Merck & Co., Inc. (MRK): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo intrincado de Merck & Co., Inc. (MRK), uma potência farmacêutica que transforma desafios médicos complexos em soluções inovadoras de saúde. Essa exploração de seu modelo de negócios Canvas revela uma estratégia sofisticada que entrelaçará pesquisas de ponta, parcerias globais e tratamentos médicos inovadores, posicionando a Merck como um participante fundamental no cenário de saúde em constante evolução. De instalações de pesquisa avançadas a abordagens centradas no paciente, descubra como essa gigante da indústria navega no intrincado ecossistema de desenvolvimento farmacêutico e prestação global de saúde.

Merck & Co., Inc. (MRK) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com instituições de pesquisa farmacêutica

A Merck colabora com as seguintes instituições de pesquisa:

Instituição	Área de foco	Ano de parceria
Instituto de Câncer Dana-Farber	Pesquisa de oncologia	2022
Mit	Tecnologias de descoberta de medicamentos	2023
Escola de Medicina de Harvard	Pesquisa de imunologia	2021

Acordos colaborativos com organizações globais de saúde

As principais parcerias globais de saúde incluem:

• Organização Mundial da Saúde (OMS) - Distribuição da Vacina
• Gavi Alliance - Programas de imunização
• Fundo Global - Tratamento de Doenças Infecciosas

Joint ventures com empresas de biotecnologia

Parcerias notáveis ​​de biotecnologia:

Empresa	Valor da parceria	Área terapêutica
Moderna	US $ 1,2 bilhão	terapêutica de mRNA
Bioterapêutica de Ridgeback	US $ 356 milhões	Tratamentos antivirais

Parcerias com centros médicos acadêmicos

Colaborações significativas do Centro Médico Acadêmico:

• Universidade Johns Hopkins - Pesquisa de Medicina de Precisão
• Stanford Medical Center - ensaios clínicos
• Mayo Clinic - pesquisa de doenças raras

Acordos de licenciamento com empresas inovadoras de desenvolvimento de medicamentos

Parcerias de licenciamento ativo:

Empresa	Tipo de licença	Valor estimado do contrato
SeaGen	Licença de medicamentos oncológicos	US $ 2,75 bilhões
Prometheus Biosciences	Licença de doença inflamatória	US $ 1,1 bilhão

Merck & Co., Inc. (MRK) - Modelo de negócios: Atividades -chave

Pesquisa e Desenvolvimento Farmacêutico

A Merck investiu US $ 14,5 bilhões em despesas de pesquisa e desenvolvimento em 2022. A Companhia mantém 12 laboratórios de pesquisa primária em todo o mundo, com foco em áreas terapêuticas -chave, incluindo oncologia, doenças infecciosas e tratamentos cardiovasculares.

Investimento em P&D	Número de instalações de pesquisa	Áreas de pesquisa primárias
US $ 14,5 bilhões (2022)	12 laboratórios primários	Oncologia, doenças infecciosas, cardiovascular

Ensaios clínicos e testes de drogas

A Merck conduziu 425 ensaios clínicos ativos em 2022, abrangendo 45 países. O pipeline de desenvolvimento clínico da empresa incluiu 87 novas entidades e vacinas moleculares em potencial.

• 425 ensaios clínicos ativos
• 45 países envolvidos
• 87 novas entidades moleculares em potencial

Fabricação de medicamentos prescritos

A Merck opera 33 instalações de fabricação em todo o mundo, produzindo aproximadamente 3,2 bilhões de doses de medicamentos anualmente. A rede de fabricação da empresa abrange a América do Norte, Europa e Ásia.

Instalações de fabricação	Produção anual de medicamentos	Alcance geográfico
33 instalações	3,2 bilhões de doses	América do Norte, Europa, Ásia

Marketing Global e Distribuição de Produtos de Saúde

A Merck gerou receita total de US $ 59,2 bilhões em 2022, com produtos farmacêuticos representando 82% do total de vendas. A empresa mantém operações comerciais em mais de 140 países.

• Receita total: US $ 59,2 bilhões (2022)
• Vendas farmacêuticas de produtos: 82% da receita total
• Presença comercial: mais de 140 países

Inovação contínua em tratamentos médicos

A estratégia de inovação da Merck resultou em 11 novas aprovações de medicamentos entre 2020-2022. A empresa apresentou 1.287 pedidos de patente globalmente durante o mesmo período.

