Merck reported strong revenue growth of 12% in 2023, driven by robust performance in oncology, vaccines, and animal health.
The company expects continued strong growth in 2024, with projected revenue between $62.7 billion and $64.2 billion, representing a growth rate of 4% to 7%.
Key products like KEYTRUDA and GARDASIL contributed to the revenue growth, with KEYTRUDA sales increasing by 22% to $6.6 billion.
Merck is anticipating FDA action on its application for sotatercept in pulmonary arterial hypertension, which has the potential to transform treatment options for patients.
The FDA has accepted for priority review Merck's filing for V116, a pneumococcal conjugate vaccine designed for adults. If approved, it could become an important preventative option for adults aged 65 and older.
Merck remains committed to its dividend and plans to increase it over time, while also prioritizing investments in business growth and pursuing science-driven business development opportunities.