Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections. Within cancer, the firm's immuno-oncology platform, led by Keytruda, is a major contributor to overall sales. The company also has a substantial vaccine business aimed at preventing pediatric diseases, as well as Gardasil for human papillomavirus. Additionally, Merck sells animal health-related drugs. From a geographical perspective, 47% of the company's sales are generated from US human health (pharmaceuticals and vaccines).
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The chart shows the growth of an initial investment of $10,000 in Merck & Co., Inc., comparing it to the performance of the S&P 500 index.
All prices have been adjusted for splits and dividends.
Merck & Co., Inc. (MRK) has returned 14.54% so far this year and 49.20% over the past 12 months. Looking at the last ten years, MRK has achieved an annualized return of 8.41%, underperforming the Benchmark (SPY), which averaged 12.23% per year.
The table below presents the monthly returns of Merck & Co., Inc. (MRK) with color gradation from worst to best to easily spot seasonal factors.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.49% | 12.44% | -2.61% | -0.01% | ||||||||
| 2025 | -1.46% | -5.99% | -2.20% | -5.07% | -9.07% | 2.78% | -1.06% | 7.82% | -0.67% | 0.93% | 22.23% | 0.52% |
| 2024 | 10.64% | 2.83% | 4.00% | -1.87% | -2.39% | -1.57% | -9.77% | 4.71% | -3.97% | -10.21% | -0.14% | -2.21% |
| 2023 | -2.72% | -0.68% | 0.41% | 8.99% | -4.65% | 4.27% | -6.83% | -0.57% | -6.11% | -0.13% | -1.03% | 6.00% |
| 2022 | 6.40% | -6.56% | 7.25% | 7.91% | 3.73% | -0.55% | -2.15% | -4.45% | 0.56% | 16.70% | 9.41% | 1.09% |
| 2021 | -6.01% | -6.89% | 5.30% | -3.45% | 2.19% | 2.25% | -1.00% | -0.83% | -1.46% | 7.96% | -14.92% | 1.47% |
| 2020 | -6.19% | -11.02% | -0.25% | 6.27% | 2.36% | -3.55% | 3.63% | 3.80% | -2.81% | -9.58% | 5.15% | 1.05% |
| 2019 | -1.14% | 7.00% | 1.72% | -6.00% | 0.66% | 5.27% | -1.59% | 4.11% | -2.39% | 2.95% | 0.13% | 3.90% |
| 2018 | 4.70% | -8.37% | 0.39% | 8.22% | 0.90% | 1.35% | 8.79% | 4.38% | 3.76% | 3.57% | 7.51% | -3.91% |
| 2017 | 4.80% | 6.14% | -3.83% | -1.73% | 4.59% | -1.54% | 0.05% | -0.28% | 0.38% | -14.20% | -0.49% | 1.57% |
| 2016 | 4.46% | 2.57% | 2.51% | 1.95% | 6.73% | -0.46% | -5.63% | 3.71% | -3.96% |
The charts below present risk-adjusted performance metrics for Merck & Co., Inc. (MRK) and compare them to a Benchmark (SPY). These indicators evaluate an investment's returns against its associated risks.
The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.
These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns.
The chart below shows the rolling Sharpe ratio of MRK compared to the benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.
The current Merck & Co., Inc. volatility is 1.20%, representing the standart deviation of percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.
The Drawdowns chart displays portfolio losses from any high point along the way. It shows the maximum percentage drop from a peak to a trough over a specified period, indicating the risk of significant losses.
Although chart shows positive values, it represents the percentage drop from the peak, so a value of 10% means the portfolio has dropped 10% from its highest point.