Novas aprovações de drogas	Aplicações de patentes	Foco na inovação
11 Aprovações (2020-2022)	1.287 aplicações globais	Oncologia, vacinas, doenças infecciosas

Merck & Co., Inc. (MRK) - Modelo de negócios: Recursos -chave

Extensas instalações de pesquisa e desenvolvimento

A Merck opera 12 principais centros de P&D em todo o mundo, com despesas totais de P&D de US $ 14,7 bilhões em 2023. As instalações de pesquisa abrangem vários locais, incluindo:

Localização	Área de foco	Tamanho
Kenilworth, NJ	Sede global	350.000 pés quadrados
Boston, MA	Pesquisa de oncologia	250.000 pés quadrados
West Point, PA	Pesquisa de fabricação	500.000 pés quadrados

Força de trabalho científica e médica altamente qualificada

Composição da força de trabalho a partir de 2023:

• Total de funcionários: 68.000
• Profissionais de doutorado/MD: 22% da força de trabalho
• Cientistas de pesquisa global: 5.600

Portfólio de propriedade intelectual robusta

Métricas de propriedade intelectual:

• Total de patentes ativas: 3.200
• Patentes Anuais: 450-500
• Duração da proteção de patentes: 15-20 anos

Infraestrutura tecnológica avançada

Detalhes de investimento em tecnologia:

Categoria de tecnologia	Investimento anual
Tecnologias de saúde digital	US $ 780 milhões
Pesquisa de AI/Aprendizado de Machine	US $ 420 milhões
Biologia Computacional	US $ 350 milhões

Capital financeiro forte para investimento

Snapshot de recursos financeiros:

• Total de ativos: US $ 79,5 bilhões
• Caixa e equivalentes em dinheiro: US $ 8,3 bilhões
• Despesas com capital anual: US $ 3,2 bilhões

Merck & Co., Inc. (MRK) - Modelo de Negócios: Proposições de Valor

Tratamentos médicos inovadores e soluções farmacêuticas

Merck & A Co. investiu US $ 13,2 bilhões em pesquisa e desenvolvimento em 2023. A Companhia desenvolveu 12 novas entidades moleculares entre 2020-2023.

Área terapêutica	Investimento em P&D	Novos tratamentos
Oncologia	US $ 4,5 bilhões	5 novas entidades moleculares
Doenças infecciosas	US $ 3,2 bilhões	3 novas entidades moleculares
Cardiovascular	US $ 2,8 bilhões	2 novas entidades moleculares

Medicamentos prescritos de alta qualidade

O portfólio de medicamentos prescritos da Merck gerou US $ 48,7 bilhões em receita em 2023.

• Keytruda (oncologia): US $ 21,4 bilhões em vendas
• Januvia (diabetes): US $ 5,6 bilhões em vendas
• Gardasil (Vacina do HPV): US $ 8,2 bilhões em vendas

Terapias avançadas para condições médicas complexas

A Merck desenvolveu terapias especializadas direcionadas a condições médicas complexas com 87 ensaios clínicos em andamento em 2023.

Condição médica	Número de ensaios clínicos	Investimento
Câncer	42 ensaios	US $ 6,7 bilhões
Imunologia	22 ensaios	US $ 3,4 bilhões
Doenças raras	15 ensaios	US $ 2,1 bilhões

Compromisso em melhorar a saúde global

A Merck alocou US $ 750 milhões para as iniciativas globais de saúde em 2023, apoiando programas de vacinação em 87 países.

• Distribuição da vacina covid-19: US $ 320 milhões
• Acesso ao tratamento do HIV/AIDS: US $ 180 milhões
• Programas de saúde pediátrica: US $ 150 milhões

Abordagem centrada no paciente para pesquisa médica

A Merck contratou 45.000 pacientes em programas de pesquisa clínica durante 2023, com 62% da pesquisa focada nos resultados relatados pelo paciente.

Foco na pesquisa	Participantes dos pacientes	Metodologia de pesquisa
Resultados relatados pelo paciente	27.900 pacientes	62% da pesquisa total
Ensaios de eficácia clínica	12.500 pacientes	28% da pesquisa total
Monitoramento de segurança	4.600 pacientes	10% da pesquisa total

Merck & Co., Inc. (MRK) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento profissional médico direto

A Merck mantém 5.200 representantes de vendas direcionados aos profissionais de saúde em 2024. A estratégia de engajamento direto da empresa se concentra em oncologia, vacinas e segmentos de cuidados agudos hospitalares.

