MSD’s Q3 2025 sales performance reflects strength across oncology and animal health, as well as increasing contributions from new launches. Our company announced Q3 worldwide sales of $17.3 billion.
“In the third quarter, we continued to execute on our strategy with important pipeline advancements, significant approvals and successful new product launches,” said Rob Davis, chairman and CEO. “We’re delivering value to patients and customers through our innovative portfolio of medicines and vaccines, and we’re securing our future by making important investments in our pipeline – including through compelling, strategic business development like our completed acquisition of Verona Pharma and expanded U.S. manufacturing and R&D spending. With each milestone we achieve, my conviction that we’re well-positioned to drive the next chapter of success for our company increases.”
MSD anticipates full-year 2025 worldwide sales to be between $64.5 billion and $65.0 billion.
Take a look at the infographic below for more details on Q3 2025 results.
Understanding vision-threatening retinal conditions: Diabetic macular edema and wet AMD
Our scientists are researching new ways to address vision-threatening retinal conditions like diabetic macular edema and wet age-related macular degeneration (wet AMD)
October 9, 2025
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Retinal conditions such as diabetic macular edema (DME) and neovascular (wet) age-related macular degeneration (AMD) threaten the eyesight of millions worldwide. While anti-VEGF treatments have helped to improve outcomes, a significant number of patients – up to 40% – fail to respond or only partially respond.
“A diagnosis of diabetic macular edema or wet age-related macular degeneration can profoundly affect a patient’s quality of life,” said Dr. David Guyer, founder, chief executive officer and president at EyeBio, a wholly-owned subsidiary of Merck & Co., Inc., Rahway, N.J., USA, “The fear of progressive vision loss looms large, and beyond the physical challenges, many patients carry the emotional burden of worrying about their declining eyesight.”
To find alternatives for these patients, our scientists are investigating novel therapeutic targets for certain retinal conditions.
Our research exploring the Wnt signaling pathway
Our eyes have a blood-retinal barrier that protects our delicate retinal tissue. When the barrier is compromised, fluid can leak into the macula – the central part of the retina responsible for sharp, detailed vision – and other areas of the eye, causing swelling that can lead to vision loss for people living with DME and wet AMD.
Research suggests that changes in the Wnt (pronounced “wint”) pathway are associated with the breakdown of this blood-retinal barrier in DME and wet AMD. MSD and EyeBio scientists are exploring the Wnt pathway as a potential approach to help improve the integrity of the blood-retinal barrier.
“We hear from retinal physicians about the demand for novel approaches to treat serious retinal conditions like diabetic macular edema and wet AMD.”
Dr. Tony Adamis Chief scientific officer, EyeBio, a wholly-owned subsidiary of Merck & Co., Inc., Rahway, N.J., USA
NOTE: These images are diagrammatic representations of the eye for illustrative purposes only.
What is diabetic macular edema (DME)?
Diabetic macular edema (DME) is serious eye condition that poses a risk to vision in people with diabetes:
DME is caused by excess fluid buildup in the retina and characterized by swelling and thickening of the macula due to fluid leakage from damaged blood vessels.
DME may be present in patients who are not experiencing visual symptoms, at times delaying a definitive diagnosis.
What is wet age macular degeneration (wet AMD)?
Wet AMD is the most frequent cause of vision loss in older adults, caused by the growth of abnormal blood vessels under the retina.
Current therapies are limited to slowing or reducing AMD-associated vision loss.
Through research, our scientists hope to improve vascular stability and reduce fluid leakage. We are working to potentially redefine the treatment of certain retinal conditions to help patients worldwide.
Learn more about our research and commitment to ophthalmic health.
MSD scientists are exploring macrocyclic peptides, a new way to combine the properties of a biologic in a pill.
September 18, 2025
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Small molecules, generally taken as pills, make up nearly 90% of medicines used today. It’s hard to think of a world without them. The use of small molecules has been critical in expanding the reach of and access to medicines around the world.
But it’s challenging for small molecules to impact the large featureless surfaces of protein-protein interactions, which govern a wide range of biological processes in our bodies.
To target these interactions, scientists have turned to large molecule biologic therapies, like monoclonal antibodies, which — taken by infusion or injection — have been critical in advancing the treatment of many diseases, including some cancers and autoimmune disorders.
Over a decade ago, MSD scientists began investigating a way to create a new kind of medicine that would combine the potency and precise targeting of an antibody with the stability and ease of administration of a small molecule or pill.
