{"slug":"merck-co","name":"머크 (미국 MSD)","name_en":"Merck & Co.","ticker":"MRK","updated_at":"2026-09-11T15:35:54.858698+00:00","canonical":"https://valuechain.wiki/merck-co","citable":"밸류체인 그래프 기준 머크 (미국 MSD)의 직접 연결 기업은 4곳(관계 기준 공급 3·매출 1)이고, 사슬을 2차까지 넓히면 9곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-09-11 기준).","citable_en":"Per the valuechain.wiki graph, Merck & Co. is directly linked to 4 companies (3 supply, 1 revenue relationships) and reaches 9 companies within two hops; the links are backed by 5 dated sources, 3 of them primary filings (as of 2026-09-11).","kicker":"제약 · 키트루다(면역항암)","kicker_en":"pharma · Keytruda (immuno-oncology)","lead":"머크(미국 MSD)는 세계 최다 매출 의약품 면역항암제 키트루다를 보유한 미국 대형 제약사다(독일 머크KGaA와 별개 회사). 키트루다는 2025년 매출 $316.8억(+7%)으로 회사 실적을 좌우하는데, 2028년 미국 특허 만료(패턴트 클리프)가 최대 리스크다. 이에 대응해 알테오젠의 ALT-B4 원천기술을 독점 라이선스해 피하주사(SC) 제형으로 전환, 특허 수명을 늘리려 한다. 백신(가다실)·동물약품이 보조 축이다.","lead_en":"Merck & Co. (MSD outside the US) is a US pharma major behind Keytruda, the world's best-selling drug (distinct from Germany's Merck KGaA). Keytruda, at $31.68B in 2025 (+7%), dominates results, and its 2028 US patent cliff is the central risk. To counter it, Merck exclusively licenses Alteogen's ALT-B4 platform to convert Keytruda into a subcutaneous (SC) formulation and extend patent life. Vaccines (Gardasil) and animal health are supporting axes.","categories":[{"key":"oncology-adc","ko":"항암·ADC","en":"Oncology & ADCs","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true},{"key":"pharma-biotech","ko":"제약·바이오텍","en":"Pharmaceuticals & Biotechnology","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":false}],"segments":{"fy":2025,"parts":[{"desc":"키트루다 $316.8억(+7%, 전사 매출의 49%) — 세계 1위 의약품이자 회사 실적의 핵심. 2028년 미국 물질특허 만료가 최대 리스크로, SC 제형(알테오젠 ALT-B4)·병용·용법 특허로 수명을 늘리려 한다.","name":"항암 (키트루다)"},{"desc":"가다실 $52.3억(전년 $85.8억서 급감)·윈리베어 $14.4억·린파자(AZ) $14.5억·렌비마(에자이) $10.5억 — 키트루다 편중을 더는 다각화 축.","name":"백신·비항암 (가다실·윈리베어·얼라이언스)"},{"desc":"매출 $63.5억(+8%, 가축 $39.0억·반려 $24.6억) — 인체 항암 사이클과 상관 낮은 안정 축(브라벡토 $11억).","name":"동물약품 (애니멀헬스)"}],"total":"총매출 $650.1억 (2025, +1.3%)·키트루다 49%·순현금 M&A로 파이프라인 매입","source":"Merck 10-K FY2025","concentration":"키트루다 49% 편중·2028 특허절벽. 알테오젠(SC)·다이이치(ADC)·모더나(암백신)·베로나 인수로 대응."},"segments_en":{"parts":[{"desc":"The immuno-oncology drug Keytruda — the world's top seller at $31.68B in 2025 (+7%), the core of results; the 2028 patent cliff is the risk.","name":"Oncology (Keytruda)"},{"desc":"The HPV vaccine Gardasil — a diversification axis reducing oncology concentration.","name":"Vaccines (Gardasil)"},{"desc":"Animal-health products — a stable axis with low correlation to human pharma.","name":"Animal health"}]},"returns_yearly":{"2021":1.8,"2022":49.4,"2023":1,"2024":-6.3,"2025":9.8,"2026":44.9},"return_asof":"2026-09-04","value_chain":{"leading":[{"slug":"unitedhealth-group","name":"유나이티드헬스 그룹","name_en":"UnitedHealth Group Incorporated","tier":3,"returns_yearly":{"2021":45.2,"2022":6.9,"2023":0.8,"2024":-2.4,"2025":-33.1,"2026":21.9}},{"slug":"elevance-health","name":"엘레반스 헬스","name_en":"Elevance Health, Inc.","tier":3,"returns_yearly":{"2021":46.1,"2022":11.8,"2023":-6.9,"2024":-20.7,"2025":-3.1,"2026":17.4}},{"slug":"cvs-health","name":"CVS 