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Merck

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Analysis

MRK 10-K Analysis: The Cash Flow Crisis Behind Merck's Earnings Growth

Merck reported 8% EPS growth and tripled its buybacks in FY2025. But the 10-K reveals free cash flow collapsed 32% to $12.4 billion, funded by $14 billion in new debt that halved its debt coverage ratio. With Keytruda — 49% of total sales — facing a triple cliff of patent expiry, IRA pricing, and MFN constraints in 2028-2029, we analyze whether the pipeline's $4.4 billion in replacement revenue can scale fast enough to bridge a $31.7 billion gap.

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15 min

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Cybersecurity Incidents: What 916 SEC 8-K Filings Reveal

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