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Merck & Co. (MSD) Company Profile | Drug Discovery & DDS

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Company Profile

Merck & Co. (MSD)
— Reworking the world’s largest-selling antibody drug as a subcutaneous injection while seeking new pillars in ADCs and oral peptides

Merck & Co., Inc., USA, Canada, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USA, USAPharmaceutical CompanyComment 49% of sales in 2025 are occupied by one anti-PD-1 antibody quitolider (Key。da). In the view of drug discovery and DDS,Key)da Qlexin 2025 CloseAntibody Drug Complex (ADC)、Orally drinking ring peptides、Individualized cancer vaccine with mRNA、Complex of drugs and Fc fragmentsIn this article, the size of the company is concise,What to do with the modalities, and what to doFilter by

Form 10-K (submitted on February 24, 2026) and Form 10-Q (submitted on August 7, 2026) for the year ended December 20, 2026 (submitted on August 7, 2026) for the first time in the second quarter of 2026 (Form 8-K) Last Modified Sep 20, 2019

In this article
  1. U.S. Merck in 30 seconds and DDS
  2. About logo and company name (other than Merck KGaA)
  3. Where is this company in the world of drug discovery and DDS?
  4. Company Size (Concise)
  5. Drug discovery and DDS resources
  6. Past Initiatives
  7. Future plans
  8. What is DDS?
  9. Collaboration mapping of drug discovery and DDS
  10. Technologies, Products and Services
  11. The risk of this company
  12. Glossary/Source/Ins ment and Source Response Table

1. Standing position in the drug discovery and DDS with US Merck in 30 seconds

NameMerck & Co., Inc.MSD outside the US and Canada
HeadquartersLawway, New Jersey, USA126 East Lincoln Avenue
ListingNYSE: MRKSubmit 10-K・10-Q to US SEC
Categories in this fieldPharmaceutical CompanyAnimal Pharmaceutical Business
Central modalityAntibody / Vac
Low
Kitty Rooter, Gadacil, etc.
DDS ResultsAntibody Subcutaneous Injection
Oral cyclic peptide
Key)da Qlex (2025), Lipfendra (2026)
2025 salesUS$65,011 millionUS$31,680 million
MemberApprox. 24,700December 31, 2025. About 75,000 employees
1 point to press

Drug discovery and DDSPharmaceutical Company / Biotech / Contract Development Manufacturing (CDMO・CRO)3 types. USA MerckPharmaceutical CompanyIn 10-K, it is written "pursuing new opportunities regardless of the area of treatment or modality" FactsHome However, the current state of the company is determined.The U.S. basic patent expires in 2028 when dependence on one kite rooter (49 percent of sales in 2025)Comment Key da Qlex of subcutaneous injection plate has the same active ingredientDifferent dosage routes and preparationsThis is an example of DDS technology as it is business strategy. This series of technical commentary “DDS and Targeting”, “Antibody Drugs and ADC” and “Immune Checkpoint In。tors” make it easy to understand.

2. Logo and company name

Mercket is a trademark of the Company. In this article, we do not reproduce the generated image, Image obtained from the official website (merck.com)Home img/merck_logo.svg Contact Us

Note: Corporate name Merck & Co., Inc.(New Jersey Corporation, Head Office Rowway) The company announces its financial statements to “in the U.S. and Canada”MSDIt says ". Merck KGaA in Dalmstadt, GermanyComment Merck KGaA is a subsidiary in the United States and Canada.EMDThis website is operated by the brand. In this article, it is written as "U.S. Merck".