Canal de engajamento	Número de pontos de contato	Frequência de interação anual
Especialistas em oncologia	1.750 representantes	4-6 interações por trimestre
Médicos do hospital	1.300 representantes	3-5 interações por trimestre
Médicos de cuidados primários	2.150 representantes	2-4 interações por trimestre

Programas de apoio ao paciente

A Merck opera programas abrangentes de apoio ao paciente em várias áreas terapêuticas.

• Rede de apoio ao paciente de oncologia atendendo 78.000 pacientes anualmente
• Programa de gerenciamento de diabetes com 115.000 participantes ativos
• Programa de apoio à vacinação cobrindo 250.000 pacientes

Plataformas de informações de saúde digital

O envolvimento digital da Merck atinge 2,3 milhões de profissionais de saúde por meio de plataformas on -line especializadas em 2024.

Plataforma digital	Base de usuários	Usuários ativos mensais
Rede Profissional MSD	1,2 milhão de profissionais de saúde	450,000
Portal de pesquisa clínica	650.000 pesquisadores	220,000
Plataformas de educação do paciente	450.000 pacientes	180,000

Consultas de saúde personalizadas

A Merck fornece 92.000 consultas personalizadas de saúde anualmente em vários domínios terapêuticos.

Educação médica em andamento

A empresa investe US $ 124 milhões anualmente em recursos de educação médica para profissionais de saúde.

• 375 webinars de educação médica
• 220 Conferências científicas patrocinadas
• 1.850 publicações de pesquisa apoiadas

Merck & Co., Inc. (MRK) - Modelo de Negócios: Canais

Representantes de vendas farmacêuticas

A Merck emprega aproximadamente 7.500 representantes de vendas nos Estados Unidos a partir de 2023. A equipe de vendas cobre várias áreas terapêuticas, incluindo oncologia, vacinas e cuidados agudos hospitalares.

Tipo de canal de vendas	Número de representantes	Áreas de foco primário
Equipe de vendas de oncologia	1,200	Keytruda e tratamentos contra o câncer
Representantes de atenção primária	2,500	Medicamentos de doenças crônicas
Equipe de especialidade do hospital	1,800	Tratamentos hospitalares

Plataformas de informações médicas online

A Merck opera várias plataformas digitais com mais de 3,2 milhões de profissionais de saúde registrados que acessam seus recursos on -line em 2023.

• MSD.com Portal Profissional
• Site de informações de ensaios clínicos
• Recursos de educação médica digital

Redes de prestadores de serviços de saúde

A Merck mantém parcerias com mais de 250.000 prestadores de serviços de saúde em todo o mundo. A rede inclui:

Tipo de rede	Número de parcerias	Alcance geográfico
Redes hospitalares	12,500	América do Norte
Clínicas de consultório particular	185,000	Global
Instituições de pesquisa	2,500	Internacional

Marketing direto ao consumidor

A Merck investiu US $ 892 milhões em canais de marketing direto ao consumo em 2023, visando populações específicas de pacientes.

• Publicidade na televisão
• Campanhas de mídia digital
• Sites de programas de apoio ao paciente

Redes de distribuição global

A Merck opera centros de distribuição em 14 países, com uma rede logística total que atende mais de 140 países.

Região de distribuição	Número de centros de distribuição	Volume anual de distribuição
América do Norte	5	1,2 bilhão de unidades
Europa	4	850 milhões de unidades
Ásia-Pacífico	3	620 milhões de unidades
América latina	2	380 milhões de unidades

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

Profissionais de saúde

A Merck atende a aproximadamente 1,2 milhão de profissionais de saúde globalmente em 2024, incluindo:

Segmento	Número de profissionais
Médicos	685,000
Oncologistas	142,000
Especialistas	373,000

Hospitais e instituições médicas

A Merck colabora com 78.500 instituições de saúde em todo o mundo, incluindo:

• 42.300 hospitais
• 16.200 centros de pesquisa
• 20.000 instalações médicas especializadas

Pacientes individuais com necessidades médicas específicas

Segmentos de pacientes por áreas terapêuticas:

