Merck & Co., Inc. operates as a global healthcare company that provides health solutions through its prescription medicines, vaccines, biologic therapies, and animal health products. The company's business model centers on the research, development, manufacturing, and commercialization of therapeutic and preventive agents. Merck operates through two primary reportable segments: Pharmaceutical and Animal Health. The Pharmaceutical segment, which accounts for the vast majority of total revenue (approximately 88% in 2024, generating $57.4 billion), includes human health pharmaceutical and vaccine products sold primarily to drug wholesalers, retailers, hospitals, and government agencies. Key products in this segment include the oncology drug Keytruda (pembrolizumab), which generates a significant portion of the company's total revenue, as well as the HPV vaccine Gardasil. The Animal Health segment (approximately 9% of revenue, generating $5.9 billion in 2024) discovers, develops, manufactures, and markets veterinary pharmaceutical and vaccine products for both livestock and companion animals. Geographically, Merck has an extensive global footprint, distributing its products in over 140 countries, though the United States remains its largest single market. The company maintains its competitive position as one of the world's largest pharmaceutical manufacturers through its research and development capabilities and a pipeline of clinical candidates across multiple therapeutic areas.