헬스","name_en":"CVS Health","tier":2,"returns_yearly":{"2021":54.9,"2022":-7.6,"2023":-12.5,"2024":-40.8,"2025":84.3,"2026":24.7}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}},{"slug":"mckesson","name":"맥케슨","name_en":"McKesson Corporation","tier":1,"returns_yearly":{"2021":44.2,"2022":51.8,"2023":24.1,"2024":23.7,"2025":44.5,"2026":14.8}}],"benefiting":[{"slug":"moderna","name":"모더나","name_en":"Moderna","tier":1,"returns_yearly":{"2021":143.1,"2022":-29.3,"2023":-44.6,"2024":-58.2,"2025":-29.1,"2026":393.6}},{"slug":"daiichi-sankyo","name":"다이이치산쿄","name_en":"Daiichi Sankyo","tier":1,"returns_yearly":{"2021":-23.1,"2022":59.8,"2023":9.7,"2024":-2.1,"2025":-32.4,"2026":-4.6}},{"slug":"thermo-fisher-scientific","name":"써모 피셔 사이언티픽","name_en":"Thermo Fisher Scientific","tier":2,"returns_yearly":{"2021":43.5,"2022":-17.3,"2023":-3.4,"2024":-1.7,"2025":11.8,"2026":13.9}},{"slug":"danaher","name":"다나허","name_en":"Danaher Corporation","tier":2,"returns_yearly":{"2021":48.6,"2022":-19,"2023":-1.2,"2024":-0.3,"2025":0.4,"2026":-3.4}},{"slug":"alteogen","name":"알테오젠","name_en":"ALTEOGEN","tier":2,"returns_yearly":{"2021":-45.9,"2022":-8.3,"2023":110.6,"2024":380.6,"2025":11.3,"2026":-9.2}},{"slug":"blackstone","name":"Blackstone","name_en":"Blackstone","tier":2,"returns_yearly":{"2021":107.1,"2022":-40,"2023":82.7,"2024":35.1,"2025":-7.8,"2026":-23.5}},{"slug":"solventum","name":"솔벤텀","name_en":"Solventum","tier":3,"returns_yearly":{"2025":20,"2026":15.7}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":3,"returns_yearly":{"2026":14.6}},{"slug":"ppl","name":"PPL 코퍼레이션","name_en":"PPL Corporation","tier":3,"returns_yearly":{"2021":12.9,"2022":0.4,"2023":-3.8,"2024":24,"2025":11.4,"2026":1.8}},{"slug":"medtronic","name":"메드트로닉","name_en":"Medtronic plc","tier":3,"returns_yearly":{"2021":-9.8,"2022":-22.6,"2023":9.6,"2024":0.3,"2025":24,"2026":-0.3}},{"slug":"eqt","name":"EQT 코퍼레이션","name_en":"EQT Corporation","tier":3,"returns_yearly":{"2021":71.6,"2022":57.6,"2023":16.2,"2024":21.4,"2025":17.6,"2026":-0.6}},{"slug":"alnylam-pharmaceuticals","name":"앨라일람","name_en":"Alnylam Pharmaceuticals","tier":3,"returns_yearly":{"2020":0,"2021":30.5,"2022":40.1,"2023":-19.5,"2024":22.9,"2025":69,"2026":-41.5}}],"analysis":"S&P 500·제약·키트루다(면역항암) 기업. 2026년 +44.9%로 강하게 올랐다. 본주(+44.9%)와 공급단(평균 -4.7%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 다이이치산쿄(-0.2%), 가장 처진 곳은 알테오젠(-9.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. 키트루다 49% 편중·2028 특허절벽. 알테오젠(SC)·다이이치(ADC)·모더나(암백신)·베로나 인수로 대응.","analysis_en":"Merck & Co. operates across S&P 500, pharma, Keytruda (immuno-oncology). It is up +44.9% in 2026. The stock (+44.9%) and its supply side (avg -4.7%) are moving in step. Among connected nodes the furthest ahead is Daiichi Sankyo (-0.2%) and the furthest behind is ALTEOGEN (-9.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Vaccines (Gardasil) and animal health are supporting axes.","analysis_asof":"2026-09-04"},"edges":[{"direction":"revenue","counterparty":"종양내과 시장 (키트루다)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12","basis":"10-K","value":31680000000,"period":"2025 키트루다 매출","basis_en":"10-K","share_of_total_pct":49},"note":"키트루다가 세계 최다 매출 의약품 — 2025년 $316.8억(+7%). 