Official Site:https://www.merck.com/

3. Where is this company in the world of drug discovery and DDS?

3 types of companies involved in drug discovery and DDS In the same "pharmacy company", it is completely different where the drug is made Pharmaceutical Company Drug discovery biotech Research and development From search to approval and sales Create candidates with new modalities and methods Contract development and manufacturing of other drugs Eli Lilly/Novo Nordisk Pfizer Alnylam/Arvinas Moderna/Insilico Lonza/Samsung Biologics AppTec Secondary clinical and sales network funding Specific technical base depth Mass production capability for equipment and regulation Sales can be reduced rapidly due to the lack of patents Rely on partnering with funds for late development Disco・ation of customer development and impact of policy US Merck is a pharmaceutical company on the left. Use DDS to extend and extend their products, such as antibody subcutaneous preparation ADC is the first three co-Kelun, mRNA moderna, and the drug-Fc complex is taken from the outside with Cidara
Figure 1 3 types of companies involved in drug discovery and DDS, and the position of the US Merck. The classification is based on this article, and the company name is an example from the company handled by this series. The calculation of this paperHome In the U.S., Merck has an animal drug business, with approximately 89% of sales in 2025 being pharmaceuticals (Pharmaceuticals). $58,142 million ÷ $65,011 million.

The US Merck hand tags are: FactsHome The center of salesAntibody(Kiito Router) andVac s(Gadacil, New Mokoccal, etc.) In developmentADC(Sac-TMT)Oral cyclic peptide(Lipfendra)、 mRNA(Individualized neo-antigen therapy withererna),Drug-Fc complex(MK-1406) Activine Signal In tor(Winrevair)、Inhaler(Ohtuvayre from onaona Pharma) In the cancer area, ADC is positioned as the third "organizational target" with the three pillars of "Immune Tumors, Precise Targets, and Organizational Targets".

4. Company Scope (Concise)

The scale of the entire company stays in one table FactsHome The amount is USD, and the year is December.

Index (US$ million)2023 year2024 views2025 yearsJanuary to June 2026
Sales60,11564,16865,01132,893
R&D expenses (including expenses for implementation and acquisition of assets)30,53117,93815,78922,333
Capital end res3,8633,3724,112―
Key da Qlex25,01129,48231,680―

About 75,000 employees (including approximately 30,000 Puerto Rico and December 31, 2025) 10-Q unaudited value from January to June 2026.

Note: The number of R&D expenses can be shaken by "shopping"

For the research and development cost of Merck,Exp s for temporary investments and acquisitions processed as assets FactsHome The US$30,531 million in 2023 includes the acquisition of Prometheus (US$5.5 billion in total), such as the temporary tie-up with Dai-ichi Three Co. US$22,333 million from January to June 2026 includes "R&D asset acquisition cost" US$13,811 million due to the acquisition of Cidara (January 2026) and Terns (May 2026). US$10.8 billion in 2025, US$0.8 billion in 2024 Research and development costs for modalities are not disclosed Undetermined / Future。

5. Drug discovery and DDS resources

Resource Types
Staff24,700 employees engaged in research activities (December 31, 2025)Facts
People (Research Center)The U.S. main research base is Roway, New Jersey, Westpoint, Pennsylvania, Boston Cambridge, Massachusetts, San Francisco, CA. United Kingdom, Switzerland, ChinaFacts
Gold (R&D expenses)US$15,789 million in 2025 No breakdown of modalitiesFactsNot confirmed)
Gold (Manufacturing Equipment)Capital investment of 2025 US$4.1 billion. US$12 billionFacts
Recombinant production network2024 Structural Reform Plan for the manufacturing network due to 'The future will move to new modalities.' In March 2025, he acquired the Irish Dundok factory of WuXi Vac (WuXi Biologics subsidiary).Facts
Verona Pharma (October 2025, US$10.4 billion, inhalant), Cidara (January 2026, US$9.2 billion, drug-Fc complex), Terns (May 2026, US$6.8 billion, oral low))Facts
License3 ADCs of Dai-ichi Tri le (2023, US$4.0 billion+ co ation temp. US$750 million×2), Kelun-Biotech’s ADC (2023, US$175 million), Alteogen’s (Changed to exclusive license in 2024), Hengrui’s oral Lp(a) in tor (2025)Facts
External Development FundBlackstone Life Sciences to pay US$700 million as part of sac-TMT development costs for the fourth quarter of 2026 (October 2025)Facts
Cooperation with universities and public institutionsExtended clinical studies in Costa Rica to examine the effectiveness of HPV vac。s, such as the National Cancer Institute (NCI). University collaboration on drug discovery and DDS technology development is not specified in 10-K・10-QFacts (DDS)Not confirmed)
Ratio of internal and external procurement

