Merck & Co., Inc.

MRK · NYSE · ·

下次财报：2026年10月29日 · 开盘前

US$149.29+0.4%9月29日收盘

1M: +0.2%
6M: +25.2%
1Y: +70.5%
5Y: +137.1%

Merck makes prescription medicines and vaccines for people, and medicines, vaccines and monitoring products for animals.

Merck & Co., Inc.（MRK）股票——这是一门好生意吗？ — InspectStocks

Merck & Co., Inc.

MRK · NYSE · ·

下次财报：2026年10月29日 · 开盘前

US$149.29+0.4%9月29日收盘

1M: +0.2%
6M: +25.2%
1Y: +70.5%
5Y: +137.1%

对比

Merck makes prescription medicines and vaccines for people, and medicines, vaccines and monitoring products for animals.

怎么赚钱

Human medicines and vaccines (Pharmaceutical segment)90%
Animal medicines, vaccines and related products (Animal Health segment)10%

各项收入占比是对FY2025的估算，并非来自已提交报告的数字。

竞争对手

卖什么6

Keytruda and Keytruda Qlex
Cancer medicines. Keytruda is given into a vein; Keytruda Qlex is a form given as an injection under the skin.
Gardasil and Gardasil 9
Vaccines that help prevent certain cancers and other diseases caused by some types of human papillomavirus.
Januvia and Janumet
Prescription medicines used to help lower blood sugar in adults with type 2 diabetes.

再显示 3 项

Winrevair
A medicine for adults with pulmonary arterial hypertension, a disease that raises blood pressure in the arteries from the heart to the lungs.
Lipfendra
An oral medicine used with diet and exercise to lower low-density lipoprotein cholesterol in adults with high cholesterol.
Bravecto
A range of medicines that protect dogs and cats against fleas and ticks, including oral, topical and injectable forms.

谁在买5

Drug wholesalers and retailers buy Merck's human prescription medicines for distribution to pharmacies and other care providers.
Hospitals, government agencies and managed health-care organizations buy or arrange access to prescription medicines.
Physicians, wholesalers, distributors and government entities buy or distribute Merck's human vaccines.

再显示 2 项

Veterinarians, animal-health distributors, animal producers and farmers buy veterinary medicines, vaccines and animal monitoring products.
Pet owners buy Merck's companion-animal products, sometimes through veterinary practices or distributors.

靠什么支撑，什么会击垮它

业务依赖什么

1Sales depend heavily on a small number of major medicines. Keytruda was Merck's biggest-selling product in 2025, and sales depend on continued demand, market access and patent protection.
2Merck depends on patents and other legal protections for medicines. When products lose market exclusivity, generic or biosimilar versions can take sales; the 2026 quarterly report describes this pressure on Januvia, Janumet and Bridion.
3Sales depend on regulatory approval, health-care coverage and government and insurer purchasing decisions. The company also reports that certain raw or intermediate materials come primarily from a single supplier.
4Gardasil sales in China depend on demand and the relationship with its Chinese distributor and commercialization partner; Merck suspended shipments in 2025 and resumed limited shipments in 2026.

可能出什么问题

1Merck identifies its dependence on patent rights as a risk: if patents are invalidated or products lose market exclusivity, generic or biosimilar competition can rapidly reduce sales. Keytruda is its biggest-selling product, and the company reports that U.S. government price-setting for certain medicines is also affecting its business.
2Government and private health-care cost controls can lower prices or restrict access. The latest quarterly report describes price-setting, Medicaid discounts and other cost-reduction measures, including a German health-care reform law expected to put downward pressure on sales there.
3

完整财务报表 →

与同行业相比处在什么位置

三项评分，每一项都是相对我们在Drug Manufacturers General覆盖的 21 家公司的百分位。刻意分开而不揉成一个总分：便宜、上涨和经营得好是三件不同的事，一个数字会把它们是哪一件藏起来。

动量

100在同行业中满分 100

接近同行业顶部

截至一个月前的 12 个月82.3%

截至一个月前的 6 个月21.6%

最近一个月被刻意剔除：回报往往在 7 到 12 个月内延续，而最新的一个月往往反转。这描述的是股价已经走过的路，不说明它接下来会怎么走。

估值

32在同行业中满分 100

低于行业内多数公司

每单位价格对应的利润0.86%

每单位价格对应的现金4.36%

每单位价格对应的营收18.07%

每单位价格对应的资产14.28%

整个企业对应的经营利润—

这些是收益率，所以数值越高越便宜——亏损的公司会排在最后，而不是被剔除。便宜不等于好：高收益率往往意味着股价是有原因才跌下来的。由 5 项指标中的 4 项混合而成。

资本配置

3/3克制

3 项检验未披露

资本回报率—

股东回报率3.60%

股本数量，3 年-2.9%

净债务 / EBITDA—

内部人，12 个月-US$42M

管理层怎么使用这笔钱——只按财报能回答的部分计分，绝不按占总数的比例计分。

六项资本配置检验

投入资金的回报披露不足，无法计算
债务与盈利之比没有可比的盈利用来衡量债务
回馈给股东的现金每年 3.6% 用于回购和分红
三年间的股本数量三年间股本数量减少 2.9%
现金流对派付的覆盖自由现金流覆盖了派付的部分
内部人在公开市场的买入净卖出 US$42M——不计入扣分

这是对该公司在同行中所处位置的描述，不是投资建议。评分更新于 2026年9月30日。

关于Merck & Co., Inc.

