In 2023, Merck & Co. made a considerable investment in research and development, spending more than $30 billion. This figure represents more than double the company’s R&D spending ($13.5 billion) in 2022.
The closest competitor in terms of R&D investment was Roche Pharmaceuticals, with a 2023 R&D expenditure of roughly $14.7 billion. This sum is less than half of Merck’s spending. Next in line was Novartis, which spent approximately $13.7 billion on R&D. Next in line was Johnson & Johnson Innovative Medicine, which spent about $12 billion.
In 2023, Merck’s revenue narrowly eclipsed that of Pfizer, which fell 41.7% from 2022 levels owing largely to collapsing demand for COVID-19 products.
In 2023, Merck invested roughly half of its revenue in R&D.
The chief drivers of Merck’s R&D spending included the following:
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