Merck(US:MRK)2026-01-13 00:30Business Strategy & Pipeline - The company is transforming its portfolio with a focus on innovation, expecting over 20 new launches, most with blockbuster potential[9] - The company is actively pursuing science-driven business development transactions to create value[9] - The company has invested over $60 billion since 2021 in business development[47] Financial Outlook - The commercial opportunity from new growth drivers has increased to over $70 billion, reflecting substantial progress[9] - The mid-2030s revenue opportunity from potential new growth drivers is estimated to be over 2X the consensus 2028 total KEYTRUDA sales, representing approximately $35 billion[49] - Ten key programs represent 70% of the >$70 billion commercial opportunity[51] Key Approvals & Data Readouts in 2025 - Significant approvals were achieved in Oncology, including KEYTRUDA QLEX and KEYTRUDA in earlier-stage cancers[10, 14] - WINREVAIR received a PAH label update (ZENITH) in the Cardiometabolic area[11, 24] - ENFLONSIA was approved for RSV in Infectious Disease[12, 25] Pipeline Development & Milestones - Approximately 80 Phase 3 studies are ongoing[9] - Multiple Phase 3 readouts are anticipated through 2027 across novel mechanisms[59] - Strategic business development is driving an increase in the mid-2030s commercial opportunity[64]