过去十年，凭借"药王"Keytruda（K药，帕博利珠单抗）和 HPV疫苗这两大明星单品，默沙东制药业务收入在一众跨国药 企（MNC）中长期排在前列。现在，随着K药增速明显放缓， 以及HPV疫苗从一针难求到卖不动的反转，默沙东按下了减速 键。 作者： 张铃 封图：图虫创意 7月29日，世界制药巨头默沙东披露了上半年惨淡的业绩：总营收313亿美元，同比下降2%；制药 业务收入277亿美元，同比下滑3%；中国区收入约11亿美元，同比暴跌70%。 披露2025年半年报的同一天，默沙东宣布启动一项"在2027年底前每年节省30亿美元成本"的全面 削减计划。 随后几天，默沙东将在全球范围内大裁员的消息在业内流传。 8月1日，就默沙东全球及中国区裁员情况，经济观察报致函默沙东。8月6日，默沙东回应经济观 察报："虽然我们将在全球部分地区进行裁员，预计影响约6000人，但未来几年对公司及人员的投 入都会增加。我们将竭力确保员工有机会接受培训，以胜任新的岗位。" 过去十年，凭借"药王"Keytruda（K药，帕博利珠单抗）和HPV疫苗这两大明星单品，默沙东制药 业务收入在一众跨国药企（MNC）中长期排在前列。现在，随着K药增 ...

经济观察报 记者 张铃 7月29日，世界制药巨头默沙东披露了上半年惨淡的业绩：总营收313亿美元，同比下降2%；制药业务收入277亿美元，同比下滑3%；中国区收入约11亿美 元，同比暴跌70%。 披露2025年半年报的同一天，默沙东宣布启动一项"在2027年底前每年节省30亿美元成本"的全面削减计划。 随后几天，默沙东将在全球范围内大裁员的消息在业内流传。 8月1日，就默沙东全球及中国区裁员情况，经济观察报致函默沙东。8月6日，默沙东回应经济观察报："虽然我们将在全球部分地区进行裁员，预计影响约 6000人，但未来几年对公司及人员的投入都会增加。我们将竭力确保员工有机会接受培训，以胜任新的岗位。" 过去十年，凭借"药王"Keytruda（K药，帕博利珠单抗）和HPV疫苗这两大明星单品，默沙东制药业务收入在一众跨国药企（MNC）中长期排在前列。现 在，随着K药增速明显放缓，以及HPV疫苗从一针难求到卖不动的反转，默沙东按下了减速键。 罕见大裁员 近两年，全球多家MNC均曾有过不同规模的裁员。2025年以来，吉利德、罗氏、辉瑞、葛兰素史克等巨头都分别启动过裁员计划，不过裁员规模多在百人 上下。 默沙东这一轮裁员规 ...

Core Insights - Merck's total revenue for the first half of the year was $31.335 billion, a 2% year-over-year decline, with pharmaceutical revenue at $27.688 billion, down 3% [2] - Sales of the core HPV vaccine plummeted, with revenue in China dropping 70% to $1.075 billion, representing only 3.9% of Merck's global pharmaceutical business [2] - Keytruda (pembrolizumab) sales increased by 7% to $15.16 billion, but the growth rate has slowed significantly compared to 18% in the first half of 2024 [2] - The HPV vaccine Gardasil/Gardasil9 also saw a significant decline, with sales of $2.453 billion, down 48% year-over-year [2] Cost-Saving Measures - In response to the decline in performance, Merck initiated a cost-saving plan aimed at saving $3 billion annually until the end of 2027, with funds reinvested to support new product launches across multiple therapeutic areas [2] - As part of this plan, Merck approved a restructuring project that will involve cutting administrative, sales, and R&D positions while continuing to hire in strategic growth areas [2] - The company will also reduce its global real estate footprint and optimize its manufacturing network [2] Future Outlook and Challenges - The slowdown in core product growth is expected to impact Merck's annual and future performance, with key patents for Keytruda expiring in 2028 and competition from biosimilars and domestic PD-1 drugs threatening market share [3] - Geopolitical tensions and trade wars pose additional risks, with potential tariffs on goods from various countries, including a 15% to 50% tariff on imports, affecting Keytruda's production base in Ireland [3] - Merck has taken measures to mitigate these risks by transferring sufficient inventory to the U.S. to ensure supply is not affected by tariff policies before the end of 2025 [3] - For the full year 2025, Merck projects global sales between $64.3 billion and $65.3 billion, raising questions about finding new growth drivers [3] Investment Plans - Merck is looking to invest in chronic obstructive pulmonary disease (COPD) as a potential growth area, announcing a $10 billion acquisition of Verona Pharma, which focuses on respiratory diseases [3] - The acquisition centers on Ensifentrine, a dual inhibitor of phosphodiesterase-3 and phosphodiesterase-4, which is expected to be a breakthrough therapy for COPD, with market sales projected to exceed $1 billion and potentially reach $4 billion [3]

Core Insights - Merck's total revenue for the first half of 2025 was $31.335 billion, a 2% decrease year-on-year, with pharmaceutical revenue at $27.688 billion, down 3% [2] - The company's performance in China was significantly impacted, with revenue dropping 70% to $1.075 billion, accounting for only 3.9% of global pharmaceutical revenue [2] - Keytruda (K drug) generated $15.161 billion in sales, representing nearly 50% of total revenue and a 7% increase year-on-year, although growth has slowed compared to 18% in the previous year [2][4] - The HPV vaccine Gardasil/Gardasil9 saw a substantial decline in sales, down 48% to $2.453 billion [2] Financial Performance - Merck's revenue for the first half of 2025 was $31.335 billion, a decrease from the previous year [2] - Keytruda's sales for the first half of 2025 were $15.161 billion, a 7% increase year-on-year, but slower than the previous year's growth rate [4] - Gardasil/Gardasil9's sales dropped 48% to $2.453 billion, with a 55% decline in the second quarter [5] Strategic Initiatives - Merck has initiated a multi-year optimization plan aimed at saving $3 billion annually by 2027, focusing on productivity improvements and product portfolio transformation [2][3] - A restructuring project has been approved, which includes job cuts in administrative, sales, and R&D roles while continuing to hire in strategic growth areas [3] - The company expects the restructuring to yield approximately $1.7 billion in annual cost savings by 2027 [3] Market Challenges - Keytruda faces challenges with key patents expiring in 2028, potential market share erosion from biosimilars, and geopolitical uncertainties [5] - The HPV vaccine's sales decline is primarily attributed to reduced demand in China, although U.S. sales showed a 2% increase [5][6] Leadership Changes - Merck's China region recently underwent management changes, with Anna Van Acker stepping down and Kyle Tattle taking over, who has a strong background in oncology business [6] Growth Prospects - Merck anticipates global sales for 2025 to be between $64.3 billion and $65.3 billion, while actively seeking new growth engines [7] - The acquisition of Verona Pharma for approximately $10 billion aims to enhance Merck's product pipeline in respiratory diseases [7][8] - The global COPD patient population exceeds 390 million, highlighting the potential market for new treatments [8] Industry Context - The pharmaceutical industry is facing a significant patent cliff risk from 2023 to 2028, with major companies losing market exclusivity on core products [9] - Merck has completed three acquisitions valued at over $10 billion in the past five years, indicating a strategy to diversify and expand its product line [9]