. While a specific full-year number isn't always isolated, the Q1 2025 results noted higher payments received for out-licensing arrangements and royalties, showing this stream is active. The Q3 filing also details an 'Alliance revenue' component, which represents the Company's share of profits from those partnerships.

Finance: draft the Q4 2025 revenue reconciliation against the $64.5 billion to $65.0 billion guidance by next Tuesday.