Merck announced a reorganization that separates its oncology operations into a standalone unit while moving non‑cancer products, vaccines and specialty medicines into a second division. The structural change is explicitly timed to address the looming loss of U.S. exclusivity for Keytruda and aims to sharpen commercial execution for both portfolios. The split elevates new leaders for oncology and specialty businesses and signals Merck’s intent to protect oncology growth while accelerating launches and lifecycle management across non‑oncology assets. Investors and competitors will monitor whether the reorg improves launch performance, R&D prioritization, and mitigation strategies ahead of Keytruda’s patent cliff.