Merck is an A+ credit, a global oncology powerhouse, and still, about half its 2024 pharma revenue came from a single product: Keytruda, a product whose loss of exclusivity will hit around 2028 in the U.S. S&P Global Ratings calls that kind of concentration a “material weakness.”
Merck isn’t alone. A new S&P analysis of 17 top pharmaceutical companies, released today, finds Novo Nordisk in a similar position. More than half of its revenue rides on one product (semaglutide), well above…