MRL’s direct cost is US$10.8 billion, while the remaining US$5.0 billion is the research cost of animal medicines, the introduction fee, the acquisition cost of assets, and the support cost of other departments. The calculation of this paperHome 2026 has reached US$13,811 million.The amount exceeding the annual budget of internal research was used to acquire external candidates for half a yearulation The calculation of this paper。

6. Past Initiatives

TimeHomeThe meaning of drug discovery and DDS
2022 yearexercising joint development and joint sales rights of personalized neo-antigen therapy VRNA (mRNA-4157) based on existing contract with ModernaParticipation in cancer treatment using mRNA
February 2023Up to 7 preclinical ADC license agreements with Kelun-Biotech (worth US$175 million). Cancel a partADC Candidates from China Biotech
October 2023DXd ADC Co., Ltd.Home Manufacturing and supply are carried by Dai-ichi SankyoADC Production is not in-house
January 2024Approval of a recombination plan for a manufacturing network based on the 'Future Pipeline Moves to a New Modality'Recombination of low-core processes
February 2024AlteogenChanged the contract with the exclusive license of berahyaluronidase alfa for subcutaneous penbroidsmabEnsuring the key for subcutaneous preparation
March 2025Ireland the Irish Dundok factory of WuXi VacVac manufacturing base from contractor to company
September 2025Key Qlex Approved by the U.S. FDA(Subcutaneous administration with a solid cancer indication of the quitoluda). In November, the European Commission approves the subcutaneous administration route and injection form of quitoludaThe same antibody from drip to subcutaneous injection
October 2025Acquisition of Verona Pharma (US$10.4 billion). Acquisition of PDE3/PDE4 in tor Ohtuvayre inhalationGet the product of the inhalation route
January 2026Acquisition of Cidara ($9.2 billion). MK-1406 (Phase 3), which combines low-polarizer into Fc fragments of human antibody"Drug-Fc complex" makes low-ka longer
May 2026Terns PharmaceuticalsUS$6.8 billion Oral Arosteric BCR:: ABL1 In tor MK-4208 (Phase 1/2)Oral low reinforcement
July 2026Lipfendra (enlicitide) approved by the US FDAHome One oral PCSK9 in-tor per day, the company explains "new ring peptide"Targeting the same target as antibodies with peptides to drink

Clinical trial example: Lipfendra CORALreef trial

Lipfendra’s US approval is based on two phases 3 of CORALreef Lipids and CORALreef HeFH. Company announcement24 weeksLDL cholesterol drop rate isDifference between placeboat 56% and 59% FactsHome ClinicalTrials.gov has a trial of adult hypercholesterolemia (NCT05952856) and heterozygic family hypercholesterolemia (NCT05952828. The main evaluation item is "Change rate from the baseline of LDL cholesterol as of 24 weeks" FactsHome This article does not constitute an inferiority with other the。eutic drugs.

