Merck & Co (MRK) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Strategic Priorities and Pipeline Progress

• Focus remains on scientific innovation and patient-centric approaches to drive long-term value, with nearly triple the Phase 3 assets since 2021.

• Revenue growth has been consistent, with underlying growth of 7% in 2022, 12% in 2023, and projected 9% in 2024 (excluding LAGEVRIO).

• Over $40 billion invested in business development over the past three and a half years, including acquisitions and collaborations such as EyeBio, Harpoon, LaNova, Daiichi Sankyo, Gilead, and Moderna.

• Early-stage pipeline includes over 50 assets, many expected to advance to Phase 2 within two to three years, with 152 in preclinical/Phase 1.

• Created long-term value for patients and shareholders through portfolio diversification and innovation.

Recent Approvals, Launches, and Upcoming Catalysts

• 2024 saw significant approvals and launches, including WINREVAIR, CAPVAXIVE, BRAVECTO Injectable, and several KEYTRUDA indications.

• GARDASIL male indication launched in China, targeting ages 9 to 26, with a similar eligible population size as females.

• Subcutaneous pembrolizumab approval and launch expected in 2025, with anticipated 30–40% adoption within 12–18 months.

• Key data readouts expected for MK-0616 (oral PCSK9), efinopegdutide (GLP-1 dual agonist), WINREVAIR in PH due to LHD, and islatravir-based HIV regimens in 2024–2025.

• Ongoing successful launches and positive data for WINREVAIR, CAPVAXIVE, BRAVECTO, clesrovimab for RSV, and islatravir-based HIV regimens.

Long-term Growth Outlook and Revenue Potential

• Portfolio expected to be the most diversified in recent history, with 20 new growth drivers across oncology, cardiometabolic, immunology, HIV, ophthalmology, and vaccines, most with blockbuster potential.

• Oncology revenue potential raised from $20B to over $25B by mid-2030s, driven by T-cell engagers and antibody-drug conjugates.

• Cardiometabolic sales opportunity estimated at ~$15B, immunology and HIV each projected to exceed $5B, and ophthalmology and animal health seen as multi-billion-dollar opportunities.

• Animal health revenue expected to more than double by the mid-2030s.

• Confidence in managing through KEYTRUDA LOE, viewing it as a hill rather than a cliff, with a largely de-risked outlook for 2029–2031.