Miserrer & Co., Inc. (MRK): Business Model Canvas [Jan-2025 Mis à jour]

Plonger dans le monde complexe de Merck & Co., Inc. (MRK), une centrale pharmaceutique qui transforme les défis médicaux complexes en solutions de santé révolutionnaires. Cette exploration de leur toile de modèle commercial révèle une stratégie sophistiquée qui s'entrelace de recherche de pointe, de partenariats mondiaux et de traitements médicaux innovants, positionnant Merck en tant qu'acteur pivot dans le paysage des soins de santé en constante évolution. Des installations de recherche avancées aux approches centrées sur le patient, découvrez comment ce géant de l'industrie navigue dans l'écosystème complexe du développement pharmaceutique et de la prestation mondiale des soins de santé.

Miserrer & Co., Inc. (MRK) - Modèle commercial: partenariats clés

Alliances stratégiques avec des institutions de recherche pharmaceutique

Merck collabore avec les institutions de recherche suivantes:

Institution	Domaine de mise au point	Année de partenariat
Dana-Farber Cancer Institute	Recherche en oncologie	2022
Mit	Technologies de découverte de médicaments	2023
École de médecine de Harvard	Recherche d'immunologie	2021

Accords collaboratifs avec les organisations mondiales de soins de santé

Les principaux partenariats mondiaux de santé comprennent:

• Organisation mondiale de la santé (OMS) - Distribution des vaccins
• Gavi Alliance - Programmes de vaccination
• Fonds mondial - traitement des maladies infectieuses

Coentreprises avec des sociétés de biotechnologie

Partenariats notables en biotechnologie:

Entreprise	Valeur de partenariat	Zone thérapeutique
Moderne	1,2 milliard de dollars	thérapeutique d'ARNm
Ridgeback Biotherapeutics	356 millions de dollars	Traitements antiviraux

Partenariats avec des centres médicaux universitaires

Collaborations importantes du centre médical académique:

• Université Johns Hopkins - Recherche de médecine de précision
• Centre médical de Stanford - essais cliniques
• Clinique Mayo - Recherche de maladies rares

Accords de licence avec des entreprises de développement de médicaments innovantes

Partenariats de licence actifs:

Entreprise	Type de licence	Valeur de l'accord estimé
Seagen	Licence de médicament en oncologie	2,75 milliards de dollars
Prometheus Biosciences	Licence de maladie inflammatoire	1,1 milliard de dollars

Miserrer & Co., Inc. (MRK) - Modèle d'entreprise: activités clés

Recherche et développement pharmaceutiques

Merck a investi 14,5 milliards de dollars dans les frais de recherche et développement en 2022. La société entretient 12 laboratoires de recherche primaires dans le monde, en se concentrant sur des domaines thérapeutiques clés, notamment l'oncologie, les maladies infectieuses et les traitements cardiovasculaires.

Investissement en R&D	Nombre d'installations de recherche	Domaines de recherche primaires
14,5 milliards de dollars (2022)	12 laboratoires primaires	Oncologie, maladies infectieuses, cardiovasculaire

Essais cliniques et dépistage de médicaments

Merck a mené 425 essais cliniques actifs en 2022, couvrant 45 pays. Le pipeline de développement clinique de l'entreprise comprenait 87 nouvelles entités et vaccins moléculaires potentiels.

• 425 essais cliniques actifs
• 45 pays impliqués
• 87 nouvelles entités moléculaires potentielles

Fabrication de médicaments sur ordonnance

Merck exploite 33 installations de fabrication dans le monde, produisant environ 3,2 milliards de doses de médicaments par an. Le réseau de fabrication de la société s'étend sur l'Amérique du Nord, l'Europe et l'Asie.

Installations de fabrication	Production de médicaments annuelle	Portée géographique
33 installations	3,2 milliards de doses	Amérique du Nord, Europe, Asie

Marketing mondial et distribution des produits de santé

Merck a généré un chiffre d'affaires total de 59,2 milliards de dollars en 2022, avec des produits pharmaceutiques représentant 82% du total des ventes. La société maintient des opérations commerciales dans plus de 140 pays.

• Revenu total: 59,2 milliards de dollars (2022)
• Ventes de produits pharmaceutiques: 82% des revenus totaux
• Présence commerciale: 140+ pays

Innovation continue dans les traitements médicaux

La stratégie d'innovation de Merck a abouti à 11 nouvelles approbations de médicaments entre 2020-2022. La société a déposé 1 287 demandes de brevet dans le monde au cours de la même période.