“Macrocyclic peptides allow us to cast a wider net on the protein interactions we want to drug, providing a vast and untapped opportunity to access a wider range of targets and potentially new ways to treat different diseases,” said Dani Schultz, director of chemistry.
An intermediate-sized modality: not too big, not too small
Macrocyclic peptides, with their intermediate size — not too big, not too small — combine the properties of both small molecules and biologics. With their larger size and unique ring shape, macrocyclic peptides can tightly bind ample surface area to disrupt protein-protein interactions compared to traditional, linear-shaped peptide therapies.
Size differences between small molecule, peptide and antibody
“The design and invention of macrocyclic peptides is notoriously complicated,” said David Thaisrivongs, director of chemistry.
“Similarly, scaling production up for a macrocyclic peptide small molecule, with four to five times the size and complexity of a typical small molecule, represented a bold endeavor.”
David Thaisrivongs Director of chemistry, MSD
For our researchers, this work started by screening large libraries of cyclic peptides using messenger RNA display technology. This led to the identification of cyclic peptide leads that were optimized using 3-dimensional protein structure-based design and advanced computational techniques. Further molecular iterations and refinements improved the absorption, potency and stability of the first candidate.
“A diverse, interdisciplinary team of skilled and determined people from across our chemistry organization has dedicated substantial efforts to advancing this science,” said Thaisrivongs.
Macrocyclic peptides potentially open new possibilities in drug discovery
Our ongoing macrocyclic peptide discovery efforts represent a new era in drug discovery which may one day allow us to treat diseases that have long evaded traditional small molecule approaches and help improve access to medicines typically administered via injection or intravenously.
“Macrocyclic peptides are a new modality, and we’re still in the early stages of understanding their potential to impact disease and patient care,” said Schultz.
“There’s no playbook here, we’re innovating and developing new techniques on how to optimize and synthesize macrocyclic peptides — it’s really thrilling for me as a scientist because the potential is huge.”
Dani Schultz Director of chemistry, MSD
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MSD’s Q2 2025 sales performance reflects strength across oncology and animal health, as well as increasing contributions from new launches. Our company announced Q2 worldwide sales of $15.8 billion.
“Earlier this month, we were pleased to announce our pending acquisition of Verona Pharma, which augments our portfolio and pipeline and is another example of acting decisively when science and value align,” said Rob Davis, chairman and CEO. “Today, we announced a multiyear optimization initiative that will redirect investment and resources from more mature areas of our business to our burgeoning array of new growth drivers, further enable the transformation of our portfolio, and drive our next chapter of productive, innovation-driven growth. With these actions, I am confident that we are well positioned to generate near- and long-term value for our shareholders and, most importantly, deliver for our patients.”
MSD anticipates full-year 2025 worldwide sales to be between $64.3 billion and $65.3 billion.
Take a look at the infographic below for more details on Q2 2025 results.
MSD scientists research oncogene mutations driving cancer growth
July 22, 2025
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3D depiction of KRAS protein complex
How oncogenes like KRAS drive cancer growth
Armed with an ever-deepening understanding of cancer biology and advanced precision medicine tools, scientists have traced the molecular basis of cancer cell formation and tumor growth to alterations in key genes, known as oncogenes. Oncogenes play a crucial role in driving cancer growth by disrupting normal cellular processes that control cell growth and division.
When oncogenes are mutated, they cause cells to grow and divide uncontrollably, leading to tumor formation and cancer development. Understanding how oncogenes drive cancer development provides a potential means to explore new research approaches aimed at the specific genetic drivers of a patient’s cancer compared with a one-size-fits-all approach.
KRAS is one of the most frequently mutated oncogenes found in cancer. In healthy cells, KRAS serves as an on-off switch that regulates cell growth. However, when the gene is mutated, KRAS can become stuck in the “on” position, causing uncontrolled cancer cell growth and proliferation. Several different mutations of KRAS have been identified, and commonly found types include G12C, G12V and G12D.
The KRAS G12C mutation occurs in approximately 14% of non-small cell lung cancer (NSCLC) and 3-5% of colorectal cancers.
“We now know there’s no one-size-fits-all approach to treating cancer. By focusing on key oncogenes like KRAS, we’re exploring how to harness precision approaches to potentially impact tumor growth at its source.”
Dr. Jane Healy Vice president and head of oncology early development, MSD Research Laboratories
Advances in targeting KRAS
Despite decades of research, the smooth, spherical structure of the KRAS protein hindered efforts to impact its activity on a molecular level. That’s because chemists often look for places to engage with the protein on its surface, like crevices or cracks.
