MSD released its 2025 financial report, with annual total revenue reaching USD 65.0 billion, a 1% year-on-year (YOY) increase. Pharmaceutical annual revenue went up 1% to USD 58.1 billion, while total R&D investment dropped 12% to USD 15.8 billion.

【Source: MSD 2025 report】

Notably, revenue from the China market plummeted by 66% to USD 1.8 billion, primarily affected by lower demand for the Gardasil family of HPV vaccines due to emerging domestic competition.

KEYTRUDA® (pembrolizumab) HCP, as MSD’s flagship product, continued to demonstrate strong market dominance in 2025, achieving annual sales of USD 31.7 billion, a YOY increase of 7%.

【Source: MSD 2025 report】

In 2025, MSD’s oncology field overall also showed steady growth momentum. In addition to Keytruda, two partnered blockbuster products performed well: LYNPARZA®(olaparib) HCP and LENVIMA® (lenvatinib) capsules 10 mg & 4 mg HCP generated revenues of USD 1.4 billion (+11%) and USD 1.1 billion (+4%) respectively. Promising new products such as WELIREG® (belzutifan) HCP (+41%) and REBLOZYL® (luspatercept) US HCP (+41%) also experienced rapid growth.

【Source: MSD 2025 report】

Full-year sales for the Gardasil and Gardasil 9 vaccines were USD 5.2 billion, a YOY drop of 39%. The main reasons for this poor performance are concentrated in the Asian market: on one hand, demand in China has decreased in presence of locally developed alternatives; on the other hand, the conclusion of Japan’s national catch-up vaccination programme also led to a decline in sales.

In the cardiovascular field, Winrevair (sotatercept), a new drug for pulmonary arterial hypertension (PAH), performed exceptionally well throughout the year as MSD’s next-generation blockbuster, achieving sales revenue of USD 1.4 billion. Its explosive growth post-launch results from rapid adoption in the US market. With the gradual international market expansion and potential new indications (based on trials such as the HYPERION study), this drug is viewed as a key growth driver for MSD in the coming years.

【Source: MSD 2025 report】

In the diabetes field, the established product series Januvia/Janumet (sitagliptin/sitagliptin + metformin) achieved sales revenue of USD 2.5 billion in 2025, a YOY increase of 12%.

Ohtuvayre (ensifentrine), the core product obtained by MSD following its USD 10 billion acquisition of Verona Pharma, contributed USD 178 million in revenue in the fourth quarter.

Regarding pipeline development, in 2025 MSD announced positive results from 18 Phase III clinical trials. Currently, approximately 80 Phase III studies are still actively underway, representing MSD’s hopes for future product succession.

【Source: MSD 2025 report】

Regarding key regulatory approvals, core product Keytruda achieved another milestone. It was not only authorised in the US in combination with PADCEV® (enfortumab vedotin-ejfv) HCP for a subset of bladder cancer patients, but the approval of its subcutaneous injection formulation in the European Union has injected oxygen into the molecule as it nears its patent cliff.

Entering 2026, the company expects several key milestones, including the anticipated announcement of Phase III data for the high-profile HIV product islatravir + lenacapavir and the immunology candidate tulisokibart. Additionally, US health authorities are expected to make a decision on the review of the new indication application for the new blockbuster Winrevair, which could broaden its application in the cardiovascular field.

【Source: MSD 2025 report】

To accelerate the expansion of its disease portfolio, MSD completed the acquisitions of Verona Pharma and Cidara Therapeutics in 2025, successfully bringing important assets like Ohtuvayre under its umbrella, strengthening its competitiveness in the respiratory and infectious disease fields. Simultaneously, through licensing collaborations with globally outstanding companies like Hengrui Pharma, MSD is building a more diverse and risk-resilient R&D system.

Looking ahead to 2026, MSD expects its total annual sales to grow steadily to between USD 65.5 billion and USD 67.0 billion.

【Source: MSD 2025 report】

From a long-term perspective, MSD anticipates that the next-generation growth engines composed of oncology, cardio-metabolic, respiratory, and immunology fields will bring over USD 70.0 billion in potential commercial opportunities.