Merck & Co., Inc.
MRK · Pharmaceutical Preparations · 2.47B shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $701M (gross $1.3B, SBC $645M)
Reference price $121.46 · est. market cap ~$300.0B — last insider sale, 2026-02-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B82Keytruda-anchored oncology leader with top-decile returns, strong cash flow and a deep positive pipeline.
Strengths
- Top-decile ROA (13.3%, 94.1st pct), ROE 34.7% (84.8th), net margin 28.1% (89.2nd) and FCF $12.4B (99th)
- Pipeline de-risking: sotatercept/Winrevair PAH Phase 3 wins (HR ~0.24), ensifentrine and tulisokibart positive
Risks
- Flat revenue (1.3%, 37th pct) with Keytruda LOE (~2028) and Gardasil weakness as concentration risks
- IRA price-setting on Keytruda/Januvia franchise
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP
- FDA recallFDA recall (Class II) — Belsomra (suvorexant) tablets, 10mg, 30 Tablets in 3 Blister Cards per Carton, E (2025-07-21)
- Strong balance sheetStrong balance sheet — $15.5B cash & investments
- AccumulatingInstitutional holders rose 30→31 QoQ (2025-12-31→2026-03-31)
- Insider sellingInsider selling — 16 open-market sale(s) by 9 insider(s) (cluster of 9 insiders, ~$41M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-04-16 — PHASE2 · Diffuse Cutaneous Systemic Sclerosis
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
74.8%
Net margin
28.1%
Return on equity
34.7%
Return on assets
13.3%
Revenue growth (QoQ)
-0.7%
Net-income growth
6.6%
Debt / equity
0.9×
Current ratio
1.5×
Free cash flow
$12.4B
Tangible book value
$4.3B
Cash & investments
$15.5B
Stock comp / revenue
1.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-02 | Smart Dalton E. III | Option exercise | 383 | $112.16 |
| 2026-05-02 | Maraldo David R. | Option exercise | 552 | $112.16 |
| 2026-05-02 | Smart Dalton E. III | Tax withheld | 132 | $112.16 |
| 2026-05-02 | Maraldo David R. | Tax withheld | 159 | $112.16 |
| 2026-04-30 | Smart Dalton E. III | Tax withheld | 159 | $110.95 |
| 2026-04-30 | Larson Betty D | Tax withheld | 5.1K | $110.95 |
| 2026-04-30 | Smart Dalton E. III | Option exercise | 464 | $110.95 |
| 2026-04-30 | Larson Betty D | Option exercise | 11K | $110.95 |
| 2026-04-29 | Smart Dalton E. III | Option exercise | 944 | $110.03 |
| 2026-04-29 | Smart Dalton E. III | Tax withheld | 324 | $110.03 |
| 2026-04-29 | Li Dean Y | Option exercise | 4.7K | $110.03 |
| 2026-04-29 | Li Dean Y | Tax withheld | 2.3K | $110.03 |
| 2026-04-29 | Zachary Jennifer | Option exercise | 3.0K | $110.03 |
| 2026-04-29 | Zachary Jennifer | Tax withheld | 1.5K | $110.03 |
| 2026-04-29 | Larson Betty D | Option exercise | 2.1K | $110.03 |
| 2026-04-29 | Larson Betty D | Tax withheld | 715 | $110.03 |
| 2026-04-29 | Litchfield Caroline | Option exercise | 3.9K | $110.03 |
| 2026-04-29 | Litchfield Caroline | Tax withheld | 1.9K | $110.03 |
| 2026-04-29 | Davis Robert M | Option exercise | 13K | $110.03 |
| 2026-04-29 | Davis Robert M | Tax withheld | 6.6K | $110.03 |
| 2026-04-29 | Oosthuizen Johannes Jacobus | Option exercise | 1.4K | $110.03 |
| 2026-04-29 | Oosthuizen Johannes Jacobus | Tax withheld | 679 | $110.03 |
| 2026-04-29 | Guindo Chirfi | Option exercise | 2.0K | $110.03 |
| 2026-04-29 | Guindo Chirfi | Tax withheld | 969 | $110.03 |
| 2026-04-29 | Chattopadhyay Sanat | Option exercise | 2.6K | $110.03 |