After 40 years of research and informed by a greater understanding of the detailed structure of the KRAS protein, scientists have discovered ways to engage with a pocket that appears on KRAS when the protein is maintained in an inactive state.
“As we advance our KRAS research efforts, we’re hopeful that we may uncover new ways to impact the underlying processes that fuel cancer growth.”
Dr. Marjorie Green Senior vice president and head of oncology, global clinical development, MSD Research Laboratories
Today, our scientists are building on these findings to advance potential targeted approaches in oncology research. Our precision oncology research efforts are a key tenet in our robust oncology pipeline.
We’re pursuing innovative science with antibody-drug conjugate (ADC) research
MSD scientists are evaluating ADCs to explore novel treatment approaches in both solid tumors and blood cancers
May 27, 2025
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3D depiction of an antibody-drug conjugate molecule
What are antibody-drug conjugates (ADCs)?
ADCs are a targeted means to transport and deliver chemotherapy to tumor cells. More than two decades since the first approval of an ADC, scientists continue to explore how, by leveraging novel scientific advancements, they can find new ways to better design and develop these molecules in order to better address current unmet needs in cancer treatment.
ADCs are made up of three distinct yet equally important elements — an antibody, a linker and a cytotoxic drug/chemotherapy payload. These elements work together to transport the chemotherapy payload to a specific target expressed on the surface of a cancer cell, bind to the target and then be absorbed into the cell to release the chemotherapy.
Anatomy of an ADC
The antibody serves as the targeting mechanism, like a zip code helping to direct the delivery of the chemotherapy agent to cancerous cells.
The payload, or the chemotherapy agent, is responsible for working to destroy the cancer cell when it’s released.
The linker attaches the chemotherapy agent to the antibody and triggers the release of the chemotherapy agent once inside a cancerous cell.
Watch an animation of an ADC in action
Advancements in the scientific research behind ADCs
Since ADCs were first introduced in 2000, the chemistry and science behind these molecules has advanced significantly, and scientists have developed a greater understanding of what makes a good ADC target and how to design ADCs more effectively.
Tumor antigens, or proteins expressed on the outside of a cancer cell, are what an antibody initially binds to. Scientists now know that characteristics like how quickly an antigen is brought inside the cell and whether an antigen is recycled back to the cell surface are crucially important.
“Imagine ADCs as specialized agents that recognize and bind to specific tumor antigens on cancer cells. Once they attach to these antigens, ADCs are internalized by the cell, allowing the chemotherapy agent to be released directly inside, delivering the treatment where it’s needed most — at the core of the cancer cell.”
Dr. Omobolaji Akala Associate vice president of oncology early development, MSD Research Laboratories
There have also been notable advancements in both linker and payload chemistry. Scientists have been focused on improving the stability of linkers and reducing the risk of payload release in the body, as well as evaluating where and how many molecules can be incorporated into the payload. Combined, these advancements may help in reducing damage to nearby healthy cells, while releasing a potent payload precisely within a cancer cell.
This evolving understanding of the science is fueling innovative research efforts with the goal of bringing more effective ADCs to patients.
“We’ve learned that designing ADCs is about balancing the right level of tumor antigen expression, the right potency of a cytotoxic agent in the payload, addressing the cell biology through that payload and engineering a payload to release at the right time and in the right place.”
Dr. Marjorie Green Senior vice president and head of oncology, global clinical development, MSD Research Laboratories
Exploring ADC targets
We’re focusing on proteins associated with poor prognosis across both solid tumors and blood cancers to expand the impact of ADC therapies and address the needs of more patients. Our scientists are also combining ADCs with other innovative treatments such as immunotherapies and T-cell engagers.
By exploring the potential of a broad range of ADC targets and applying new technologies — such as novel linker chemistries, optimized payloads and combination strategies with other therapies — we aim to deepen our understanding of these complex molecules and work to identify and develop new meaningful therapeutic options for patients, aligning with our purpose of using the power of cutting-edge science to save and improve lives around the world.
MSD’s Q1 2025 results reflect strong progress, including increasing contributions from newer medicines and vaccines. Our company announced Q1 worldwide sales of $15.5 billion.
”Our company made strong progress to start the year, with increasing contributions from our newer commercialized medicines and vaccines and continued advancement of our pipeline,” said Rob Davis, chairman and chief executive officer. “We are working with focus and urgency to both realize the full potential of our near-term opportunities and to rapidly progress the next wave of innovation that will positively impact the lives of patients and drive future value creation for all of our stakeholders.”