Merck discovers, develops, manufactures and sells prescription medicines and vaccines for people, including cancer treatments such as Keytruda and vaccines such as Gardasil. Its Animal Health business sells medicines, vaccines and animal identification and monitoring products to veterinarians, farmers and other animal-care businesses.

总部: Rahway, New Jersey, United States
成立于: 1891
上市于: NYSE
财年结束: December 31

基于 Merck & Co., Inc. 自己向 SEC 提交的申报文件。数字如实呈报，每股历史已重述到今天的股数口径。这是对一门生意的描述——不是投资建议，也不是买卖任何证券的推荐。

怎么赚钱

Human medicines and vaccines (Pharmaceutical segment)90%
Animal medicines, vaccines and related products (Animal Health segment)10%

各项收入占比是对FY2025的估算，并非来自已提交报告的数字。

竞争对手

卖什么6

Keytruda and Keytruda Qlex
Cancer medicines. Keytruda is given into a vein; Keytruda Qlex is a form given as an injection under the skin.
Gardasil and Gardasil 9
Vaccines that help prevent certain cancers and other diseases caused by some types of human papillomavirus.
Januvia and Janumet
Prescription medicines used to help lower blood sugar in adults with type 2 diabetes.

再显示 3 项

Winrevair
A medicine for adults with pulmonary arterial hypertension, a disease that raises blood pressure in the arteries from the heart to the lungs.
Lipfendra
An oral medicine used with diet and exercise to lower low-density lipoprotein cholesterol in adults with high cholesterol.
Bravecto
A range of medicines that protect dogs and cats against fleas and ticks, including oral, topical and injectable forms.

谁在买5

Drug wholesalers and retailers buy Merck's human prescription medicines for distribution to pharmacies and other care providers.
Hospitals, government agencies and managed health-care organizations buy or arrange access to prescription medicines.
Physicians, wholesalers, distributors and government entities buy or distribute Merck's human vaccines.

再显示 2 项

Veterinarians, animal-health distributors, animal producers and farmers buy veterinary medicines, vaccines and animal monitoring products.
Pet owners buy Merck's companion-animal products, sometimes through veterinary practices or distributors.

靠什么支撑，什么会击垮它

业务依赖什么

1Sales depend heavily on a small number of major medicines. Keytruda was Merck's biggest-selling product in 2025, and sales depend on continued demand, market access and patent protection.
2Merck depends on patents and other legal protections for medicines. When products lose market exclusivity, generic or biosimilar versions can take sales; the 2026 quarterly report describes this pressure on Januvia, Janumet and Bridion.
3Sales depend on regulatory approval, health-care coverage and government and insurer purchasing decisions. The company also reports that certain raw or intermediate materials come primarily from a single supplier.
4Gardasil sales in China depend on demand and the relationship with its Chinese distributor and commercialization partner; Merck suspended shipments in 2025 and resumed limited shipments in 2026.

可能出什么问题

1Merck identifies its dependence on patent rights as a risk: if patents are invalidated or products lose market exclusivity, generic or biosimilar competition can rapidly reduce sales. Keytruda is its biggest-selling product, and the company reports that U.S. government price-setting for certain medicines is also affecting its business.
2Government and private health-care cost controls can lower prices or restrict access. The latest quarterly report describes price-setting, Medicaid discounts and other cost-reduction measures, including a German health-care reform law expected to put downward pressure on sales there.
3

完整财务报表 →

与同行业相比处在什么位置

动量

100在同行业中满分 100

接近同行业顶部

截至一个月前的 12 个月82.3%

截至一个月前的 6 个月21.6%

最近一个月被刻意剔除：回报往往在 7 到 12 个月内延续，而最新的一个月往往反转。这描述的是股价已经走过的路，不说明它接下来会怎么走。

估值

32在同行业中满分 100

低于行业内多数公司

每单位价格对应的利润0.86%

每单位价格对应的现金4.36%

每单位价格对应的营收18.07%

每单位价格对应的资产14.28%

整个企业对应的经营利润—

资本配置

3/3克制

3 项检验未披露

资本回报率—

股东回报率3.60%

股本数量，3 年-2.9%

净债务 / EBITDA—

内部人，12 个月-US$42M

管理层怎么使用这笔钱——只按财报能回答的部分计分，绝不按占总数的比例计分。

六项资本配置检验

投入资金的回报披露不足，无法计算
债务与盈利之比没有可比的盈利用来衡量债务
回馈给股东的现金每年 3.6% 用于回购和分红
三年间的股本数量三年间股本数量减少 2.9%
现金流对派付的覆盖自由现金流覆盖了派付的部分
内部人在公开市场的买入净卖出 US$42M——不计入扣分

这是对该公司在同行中所处位置的描述，不是投资建议。评分更新于 2026年9月30日。

关于Merck & Co., Inc.

总部: Rahway, New Jersey, United States
成立于: 1891
上市于: NYSE
财年结束: December 31

怎么赚钱

竞争对手

卖什么6

谁在买5

靠什么支撑，什么会击垮它

业务依赖什么

可能出什么问题

与同行业相比处在什么位置

关于Merck & Co., Inc.

怎么赚钱

竞争对手

卖什么6

谁在买5

靠什么支撑，什么会击垮它

业务依赖什么

可能出什么问题

与同行业相比处在什么位置

关于Merck & Co., Inc.

成长与现金——5 项中通过 5 项