2028년 미국 특허 만료를 앞두고 피하주사 제형 전환 진행.","note_en":"Keytruda is the world's best-selling drug at $31.68B in 2025 (+7%); subcutaneous switch underway ahead of the 2028 US patent cliff.","sources":[{"stance":"confirms","publisher":"Merck & Co. (SEC EDGAR)","publisher_en":"Merck & Co. (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm","title":"머크(MSD) 10-K (FY2025)","title_en":"Merck & Co. Form 10-K (FY2025)","excerpt":"In 2025, sales of Keytruda represented 49% of the Company's total sales ($31,680M); US composition-of-matter patent expires 2028.","excerpt_en":"In 2025, sales of Keytruda represented 49% of the Company's total sales ($31,680M); US composition-of-matter patent expires 2028."},{"stance":"mentions","publisher":"Wells Fargo·BofA (via Investing.com)","publisher_en":"Wells Fargo·BofA (via Investing.com)","kind":"research","lang":"en","published_at":"2026-01-15","url":"https://www.investing.com/news/analyst-ratings/bmo-capital-raises-merck-stock-price-target-on-potential-keytruda-patent-extension-93CH-4484365","title":"머크 목표가 상향 — Wells Fargo OW $135·BofA Buy $132·컨센 $118","title_en":"Merck target raised — Wells Fargo OW $135, BofA Buy $132, consensus ~$118","excerpt":"Analyst consensus ~$118 (Wells Fargo Overweight $135, BofA Buy $132); thesis hinges on the post-Keytruda diversification engine and 2028 cliff mitigation.","excerpt_en":"Analyst consensus ~$118 (Wells Fargo Overweight $135, BofA Buy $132); thesis hinges on the post-Keytruda diversification engine and 2028 cliff mitigation."}]},{"direction":"investment","counterparty":"베로나 파마 인수 (COPD·Ohtuvayre, 2025)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-10","basis":"Verona Pharma 인수 현금대가","value":10400000000,"period":"2025","basis_en":"Verona Pharma acquisition cash consideration"},"note":"2025년 10월 호흡기 바이오텍 베로나 파마를 현금 $104억에 인수해 COPD 치료제 Ohtuvayre(엔시펜트린)를 확보 — 키트루다 이후를 대비한 M&A 다각화의 2025년 대표 딜이다. 머크는 이 외에도 EyeBio·하푸운·프로메테우스 등 볼트온 인수와 다이이치·모더나 라이선스로 파이프라인을 사서 특허절벽을 메운다.","note_en":"In October 2025 Merck acquired respiratory biotech Verona Pharma for $10.4B in cash, gaining the COPD drug Ohtuvayre (ensifentrine) — the flagship 2025 M&A of its post-Keytruda diversification. Beyond this, Merck fills the cliff by buying pipeline via bolt-ons (EyeBio, Harpoon, Prometheus) and licenses (Daiichi, Moderna).","sources":[{"stance":"confirms","publisher":"Merck & Co. (SEC EDGAR)","publisher_en":"Merck & Co. (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm","title":"머크(MSD) 10-K (FY2025)","title_en":"Merck & Co. Form 10-K (FY2025)","excerpt":"The Company used net proceeds to fund a portion of the $10.4 billion cash consideration for the October 2025 acquisition of Verona Pharma; cash flow: Acquisition of Verona Pharma, net of cash acquired ($10,042M).","excerpt_en":"The Company used net proceeds to fund a portion of the $10.4 billion cash consideration for the October 2025 acquisition of Verona Pharma; cash flow: Acquisition of Verona Pharma, net of cash acquired ($10,042M)."