7. Future plans

Phase 3About 8021 newly launched in 2025
ADCI-DXd Priority Examination in the United StatesEnd Date Oct. 10, 2026
Oral PeptideLipfendra is reviewed in EU and ChinaAs of June 2026
InvestmentUS$20 billionUS$12 billion
CandidatesDevelopment stage
ifinatamab deruxtecan/MK-2400(ADC、B7-H3)Apply for precedented small cell lungs to the United States. Based on Phase 2 IDeate-Lung01Undetermined / Future
sacituzumab tirumotecan/MK-2870(ADC、TROP2)Development of lactating cancer, cervical cancer, gynecological cancer, stomach cancer, lung cancer, ovaries (including phase 3)Undetermined / Future
patritumab deruxtecan、raludotatug deruxtecan(ADC)Development with Phase 3Undetermined / Future
V) (mRNA personalized neo-antigen therapy)Evaluation of postoperative therapy of melanoma and non-small cell lung cancer in combination with quitoloderUndetermined / Future
MK-1406Phase 3Undetermined / Future
MK-8591D (islatravir+ lenacapavir, oral once a week)Phase 3 in HIV-1 infection. Islatravir’s high-dose trial remains partial clinical pendingUndetermined / Future
LipfendraEU and China Cardio Outcome TestUndetermined / Future
Not confirmed

10-K・10-Q Undetermined / Future。

Modaly’s R&D Costs/About US$20 billionHow much is it for modalities?Key QlexTarget of Switch Rate/LipfendraManufacturing method and production capacityor not planning to manufacture /ADC in-house. No media-based sales forecasts or rate rates.

8. What is this company aiming for drug discovery and DDS?

This includes parts that the company does not directly state.Calculation in the range that can be read from primary informationand write with the basis.

ReadPrimary Information
In subcutaneous formulation,After 2028 U.S. patents have expired, we are trying to keep the sales of quito-routers.The U.S. basic patent for quitoluda expired in 2028 (10-K). Key)da Qlex was approved as a formulation containing another compound (berahyaluronidase alfa)
ADCMake a partner without manufacturing in-houseExpand in formThe three items of Dai-ichi Sankyo are clearly stated in 10-K.
Targeting targets used in injections with s to drinkFocus on directionLipfendra aiming for PCSK9 (previously antibody) with oral cyclic peptide, oral HIV drug candidate once a week
Low-kaAntibodyed with antibody parts for longerTechnologying technologyCidara acquires drug-Fc complex MK-1406 with approximately US$9.2 billionFacts (Evaluation is)
Production Networkfor new modalitiesOn the wayThe reason for structural reform in 2024 is 'the future will move to new modalities'Facts
Only one basis for guessing: Subcutaneous injections are "delivery measures" or "new products"

In the 10-K patent list, the U.S. basic patent of quitoluda isYear 2028patents have two patents expired in 2029 and the company expects future litigation. FactsHome Key da Qlex on pembrolizumabberahyaluronidase alfaIt is a formulation that contains infusion and permeability in subcutaneous tissue. Approved as a separate brand in the United States. The US Merck is committed to the exclusive license of Alteogen for this and the payment according to approval and sales (up to US$51 million in regulatory milestones, up to US$1.0 billion in sales milestones). FactsHome 、Even after a postcard biosimilar appears on the drip plate, the subcutaneous plate may have another protectionRead if you are looking for a company Undetermined / FutureHome However, the company has not expressed this intention, but the premise changes depending on the result of the patent dispute with Halozyme.

9. Collaboration mapping of drug discovery and DDS

Partnership with DDS, a drug discovery centered on Merck, USA 10-K・10-Q No media-based relationships Joint development and introduction Acquisition of manufacturing base USA Merck Pharmaceutical Company DXd ADC 3 items jointly developed Kelun-Biotech ADC(sac-TMT etc.) Moderna Joint development of mRNA personalized therapy Alteogen Introduction of skin for subcutaneous injection Gilead Joint development of oral HIV medicine once a week Verona Pharma Inhaler (October 2025) Cidara Drug-Fc complex (January 2026) Terns Oral low s (May 2026) Hengrui Introduction of Oral Lp(a) In tor WuXi Vaccines Doped a dandook factory
Figure 2 Partnership with DDS, a drug discovery centered on Merck, USA. Source: Form 10-K for December 2025, Form 10-Q for June 2026. Dai-ichi Sankyo’s ADC is manufactured and supplied by Dai-ichi Sankyo. Halozyme is not included in the diagram because it is not affiliated with patent disputes. Blackstone Life Sciences, based on the development of sac-TMT, is omitted in diagrams because of the different types of alliances, and is listed in Chapter 5. In the figure, only the relationship described in the primary information is not included.

