Robert Davis

Robert Davis became CEO of Merck in June 2021, succeeding Ken Frazier who had guided the company's transformation through the Keytruda era. Davis, a 30-year Merck veteran with a background in finance and manufacturing, had previously served as CFO and head of Merck's global services division. Davis leads a company defined by a single extraordinary asset: Keytruda, a PD-1 checkpoint inhibitor that has become the backbone of cancer immunotherapy. With over $25 billion in annual sales, Keytruda is the world's best-selling drug and represents roughly half of Merck's total revenue. The drug is approved for over 30 cancer types and continues to expand into new indications. The defining strategic challenge of Davis's tenure is the Keytruda patent cliff. When key patents begin expiring in 2028, biosimilar competition will erode what has been the most profitable drug franchise in pharmaceutical history. Davis has responded with an aggressive M&A strategy — the $10.8 billion acquisition of Prometheus Biosciences (immunology), the $11 billion acquisition of Acceleron (cardiovascular), and multiple oncology pipeline additions designed to build the next generation of revenue beyond Keytruda. Beyond Keytruda, Merck has a strong position in animal health through its Organon spinoff and retains a growing vaccines business including Gardasil (HPV) and Pneumovax. Davis must prove that Merck can successfully navigate the most significant patent cliff in the industry while maintaining R&D productivity and capital discipline.