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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Merck & Co
Merck & Co (MRK) investor relations material
Merck & Co 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.44th Annual J.P. Morgan Healthcare Conference summary13 Jan, 2026
Strategic Transformation, Portfolio Innovation, and Growth Outlook
Over 80 phase 3 studies are ongoing, with more than 20 new launches expected, most with blockbuster potential, and a diverse late-stage pipeline.
Commercial launches of over 20 growth drivers, with visibility to more than $70 billion in commercial opportunity by the mid-2030s, more than double consensus 2028 KEYTRUDA sales.
Ten key programs represent 70% of this opportunity, spanning oncology, cardiometabolic, infectious disease, immunology, and ophthalmology.
Business development since 2021 has added $20 billion to the opportunity, with $60 billion invested in external deals and significant capacity for further pipeline augmentation.
Animal health business and early-phase programs are expected to more than double from 2024 to the mid-2030s, driven by new product innovation.
Clinical and Regulatory Milestones
Recent approvals include QLEX (subcutaneous Keytruda), clesrovimab (RSV vaccine), NUMELVI (animal health JAK inhibitor), WINREVAIR PAH label update, and ENFLONSIA for RSV.
Positive data readouts for KEYTRUDA in various cancers, WELIREG in renal cell carcinoma, and new HIV and cardiometabolic therapies.
Multiple phase 3 trial initiations in oncology, infectious disease, immunology, and ophthalmology, with a data-rich period ahead and key readouts anticipated through 2027.
Sacituzumab tirumotecan (TROP2 ADC) in 16 phase 3 studies, 11 with first-in-class potential, and new studies combining with QLEX.
Islatravir/doravirine for HIV expected to receive first approval in April, with more HIV and immunology assets advancing.
Commercial Execution, Business Development, and Growth Strategy
Successful launches of Winrevair, Capvaxive, clesrovimab, QLEX, and Ohtuvayre, with Ohtuvayre representing a multi-billion-dollar COPD opportunity.
2025 transactions include Verona Pharma (OHTUVAYRE for COPD), Cidara Therapeutics (MK-1406 for influenza), and Hengrui (MK-7262 for Lp(a) inhibition).
Acquisition of Cidara (MK1406), a once-per-season, strain-agnostic antiviral for high-risk flu patients, targeting a $5 billion+ market.
Updated commercial opportunity in cardiometabolic and respiratory now includes OHTUVAYRE, and infectious disease now includes MK-1406 and ENFLONSIA.
Business development remains disciplined, focusing on oncology, cardiometabolic, cardiopulmonary, and immunology, with capacity for large deals.
Specific programs for 2026 KEYTRUDA LOE offset?
Future BD focus areas?
Prioritize 2026/2027 Phase 3 readouts impact.
Key assets for 2026-2027 derisking
Sac-TMT's differentiated potential
Enlicitide's path to faster market ramp
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Next Merck & Co earnings date
Q4 20253 Feb, 2026
Merck & Co
Next Merck & Co earnings date
Q4 20253 Feb, 2026
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Frequently asked questions
Over 130 Years of Experience in Healthcare
Merck & Co., commonly known as Merck, is a global pharmaceutical company that specializes in the development and manufacturing of prescription drugs, vaccines, biological therapies, and animal health products. With a storied history dating back over a century, Merck has established itself as a leading player in the healthcare industry. The company's portfolio of products spans various therapeutic areas, including cardiovascular, oncology, infectious diseases, and more.
In business for over a century
Since its establishment in 1891, Merck has played a significant role in advancing medical research and innovation and has a long history of notable contributions to healthcare. They have developed antibiotics like streptomycin, vaccines for diseases such as mumps and HPV, and antiretroviral therapies for HIV/AIDS treatment. Their advancements in cardiovascular medications and statins have significantly impacted heart disease management.
The company today
Today the company focuses on the development, manufacturing, and distribution of a diverse range of prescription drugs, vaccines, and biological therapies. With a commitment to scientific rigor, research, and providing products and medication that improve the lives of ill patients, Merck strives to address various health challenges and contribute to the well-being of individuals globally. Merck is far from being alone when it comes to publicly traded pharmaceutical companies, and some companies that operate in the same space include names such as Pfizer and Eli Lilly.
A diverse portfolio of medications
Merck & Co. develops and manufactures a wide range of medications. Their portfolio of products includes medications for cardiovascular diseases, such as hypertension and hyperlipidemia, as well as anticoagulants and antiplatelet agents. They also offer therapeutics for infectious diseases, including antibiotics, antifungals, and antiviral drugs. In oncology, Merck provides targeted therapies and immunotherapies for different types of cancer. Additionally, they offer medications for diabetes management, respiratory diseases, autoimmune disorders, and more. The company’s flagship medication is Keytruda, which enhances the body’s ability to fight certain types of cancers.
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