During her five-year tenure as CEO of Merck, Belén Garijo has overseen multiple drug licensing agreements in the healthcare sector, including collaborations with Chinese firms Hengrui Medicine and Abbisko Therapeutics.
On March 5th, the outgoing CEO of Merck, Belén Garijo, reiterated the group's commitment to the Chinese market during her final earnings presentation, while also discussing opportunities for cooperation with China's innovative drug sector.
Garijo stated that she views China as a "preferred partner," and Merck plans to further increase its investment in the country. "As China becomes a global source of innovation, Merck is actively seeking opportunities to collaborate with Chinese companies on the research and development of new drugs and technologies," Garijo said.
On the same day, Merck released its 2025 financial results, reporting net sales of €21.1 billion and a profit of €6.1 billion. However, the company forecasts that its adjusted operating profit for 2026 will decline by nearly 10%, primarily due to foreign exchange impacts and the patent expiration of a core drug for treating multiple sclerosis.
Despite the pressure from declining profits, the demand for transformation towards novel biologics presents new growth opportunities for Merck, driving expansion in its Life Science business. This is because many innovative drugs and new therapies, such as Antibody-Drug Conjugates (ADCs), require highly sophisticated process solutions. As an upstream segment of the entire biopharmaceutical industry chain, Merck's Life Science business plays a crucial role in enhancing the pharmaceutical production value chain.
In 2025, Merck's Life Science business achieved net sales of €9 billion, with its Process Solutions division recording growth exceeding 10% for four consecutive quarters.
In the earnings report, Garijo acknowledged that the company faced significant geopolitical challenges and currency headwinds over the past year but continued to scale up, enhance profitability, and improve business flexibility.
According to an official announcement from the Merck Group in September 2025, Garijo will complete her term as CEO on May 1st, 2026. Kai Beckmann, the current CEO of Merck's Electronics business, will succeed her as Chairman of the Executive Board and CEO of the Group.
The 65-year-old Spanish executive was unexpectedly appointed last month as the first female CEO in the history of French pharmaceutical giant Sanofi. She is scheduled to officially assume her role at Sanofi after the company's Annual General Meeting on April 29th, 2026.
During her five years as CEO of Merck, Garijo facilitated several drug licensing deals in healthcare, including partnerships with Chinese companies Hengrui Medicine and Abbisko Therapeutics.
Unlike other pharmaceutical giants that often pursue acquisitions worth tens of billions of dollars, Merck has adopted a differentiated transaction strategy, focusing more on drugs with manageable risk and significant sales potential. These acquisition targets are typically mid-sized deals involving assets in the late-stage clinical development phase, with total transaction values ranging between €500 million and €600 million.
Notably, just before Garijo's planned move to Sanofi, the French company announced last week a global licensing collaboration worth $1.53 billion with China Biologic Products. The agreement covers the global rights to rovafensinib, the first JAK/ROCK dual-target inhibitor.
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