NOUVELLES APPROBATIONS DE DRUG	Demandes de brevet	Focus de l'innovation
11 approbations (2020-2022)	1 287 applications mondiales	Oncologie, vaccins, maladies infectieuses

Miserrer & Co., Inc. (MRK) - Modèle d'entreprise: Ressources clés

Installations approfondies de recherche et développement

Merck exploite 12 principaux centres de R&D dans le monde, avec des dépenses totales de R&D de 14,7 milliards de dollars en 2023. Les installations de recherche couvrent plusieurs emplacements, notamment:

Emplacement	Domaine de mise au point	Taille
Kenilworth, NJ	Siège social mondial	350 000 pieds carrés
Boston, MA	Recherche en oncologie	250 000 pieds carrés
West Point, PA	Recherche manufacturière	500 000 pieds carrés

Main-d'œuvre scientifique et médicale hautement qualifiée

Composition de la main-d'œuvre en 2023:

• Total des employés: 68 000
• Professionnels de doctorat / MD: 22% de la main-d'œuvre
• Scientifiques du chercheur mondial: 5 600

Portfolio de propriété intellectuelle robuste

Métriques de la propriété intellectuelle:

• Brevets actifs totaux: 3200
• Déposés annuels des brevets: 450-500
• Protection des brevets Durée: 15-20 ans

Infrastructure technologique avancée

Détails de l'investissement technologique:

Catégorie de technologie	Investissement annuel
Technologies de santé numérique	780 millions de dollars
Recherche d'apprentissage en IA / machine	420 millions de dollars
Biologie informatique	350 millions de dollars

Capital financier solide pour l'investissement

Instantané des ressources financières:

• Actif total: 79,5 milliards de dollars
• Equivalents en espèces et en espèces: 8,3 milliards de dollars
• Dépenses en capital annuelles: 3,2 milliards de dollars

Miserrer & Co., Inc. (MRK) - Modèle d'entreprise: propositions de valeur

Traitements médicaux innovants et solutions pharmaceutiques

Miserrer & Co. a investi 13,2 milliards de dollars dans la recherche et le développement en 2023. La société a développé 12 nouvelles entités moléculaires entre 2020-2023.

Zone thérapeutique	Investissement en R&D	Nouveaux traitements
Oncologie	4,5 milliards de dollars	5 nouvelles entités moléculaires
Maladies infectieuses	3,2 milliards de dollars	3 nouvelles entités moléculaires
Cardiovasculaire	2,8 milliards de dollars	2 nouvelles entités moléculaires

Médicaments sur ordonnance de haute qualité

Le portefeuille de médicaments sur ordonnance de Merck a généré 48,7 milliards de dollars de revenus en 2023.

• Keytruda (oncologie): 21,4 milliards de dollars de ventes
• Januvia (diabète): 5,6 milliards de dollars de ventes
• Gardasil (vaccin contre le VPH): 8,2 milliards de dollars de ventes

Thérapies avancées pour des conditions médicales complexes

Merck a développé des thérapies spécialisées ciblant des conditions médicales complexes avec 87 essais cliniques en cours en 2023.

Condition médicale	Nombre d'essais cliniques	Investissement
Cancer	42 essais	6,7 milliards de dollars
Immunologie	22 essais	3,4 milliards de dollars
Maladies rares	15 essais	2,1 milliards de dollars

Engagement à améliorer les soins de santé mondiaux

Merck a alloué 750 millions de dollars aux initiatives mondiales de soins de santé en 2023, soutenant les programmes de vaccination dans 87 pays.

• Distribution des vaccins Covid-19: 320 millions de dollars
• Accès au traitement du VIH / SIDA: 180 millions de dollars
• Programmes de soins de santé pédiatriques: 150 millions de dollars

Approche centrée sur le patient à la recherche médicale

Merck a engagé 45 000 patients dans des programmes de recherche clinique au cours de 2023, avec 62% de la recherche axée sur les résultats déclarés par les patients.

Focus de recherche	Participants aux patients	Méthodologie de recherche
Résultats déclarés par les patients	27 900 patients	62% de la recherche totale
Essais d'efficacité clinique	12 500 patients	28% de la recherche totale
Surveillance de la sécurité	4 600 patients	10% de la recherche totale

Miserrer & Co., Inc. (MRK) - Modèle d'entreprise: relations avec les clients

Engagement professionnel médical direct

Merck maintient 5 200 représentants commerciaux ciblant les professionnels de la santé en 2024. La stratégie d'engagement directe de l'entreprise se concentre sur l'oncologie, les vaccins et les segments de soins actifs à l'hôpital.