The income statement provides a summary of a company's revenues, expenses, and profits over a specific period. It shows how much money the company earned (revenues) and how much it spent (expenses), leading to the net income or profit. This statement is crucial for understanding a company's financial performance and profitability.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Liabilities And Equity (USD) | 136.87B | 117.11B | 106.68B | 109.16B | 105.69B | 91.59B | 84.40B | 82.64B | 87.87B | 95.38B | 101.78B | 98.34B | 105.65B | 106.13B | 105.13B | 105.78B | 112.09B |
| Equity Attributable To Parent (USD) | 52.61B | 46.31B | 37.58B | 45.99B | 38.18B | 25.32B | 25.91B | 26.70B | 34.34B | 40.09B | 44.68B | 48.65B | 49.77B | 53.02B | 54.52B | 54.38B | 59.06B |
| Equity Attributable To Noncontrolling Interest (USD) | 56.00M | 59.00M | 54.00M | 67.00M | 73.00M | 87.00M | 94.00M | 181.00M | 233.00M | 220.00M | 91.00M | 144.00M | 2.56B | 2.44B | 2.43B | 2.43B | 2.43B |
| Equity (USD) | 52.66B | 46.37B | 37.64B | 46.06B | 38.26B | 25.40B | 26.00B | 26.88B | 34.57B | 40.31B | 44.77B | 48.79B | 52.33B | 55.46B | 56.94B | 56.81B | 61.49B |
| Noncurrent Liabilities (USD) | 55.88B | 42.31B | 43.35B | 38.86B | 43.57B | 38.86B | 36.18B | 33.55B | 34.69B | 37.87B | 37.81B | 30.78B | 35.45B | 32.32B | 31.94B | 33.34B | 34.85B |
| Other Current Liabilities (USD) | 23.92B | 24.34B | 21.77B | 19.98B | 19.26B | 22.73B | 18.48B | 18.89B | 15.51B | 14.40B | 16.67B | 16.14B | 15.59B | 16.60B | 13.78B | 13.33B | 13.51B |
| Accounts Payable (USD) | 4.40B | 4.08B | 3.92B | 4.26B | 4.61B | 4.59B | 3.74B | 3.32B | 3.10B | 2.81B | 2.53B | 2.63B | 2.27B | 1.75B | 2.46B | 2.31B | 2.24B |
| Current Liabilities (USD) | 28.33B | 28.42B | 25.69B | 24.24B | 23.87B | 27.33B | 22.22B | 22.21B | 18.61B | 17.20B | 19.20B | 18.77B | 17.87B | 18.35B | 16.25B | 15.64B | 15.75B |
| Liabilities (USD) | 84.20B | 70.73B | 69.04B | 63.10B | 67.44B | 66.18B | 58.40B | 55.76B | 53.30B | 55.07B | 57.01B | 49.54B | 53.32B | 50.67B | 48.19B | 48.98B | 50.60B |
| Other Non-current Assets (USD) | 41.35B | 38.18B | 33.45B | 31.75B | 33.22B | 31.23B | 27.67B | 32.04B | 36.48B | 35.43B | 36.91B | 31.64B | 31.19B | 26.16B | 21.35B | 20.18B | 17.73B |
| Intangible Assets (USD) | 26.68B | 16.37B | 18.01B | 20.27B | 22.93B | 14.60B | 14.20B | 11.43B | 14.18B | 17.31B | 22.60B | 20.39B | 23.80B | 29.08B | 34.30B | 39.46B | 47.66B |
| Fixed Assets (USD) | 25.32B | 23.78B | 23.05B | 21.42B | 19.28B | 17.99B | 15.05B | 13.29B | 12.44B | 12.03B | 12.51B | 13.14B | 14.97B | 16.03B | 16.30B | 17.08B | 18.27B |
| Noncurrent Assets (USD) | 93.35B | 78.32B | 74.51B | 73.44B | 75.43B | 63.82B | 56.91B | 56.76B | 63.11B | 64.76B | 72.02B | 65.16B | 69.96B | 71.28B | 71.95B | 76.72B | 83.66B |
| Other Current Assets (USD) | 36.86B | 32.67B | 25.81B | 29.81B | 24.31B | 21.45B | 21.51B | 20.44B | 19.67B | 25.75B | 25.06B | 27.60B | 29.46B | 28.32B | 26.93B | 15.85B | 13.77B |
| Inventory (USD) | 6.66B | 6.11B | 6.36B | 5.91B | 5.95B | 6.31B | 5.98B | 5.44B | 5.10B | 4.87B | 4.70B | 5.57B | 6.23B | 6.54B | 6.25B | 5.87B | 8.06B |
| Accounts Receivable (USD) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.34B | 6.60B |
| Current Assets (USD) | 43.52B | 38.78B | 32.17B | 35.72B | 30.27B | 27.76B | 27.48B | 25.88B | 24.77B | 30.61B | 29.76B | 33.17B | 35.69B | 34.86B | 33.18B | 29.06B | 28.43B |
