Robert M. Davis

New Capabilities

Counting on new products as Keytruda nears patent loss

For a decade, the most powerful cholesterol drugs came only as shots. On July 16, 2026, the FDA approved Merck's Lipfendra, a once-daily pill that cut LDL cholesterol about as much as those injections did.

Updated Jul 16

Money Moves

Leading Merck's patent-cliff strategy

Keytruda, the world's best-selling drug, generated $31.7 billion for Merck in 2025 — roughly 40% of the company's total revenue. Its key U.S. patents expire in 2028, and when they do, cheaper copies will enter the market and that revenue will begin to evaporate. Merck has now spent over $25 billion on three acquisitions in nine months to build the portfolio that will need to replace it.

Updated May 30

Money Moves

Executing pipeline strategy to offset Keytruda's 2028 U.S. patent loss

Merck borrowed billions in the investment-grade bond market on Monday. The cash refinances its $6.7 billion all-cash purchase of Terns Pharmaceuticals, a small California biotech the company closed on two weeks ago.

Updated May 18