Canal de fiançailles	Nombre de points de contact	Fréquence d'interaction annuelle
Spécialistes en oncologie	1 750 représentants	4-6 interactions par trimestre
Médecins hospitaliers	1 300 représentants	3-5 interactions par trimestre
Médecins de soins primaires	2 150 représentants	2-4 interactions par trimestre

Programmes de soutien aux patients

Merck exploite des programmes complets de soutien aux patients dans plusieurs domaines thérapeutiques.

• Réseau de soutien aux patients en oncologie desservant 78 000 patients chaque année
• Programme de gestion du diabète avec 115 000 participants actifs
• Programme de soutien à la vaccination couvrant 250 000 patients

Plateformes d'information sur la santé numérique

L'engagement numérique de Merck atteint 2,3 millions de professionnels de la santé grâce à des plateformes en ligne spécialisées en 2024.

Plate-forme numérique	Base d'utilisateurs	Utilisateurs actifs mensuels
Réseau professionnel MSD	1,2 million de professionnels de la santé	450,000
Portail de recherche clinique	650 000 chercheurs	220,000
Plateformes d'éducation des patients	450 000 patients	180,000

Consultations de soins de santé personnalisés

Merck propose chaque année 92 000 consultations de soins de santé personnalisées dans plusieurs domaines thérapeutiques.

Éducation médicale et ressources en cours

L'entreprise investit 124 millions de dollars par an dans des ressources en éducation médicale pour les professionnels de la santé.

• 375 webinaires de l'éducation médicale
• 220 conférences scientifiques parrainées
• 1 850 publications de recherche soutenues

Miserrer & Co., Inc. (MRK) - Modèle d'entreprise: canaux

Représentants des ventes pharmaceutiques

Merck emploie environ 7 500 représentants commerciaux aux États-Unis à partir de 2023. L'équipe commerciale couvre plusieurs domaines thérapeutiques, notamment l'oncologie, les vaccins et les soins actifs à l'hôpital.

Type de canal de vente	Nombre de représentants	Domaines d'intervention primaire
Équipe de vente en oncologie	1,200	Keytruda et traitements contre le cancer
Représentants de soins primaires	2,500	Médicaments contre les maladies chroniques
Équipe spécialisée de l'hôpital	1,800	Traitements hospitaliers

Plateformes d'information médicale en ligne

Merck exploite plusieurs plateformes numériques avec plus de 3,2 millions de professionnels de la santé enregistrés accédant à leurs ressources en ligne en 2023.

• Portail professionnel msd.com
• Site Web d'informations sur les essais cliniques
• Ressources d'éducation médicale numérique

Réseaux de prestataires de soins de santé

Merck maintient des partenariats avec plus de 250 000 fournisseurs de soins de santé dans le monde. Le réseau comprend:

Type de réseau	Nombre de partenariats	Portée géographique
Réseaux hospitaliers	12,500	Amérique du Nord
Cliniques de pratique privée	185,000	Mondial
Institutions de recherche	2,500	International

Marketing direct aux consommateurs

Merck a investi 892 millions de dollars dans les canaux de commercialisation directs aux consommateurs en 2023, ciblant des populations de patients spécifiques.

• Publicité télévisée
• Campagnes de médias numériques
• Sites Web du programme d'assistance aux patients

Réseaux de distribution mondiaux

Merck exploite des centres de distribution dans 14 pays, avec un réseau logistique total desservant plus de 140 pays.

Région de distribution	Nombre de centres de distribution	Volume de distribution annuel
Amérique du Nord	5	1,2 milliard d'unités
Europe	4	850 millions d'unités
Asie-Pacifique	3	620 millions d'unités
l'Amérique latine	2	380 millions d'unités

Miserrer & Co., Inc. (MRK) - Modèle d'entreprise: segments de clientèle

Professionnels de la santé

Merck dessert environ 1,2 million de professionnels de la santé dans le monde en 2024, notamment:

Segment	Nombre de professionnels
Médecins	685,000
Oncologistes	142,000
Spécialistes	373,000

Hôpitaux et institutions médicales

Merck collabore avec 78 500 établissements de santé dans le monde, notamment:

• 42 300 hôpitaux
• 16 200 centres de recherche
• 20 000 installations médicales spécialisées

