Cash flow Merck & Co., Inc.

Equities

MRK

US58933Y1055

Pharmaceuticals

Real-time Estimate Cboe BZX Other stock markets 12:44:12 2025-01-17 EST			5-day change	1st Jan Change
98.92 ^USD	-1.76%		-0.24%	-0.47%

10:56am	Novo Nordisk's Ozempic, Wegovy Among Drugs Chosen for US Medicare Price Talks	MT
09:39am	Guggenheim Adjusts Price Target on Merck to $122 From $130, Maintains Buy Rating	MT

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Published financial data: MERCK & CO., INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	46.84B	47.99B	48.7B	59.28B	60.12B
Total Revenues	46.84B	47.99B	48.7B	59.28B	60.12B
Cost of Goods Sold, Total	13.16B	13.42B	13.24B	17.21B	15.92B
Gross Profit	33.68B	34.57B	35.46B	42.08B	44.2B
Selling General & Admin Expenses, Total	9.86B	9.37B	9.4B	9.67B	9.88B
R&D Expenses	8.74B	10.31B	10.2B	11.84B	18.34B
Other Operating Expenses, Total	18.6B	19.68B	19.61B	21.51B	28.23B
Operating Income	15.08B	14.89B	15.86B	20.56B	15.97B
Interest Expense, Total	-893M	-831M	-806M	-962M	-1.15B
Interest And Investment Income	274M	59M	36M	314M	365M
Net Interest Expenses	-619M	-772M	-770M	-648M	-781M
Income (Loss) On Equity Invest.	-	-	-	-	-
Currency Exchange Gains (Loss)	-187M	-145M	-297M	-237M	-370M
Other Non Operating Income (Expenses)	114M	126M	256M	524M	420M
EBT, Excl. Unusual Items	14.39B	14.1B	15.05B	20.2B	15.24B
Restructuring Charges	-927M	-883M	-868M	-666M	-933M
Merger & Related Restructuring Charges	-1.87B	-4.75B	-1.7B	-	-11.41B
Impairment of Goodwill	-162M	-	-	-	-
Gain (Loss) On Sale Of Investments	170M	1.34B	1.94B	-1.42B	340M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-172M	-90M	-275M	-1.6B	-779M
In Process R&D Expenses	-	-	-	-	-
Legal Settlements	-	-	-	-	-573M
Other Unusual Items	39M	-920M	-260M	-75M	-
EBT, Incl. Unusual Items	11.46B	8.79B	13.88B	16.44B	1.89B
Income Tax Expense	1.69B	1.71B	1.52B	1.92B	1.51B
Earnings From Continuing Operations	9.78B	7.08B	12.36B	14.53B	377M
Earnings Of Discontinued Operations	-	-	704M	-	-
Net Income to Company	9.78B	7.08B	13.06B	14.53B	377M
Minority Interest	66M	-15M	-13M	-7M	-12M
Net Income - (IS)	9.84B	7.07B	13.05B	14.52B	365M
Net Income to Common Incl Extra Items	9.84B	7.07B	13.05B	14.52B	365M
Net Income to Common Excl. Extra Items	9.84B	7.07B	12.34B	14.52B	365M
Per Share Items
Net EPS - Basic	3.84	2.79	5.16	5.73	0.14
Basic EPS - Continuing Operations	3.84	2.79	4.88	5.73	0.14
Basic Weighted Average Shares Outstanding	2.56B	2.53B	2.53B	2.53B	2.54B
Net EPS - Diluted	3.81	2.78	5.14	5.71	0.14
Diluted EPS - Continuing Operations	3.81	2.78	4.86	5.71	0.14
Diluted Weighted Average Shares Outstanding	2.58B	2.54B	2.54B	2.54B	2.55B
Normalized Basic EPS	3.53	3.48	3.71	4.98	3.75
Normalized Diluted EPS	3.51	3.46	3.7	4.96	3.74
Dividend Per Share	2.2	2.44	2.6	2.76	2.92
Payout Ratio	57.86	87.94	50.66	48.3	2.04K
