Merck Overview
Incorporated as Merck & Co. Inc in the year 1891 approximately 131 years ago, It was founded by two innovative entrepreneurs, George Merck and Theodore Weicker. The company in its entirety deals with the manufacturing and development of a wide range of products and services which include but are not limited to pharmaceutical drugs, generic drugs, contact lenses, over-the-counter drugs, diagnostics, as well as veterinary medicine. Merck & Co. Inc is one of the largest pharmaceutical corporations in the United States as well as the world at large. As result, the company has appeared multiple times on the list of top companies, not only in the pharmaceutical industry but in the overall business world. In the year 2021, Merck & Co. Inc recorded gross revenue of $48.70 Billion USD, which led to the company being ranked in the 71st position on the 2022 Fortune 500 list as well as the 87th position on the 2022 Forbes Global 2000. As of 2021, Merck & Co. Inc controls an approximation of 68, 000 employees in its workforce global. And the company has extended extensively from shore to shore, mounting its facilities and offices across major countries of the world. In this article, however, you will be shown a more detailed, comprehensive, and extensive review of the North American company. As a result, the kickoff will begin with the company’s key facts and it will flow to all aspects of its operations, and dealings. As such, all relevant information detailing its key facts, historical background, its products and service offerings, financial overview, as well as its pros and cons will be concisely covered to enable you to understand the significant and major elements of the corporation as quickly as possible.
Merck & Co. Inc Key Facts
Founding Year: Merck & Co. Inc was founded in the year 1891, approximately 131 years ago.
Industrial Ranking: It has since been appearing frequently on the list of the best-ranking bodies such as Fortune and Forbes. In the year 2021, Merck & Co. Inc recorded gross revenue of $48.70 Billion USD, which led to the company being ranked in the 71st position on the 2022 Fortune 500 list as well as the 87th position on the 2022 Forbes Global 2000. As of 2021, Merck & Co.
Company Type: A Public Corporation Company (PLC)
Market Reach: It operates globally, and its offices are mounted strategically in all major parts of the world.
Industry Type: Pharmaceuticals
Trading Type: It is traded on the New York Stock Exchange (NYSE) market under the ticker symbol, MRK. The company’s stock is a component of DJIA, as well the S&P 100 and S&P 500 respectively.
Workforce Strength: It has a total number of 68, 000 employees in its workforce globally as of the 2021 report.
Merck & Co. Inc Historical Snapshot
As noted in the introductory part of this article, Merck & Co. Inc was founded over a century ago, approximately 131 years ago. The company’s headquarters is based in Rahway a region in the state of New Jersey, United States, and its branches are scattered across the globe making it a multinational pharmaceutical company. In the year 1891 when the company was originally founded by George Merck, it started with the distribution of chemicals across all areas in New York City as well as its close communities. The company has, however, grown to serve more areas as well as diving extensively into producing a broad spectrum of health-related products which include but are not limited to vaccines, medicines, biological-related products as well as animal health products. The genesis of Merck & Co. Inc could be traced to its German-parent-company which was established as a group of companies by a German family operating under the name, Merck Group.
In the year 1899, Merck & Co. Inc released its first publication tagged with the name, Merck Manual. The manual includes how treatment proceedings could be done for various kinds of diseases which include but are not limited to arsenic for impotence, bloodletting for acute bronchitis, as well as almond bread for patients who are struck with diabetic disease. The manual thereafter became one of the most referenced manuals in the medical field.
In the year 1925, the board of directors of the company appointed the son of the founder with the name George W. Merck as the company’s president. He led the company into merging with Powers Weightman Rosengarten Co., in the year 197 and strives relentlessly into building and develop the company’s research and innovative units.
In the year 1933, It established its research and laboratory units and was mounted on the coast of Rahman, New Jersey. In the year 1936, the company released the result of its newly synthesized drug vitamin B1 in the Journal of the American Chemical Society. This led to the massive production of the drug and it ultimately fosters the reduction of the deficiency attached to the use of vitamin B1.
