Executive Summary
Longevity is often mistaken for stability. At Merck, one of the world’s oldest companies, the opposite is true. According to CFO Helene von Roeder, surviving for more than 350 years has required continuous reinvention, disciplined capital allocation, and the willingness to transform before change becomes unavoidable. The lesson for today’s executives is clear: enduring companies do not resist transformation—they institutionalize it.
The Insight
Many organisations see transformation as a response to disruption. Merck approaches it differently. Transformation is viewed as a permanent capability rather than an exceptional event.
For a company with more than three centuries of history, this means continuously reallocating capital from mature businesses into new technologies, investing in scientific innovation long before markets mature, and making strategic decisions with decades—not quarters—in mind. As Helene von Roeder explains, Merck’s objective is not simply to perform well over the next few years, but to ensure the company remains relevant for the next 350 years.
That long-term perspective also shapes decision-making. Businesses that no longer fit the future portfolio are divested. New capabilities are acquired through targeted investments. Digital transformation, sustainability, and scientific innovation are treated not as separate initiatives but as interconnected elements of long-term competitiveness.
For leaders, the message is powerful: resilience is not created by protecting the status quo. It is built by repeatedly questioning today’s business model before competitors—or markets—do it for you.
Key Takeaways
- Lasting companies treat transformation as a continuous capability.
- Long-term success requires disciplined capital allocation and portfolio renewal.
- Sustainable competitive advantage comes from preparing for the next decade, not the next quarter.
Continue the Conversation
This article highlights one of the central themes discussed with Helene von Roeder, CFO of Merck Group. The full conversation also explores innovation, pharmaceutical R&D, AI, sustainability, semiconductors, family ownership, finance transformation, and leading one of the world’s oldest technology companies.