| 2026-04-29 | Chattopadhyay Sanat | Tax withheld | 1.1K | $110.03 |
| 2026-04-29 | DeLuca Richard R. | Option exercise | 2.5K | $110.03 |
| 2026-04-29 | DeLuca Richard R. | Tax withheld | 1.2K | $110.03 |
| 2026-04-29 | Williams David Michael | Option exercise | 1.4K | $110.03 |
| 2026-04-29 | Williams David Michael | Tax withheld | 679 | $110.03 |
| 2026-02-12 | Guindo Chirfi | Sell | 10K | $121.46 |
| 2026-02-10 | Li Dean Y | Sell | 10K | $117.52 |
| 2026-02-09 | Zachary Jennifer | Sell | 39K | $119.15 |
| 2026-02-09 | Guindo Chirfi | Sell | 10K | $118.41 |
| 2026-02-09 | Zachary Jennifer | Option exercise | 26K | $119.15 |
| 2026-02-09 | Zachary Jennifer | Sell | 26K | $119.15 |
| 2026-02-09 | Zachary Jennifer | Option exercise | 57K | $119.15 |
| 2026-02-09 | Zachary Jennifer | Sell | 57K | $119.15 |
| 2026-02-09 | Zachary Jennifer | Option exercise | 39K | $119.15 |
| 2026-02-06 | Williams David Michael | Option exercise | 5.0K | $77.62 |
| 2026-02-06 | Williams David Michael | Sell | 5.0K | $121.91 |
| 2026-02-06 | Oosthuizen Johannes Jacobus | Sell | 15K | $121.87 |
| 2026-02-06 | DeLuca Richard R. | Sell | 38K | $120.92 |
| 2026-02-05 | Guindo Chirfi | Sell | 20K | $121.88 |
| 2026-02-04 | Davis Robert M | Sell | 32K | $118.35 |
| 2026-02-04 | Smart Dalton E. III | Option exercise | 4.0K | $62.07 |
| 2026-02-04 | Smart Dalton E. III | Sell | 4.0K | $119.67 |
| 2026-02-04 | Smart Dalton E. III | Sell | 2.4K | $119.67 |
| 2026-02-04 | Litchfield Caroline | Option exercise | 42K | $53.06 |
| 2026-02-04 | Litchfield Caroline | Sell | 42K | $119.61 |
| 2026-02-04 | Li Dean Y | Option exercise | 15K | $56.04 |
| 2026-02-04 | Li Dean Y | Sell | 15K | $118.77 |
| 2026-02-04 | Davis Robert M | Sell | 15K | $117.38 |
| 2026-01-26 | Zachary Jennifer | Grant | 12K | $107.40 |
| 2026-01-26 | Romanelli Joseph | Grant | 5.7K | $107.40 |
| 2026-01-26 | Smart Dalton E. III | Grant | 1.1K | $107.40 |
| 2026-01-26 | Williams David Michael | Grant | 6.1K | $107.40 |
| 2026-01-26 | Oosthuizen Johannes Jacobus | Grant | 5.0K | $107.40 |
| 2026-01-26 | Litchfield Caroline | Grant | 16K | $107.40 |
| 2026-01-26 | Li Dean Y | Grant | 20K | $107.40 |
| 2026-01-26 | Guindo Chirfi | Grant | 9.9K | $107.40 |
| 2026-01-26 | DeLuca Richard R. | Grant | 12K | $107.40 |
| 2026-01-26 | Davis Robert M | Grant | 47K | $107.40 |
| 2026-01-26 | Chattopadhyay Sanat | Grant | 14K | $107.40 |
| 2025-11-10 | Downing Cristal N | Sell | 7.1K | $87.00 |
| 2025-11-03 | Williams David Michael | Sell | 8.6K | $83.59 |
| 2025-08-04 | Williams David Michael | Option exercise | 17K | $79.29 |
| 2025-08-04 | Williams David Michael | Tax withheld | 8.4K | $79.29 |
| 2025-08-04 | Guindo Chirfi | Option exercise | 37K | $79.29 |
| 2025-08-04 | Guindo Chirfi | Tax withheld | 18K | $79.29 |
| 2025-05-03 | Smart Dalton E. III | Option exercise | 518 | $83.18 |
| 2025-05-03 | Smart Dalton E. III | Tax withheld | 256 | $83.18 |
| 2025-05-03 | Smart Dalton E. III | Option exercise | 1.5K | $83.18 |
| 2025-05-03 | Smart Dalton E. III | Tax withheld | 588 | $83.18 |
| 2025-05-02 | Romanelli Joseph | Tax withheld | 1.1K | $83.26 |
| 2025-05-02 | Romanelli Joseph | Option exercise | 2.3K | $83.26 |
| 2025-05-02 | Smart Dalton E. III | Option exercise | 381 | $83.26 |
| 2025-05-02 | Smart Dalton E. III | Tax withheld | 131 | $83.26 |
