(As of December 12, 2025 | Post Q3 2025 earnings and recent insider transactions)
Current market capitalization: ≈ $247 billion (based on ~$98.93/share and 2.49 billion shares outstanding)
Introduction
Merck & Co., Inc. (NYSE: MRK), founded in 1891 and headquartered in Rahway, New Jersey, is a global pharmaceutical leader specializing in oncology (e.g., Keytruda), vaccines (Gardasil), animal health, and hospital/acute care, with a pipeline of over 80 Phase III trials. Public since 1940, it operates under a single-class share structure (one vote per share), ensuring equitable governance. Ownership is institutionally dominant (~78%), with insiders ~0.22%, and retail ~22%. The table below details the top 10 shareholders from Q3 2025 13F filings and SEC data, with values at current market cap. Recent activity includes $1.34M in insider sales (Nov 2025) and $5B quarterly buybacks reducing shares by ~0.5% YoQ.
| Rank | Owner / Stakeholder | Ownership % | Approx. Value ($247B valuation) | Detailed Notes |
|---|---|---|---|---|
| 1 | Vanguard Group Inc. | 10.16% | $25.1 billion | Largest holder via index funds (e.g., VTI, VOO); owns ~252.1M shares as of Sep 30, 2025. Passive with ~$9.3T AUM; added ~1.5% in Q3 2025; core S&P 500 weighting (~6%). No direct control; focuses on oncology/vaccine growth. |
| 2 | BlackRock Inc. | 8.66% | $21.4 billion | Holds ~214.9M shares through iShares ETFs (e.g., IVV); passive/active mix. Increased ~0.5% in Q3 2025; board observer on governance/ESG. Key in healthcare funds; MRK ~0.3% of portfolio. |
| 3 | State Street Corporation | 4.76% | $11.8 billion | Owns ~118.2M shares via SPDRs (e.g., SPY); fully passive. Stable QoQ; votes proxies on exec comp and drug pricing ethics. ~4% of health holdings; supports $20B annual buybacks. |
| 4 | Wellington Management Group LLP | 3.03% | $7.5 billion | ~75.3M shares; active manager. Added ~0.3% in Q3; focuses on pipeline (80+ Phase III trials); advisory on R&D. |
| 5 | Geode Capital Management, LLC | 2.41% | $6.0 billion | Fidelity affiliate with ~59.8M shares in index trackers; passive. Grew ~0.3% in Q3; tracks S&P 500; minimal voting power. |
| 6 | Charles Schwab Investment Management Inc. | 1.63% | $4.0 billion | ~40.6M shares; passive via ETFs. Increased ~0.5% in Q3; emphasizes dividend yield (3.1%). |
| 7 | Morgan Stanley | 1.50% | $3.7 billion | ~37.4M shares via wealth/ETFs; index/active blend. Up ~1% in 2025; advisory on M&A (e.g., Verona Pharma acquisition). |
| 8 | JPMorgan Chase & Co. | 1.40% | $3.5 billion | ~34.9M shares in asset management; index/active blend. Stable QoQ; banking partner for MRK's $30B+ cash reserves. |
| 9 | FMR LLC (Fidelity) | 1.50% | $3.7 billion | ~37.4M shares across funds (e.g., Contrafund); active with minor Q3 trim. Bullish on Keytruda (up 10% Q3). |
| 10 | Robert M. Davis (CEO) | 0.02% | $50 million | ~500K shares; largest active insider. Recent stability; oversees strategy since 2021; aligns with $8.93-8.98 FY2025 EPS guidance. |
Total Top 10 = ~44.61% | Remaining: Other Institutions (~34%), Other Insiders (~0.20%, e.g., Caroline Litchfield CFO at ~0.005%), Retail (~22%) | Grand Total = 100%
Conclusion
As of December 2025, Merck & Co.'s ownership is institutionally anchored (~78% total) by passive leaders like Vanguard and BlackRock, providing stability for its $17.3B Q3 2025 revenue (up 4% YoY, 3% ex-FX) and $5.8B net income (up 83% YoY, adj. EPS $2.58), driven by Keytruda ($8.1B, up 10%) despite Gardasil declines. Insiders (~0.22% combined) ensure execution amid expansions (e.g., Verona Pharma acquisition), while retail's ~22% stake reflects defensive pharma appeal. With $247B market cap (down ~4% YoY) and $20B buybacks authorized, expect ~0.5% annual share reductions, minor institutional rebalancing in Q4 13Fs (due Feb 2026), and FY2025 revenue of $64.5-65B (up 1-2% ex-FX). This structure supports pipeline innovation via $3.24 annual dividends (3.1% yield). For filings, visit SEC EDGAR or Merck's investor relations.