10. Technologies, Products and Services

Main products related to drug discovery and DDS are indicated by modalities Facts(US$ million)

ProductsModality/Drug ShapeMain target (company description)2025 salesJanuary to June 2026
Keytruda/Keytruda QlexAnti-PD-1 Antibody (Drip / Subcutaneous)More Cancer31,680Qlex alone 590
Gardasil/Gardasil 9Recombinant VacPrevention of HPV infection5,233―
WinrevairActivine Signal In torPulmonary artery pulmonary hypertension1,4431,114
OhtuvayreInhalation PDE3/PDE4 In torCOPD maintenance therapyAcquisition in October 2025―
LipfendraOral cyclic peptide (PCSK9 inhibition)HypercholesterolemiaUS approval in July 2026―
IdvynsoTablets containing two oral low sHIV-1 In)ious DiseaseUS approval in April 2026―

Key。da Qlex’s sales from April to June 2026 are US$463 million and is about 5.5% of the entire quito-router system (US$8,367 million).

Perspective of material peptides: 'enzyme' that enables subcutaneous injections and 'circular' of peptides to be drunk

To put large amounts of antibodies in subcutaneous injections into subcutaneous tissuesSpread a few mL or more liquid in a short timerequired. berahyaluronidase alfa, formulated in Key Qlex, is a component that 'enhances infusion and permeability and enables subcutaneous administration' FactsHome It is a type of (hyalronidase) that breaks down the skin, which is a component of subcutaneous tissue. Halozyme’s “Modified Hialronidase (MDASE)” patents are competing here. The company claims 15 patent infringements in April 2025. Facts。 One of the additives in the formulation depends on the formulation of the world’s largest pharmaceuticals

Lipfendra is an oral drug that the company explains “macrocyclic peptide” FactsHome Peptides are usually decom by the stomach and are not absorbed by the intestines. It is a general design idea that it is difficult to cut into ve s when it is ringed, and the shape is fixed and the binding to the target becomes stronger. What kind of ingenuity of absorption promotion (additives, etc.) is not written in the primary information confirmed by this article Undetermined / FutureHome The technical background of this series is "peptide medicine and GLP-1" and "pharmacokinetics and pre ical studies".

11. Risks that this company has

Risks
Dependency on one itemIn 2025, Key Qlex sold 49%. U.S. Basic Patent Expires 2028Facts
Patent Disputes for Subcutaneous InjectionHalozyme claims 15 patent infringements of altered hyalronidase (April 2025). In some countries in Europe, the company will be listed if the result of the litigation is also dependentFacts
Key Qlex10-K raises 'Key Qlex' as a risk factorFacts
Changes in vac demandGardacil's sales decreased from US$ 8,583 million to US$ 5,233 million in 2024. Deced demand in ChinaFacts
Total acquisition costAcquisitions processed as asset acquisitions are aggregated to R&D costs and may be deficit for quarterly losses. Net loss from April to June 2026Facts
ADC supply depends on partnerDai-ichi Sankyo's three products are manufactured and supplied by Dai-ichi Sankyo. Constraints on the supply side become a US Merck constraint
Increased specific gravity of external procurementThe initial asset acquisition cost of 2026 exceeds the annual direct cost of internal research. Candidates affect acquisition amount

