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AstraZeneca (AZN) reported that oncology sales now make up 43% of its total revenues, rising 16% in the first nine months of 2025. Merck (MRK) generates over 60% of its revenue from oncology, primarily driven by the sales of its cancer drug Keytruda, which reached $23.3 billion during the same period, showing an 8% year-over-year increase. Keytruda Qlex, a new subcutaneous formulation, was approved by the FDA in September 2025, allowing for quicker administration.
Merck’s pipeline has almost tripled since 2021, with plans to launch around 20 new vaccines and drugs, including the newly acquired Ohtuvayre for chronic obstructive pulmonary disease. In 2025, Merck reported sales declines in several vaccines, including Gardasil, attributed to reduced demand in China. Conversely, AstraZeneca anticipates achieving $80 billion in total revenues by 2030 and aims to launch 20 new medicines, while facing challenges such as generic competition impacting established products.
As of now, AstraZeneca’s stocks have risen 42.5% year-to-date, versus Merck’s increase of 5.2%. However, Merck offers a higher dividend yield of 3.1% compared to AstraZeneca’s 1.08%. Both companies hold a Zacks Rank of #3 (Hold), complicating the investment decision as Merck’s strong reliance on Keytruda raises concerns about future growth, while AstraZeneca’s growth targets appear more aggressive.
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