Merck
39 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Suppliers
WuXi AppTec Co., Ltd.
depends onnamed as a riskIn addition to its commercial operations, the Company has significant research and manufacturing operations in China, including working with Chinese entities such as Wuxi Apptech Co., Ltd.Risk factors (Item 1A)
Partners and platforms
AstraZeneca PLC
depends on · 1,450Lynparza is being developed as part of a collaboration with AstraZeneca PLC.Business (Item 1)
Eisai Co., Ltd.
depends on · 1,053Lenvima is being developed as part of a collaboration with Eisai Co., Ltd.Business (Item 1)
Gardasil commercialization partner in China
earns fromnamed as a riskDue to above normal inventory levels at the Company’s commercialization partner in China, the Company made a decision to pause shipments to China beginning in February 2025 and has not resumed shipments to date.Risk factors (Item 1A)
Moderna, Inc.
depends onIntismeran autogene is being developed as part of a collaboration with Moderna, Inc.Business (Item 1)
Also named by VRTX
Daiichi Sankyo
depends onIfinatamab deruxtecan is being developed as part of a collaboration with Daiichi Sankyo.Business (Item 1)
Kelun-Biotech
depends onSacituzumab tirumotecan is being developed as part of a collaboration with Kelun-Biotech.Business (Item 1)
Bayer AG
depends onCommercialized under a worldwide collaboration with Bayer AG.Business (Item 1)
Sanofi Pasteur MSD
depends onThe Company manufactures a hepatitis B vaccine (Recombivax HB, Hepatitis B Vaccine [Recombinant]) and, subject to a collaboration agreement with Sanofi Pasteur MSD, co-promotes a hexavalent vaccine that includes a hepatitis B component (Vaxelis, Diphtheria and Tetanus Toxoids and Acellular Pertussis, Inactivated Poliovirus, Haemophilus b Conjugate and Hepatitis B Vaccine).Business (Item 1)
Other companies
Keytruda
concentrated in · 49% of the Company’s total salesnamed as a riskIn particular, in the aggregate, in 2025, sales of Keytruda represented 49% of the Company’s total sales.Risk factors (Item 1A)
Bravecto
concentrated in · $1.1 billion, which represented 18% of the Company’s Animal Health segment salesnamed as a riskAny negative event with respect to the Bravecto family of products could have a material adverse effect on the Company’s Animal Health sales.Risk factors (Item 1A)
Organon & Co.
named as a riskIf any facts, assumptions, representations, and undertakings from the Company and Organon regarding the past and future conduct of their respective businesses and other matters are incorrect or not otherwise satisfied, the Spin-Off may not qualify for tax-free treatment, which could result in significant U.S. federal income tax liabilities for the Company and its shareholders.Risk factors (Item 1A)
Product liability self-insurance
named as a riskThe Company has evaluated its risks and has determined that the cost of obtaining product liability insurance outweighs the likely benefits of the coverage that is available and, as such, has no insurance for most product liabilities.Risk factors (Item 1A)
Competitors
Keytruda patent expiration and biosimilar competition
competes with · 49% of the Company’s total salesnamed as a riskAlso, the Company expects that sales of Keytruda will be materially negatively impacted by biosimilar competition between 2028 and 2029.Risk factors (Item 1A)
Bridion U.S. loss of exclusivity
competes withnamed as a riskBridion will lose market exclusivity in the U.S. in July 2026 at which time the Company anticipates a significant and rapid decline in U.S. sales of Bridion.Risk factors (Item 1A)
Januvia/Janumet U.S. loss of exclusivity
competes withnamed as a riskThe Company expects a significant decline in sales of Januvia in the first half of 2026 reflecting the impact of government price setting noted above and subsequently, following loss of market exclusivity in May 2026, the Company anticipates it will lose nearly all U.S. sales of Januvia and Janumet.Risk factors (Item 1A)
Places
China
earns fromnamed as a riskThe Company’s business in China experienced significant contraction in 2025 due to lower sales of Gardasil/Gardasil 9.Business (Item 1)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Hazards
Hurricanes
named as a riskIn addition, the Company could experience difficulties or delays in manufacturing its products caused by natural disasters, such as hurricanes.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Avian Influenza
named as a riskFor example, the outbreak of disease carried by animals, such as Avian Influenza or African Swine Fever, could lead to their widespread death and precautionary destruction as well as the reduced consumption and demand for animals, which could adversely affect the Company’s results of operations.Risk factors (Item 1A)
Commodities and inputs
Single-source raw materials
depends onnamed as a riskHowever, the Company obtains certain raw or intermediate materials primarily from only one source.Business (Item 1)
Regulators
U.S. Food and Drug Administration (FDA)
subject tonamed as a riskOf particular importance is the FDA in the U.S., which administers requirements covering the testing, approval, safety, effectiveness, manufacturing, labeling, and marketing of prescription pharmaceuticals.Business (Item 1)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