12. Glossary

Subcutaneous injection (SC)
How to inject medicine to tissue between skin and muscle. It is often done in a shorter time than drip (intravenous administration).
Alronidase
An that temporarily decomposes the secretion of subcutaneous tissue. Easy to spread the injected liquid.
ADC
A drug that connects a strong drug (payload) through a linker to an antibody. DXd is the name of the first three co-payment load.
cyclic peptide
Peptides that are looped with both ends of amino acid chains. It is difficult to decompose and the shape is stable.
PCSK9
Decomposition of LDL receptors in the liver. LDL cholesterol falls when in ting.
Drug-Fc Complex (DFC)
Molecules that combine low drugs into Fc fragments of antibody and stay long in the blood.
Individualized neo-antigen therapy
The way to recognize cancer by using mRNA, an antigen that is made from mutations specific to cancer per patient.
Asset Acquisition
Accounting when the value of the acquired company is concentrated on almost one product. B calculation of many considerations as R&D expenses.
Conceptual diagram: A new form of peptide that can be drunk with the same antibody from drip to subcutaneous injectionConcept diagram of AI generation
Figure 3 Concept diagram of the drug discovery and DDS initiatives in the United States (AI generation). We do not copy actual equipment or products.

13. Source

  1. Merck & Co., Inc. Form 10-K for the) year ended December 31, 2025 Sales, R&D expenses, capital investment, personnel, research bases, product sales, expiration of the patent of quitoluda, contract with Key da Qlex, Dai-ichi Sankyo, Kelan-Biotech, Alteogen,ererna, Blackstone, onaona Pharma acquisition, Cidara acquisition agreement, conflict with Halozyme, structural reform plan, risk factors. https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm
  2. Merck & Co., Inc. Form 10-Q for the quarterly period ended June 30, 2026 Sales and R&D expenses for the first half of 2026, acquisition of Cidara and Terns, approval of Lipfendra and Idvynso, priority review of I-DXd, disputes with Halozyme, extension of trials with NCI. https://www.sec.gov/Archives/edgar/data/310158/000031015826000212/mrk-20260630.htm
  3. Merck & Co., Inc. Second-Quarter 2026 Financial Results (Form 8-K Exhibit 99.1, August 4, 2026). Key。da Qlex’s sales as of 24 weeks of Lipfendra’s approval and CORALreef test. https://www.sec.gov/Archives/edgar/data/0000310158/000110465926090045/tm2621496d1_ex99-1.htm
  4. ClinicalTrials.gov NCT05952856 (MK-0616, adult hypercholesterolemia, phase 3). Test design and key evaluation items. https://clinicaltrials.gov/study/NCT05952856
  5. ClinicalTrials.gov NCT05952869 (MK-0616, heterozygic family hypercholesterolemia, phase 3). Test design and key evaluation items. https://clinicaltrials.gov/study/NCT05952869
  6. Merck KGaA Official Site German-Dalmstadt’s Merck KGaA Subsi。 to operate under the EMD brand in the United States and Canada. https://www.merckgroup.com/en
  7. Merck & Co., Inc. Official website (for confirmation of logo image source and company name) https://www.merck.com/