| 2025-04-30 | Romanelli Joseph | Option exercise | 2.1K | $84.71 |
| 2025-04-30 | Smart Dalton E. III | Option exercise | 464 | $84.71 |
| 2025-04-30 | Smart Dalton E. III | Tax withheld | 159 | $84.71 |
| 2025-04-30 | Romanelli Joseph | Tax withheld | 1.0K | $84.71 |
| 2025-04-30 | Larson Betty D | Option exercise | 11K | $84.71 |
| 2025-04-30 | Larson Betty D | Tax withheld | 5.2K | $84.71 |
| 2025-04-25 | Smart Dalton E. III | Option exercise | 5.0K | $58.08 |
| 2025-04-25 | Smart Dalton E. III | Sell | 4.3K | $82.76 |
| 2025-02-19 | Oosthuizen Johannes Jacobus | Sell | 8.5K | $84.09 |
| 2025-02-13 | Williams David Michael | Sell | 6.0K | $85.34 |
| 2025-02-08 | Oosthuizen Johannes Jacobus | Option exercise | 13K | $87.28 |
| 2025-02-08 | Oosthuizen Johannes Jacobus | Tax withheld | 6.4K | $87.28 |
| 2025-02-06 | THULIN INGE G | Buy | 2.8K | $88.25 |
| 2025-02-06 | Downing Cristal N | Sell | 2.4K | $88.76 |
| 2025-02-05 | BAKER DOUGLAS M JR | Buy | 15K | $88.50 |
| 2025-01-27 | Zachary Jennifer | Grant | 25K | $97.94 |
| 2025-01-27 | Williams David Michael | Grant | 10K | $97.94 |
| 2025-01-27 | Smart Dalton | Grant | 2.6K | $97.94 |
| 2025-01-27 | Oosthuizen Johannes Jacobus | Grant | 8.7K | $97.94 |
| 2025-01-27 | Litchfield Caroline | Grant | 23K | $97.94 |
| 2025-01-27 | Li Dean Y | Grant | 33K | $97.94 |
| 2025-01-27 | Downing Cristal N | Grant | 9.4K | $97.94 |
| 2025-01-27 | DeLuca Richard R. | Grant | 25K | $97.94 |
| 2025-01-27 | Davis Robert M | Grant | 95K | $97.94 |
| 2025-01-27 | Chattopadhyay Sanat | Grant | 28K | $97.94 |
| 2025-01-27 | Guindo Chirfi | Grant | 28K | $97.94 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT04471727 ↗ | A Study in Participants With Advanced Cancers Associated With Expression of DLL3 (MK-6070-001/HPN328-4001) Small-Cell Lung Cancer, Neuroendocrine Carcinoma | PHASE1/PHASE2 | Active Not Recruiting | 2028-01-28 |
| NCT06559150 ↗ | A Phase II Study of Ensifentrine in Non-Cystic Fibrosis Bronchiectasis Non-cystic Fibrosis Bronchiectasis | PHASE2 | Recruiting | 2027-09-24 |
| NCT03162536 ↗ | A Study of Nemtabrutinib (MK-1026) in Participants With Relapsed or Refractory Hematologic Malignancies (ARQ 531-101/MK-1026-001) Lymphoma, B-Cell, Small Lymphocytic Lymphoma | PHASE1/PHASE2 | Active Not Recruiting | 2027-09-17 |
| NCT07225959 ↗ | A Study to Evaluate the Safety, Pharmacokinetics, and Occurrence of Anti-Drug Antibodies Following Annual Doses of CD388 Healthy Participants | PHASE2 | Active Not Recruiting | 2027-07-01 |
| NCT07159763 ↗ | A Study to Evaluate the Safety and Efficacy of CD388 for Prevention of Influenza Influenza | PHASE3 | Active Not Recruiting | 2027-06-01 |
| NCT03401788 ↗ | A Phase 2 Study of Belzutifan (PT2977, MK-6482) for the Treatment of Von Hippel Lindau (VHL) Disease-Associated Renal Cell Carcinoma (RCC) (MK-6482-004) VHL - Von Hippel-Lindau Syndrome, VHL Gene Mutation | PHASE2 | Active Not Recruiting | 2027-04-29 |
| NCT03634540 ↗ | A Trial of Belzutifan (PT2977, MK-6482) in Combination With Cabozantinib in Patients With Clear Cell Renal Cell Carcinoma (ccRCC) (MK-6482-003) Renal Cell Carcinoma (RCC), Clear Cell Renal Cell Carcinoma (ccRCC) | PHASE2 | Active Not Recruiting | 2027-02-26 |
| NCT04184050 ↗ | Study of HPN217 in Participants With Relapsed/Refractory Multiple Myeloma MK-4002 (MK-4002-001) Multiple Myeloma in Relapse, Multiple Myeloma | PHASE1 | Active Not Recruiting | 2026-12-31 |
