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The market for API is evolving fast. Innovation will determine the winners.

Merck & Co., Inc. (Rahway, NJ), known as MSD outside US/Canada. 2024 revenue ~$64B. Keytruda (pembrolizumab) — world's top-selling drug (~$25B). Gardasil, Januvia, Welireg. Animal health division. Spun from German Merck in 1917.