Merck Reports 2024 Financial Results: Keytruda Sales Reach $29.482 Billion

▎Armstrong

On February 4, 2025, MSD announced its 2024 financial report, with full-year revenue of $64.2 billion, a year-on-year increase of 7%. Excluding the impact of exchange rate fluctuations, the year-on-year growth was 10%.

In 2024, Keytruda, the "King of Drugs," achieved sales of $29.482 billion, representing an 18% year-over-year increase; Gardasil, the HPV vaccine, recorded sales of $8.583 billion, marking a 3% decline year-over-year (MSD announced a temporary suspension of HPV vaccine supplies to China starting this February); Winrevair, the first new drug for pulmonary arterial hypertension, generated first-year sales of $419 million.

Although Keytruda is still performing strongly, it will soon face the challenge of the patent cliff. Against this backdrop, MSD has been actively expanding its product portfolio, such as recently introducing the PD-1/VEGF bispecific antibody from Limin Pharmaceuticals and the small molecule GLP-1 receptor agonist from Hansoh Pharma.

Summary

Keytruda's sales have approached $30 billion in the 10 years since its launch, with cumulative sales reaching $131 billion. The only products that might potentially challenge its top-selling drug status in the future could be GLP-1-based therapies.