To the full analysis
Merck stock: growth
MRKMerck reported $64.93B in revenue for fiscal 2025, up 1.2% on the prior year, up 9.4% a year on average over up to five years.
Daily figure as of 13 Nov 2026
Revenue (Annual rate)
5.7%
per year from 2006 to 2025, per share 4.9%
Earnings (Annual rate)
7.7%
per year from 2006 to 2025, per share 6.9%
Free cash flow (Annual rate)
4.1%
per year from 2006 to 2025, per share 3.3%
Growth per year by period
What reaches shareholders is growth per share: buybacks lift it, new shares dilute it.
| since 2020 | since 2015 | since 2006 | |
|---|---|---|---|
| Revenue | 9.4% | 5.1% | 5.7% |
| Revenue per share | 9.6% | 6.2% | 4.9% |
| Earnings | 20.9% | 15.2% | 7.7% |
| Earnings per share | 21.2% | 16.4% | 6.9% |
| Free cash flow | 16.2% | 0.9% | 4.1% |
| Free cash flow per share | 16.5% | 2.0% | 3.3% |
Fiscal years at a glance
How revenue and earnings grow
- Revenue
- Earnings
- Free cash flow
Figures as a table
| Year | Revenue | Earnings | Free cash flow |
|---|---|---|---|
| 2006 | $22.64B | $4.43B | $5.79B |
| 2007 | $24.2B | $3.28B | $5.99B |
| 2008 | $23.85B | $7.81B | $7.17B |
| 2009 | $27.43B | $12.9B | $1.93B |
| 2010 | $45.99B | $861M | $9.79B |
| 2011 | $48.05B | $6.27B | $10.66B |
| 2012 | $47.27B | $6.17B | $8.07B |
| 2013 | $44.03B | $4.4B | $10.11B |
| 2014 | $42.24B | $11.92B | $6.54B |
| 2015 | $39.5B | $4.44B | $11.26B |
| 2016 | $39.81B | $3.92B | $8.76B |
| 2017 | $40.12B | $2.39B | $4.56B |
| 2018 | $42.29B | $6.22B | $8.31B |
| 2019 | $39.12B | $9.84B | $9.97B |
| 2020 | $41.52B | $7.07B | $5.82B |
| 2021 | $48.7B | $13.05B | $9.66B |
| 2022 | $59.28B | $14.52B | $14.71B |
| 2023 | $60.12B | $365M | $9.14B |
| 2024 | $64.17B | $17.12B | $18.1B |
| 2025 | $64.93B | $18.25B | $12.36B |
Revenue by segment
How Merck & Co., Inc. makes its money and how that has shifted. Names are as the company reports them.
- Pharmaceutical90%
- Animal Health10%
- Other< 1%
“Other” combines smaller and former segments with revenue the company does not assign to a segment. Names as reported, with abbreviations spelled out for the largest companies.
Figures as a table
| 2021 | 2022 | 2023 | 2024 | 2025 | Share 2025 | |
|---|---|---|---|---|---|---|
| Pharmaceutical | $42.75B | $52.01B | $53.58B | $57.4B | $58.14B | 89.6% |
| Animal Health | $5.57B | $5.55B | $5.63B | $5.88B | $6.35B | 9.8% |
| Other | $0 | $1.73B | $907M | $891M | $0 | 0% |
| Total revenue | $48.7B | $59.28B | $60.12B | $64.17B | $64.93B | 100% |
Revenue by region
Where Merck & Co., Inc. generates its revenue.
- United States56%
- EMEA22%
- Latin America5%
- Asia Pacific5%
- International4%
- Japan4%
- Other3%
“Other” combines smaller regions with revenue the company does not assign to a region.
Figures as a table
| 2024 | 2025 | Share 2025 | |
|---|---|---|---|
| United States | $32.28B | $36.51B | 56.2% |
| EMEA | $14.04B | $14.58B | 22.5% |
| Latin America | $3.46B | $3.41B | 5.3% |
| Asia Pacific | $3.06B | $2.98B | 4.6% |
| International | $2.56B | $2.88B | 4.4% |
| Japan | $3.28B | $2.71B | 4.2% |
| Other | $5.49B | $1.85B | 2.9% |
| Total revenue | $64.17B | $64.93B | 100% |
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 7 Aug 2026)
- Valuation signal Fairly valued since 8 Nov 2026, previously Undervalued
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.