MSD anticipates full-year 2025 worldwide sales to be between $64.1 billion and $65.6 billion.
Take a look at the infographic below for more details on Q1 2025 results.
Our researchers incorporate LLMs to accelerate drug discovery and development
What are artificial intelligence (AI) agents? They're intelligent systems combining large language models (LLM), AI models and tools to iteratively plan, execute and optimize tasks
February 4, 2025
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Did you know that LLMs can be leveraged as master multitaskers? These LLM-based multitaskers, often called AI agents, can execute different tasks simultaneously. Having a team of high-performing AI assistants that can each play different roles ultimately helps researchers at MSD Research Labs (MRL) focus on critical drug discovery and development.
In today’s data-driven world, AI agents are emerging as a powerful tool for researchers and scientists to aid them in navigating the complexities of large data sets, refining hypotheses and executing both repetitive and differentiated tasks efficiently. Done manually, that kind of data gathering and analysis costs time and money.
MSD researchers use AI to augment human ability
A long-standing ambition for AI is to help find major scientific discoveries, learn on its own and acquire knowledge autonomously. This is what some call an “AI scientist.” While this concept is aspirational, advances in agent-based AI can help pave the way for the development of AI agents as conversable systems capable of reflective learning and reasoning that coordinate LLMs, machine learning (ML) tools, or even combinations of them.
Rather than taking humans out of the discovery process, AI can augment human ability to break down a problem into manageable subtasks, which can then be addressed by AI agents with specialized functions for targeted problem solving and integration of scientific knowledge. One significant advantage of these collaborative systems is their capacity for automation. Repetitive tasks, such as data cleaning or preliminary analysis, can be handled by AI agents, freeing our scientists to focus on higher level work and strategic decision making.
“We’ve already deployed AI agents, including in development workflows like medical writing, where agents query and assemble knowledge, and evaluate both human and AI writing.”
Matt Studney Senior vice president, information technology, MRL
“We see broad applicability of AI agents, for example in orchestrating discovery workflows, where agents can help researchers in generating molecular design ideas and insights, optimize assay workflows and generate biology insights integrated across cells, organisms and human genomics,” he said. “We see agents making the R&D process faster and crucially driving higher quality results. Agents help capitalize on MSD’s long-standing investments in AI/ML by rapidly accelerating the speed of our human researchers at scale.”
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MSD’s Q4 and full-year 2024 results reflect strong growth. Our company announced Q4 worldwide sales of $15.6 billion, an increase of 7% from Q4 2023. Full-year 2024 worldwide sales were $64.2 billion, an increase of 7% from full-year 2023.
“We delivered strong growth in 2024, reflecting demand for our innovative portfolio, including for KEYTRUDA, the successful launch of WINREVAIR and strong performance of our Animal Health business,” said Rob Davis, chairman and chief executive officer. “We’re continuing to progress our pipeline, advance key clinical programs and augment our pipeline through promising business development. Our business remains well positioned thanks to the dedication of our talented global team, and I am more confident than ever in our long-term growth potential.”
MSD anticipates full-year 2025 worldwide sales to be between $64.1 billion and $65.6 billion.
Take a look at the infographic below for more details on Q4 and full-year 2024 results.
Podcast: How AI can improve insight into disease biology
A scientist explains how we’re using AI capabilities to help identify patterns in tissue and tumor samples indiscernible to the human eye
December 20, 2024
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We see the potential of data science, artificial intelligence (AI) and machine learning (ML) to help investigate new areas, pathways and mechanisms that may forge new opportunities to strengthen our pipeline through enhanced insights.
In a recent episode of the Health Pulse podcast by SAS, Dr. Greg Goldmacher, associate vice president, clinical research, and head of clinical imaging and pathology at MSD, discussed how we’re using these AI capabilities, like computer vision, to improve disease biology insights and help with objective imaging analysis to identify patterns indiscernible to the human eye.
“If you have AI tools that are trained to pick up subtle early signs of disease on scans that are being done for other reasons, there’s a real opportunity there for earlier diagnosis,” said Goldmacher in the podcast episode. “If you’re going to do opportunistic screening, for example, and want to train AI for that, what you need is longitudinal data sets where you can find patients who had the disease, and then go and look for scans that they might have had in the past to use to train the disease-recognizing models.”
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