}]},{"direction":"revenue","counterparty":"백신·동물약·비항암 (가다실·애니멀헬스·윈리베어 등)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12","basis":"Animal Health 2025 매출(비항암 다각화)","value":6354000000,"period":"2025","basis_en":"Animal Health 2025 sales (non-oncology diversification)"},"note":"키트루다 편중(전사 매출의 49%)을 더는 다각화 축이자 2028 특허절벽의 완충 — 동물약품 $63.5억(+8%), 가다실 $52.3억(전년 $85.8억서 급감), 윈리베어 $14.4억, 얼라이언스 매출 린파자 $14.5억·렌비마 $10.5억. 백신·동물약은 인체 항암 사이클과 상관이 낮아 실적 변동성을 낮춘다.","note_en":"The axis diversifying away from Keytruda concentration (49% of total) and a buffer to the 2028 patent cliff — Animal Health $6.35B (+8%), Gardasil $5.23B (down from $8.58B), Winrevair $1.44B, alliance revenue Lynparza $1.45B and Lenvima $1.05B. Vaccines and animal health have low correlation to the human-oncology cycle, lowering earnings volatility.","sources":[{"stance":"confirms","publisher":"Merck & Co. (SEC EDGAR)","publisher_en":"Merck & Co. (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm","title":"머크(MSD) 10-K (FY2025)","title_en":"Merck & Co. Form 10-K (FY2025)","excerpt":"2025 sales: Gardasil/Gardasil 9 $5,233M, Winrevair $1,443M, Animal Health $6,354M (Livestock $3,896M, Companion $2,458M); alliance revenue Lynparza $1,450M, Lenvima $1,053M.","excerpt_en":"2025 sales: Gardasil/Gardasil 9 $5,233M, Winrevair $1,443M, Animal Health $6,354M (Livestock $3,896M, Companion $2,458M); alliance revenue Lynparza $1,450M, Lenvima $1,053M."}]},{"direction":"cost","counterparty":"알테오젠","counterparty_slug":"alteogen","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12-01","basis":"DART 사업보고서·마일스톤 공시","value":4317000000,"period":"최대 총 계약금액(로열티 별도)","basis_en":"DART filings"},"note":"키트루다SC(피하주사 펨브롤리주맙)의 제형 변환에 알테오젠 ALT-B4 원천기술을 독점 라이선스. 알테오젠에 계약금·마일스톤(2025년 FDA $25M·EU $15M)과 순매출 2% 로열티 지급.","note_en":"Licenses Alteogen's ALT-B4 exclusively to convert Keytruda into subcutaneous pembrolizumab (Keytruda SC); pays Alteogen upfronts, milestones (US$25M FDA and US$15M EU in 2025) and a 2% net-sales royalty.","sources":[{"stance":"confirms","publisher":"BigGo Finance","publisher_en":"BigGo Finance","kind":"news","lang":"en","published_at":"2026-01-22","url":"https://finance.biggo.com/news/nXU945sBXdIeighIpkwS","title":"Alteogen Merck royalty rate confirmed at 2%; Hana cuts target to 580,000 won","title_en":"Alteogen Merck royalty rate confirmed at 2%; Hana Securities cuts target price","excerpt":"머크가 알테오젠에 지급할 키트루다SC 로열티율 2%로 확인.","excerpt_en":"Merck's Keytruda SC royalty to Alteogen confirmed at 2%."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2025-10-01","url":"https://opendart.fss.or.kr/api/document.xml?rcept_no=20251001900011","title":"투자판단 관련 주요경영사항 (ALT-B4 마일스톤 기술료 수령, US$25M)","title_en":"Material disclosure: ALT-B4 milestone US$25M (Keytruda SC FDA approval)","excerpt":"MSD, ALT-B4 마일스톤 US$25M 지급(키트루다SC 미국 FDA 허가).","excerpt_en":"MSD pays US$25M ALT-B4 milestone on Keytruda SC US FDA approval."}]},{"direction":"cost","counterparty":"다이이치산쿄 (ADC 공동개발)","counterparty_slug":"daiichi-sankyo","confidence":"high","metric":{"qualifier":"three_ADC_codevelopment"},"note":"키트루다 이후를 겨냥한 항체약물접합체(ADC) 3종을 다이이치산쿄와 공동개발 — 파트리투맙 데룩스테칸(MK-1022)·이피나타맙 데룩스테칸(MK-2400)·랄루도타툭 데룩스테칸(MK-5909). 