14. Response table of claims and sources

Content
Official name, head office location, listed marketFactsSource 1 https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm
MSD for non-US and CanadaFactsSource 3 https://www.sec.gov/Archives/edgar/data/0000310158/000110465926090045/tm2621496d1_ex99-1.htm
Merck KGaA (Germany) subsidiary conducts business with EMD brands in the United States and CanadaFactsSource 6 https://www.merckgroup.com/en
Sales, R&D and capital investment in 2023 to 2025, sales of quito-routers, sales of Gadacil and WinrevairFactsSource 1 https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm
Approx. 75,000 employees, Approx. 24,700 researchers, Research bases and MRL direct costsFactsSource 1 https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm
Sales, R&D, asset acquisition cost, Key Qlex, Winrevair salesFactsSource 2 https://www.sec.gov/Archives/edgar/data/310158/000031015826000212/mrk-20260630.htm
Kytolider is 49% of sales in 2025 and the U.S. patent expired 2028FactsSource 1 https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm
Key)da Qlex configuration (berahyaluronidase alfa), US approval (September 2025), EU approval (November 2025)FactsSource 1 https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm
) license with Alteogen (February 2024) and terms of paymentFactsSource 1 https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm
Patent Dispute on Subcutaneous Pembrolizumab with HalozymeFactsSource 1・2 https://www.sec.gov/Archives/edgar/data/310158/000031015826000212/mrk-20260630.htm
Contract for DXd ADC 3 items with Dai-ichi Sankyo (payment amount, manufacturing and supply are the first three)FactsSource 1 https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm
Contract with Kelun-Biotech, development of sac-TMT and development of BlackstoneFactsSource 1・2 https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm
V Joint Development with ModernaFactsSource 1 https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm
Acquisition and acquisition of Verona Pharma (October 2025), Cidara (January 2026) and Terns (May 2026)FactsSource 1・2 https://www.sec.gov/Archives/edgar/data/310158/000031015826000212/mrk-20260630.htm
Acquisition of WuXi Vac s Dandok Plant, Reason for 2024 Structural Reform Plan, Capital Investment Plan Approx. US$20 billionFactsSource 1・2 https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm
Lipfendra’s U.S. approval (July 2026), being a ring peptide, under review in EU and ChinaFactsSource 2 https://www.sec.gov/Archives/edgar/data/310158/000031015826000212/mrk-20260630.htm
LDL-C drop at 24 weeks of CORALreef trial (56% from placebo)FactsSource 3 https://www.sec.gov/Archives/edgar/data/0000310158/000110465926090045/tm2621496d1_ex99-1.htm
Placebo vs. MK-0616 phase 3 evaluation (NCT05952856, NCT059528, and key evaluation items)FactsSource 4・5 https://clinicaltrials.gov/study/NCT05952856
Three pillars for cancer research, approximately 80 phases, I-DXd priority review and goal date, Phase V, MK-1406, MK-8591D stageFactsSource 1・2 https://www.sec.gov/Archives/edgar/data/310158/000031015826000212/mrk-20260630.htm
Extension of HPV vaccine testing with NCIFactsSource 2 https://www.sec.gov/Archives/edgar/data/310158/000031015826000212/mrk-20260630.htm
Classification of three types of drug discovery and DDS companiesThe calculation of this paperThe company name is an example from the target company in this series.
Exceed the annual direct cost of internal research by approximately US$5.0, billionKey da Qlex, and the initial asset acquisition cost exceeds the annual direct cost of internal research.The calculation of this paperThis document is calculated from the number of source 1 and 2
ADC’s own manufacturing plan, which includes research and development costs and capital investments by modalities, Qlex’s switch targets, Lipfendra’s manufacturing method and the ingenuity of absorption promotion.Undetermined / FutureNot specified in the source 1-3. Media-based numbers are not adopted https://www.sec.gov/Archives/edgar/data/310158/000031015826000212/mrk-20260630.htm
Reads to keep sales after patent expiration with subcutaneous preparationPatent expiration and Qlex composition and interpretation of this article from Alteogen contract
ADC reads to expand in order to make a partner without manufacturing in-houseInterpre of this article from the terms of contract with Dai-ichi Sankyo
Read that the direction to aim with a that can drink the target of injectionInterpretation of this article from Lipfendra and oral HIV candidates
Risks of affiliated with ADC supply and increased external procurement ratioInterpretation of this article from terms and cost composition

Last Updated:September 26, 2026/Troy Technical
All the figures in this article are based on the legal disclosure document submitted by Merck & Co., Inc. to the SEC and the ClinicalTrials.gov。 information. We do not use estimates and media-based numbers of survey companies. The "、ulation" section is an interpretation that the article reads from the primary information and is not an announcement of the company. This paper is not recommended for use of certain medicines, but please consult your doctor or pharmacist for medical decisions.

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