Merck & Co., Inc. MRK
Merck & Co., Inc. (Merck or the Company) is a global health care company that delivers innovative health solutions through its prescription medicines, including biologic therapies, vaccines and animal health products. The Company's operations are principally managed on a product basis and include two operating segments, Pharmaceutical and Animal Health, both of which are reportable segments.
The Pharmaceutical segment includes human health pharmaceutical and vaccine products. Human health pharmaceutical products consist of therapeutic and preventive agents, generally sold by prescription, for the treatment of human disorders. The Company sells these human health pharmaceutical products primarily to drug wholesalers and retailers, hospitals, government agencies, and managed health care providers such as health maintenance organizations, pharmacy benefit managers and other institutions. Human health vaccine products consist of preventive pediatric, adolescent and adult vaccines. The Company sells these human health vaccines primarily to physicians, wholesalers, distributors and government entities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $65.01B | $64.17B | $60.12B | $59.28B | $48.70B | $41.52B | $39.12B | $42.29B | $40.12B | $39.81B |
| Cost of revenue | $16.38B | $15.19B | $16.13B | $17.41B | $13.63B | $13.62B | $12.02B | $13.51B | $12.91B | $14.03B |
| Gross profit | $48.63B | $48.98B | $43.99B | $41.87B | $35.08B | $27.90B | $27.11B | $28.79B | $27.21B | $25.78B |
| R&D | $15.79B | $17.94B | $30.53B | $13.55B | $12.24B | $13.40B | $9.72B | $9.75B | $10.34B | $10.26B |
| SG&A | $10.73B | $10.82B | $10.50B | $10.04B | $9.63B | $8.96B | $9.46B | $10.10B | $10.07B | $10.02B |
| Interest expense | $1.36B | $1.27B | $1.15B | $962.0M | $806.0M | $831.0M | $893.0M | $772.0M | $754.0M | $693.0M |
| Pre-tax income | $21.07B | $19.94B | $1.89B | $16.44B | $13.88B | $5.86B | $7.17B | $8.70B | $6.52B | $4.66B |
| Income tax | $2.80B | $2.80B | $1.51B | $1.92B | $1.52B | $1.34B | $1.56B | $2.51B | $4.10B | $718.0M |
| Net income | $18.25B | $17.12B | $365.0M | $14.52B | $12.35B | $7.07B | $9.84B | $6.22B | $2.39B | $3.92B |
| EPS, basic | 7.30 | 6.76 | 0.14 | 5.73 | 5.16 | 2.79 | 3.84 | 2.34 | 0.88 | 1.42 |
| EPS, diluted | 7.28 | 6.74 | 0.14 | 5.71 | 5.14 | 2.78 | 3.81 | 2.32 | 0.87 | 1.41 |
| Shares, diluted (wtd. avg.) | $2.51B | $2.54B | $2.55B | $2.54B | $2.54B | $2.54B | $2.58B | $2.68B | $2.75B | $2.79B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.56B | $13.24B | $6.91B | $12.77B | $8.17B | $8.15B | $9.93B | $7.97B | $6.10B | $6.51B |
| Short-term investments | $0 | $447.0M | $252.0M | $498.0M | $0 | $0 | $774.0M | $899.0M | $2.41B | $7.83B |
| Receivables | $11.78B | $10.28B | $10.35B | $9.45B | $9.23B | $6.80B | $6.78B | $7.07B | $6.87B | $7.02B |
| Inventory | $6.66B | $6.11B | $6.36B | $5.91B | $5.95B | $5.55B | $5.98B | $5.44B | $5.10B | $4.87B |
| Total current assets | $43.52B | $38.78B | $32.17B | $35.72B | $30.27B | $27.76B | $27.48B | $25.88B | $24.77B | $30.61B |
| Property, plant and equipment | $25.32B | $23.78B | $23.05B | $21.42B | $19.28B | $17.00B | $14.30B | $13.29B | $12.44B | $12.03B |
| Goodwill | $21.58B | $21.67B | $21.20B | $21.20B | $21.26B | $18.88B | $18.07B | $18.25B | $18.28B | $18.16B |
| Other intangibles | $26.68B | $16.37B | $18.01B | $20.27B | $22.93B | $14.10B | $14.20B | $13.10B | $14.18B | $17.30B |
| Total assets | $136.87B | $117.11B | $106.67B | $109.16B | $105.69B | $91.59B | $84.40B | $82.64B | $87.87B | $95.38B |
| Accounts payable | $4.40B | $4.08B | $3.92B | $4.26B | $4.61B | $4.33B | $3.74B | $3.32B | $3.10B | $2.81B |
| Short-term debt | $2.30B | $2.50B | $1.30B | $1.70B | $2.30B | $2.30B | $1.90B | $5.31B | $3.00B | $300.0M |
| Total current liabilities | $28.33B | $28.42B | $25.69B | $24.24B | $23.87B | $27.33B | $22.22B | $22.21B | $18.61B | $17.20B |
| Long-term debt | $46.75B | $34.46B | $33.68B | $28.75B | $30.69B | $25.36B | $22.74B | $19.81B | $21.35B | $24.27B |
| Retained earnings | $73.08B | $63.07B | $53.90B | $61.08B | $53.70B | $47.36B | $46.60B | $42.58B | $41.35B | $44.13B |
| Total equity | $52.61B | $46.31B | $37.63B | $46.06B | $38.26B | $25.40B | $26.00B | $26.88B | $34.57B | $40.31B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $16.47B | $21.47B | $13.01B | $19.09B | $13.12B | $7.62B | $8.88B | $10.92B | $6.45B | $10.38B |
| Depreciation and amortisation | $3.04B | $2.10B | $1.83B | $1.82B | $1.58B | $1.67B | $1.61B | $1.42B | $4.68B | $5.47B |
| Stock-based compensation | $820.0M | $761.0M | $645.0M | $541.0M | $479.0M | $441.0M | $388.0M | $348.0M | $312.0M | $300.0M |
| Capital expenditure | $4.11B | $3.37B | $3.86B | $4.39B | $4.45B | $4.43B | $3.37B | $2.62B | $1.89B | $1.61B |
| Investing cash flow | -$13.74B | -$7.73B | -$14.08B | -$4.96B | -$16.42B | -$9.19B | -$2.53B | $4.31B | $2.68B | -$3.21B |
| Financing cash flow | -$1.92B | -$7.03B | -$4.81B | -$9.12B | $3.10B | -$2.83B | -$8.86B | -$13.16B | -$10.01B | -$9.04B |
| Dividends paid | $8.18B | $7.84B | $7.45B | $7.01B | $6.61B | $6.21B | $5.70B | $5.17B | $5.17B | $5.12B |
| Buybacks | $5.08B | $1.31B | $1.35B | $0 | $840.0M | $1.28B | $4.78B | $9.09B | $4.01B | $3.43B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-147704.
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