MSD has announced full-year 2025 revenue of USD 65.0 billion, representing 1% growth. The company's pharmaceutical division generated USD 58.1 billion in sales, led by its oncology blockbuster Keytruda (pembrolizumab), which achieved sales of USD 31.7 billion, a 7% year-on-year increase. The cardiovascular and metabolism franchise also performed well, driven by the launch of the pulmonary arterial hypertension (PAH) drug Winrevair (sotatercept), which generated USD 1.4 billion in its first full year. The antidiabetic Januvia/Janumet (sitagliptin) saw a 12% increase in sales.

MSD's revenue in China declined by 66% to USD 1.816 billion, primarily due to lower demand for its Gardasil HPV vaccine franchise, which saw a 39% global sales decline to USD 5.2 billion. The company's R&D investment totalled USD 15.8 billion. Looking ahead, MSD's pipeline includes approximately 80 ongoing Phase III trials, with key data readouts expected in 2026 for HIV and immunology candidates. The company forecasts 2026 revenue in the range of USD 65.5 to 67.0 billion and anticipates its next-generation growth engines in oncology, cardiometabolic, respiratory and immunology could represent a potential commercial opportunity exceeding USD 70 billion.

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