| Assets (USD) | 136.87B | 117.11B | 106.68B | 109.16B | 105.69B | 91.59B | 84.40B | 82.64B | 87.87B | 95.38B | 101.78B | 98.34B | 105.65B | 106.13B | 105.13B | 105.78B | 112.09B |
Merck announced its acquisition of Terns Pharmaceutical for $6.7 billion to bolster its cancer treatment pipeline with TERN-701, an oral BCR-ABL1 inhibitor for chronic myeloid leukemia. This marks the third multi-billion-dollar acquisition in a year, reinforcing Merck's M&A strategy. The company has a strong earnings track record, forecasts over $70 billion in commercial opportunity by mid-2030s, maintains a 73% gross margin, and has increased dividends for 14 consecutive years.
Adagene reported 29% overall response rate for muzastotug (ADG126) in MSS colorectal cancer patients at the 20 mg/kg dose, with median overall survival of 19.4 months at 10 mg/kg dose. The company demonstrated improved tolerability with 4% discontinuation rate and no Grade 4-5 adverse events across 67 patients. With $74.5 million in cash as of December 31, 2025, Adagene expects runway into early 2028 and plans to initiate a registration trial once optimal dose is established.
Merck & Co entered a collaboration with Infinimmune to develop next-generation antibody drugs using Infinimmune's human-first discovery platform and machine learning technology. Under the deal, Merck gains exclusive development and commercial rights to antibody candidates, with Infinimmune eligible to receive up to $838 million in milestone payments. Merck shares were up 0.34% in premarket trading, approaching their 52-week high.
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Merck agreed to acquire Terns Pharmaceuticals for $6.7 billion ($53 per share) to bolster its pipeline ahead of Keytruda's patent expiry in 2028. The deal focuses on Terns' early-stage CML treatment TERN-701. However, analysts suggest the offer may undervalue the asset and could attract competing bids from other pharmaceutical companies.
Merck announced it will acquire clinical-stage oncology company Terns Pharmaceuticals for $53.00 per share in cash, representing an approximate equity value of $6.7 billion. The acquisition focuses on TERN-701, a novel oral allosteric BCR::ABL1 tyrosine kinase inhibitor currently in Phase 1/2 development for chronic myeloid leukemia (CML). The deal represents a 31% premium to the 60-day volume-weighted average stock price and is expected to close in Q2 2026.
Merck is nearing a $6 billion all-cash acquisition of Terns Pharmaceuticals to strengthen its oncology pipeline ahead of Keytruda's patent expiration. Terns is developing an early-stage CML treatment that could compete with Novartis's Scemblix. The deal reflects Merck's broader strategy to secure future growth as the pharmaceutical industry faces $320 billion in revenue losses from patent expirations through 2030.
Quotient Therapeutics has entered a multi-year research collaboration with Merck to discover novel drug targets in inflammatory bowel disease using Quotient's somatic genomics platform. Quotient will receive an upfront payment of $20 million with potential milestone payments bringing the total deal value up to $2.2 billion.
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