American Depositary Receipts Ratio (ADR)	0.12	0.12	0.12	0.12	0.12
Supplemental Items
EBITDA	18.5B	18.24B	18.98B	24.35B	19.71B
EBITA	17.08B	16.79B	17.49B	22.65B	18.02B
EBIT	15.08B	14.89B	15.86B	20.56B	15.97B
EBITDAR	18.84B	18.59B	19.32B	24.69B	20.04B
Effective Tax Rate - (Ratio)	14.72	19.44	10.96	11.66	80.04
Current Domestic Taxes	437M	1.02B	61M	2.32B	976M
Current Foreign Taxes	1.81B	1.36B	1.27B	1.16B	2.44B
Total Current Taxes	2.24B	2.38B	1.33B	3.49B	3.41B
Deferred Domestic Taxes	-316M	-628M	264M	-1.64B	-1.67B
Deferred Foreign Taxes	-240M	-40M	-77M	71M	-233M
Total Deferred Taxes	-556M	-668M	187M	-1.57B	-1.9B
Normalized Net Income	9.06B	8.8B	9.39B	12.62B	9.51B
Non-Cash Pension Expense	-394M	-207M	17M	-101M	-396M
Supplemental Operating Expense Items
Advertising Expense	2.1B	2B	2B	2.2B	2.3B
Selling and Marketing Expenses	2.1B	2B	2B	2.2B	2.3B
Research And Development Expense From Footnotes	9.87B	13.56B	12.24B	13.55B	30.53B
Net Rental Expense, Total	339M	346M	343M	334M	339M
Imputed Operating Lease Interest Expense	92.18M	75.66M	65M	77.17M	91.07M
Imputed Operating Lease Depreciation	247M	270M	278M	257M	248M
Stock-Based Comp., Other (Total)	417M	475M	479M	541M	645M
Total Stock-Based Compensation	417M	475M	479M	541M	645M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	9.68B	8.06B	8.1B	12.69B	6.84B
Short Term Investments	774M	-	-	498M	252M
Trading Asset Securities, Total	-	1M	14M	-	-
Total Cash And Short Term Investments	10.45B	8.06B	8.11B	13.19B	7.09B
Accounts Receivable, Total	7.1B	8.29B	10.78B	10.62B	11.7B
Total Receivables	7.1B	8.29B	10.78B	10.62B	11.7B
Inventory	5.98B	6.31B	5.95B	5.91B	6.36B
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	-	-	-	79M	68M
Other Current Assets, Total	3.95B	5.1B	5.42B	5.92B	6.94B
Total Current Assets	27.48B	27.76B	30.27B	35.72B	32.17B
Gross Property Plant And Equipment	33.81B	38.69B	39.06B	40.75B	42.75B
Accumulated Depreciation	-17.69B	-18.98B	-18.19B	-17.98B	-18.27B
Net Property Plant And Equipment	16.13B	19.71B	20.86B	22.77B	24.49B
Long-term Investments	1.9B	1.42B	966M	1.85B	1.56B
Goodwill	19.42B	20.24B	21.26B	21.2B	21.2B
Other Intangibles, Total	14.2B	14.6B	22.93B	20.27B	18.01B
Accounts Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	719M	894M	692M	503M	1.97B
Other Long-Term Assets, Total	4.54B	6.95B	8.71B	6.85B	7.28B
Total Assets	84.4B	91.59B	106B	109B	107B
Liabilities
Accounts Payable, Total	5.02B	5.02B	6.39B	5.04B	4.97B
Accrued Expenses, Total	10.91B	11.44B	11.49B	12.63B	14.19B
Short-term Borrowings	1.71B	4.13B	112M	246M	72M
Current Portion of Long-Term Debt	1.9B	2.3B	2.3B	1.7B	1.3B
Current Portion of Leases	236M	300M	304M	281M	285M
Current Income Taxes Payable	736M	1.58B	1.22B	1.99B	2.65B
Other Current Liabilities	1.72B	2.57B	2.05B	2.36B	2.23B
Total Current Liabilities	22.22B	27.33B	23.87B	24.24B	25.69B