Patients individuels ayant des besoins médicaux spécifiques

Segments des patients par les zones thérapeutiques:

Zone thérapeutique	Patients servis
Oncologie	3,2 millions
Diabète	2,7 millions
Cardiovasculaire	4,1 millions

Systèmes de santé gouvernementaux

Merck opère dans 140 pays, avec des partenariats clés du système de santé du gouvernement:

• États-Unis Medicare / Medicaid: 65,2 millions de patients
• Systèmes de santé nationaux de l'Union européenne: 27 pays
• Programmes de santé nationaux dans les pays en développement: 52 pays

Fournisseurs d'assurance de soins de santé privés

Couverture des assureurs:

Région	Nombre de partenaires d'assurance
Amérique du Nord	1,250
Europe	890
Asie-Pacifique	620

Miserrer & Co., Inc. (MRK) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

En 2023, Merck & Co. a déclaré des dépenses de R&D de 14,4 milliards de dollars, ce qui représente environ 22% des revenus totaux.

Année	Dépenses de R&D	Pourcentage de revenus
2023	14,4 milliards de dollars	22%
2022	13,8 milliards de dollars	21.5%

Investissements d'essais cliniques

Merck a investi environ 5,2 milliards de dollars spécifiquement dans des essais cliniques et des programmes de développement de médicaments en 2023.

• Essais cliniques en oncologie: 2,1 milliards de dollars
• Essais de maladies infectieuses: 1,3 milliard de dollars
• Recherche cardiovasculaire: 800 millions de dollars

Coûts de fabrication et de production

Les dépenses de fabrication totales pour Merck en 2023 étaient de 9,6 milliards de dollars.

Catégorie de fabrication	Coût
Production pharmaceutique	6,7 milliards de dollars
Fabrication de vaccins	2,9 milliards de dollars

Dépenses de marketing et de vente mondiales

Les frais de marketing et de vente mondiaux de Merck ont ​​totalisé 12,3 milliards de dollars en 2023.

• Marketing nord-américain: 5,6 milliards de dollars
• Marketing européen: 3,2 milliards de dollars
• Marketing Asie-Pacifique: 2,5 milliards de dollars
• Autres régions: 1 milliard de dollars

Compliance réglementaire et dépenses juridiques

Les frais juridiques et de conformité pour Merck en 2023 s'élevaient à 1,8 milliard de dollars.

Catégorie de conformité	Frais
Coûts de dépôt réglementaire	700 millions de dollars
Règlements juridiques	600 millions de dollars
Infrastructure de conformité	500 millions de dollars

Miserrer & Co., Inc. (MRK) - Modèle d'entreprise: Strots de revenus

Ventes de médicaments sur ordonnance

En 2023, les revenus pharmaceutiques totaux de Merck ont ​​atteint 59,9 milliards de dollars. Réflexion des revenus des médicaments sur ordonnance:

Catégorie de médicaments	Revenus annuels
Keytruda (traitement du cancer)	21,0 milliards de dollars
Januvia (diabète)	4,2 milliards de dollars
Gardasil (vaccin contre le VPH)	8,0 milliards de dollars

Distribution des vaccins

Le portefeuille de vaccins de Merck a généré des revenus importants en 2023:

• Revenu total des vaccins: 12,5 milliards de dollars
• Vaccin Gardasil: conducteur de revenus primaire à 8,0 milliards de dollars
• MMR et autres vaccins pédiatriques: 3,2 milliards de dollars
• Vaccines liées à Covid-19: 1,3 milliard de dollars

Accords de licence et de redevance

Les revenus de licence pour 2023 ont totalisé 2,7 milliards de dollars, notamment:

Partenaire	Revenus de licence
Astrazeneca	850 millions de dollars
Pfizer	650 millions de dollars
Autres partenariats pharmaceutiques	1,2 milliard de dollars

Portefeuille de produits de santé

Divers revenus des produits de santé en 2023:

• Produits en oncologie: 25,3 milliards de dollars
• Médicaments du diabète: 5,6 milliards de dollars
• Hospital Acute Care Products: 3,8 milliards de dollars
• Produits de santé animale: 6,2 milliards de dollars

Revenus du marché pharmaceutique mondial

Distribution des revenus géographiques pour 2023:

Région	Revenu	Pourcentage
États-Unis	38,5 milliards de dollars	64.3%
Europe	12,6 milliards de dollars	21.0%
Asie-Pacifique	6,8 milliards de dollars	11.4%
Reste du monde	2,0 milliards de dollars	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.