| NCT07300085 ↗ | A Trial to Evaluate the Effect of CD388 on the Immunogenicity of Fluzone® HD Vaccine Healthy Participants | PHASE1 | Active Not Recruiting | 2026-12-01 |
| NCT05270525 ↗ | Effect of Ensifentrine on Sputum Markers of Inflammation in COPD COPD | PHASE2 | Recruiting | 2026-12-01 |
| NCT07016412 ↗ | A Phase IIb Ensifentrine-glycopyrrolate Fixed-dose Combination Dose Ranging Study in Subjects With COPD Chronic Obstructive Pulmonary Disease | PHASE2 | Recruiting | 2026-08-05 |
| NCT05270668 ↗ | Phase 2 Safety and Efficacy Study of Tulisokibart (MK-7240/PRA023) in Subjects With Systemic Sclerosis Associated With Interstitial Lung Disease (SSc-ILD) (MK-7240-007) Diffuse Cutaneous Systemic Sclerosis, Interstitial Lung Disease | PHASE2 | Active Not Recruiting | 2026-04-16 |
| NCT02974738 ↗ | A Trial of Belzutifan (PT2977, MK-6482) Tablets In Patients With Advanced Solid Tumors (MK-6482-001) Advanced Solid Tumors, Solid Tumor | PHASE1 | Active Not Recruiting | 2018-01-12 |
| NCT02293980 ↗ | A Phase 1, Dose-Escalation Trial of PT2385 Tablets In Patients With Advanced Clear Cell Renal Cell Carcinoma (MK-3795-001) ccRCC, RCC | PHASE1 | Active Not Recruiting | 2017-01-31 |
| NCT07132983 ↗ | A Phase II Study to Assess the Pharmacokinetics, Pharmacodynamics, and Safety of Single Inhaled Doses of Ensifentrine-glycopyrrolate Fixed Dose Combination, Ensifentrine, and Glycopyrrolate in Subjects With Chronic Obstructive Pulmonary Disease Chronic Obstructive Pulmonary Disease | PHASE2 | Completed | 2025-11-28 |
| NCT06609460 ↗ | Study of CD388 for the Prevention of Influenza in Subjects Not at Risk for Influenza Complications Influenza | PHASE2 | Completed | 2025-10-09 |
| NCT04945460 ↗ | A Study of Sotatercept for the Treatment of Cpc-PH Due to HFpEF (MK-7962-007/A011-16) Hypertension, Pulmonary | PHASE2 | Completed | 2025-09-05 |
| NCT04811092 ↗ | Study of Sotatercept in Newly Diagnosed Intermediate- and High-Risk PAH Participants (MK-7962-005/A011-13) Pulmonary Arterial Hypertension | PHASE3 | Terminated | 2025-04-03 |
| NCT05558696 ↗ | A Study of Bomedemstat (IMG-7289/MK-3543) in Participants With Polycythemia Vera (IMG-7289-CTP-203/MK-3543-004) Polycythemia Vera | PHASE2 | Completed | 2025-03-24 |
| NCT06545500 ↗ | A Phase IIb Study of Glycopyrrolate Inhalation Solution Over 1 Week in Subjects With COPD Chronic Obstructive Pulmonary Disease | PHASE2 | Completed | 2025-01-02 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (2)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-28 | 2026-05-26 | 0001104659-26-067509 ↗ |
| 8-K | 2026-05-22 | 2026-05-22 | 0001628280-26-037738 ↗ |
| 10-Q | 2026-05-04 | 2026-03-31 | 0001628280-26-029802 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001104659-26-052081 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0000310158-26-000063 ↗ |
| 8-K | 2026-02-03 | 2026-02-03 | 0001104659-26-009495 ↗ |
| 8-K | 2025-12-04 | 2025-12-04 | 0001628280-25-055388 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0000310158-25-000059 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0001104659-25-103974 ↗ |
| 8-K | 2025-09-09 | 2025-09-09 | 0000310158-25-000047 ↗ |
| 10-Q | 2025-08-05 | 2025-06-30 | 0000310158-25-000014 ↗ |
| 8-K | 2025-07-29 | 2025-07-25 | 0001104659-25-071380 ↗ |