Long-Term Debt	22.74B	25.36B	30.69B	28.74B	33.68B
Long-Term Leases	768M	1.36B	1.22B	1.01B	928M
Pension & Other Post Retirement Benefits	3.38B	3.65B	1.87B	1.22B	1.23B
Deferred Tax Liability Non Current	1.47B	1.02B	3.44B	1.8B	871M
Other Non Current Liabilities	7.82B	7.47B	6.34B	6.09B	6.63B
Total Liabilities	58.4B	66.18B	67.44B	63.1B	69.04B
Common Stock, Total	1.79B	1.79B	1.79B	1.79B	1.79B
Additional Paid In Capital	39.66B	39.59B	44.24B	44.38B	44.51B
Retained Earnings	46.6B	47.36B	53.7B	61.08B	53.9B
Treasury Stock	-55.95B	-56.79B	-57.11B	-56.49B	-57.45B
Comprehensive Income and Other	-6.19B	-6.63B	-4.43B	-4.77B	-5.16B
Total Common Equity	25.91B	25.32B	38.18B	45.99B	37.58B
Minority Interest	94M	87M	73M	67M	54M
Total Equity	26B	25.4B	38.26B	46.06B	37.64B
Total Liabilities And Equity	84.4B	91.59B	106B	109B	107B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.54B	2.53B	2.53B	2.54B	2.53B
ECS Total Common Shares Outstanding	2.54B	2.53B	2.53B	2.54B	2.53B
Book Value / Share	10.2	10.01	15.11	18.12	14.84
Tangible Book Value	-7.71B	-9.52B	-6.01B	4.52B	-1.63B
Tangible Book Value Per Share	-3.04	-3.76	-2.38	1.78	-0.64
Total Debt	27.35B	33.45B	34.63B	31.98B	36.27B
Net Debt	16.9B	25.39B	26.52B	18.79B	29.18B
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.09B	2.43B	312M	42M	122M
Debt Equivalent Oper. Leases	2.71B	2.77B	2.74B	2.67B	2.71B
Minority Interest, Total (Incl. Fin. Div)	94M	87M	73M	67M	54M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	4	4	4	4	4
LIFO Reserve, Total	-171M	-82M	-16M	-293M	-562M
Inventories - Raw Materials, Total	4.17B	4.22B	4.03B	4.12B	4.69B
Inventories - Finished Goods, Total	1.77B	1.96B	1.75B	1.84B	1.95B
Inventories - Others	207M	206M	196M	238M	277M
Land - (BS)	343M	350M	326M	295M	326M
Buildings, Total	11.99B	12.64B	12.53B	13.17B	14.97B
Machinery, Total	15.39B	16.65B	16.3B	16.76B	17.76B
Full Time Employees	71K	73K	67K	67K	70K
Part Time Employees	-	1K	1K	2K	2K
Accumulated Allowance for Doubtful Accounts (Supple)	86M	85M	62M	72M	88M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	9.84B	7.07B	13.05B	14.52B	365M
Depreciation & Amortization - CF	1.42B	1.46B	1.49B	1.7B	1.69B
Amortization of Goodwill and Intangible Assets - (CF)	2B	1.9B	1.64B	2.08B	2.04B
Depreciation & Amortization, Total	3.42B	3.36B	3.12B	3.79B	3.73B
(Gain) Loss From Sale Of Asset	-	-	-	-	-
Asset Writedown & Restructuring Costs	1.27B	1.99B	393M	1.87B	932M
(Income) Loss On Equity Investments - (CF)	-	-	-1.94B	1.42B	-340M
Stock-Based Compensation (CF)	417M	475M	479M	541M	645M
Net Cash From Discontinued Operations	-	-	987M	-	-
Other Operating Activities, Total	555M	1.96B	1.86B	-260M	9.88B
Change In Accounts Receivable	294M	-1B	-2.03B	-644M	-1.15B
Change In Inventories	-508M	-855M	-674M	-161M	-816M
Change In Accounts Payable	399M	724M	405M	-289M	-380M