머크가 선급·마일스톤을 대고 개발·상업화를 분담하는 구조로, 2028 특허절벽을 메울 파이프라인의 핵심 상류 의존이다.","note_en":"Co-develops three antibody-drug conjugates (ADCs) with Daiichi Sankyo aimed at the post-Keytruda era — patritumab deruxtecan (MK-1022), ifinatamab deruxtecan (MK-2400) and raludotatug deruxtecan (MK-5909). Merck funds upfronts/milestones and shares development and commercialization, a key upstream dependence for the pipeline meant to fill the 2028 cliff.","sources":[{"stance":"confirms","publisher":"Merck & Co. (SEC EDGAR)","publisher_en":"Merck & Co. (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm","title":"머크(MSD) 10-K (FY2025)","title_en":"Merck & Co. Form 10-K (FY2025)","excerpt":"Patritumab deruxtecan, ifinatamab deruxtecan and raludotatug deruxtecan are being developed as part of a collaboration with Daiichi Sankyo.","excerpt_en":"Patritumab deruxtecan, ifinatamab deruxtecan and raludotatug deruxtecan are being developed as part of a collaboration with Daiichi Sankyo."}]},{"direction":"cost","counterparty":"모더나 (V940 개인맞춤 암백신 공동개발)","counterparty_slug":"moderna","confidence":"high","metric":{"qualifier":"V940_codevelopment"},"note":"모더나와 개인맞춤 신항원 암백신 V940(intismeran autogene, mRNA-4157)을 공동개발 — 키트루다와 병용해 흑색종·비소세포폐암 보조요법에서 3상 진행. 머크가 옵션을 행사해 개발비·손익을 분담하는 구조로, mRNA 플랫폼을 키트루다 프랜차이즈 방어에 붙인 파이프라인 베팅이다.","note_en":"Co-develops the individualized neoantigen cancer vaccine V940 (intismeran autogene, mRNA-4157) with Moderna — in Phase 3 as adjuvant therapy with Keytruda for melanoma and NSCLC. Merck exercised its option and shares development costs and economics, a pipeline bet attaching an mRNA platform to the defense of the Keytruda franchise.","sources":[{"stance":"confirms","publisher":"Merck & Co. (SEC EDGAR)","publisher_en":"Merck & Co. (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm","title":"머크(MSD) 10-K (FY2025)","title_en":"Merck & Co. Form 10-K (FY2025)","excerpt":"V940 (mRNA-4157), intismeran autogene, is being developed as part of a collaboration with Moderna, Inc., evaluated in combination with Keytruda.","excerpt_en":"V940 (mRNA-4157), intismeran autogene, is being developed as part of a collaboration with Moderna, Inc., evaluated in combination with Keytruda."}]},{"direction":"revenue","counterparty":"맥케슨","counterparty_slug":"mckesson","confidence":"high","metric":null,"note":"머크는 의약품을 매입하는 도매 고객인 맥케슨을 상대로 2025년 말 총매출채권의 약 22%를 보유했다고 역방향 공시했으며, 이는 맥케슨 비용 비중이 아니라 머크 매출채권 기준이다.","note_en":"Merck sells its products to McKesson as a wholesaler customer and disclosed in the reverse filing that about 22% of its year-end 2025 accounts receivable was attributable to McKesson, which reflects Merck's accounts receivable rather than McKesson's supplier-spend share.","sources":[{"stance":"confirms","publisher":"머크","publisher_en":"Merck & Co., Inc.","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.merck.com/wp-content/uploads/sites/124/2026/02/MRK-12.31.2025-10K-FINAL.pdf","title":"머크 2025 Form 10-K","title_en":"Merck & Co., Inc. 2025 Form 10-K","excerpt":"머크는 2025년 말 총매출채권의 약 22%가 맥케슨 상대 채권이라고 공시했다.","excerpt_en":"McKesson Corporation represented approximately 22% of total accounts receivable at December 31, 2025."}]}]}