Merck & Co., Inc. MRK

Healthcare SIC 2834 - Pharmaceutical Preparations NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Pharmaceutical Preparation Manufacturing derived NYSE

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.

Last close 145.27 2026-10-23
Market cap $358.41B 2026-06-30 share count
52-week range 82.01 - 156.92

Valuation FY2025 figures against the last close

P/S5.5x
P/E20.0x
P/FCF29.0x
EV/EBITDA—
Dividend yield2.3%
Diluted EPS7.28

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe, Middle East and Africa
  • Latin America
  • Asia Pacific (other than Japan and China)
  • Other
  • Japan
  • China
Revenue by geography, 7 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 36.5B (56.2%) 56% United States Europe, Middle East and Africa, FY2025: 14.6B (22.4%) 22% Europe, Middle East and Africa Latin America, FY2025: 3.4B (5.2%) 5% Asia Pacific (other than Japan and China), FY2025: 3B (4.6%) 5% Other, FY2025: 2.9B (4.4%) 4% Other Japan, FY2025: 2.7B (4.2%) 4% Japan China, FY2025: 1.9B (3.0%) FY2024 United States, FY2024: 32.3B (50.3%) 50% Europe, Middle East and Africa, FY2024: 14B (21.9%) 22% Latin America, FY2024: 3.5B (5.4%) 5% Asia Pacific (other than Japan and China), FY2024: 3.1B (4.8%) 5% Other, FY2024: 2.6B (4.0%) 4% Japan, FY2024: 3.3B (5.1%) 5% China, FY2024: 5.5B (8.6%) 9% FY2023 United States, FY2023: 28.5B (47.4%) 47% Europe, Middle East and Africa, FY2023: 13.3B (22.0%) 22% Latin America, FY2023: 3.1B (5.1%) 5% Asia Pacific (other than Japan and China), FY2023: 3.2B (5.4%) 5% Other, FY2023: 2.1B (3.5%) 3% Japan, FY2023: 3.2B (5.3%) 5% China, FY2023: 6.8B (11.3%) 11%
Region FY2025FY2024FY2023
United States $36.51B $32.28B $28.48B
Europe, Middle East and Africa $14.58B $14.04B $13.25B
Latin America $3.41B $3.46B $3.09B
Asia Pacific (other than Japan and China) $2.98B $3.06B $3.23B
Other $2.88B $2.56B $2.10B
Japan $2.71B $3.28B $3.16B
China $1.94B $5.49B $6.80B

As the company reported it, from the “Segment Reporting - Schedule of Consolidated Revenues by Geographic Area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 7.306.760.145.735.162.793.842.340.881.42
EPS, diluted 7.286.740.145.715.142.783.812.320.871.41
Shares, diluted (wtd. avg.) 2.51B2.54B2.55B2.54B2.54B2.54B2.58B2.68B2.75B2.79B

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 20B 40B 60B 80B Revenue, FY2016: 39.8B Gross profit, FY2016: 25.8B Net income, FY2016: 3.9B Revenue, FY2017: 40.1B Gross profit, FY2017: 27.2B Net income, FY2017: 2.4B Revenue, FY2018: 42.3B Gross profit, FY2018: 28.8B Net income, FY2018: 6.2B Revenue, FY2019: 39.1B Gross profit, FY2019: 27.1B Net income, FY2019: 9.8B Revenue, FY2020: 41.5B Gross profit, FY2020: 27.9B Net income, FY2020: 7.1B Revenue, FY2021: 48.7B Gross profit, FY2021: 35.1B Net income, FY2021: 12.3B Revenue, FY2022: 59.3B Gross profit, FY2022: 41.9B Net income, FY2022: 14.5B Revenue, FY2023: 60.1B Gross profit, FY2023: 44B Net income, FY2023: 365M Revenue, FY2024: 64.2B Gross profit, FY2024: 49B Net income, FY2024: 17.1B Revenue, FY2025: 65B Gross profit, FY2025: 48.6B Net income, FY2025: 18.3B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $39.81B $40.12B $42.29B $39.12B $41.52B $48.70B $59.28B $60.12B $64.17B $65.01B
Gross profit $25.78B $27.21B $28.79B $27.11B $27.90B $35.08B $41.87B $43.99B $48.98B $48.63B
Net income $3.92B $2.39B $6.22B $9.84B $7.07B $12.35B $14.52B $365.0M $17.12B $18.25B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event Item 8.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Results announced Item 2.02
  • Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
  • Shareholder vote Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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