Risk factors
Merck (MRK) risk factors
Item 1A of every Merck & Co., Inc. 10-K on file, and what changed from one year to the next. Readings are automated and can be wrong; check the filing for the exact wording.
- FY2025 10-K risk factors30 risks1 new9 reworded
Keytruda sales concentration rose to 49% of total revenue. Gardasil faces severely lower demand in China. Bridion faces U.S. patent expiry in July 2026. AI governance risks now cite the EU AI Act and NIS2 Directive.
Filed Feb 24, 2026 - FY2024 10-K risk factors29 risks
Merck depends heavily on patent exclusivity and its oncology portfolio, led by Keytruda, for revenue growth.
Filed Feb 25, 2025