Centers for Medicare & Medicaid Services (CMS)
subject tonamed as a riskHHS, through the Centers for Medicare & Medicaid Services (CMS), selected Januvia in 2023 for the first year of the IRA’s “Drug Price Negotiation Program” (Program), and selected Janumet and Janumet XR in 2025 for the second year of the Program.Business (Item 1)
Also named by A, ABT, AMGN, AXGN, BAX, BWIN, CNC, COO and 23 more
CDC Advisory Committee on Immunization Practices (ACIP)
subject tonamed as a riskChanges that have been made to the CDC’s recommended immunization schedule which could impact public and private coverage, as well as reduction in state-controlled school immunization requirements, could cause a decline in vaccine uptake.Risk factors (Item 1A)
Internal Revenue Service (IRS) TCJA transition tax examination
subject tonamed as a riskIf the IRS’ challenge to the Company’s transition tax position is ultimately successful, the impact could be material to the Company’s cash flows, results of operations and financial condition.Risk factors (Item 1A)
Laws and programs
China volume-based procurement (VBP)
subject to · more than 50%named as a riskMature products that have entered into the latest rounds of VBP had, on average, a price reduction of more than 50%.Business (Item 1)
China National Reimbursement Drug List (NRDL)
subject to · approximately 60% price reductionsnamed as a riskA new NRDL was recently completed in which new entries averaged approximately 60% price reductions.Business (Item 1)
Medicare
subject tonamed as a riskIn 2022, Congress passed the IRA, which made significant changes to how drugs are covered and paid for under the Medicare program, including the creation of financial penalties for drugs whose prices rise faster than the rate of inflation, redesign of the Medicare Part D program to require manufacturers to bear more of the liability for certain drug benefits, which has taken effect in 2025, and government price setting for certain Medicare Part D drugs, starting in 2026, and Medicare Part B drugs starting in 2028.Business (Item 1)
Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more
Medicaid
subject tonamed as a riskThis change presents a risk to Merck for drugs that have high Medicaid utilization and rebate exposure that is more than 100% of the AMP.Business (Item 1)
Also named by ABBV, ABT, ARE, ARWR, BAX, BMY, BSX, CHE and 39 more
340B Drug Pricing Program
subject tonamed as a riskAdditionally, increased utilization of the 340B Federal Drug Discount Program and restrictions on the Company’s ability to identify inappropriate discounts are having a negative impact on Company performance.Business (Item 1)
Also named by ABBV, BAX, BIIB, BMY, CAH, COR, CVS, EXEL and 13 more
EU Health Technology Assessment Regulation 2021/2282 (HTAR)
subject tonamed as a riskA negative HTA of one of the Company’s products may mean that the product is not reimbursable or may force the Company to reduce its reimbursement price or offer discounts or rebates.Business (Item 1)
Also named by COR
Inflation Reduction Act of 2022 (IRA) Drug Price Negotiation Program
subject tonamed as a riskFurthermore, the Company expects that Keytruda will be selected in 2027 for government price setting, which would become effective on January 1, 2029, and the Company expects that, as a result, U.S. sales of Keytruda will decline materially after that time.Business (Item 1)
MFN Agreement with U.S. government
subject tonamed as a riskIn addition, it is possible that as a consequence of the MFN Agreement, certain of the Company’s products may not be launched in the MFN Countries or their launch may be delayed and as a result, the MFN Countries may take actions that adversely impact the Company.Risk factors (Item 1A)
EU pharmaceutical legislation reform
subject tonamed as a riskIf the final text of the legislation includes such provisions, there is a risk that Member States may seek to exploit the threat of loss of exclusivity to further pressure pharmaceutical prices.Business (Item 1)
Prescription Drug Affordability Boards
subject tonamed as a riskThe Company expects that states will continue their focus on pharmaceutical pricing and will increasingly shift to more aggressive price control tools such as Prescription Drug Affordability Boards that have the authority to conduct affordability reviews and establish upper payment limits and that Company products may be selected for such reviews.Business (Item 1)
Lagevrio Emergency Use Authorization
subject tonamed as a riskThe Company is currently marketing Lagevrio in the U.S. pursuant to an EUA.Business (Item 1)
U.S. Section 232 pharmaceutical tariffs
subject toAdditionally, the Company reached an agreement with the U.S. Department of Commerce to delay Section 232 tariffs for three years, enabling the Company to make investments in the U.S. to reshore manufacturing for American patients.Business (Item 1)
Vaccines for Children (VFC) program
earns fromMMR and varicella vaccines remain recommended and funded through the VFC program for both the first and second doses.Business (Item 1)