Change In Income Taxes	-2.36B	560M	-540M	380M	214M
Change in Other Net Operating Assets	107M	-4.02B	-997M	-2.07B	-75M
Cash from Operations	13.44B	10.25B	14.11B	19.1B	13.01B
Capital Expenditure	-3.47B	-4.68B	-4.45B	-4.39B	-3.86B
Cash Acquisitions	-4.95B	-6.61B	-12.91B	-121M	-12.03B
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	5.42B	1.72B	1.02B	-483M	1.85B
Other Investing Activities, Total	378M	130M	-225M	32M	-36M
Cash from Investing	-2.63B	-9.44B	-16.56B	-4.96B	-14.08B
Short Term Debt Issued, Total	-	2.55B	-	-	-
Long-Term Debt Issued, Total	4.96B	4.42B	7.94B	-	5.94B
Total Debt Issued	4.96B	6.97B	7.94B	-	5.94B
Short Term Debt Repaid, Total	-3.71B	-	-3.99B	-	-
Long-Term Debt Repaid, Total	-	-1.96B	-2.32B	-2.25B	-1.76B
Total Debt Repaid	-3.71B	-1.96B	-6.3B	-2.25B	-1.76B
Issuance of Common Stock	361M	89M	202M	384M	125M
Repurchase of Common Stock	-4.78B	-1.28B	-840M	-	-1.35B
Common Dividends Paid	-5.7B	-6.22B	-6.61B	-7.01B	-7.44B
Common & Preferred Stock Dividends Paid	-5.7B	-6.22B	-6.61B	-7.01B	-7.44B
Other Financing Activities, Total	5M	-436M	8.21B	-240M	-328M
Cash from Financing	-8.86B	-2.83B	2.59B	-9.12B	-4.81B
Foreign Exchange Rate Adjustments	17M	253M	-133M	-410M	23M
Net Change in Cash	1.97B	-1.77B	14M	4.61B	-5.86B
Supplemental Items
Cash Interest Paid	841M	822M	779M	937M	1.1B
Cash Income Tax Paid (Refund)	4.5B	2.7B	2.4B	3.2B	4.34B
Levered Free Cash Flow	10.68B	7.49B	6.67B	12.69B	9.26B
Unlevered Free Cash Flow	11.24B	8.01B	7.17B	13.29B	9.98B
Change In Net Working Capital	-1.45B	445M	1.89B	-496M	520M
Net Debt Issued / Repaid	1.25B	5.01B	1.63B	-2.25B	4.18B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	11.28	10.57	10.05	11.96	9.25
Return on Total Capital	17.88	16.58	15.05	17.03	13.14
Return On Equity %	36.98	27.55	38.82	34.46	0.9
Return on Common Equity	37.42	27.59	38.88	34.5	0.87
Margin Analysis
Gross Profit Margin %	71.91	72.03	72.81	70.98	73.53
SG&A Margin	21.06	19.53	19.31	16.31	16.44
EBITDA Margin %	39.49	38.01	38.97	41.08	32.78
EBITA Margin %	36.46	34.98	35.92	38.21	29.97
EBIT Margin %	32.19	31.02	32.56	34.69	26.57
Income From Continuing Operations Margin %	20.87	14.76	25.37	24.5	0.63
Net Income Margin %	21.01	14.72	26.79	24.49	0.61
Net Avail. For Common Margin %	21.01	14.72	25.35	24.49	0.61
Normalized Net Income Margin	19.34	18.33	19.28	21.29	15.83
Levered Free Cash Flow Margin	22.81	15.6	13.69	21.41	15.41
Unlevered Free Cash Flow Margin	24	16.68	14.73	22.42	16.6
Asset Turnover
Asset Turnover	0.56	0.55	0.49	0.55	0.56
Fixed Assets Turnover	3.18	2.68	2.46	2.72	2.54
Receivables Turnover (Average Receivables)	6.54	6.24	5.41	5.54	5.39
Inventory Turnover (Average Inventory)	2.3	2.18	2.3	2.9	2.59
Short Term Liquidity
Current Ratio	1.24	1.02	1.27	1.47	1.25
Quick Ratio	0.79	0.6	0.79	0.98	0.73
Operating Cash Flow to Current Liabilities