In the year 1948, Merck & Co. Inc dives into the animal health market niche after it released a drug tagged with the name, Sulfaquinoxaline. And in the year 1950, the company also synthesized Cortisone through its research unit.
In the year 1953, Merck & Co. Inc was conjoined with Sharp & Dohme which led to the expansion of the company’s chemical research as well as manufacturing units. And in the year 1957, the company’s foundation was launched, which would operate under the name, Merck Foundation.
In the year 1977, Merck & Co. Inc got the approval of its first developed pneumonia vaccine tagged with the name, PNEUMOVAX. And in the year following, the company’s MEFOXIN dug was also approved by the FDA.
In the year 1986, Merck & Co. Inc got its vaccine for the treatment of Hepatitis B approved by the FDA which was tagged with the name, RECOMBUVAX HB. And in the year 1987, the company portrays its commitment to the well-being of humanity by donating one of its products MECTIZAN to cure river blindness.
In the years 1996 and 1998, Merck & Co. Inc got the approval of CRIXIVAN for HIV treatment as well as SINGULAR to prevent and treat asthma by the FDA.
In the year 2006, the company also got one of its drugs approved by the FDA which was tagged with the name, JANUVIA for the treatment of type 2 diabetes. And in the same year, the company also got approval for GARDASIL from the FDA to help prevent cervical cancer characterized by some HPV types.
In the year 2009, Merck & Co. Inc stepped into partnership with Schering-Plough and the acquisition led to the company emerging as the second biggest pharmaceutical corporation in the United States based on revenue generation.
In the year 2011, Merck & Co. Inc started an initiative meant for Mothers. The initiative tagged with the name, Merck for Mothers was primarily launched to prevent women from health complications and to help improve their health status, before, during, and after childbirth.
In the year 2014, the company’s animal health division was approved by the FDA to operate under the name, Merck Animal Health. And in the same year, the company also got approval for one of its drugs tagged with the name, KEYTRUDA.
And finally, the year 2019, Merck & Co. Inc got approval for one of its drugs tagged with the name, ERVEBO developed to treat the Ebola virus and mitigate its spread across the world.
Merck & Co. Inc Business Segments and Divisions
Animal Health Division
Pharmaceutical Health Division
Biochemical
Merck Foundation
Merck for Mothers Initiative
Merck & Co. Inc Subsidiaries
Merck & Co. Inc in its entirety has several subsidiaries and affiliates under its management. These subsidiaries include but are not limited to:
MERCK BANYU CO LTD
ACCELERIN PHARMA
MERCK SHARP & DOHME
VELOSO INC
IMMUNE DESIGN CORP.
MSD (NORGE) A
MERCK RESEARCH LABORATORY
ONCOIMMUNE INC.
…et cetera
Merck & Co. Inc Products and Services Offerings
Merck & Co. Inc products include but are not limited to:
Mefoxin
Pneumovax
Recombuvax Hb
Mectizan,
Singular
Crixivan
Januvia
Gardasil
Keytruda
Erebor
Contact lenses
Services Include but are not limited to:
Pharmaceutical services
Veterinary Services
Optical Services
Diagnostic Services
Merck & Co. Inc Financial Overview
Revenues: $48.70 Billion USD (2021)
Total Equity: $38.18 Billion USD (2021)
Total Assets: 105. 69 Billion USD (2021)
Operating Income: $13. 88 Billion USD (2021)
Net Income: $13.05 Billion USD (2021)
Pros and Cons
Pros
The reviews from Glassdoor and a critical study of the company revealed the following pro
Accumulated Industry Experience
Effective and high-quality drugs
Better Employee Remuneration
Great Place to Work
Commitment to Charitable Course
Innovation & Development
Cons
There are no substantive cons for this company.
Conclusion
Deducing from the above extensive review which has unveiled the contingent and major segments of the second largest pharmaceutical corporation in the United States based on revenue generation, Merck & Co Inc., we hope that you are able to absorb all there is know about the Forbes Global 2000 company, Merck & Co. Inc.
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