Área terapêutica	Pacientes atendidos
Oncologia	3,2 milhões
Diabetes	2,7 milhões
Cardiovascular	4,1 milhões

Sistemas de saúde do governo

A Merck opera em 140 países, com as principais parcerias do sistema de saúde do governo:

• Estados Unidos Medicare/Medicaid: 65,2 milhões de pacientes
• Sistemas Nacionais de Saúde da União Europeia: 27 países
• Programas nacionais de saúde nos países em desenvolvimento: 52 países

Provedores privados de seguro de saúde

Cobertura do provedor de seguros:

Região	Número de parceiros de seguro
América do Norte	1,250
Europa	890
Ásia-Pacífico	620

Merck & Co., Inc. (MRK) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Em 2023, Merck & A Co. reportou despesas de P&D de US $ 14,4 bilhões, representando aproximadamente 22% da receita total.

Ano	Despesas de P&D	Porcentagem de receita
2023	US $ 14,4 bilhões	22%
2022	US $ 13,8 bilhões	21.5%

Investimentos de ensaios clínicos

A Merck investiu aproximadamente US $ 5,2 bilhões especificamente em ensaios clínicos e programas de desenvolvimento de medicamentos em 2023.

• Ensaios clínicos de oncologia: US $ 2,1 bilhões
• Ensaios de doenças infecciosas: US $ 1,3 bilhão
• Pesquisa cardiovascular: US $ 800 milhões

Custos de fabricação e produção

As despesas totais de fabricação para Merck em 2023 foram de US $ 9,6 bilhões.

Categoria de fabricação	Custo
Produção farmacêutica	US $ 6,7 bilhões
Fabricação de vacinas	US $ 2,9 bilhões

Despesas de marketing e vendas globais

As despesas globais de marketing e vendas da Merck totalizaram US $ 12,3 bilhões em 2023.

• Marketing norte -americano: US $ 5,6 bilhões
• Marketing europeu: US $ 3,2 bilhões
• Marketing da Ásia-Pacífico: US $ 2,5 bilhões
• Outras regiões: US $ 1 bilhão

Conformidade regulatória e despesas legais

Os custos legais e de conformidade da Merck em 2023 totalizaram US $ 1,8 bilhão.

Categoria de conformidade	Despesa
Custos de arquivamento regulatório	US $ 700 milhões
Acordos legais	US $ 600 milhões
Infraestrutura de conformidade	US $ 500 milhões

Merck & Co., Inc. (MRK) - Modelo de negócios: fluxos de receita

Vendas de medicamentos prescritos

Em 2023, a receita farmacêutica total da Merck atingiu US $ 59,9 bilhões. Principal de receita de receita médica Receita de receita:

Categoria de medicação	Receita anual
Keytruda (tratamento do câncer)	US $ 21,0 bilhões
Januvia (diabetes)	US $ 4,2 bilhões
Gardasil (vacina contra o HPV)	US $ 8,0 bilhões

Distribuição da vacina

O portfólio de vacinas da Merck gerou receita significativa em 2023:

• Receita total da vacina: US $ 12,5 bilhões
• Vacina Gardasil: motorista de receita primária em US $ 8,0 bilhões
• MMR e outras vacinas pediátricas: US $ 3,2 bilhões
• Vacinas relacionadas à Covid-19: US $ 1,3 bilhão

Acordos de licenciamento e royalties

A receita de licenciamento de 2023 totalizou US $ 2,7 bilhões, incluindo:

Parceiro	Receita de licenciamento
AstraZeneca	US $ 850 milhões
Pfizer	US $ 650 milhões
Outras parcerias farmacêuticas	US $ 1,2 bilhão

Portfólio de produtos de saúde

Receita diversificada de produtos de saúde em 2023:

• Produtos de oncologia: US $ 25,3 bilhões
• Medicamentos de diabetes: US $ 5,6 bilhões
• Produtos de cuidados agudos do hospital: US $ 3,8 bilhões
• Produtos de Saúde Animal: US $ 6,2 bilhões

Receita do mercado farmacêutico global

Distribuição de receita geográfica para 2023:

Região	Receita	Percentagem
Estados Unidos	US $ 38,5 bilhões	64.3%
Europa	US $ 12,6 bilhões	21.0%
Ásia-Pacífico	US $ 6,8 bilhões	11.4%
Resto do mundo	US $ 2,0 bilhões	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.