Financials Merck & Co., Inc.

Equities

MRK

US58933Y1055

Pharmaceuticals

Real-time Estimate Cboe BZX Other stock markets 15:49:32 2025-06-24 EDT			5-day change	1st Jan Change
80.62 ^USD	+0.57%		+2.83%	-19.08%

03:02pm	US CDC report shows no link between thimerosal-containing vaccines and autism	RE
11:29am	US CDC's report shows no evidence linking thimerosal-containing vaccines and autism	RE

Projected Income Statement: Merck & Co., Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	47,994	48,704	59,283	60,115	64,168	65,001	68,556	72,218
Change	-	1.48%	21.72%	1.4%	6.74%	1.3%	5.47%	5.34%
EBITDA ¹	20,570	20,910	26,431	10,083	27,897	30,135	32,703	35,012
Change	-	1.65%	26.4%	-61.85%	176.67%	8.02%	8.52%	7.06%
EBIT ¹	16,945	17,696	22,522	6,211	23,398	27,104	29,240	31,556
Change	-	4.43%	27.27%	-72.42%	276.72%	15.84%	7.88%	7.92%
Interest Paid ¹	-772	-770	-805	-781	-856	-852.5	-712.7	-653.7
Earnings before Tax (EBT) ¹	8,791	13,879	16,444	1,889	19,936	23,954	25,759	28,123
Change	-	57.88%	18.48%	-88.51%	955.37%	20.15%	7.54%	9.18%
Net income ¹	7,067	13,049	14,519	365	17,117	19,923	21,962	24,071
Change	-	84.65%	11.27%	-97.49%	4,589.59%	16.39%	10.24%	9.6%
Announcement Date	2/4/21	2/3/22	2/2/23	2/1/24	2/4/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	10,872	12,551	12,514	12,080	11,402	13,154	13,521	15,901	14,593	14,959	13,830	14,487	15,035	15,962	14,630	15,775	16,112	16,657	15,624	15,529	15,923	17,115	16,350	16,142	16,607	17,956	17,248
Change	-	15.44%	-0.29%	-3.47%	-5.61%	15.37%	2.79%	17.6%	-8.23%	2.51%	-7.55%	4.75%	3.78%	6.17%	-8.34%	7.83%	2.14%	3.38%	-6.2%	-0.61%	2.53%	7.49%	-4.47%	-1.27%	2.88%	8.12%	-3.94%
EBITDA ¹	4,707	5,744	4,608	5,220	4,659	6,111	5,670	7,568	6,649	6,516	5,698	5,402	-3,485	7,538	665	7,367	7,177	5,466	6,422	7,722	6,991	8,553	8,044	7,367	-	-	-
Change	-	22.03%	-19.78%	13.28%	-10.75%	31.17%	-7.22%	33.47%	-12.14%	-2%	-12.55%	-5.19%	-164.51%	316.3%	-91.18%	1,007.82%	-2.58%	-23.84%	17.49%	20.24%	-9.47%	22.35%	-5.95%	-8.41%	-	-	-
EBIT ¹	3,659	4,892	3,704	4,290	3,969	5,352	4,835	6,448	5,711	5,557	4,806	4,411	-4,388	6,524	-299	6,383	6,659	4,913	5,225	6,623	6,155	7,510	6,632	-	-	-	-
Change	-	33.7%	-24.28%	15.82%	-7.48%	34.85%	-9.66%	33.36%	-11.43%	-2.7%	-13.51%	-8.22%	-199.48%	248.68%	-104.58%	2,234.78%	4.32%	-26.22%	6.35%	26.76%	-7.06%	22%	-11.69%	-	-	-	-
Charge d'intérêts ¹	437	-68	-196	-	-202	-189	-200	-236	-225	-204	-140	-130	-168	-244	-240	-230	-241	-203	-182	-204	-235	-215	-225	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	1,717	-	-	-	-	3,583	3,513	3,650	-5,335	5,620	-2,046	5,670	6,006	4,090	4,170	5,903	5,428	7,067	6,280	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-1.95%	3.9%	-246.16%	205.34%	-136.41%	377.13%	5.93%	-31.9%	1.96%	41.56%	-8.05%	30.2%	-11.13%	-	-	-	-
Net income ¹	3,002	2,941	-2,094	3,179	1,214	4,567	3,758	4,310	3,944	3,248	3,017	2,821	-5,975	4,745	-1,226	4,762	5,455	3,157	3,743	5,079	4,612	5,560	4,940	5,022	-	-	-
Change	-	-2.03%	-171.2%	251.81%	-61.81%	276.19%	-17.71%	14.69%	-8.49%	-17.65%	-7.11%	-6.5%	-311.8%	179.41%	-125.84%	488.42%	14.55%	-42.13%	18.56%	35.69%	-9.2%	20.57%	-11.15%	1.66%	-	-	-
Announcement Date	7/31/20	10/27/20	2/4/21	4/29/21	7/29/21	10/28/21	2/3/22	4/28/22	7/28/22	10/27/22	2/2/23	4/27/23	8/1/23	10/26/23	2/1/24	4/25/24	7/30/24	10/31/24	2/4/25	4/24/25	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Merck & Co., Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	23,729	25,006	17,499	27,962	23,869	15,343	2,125	-13,308
Change	-	5.38%	-30.02%	59.79%	-14.64%	-35.72%	-86.15%	-726.26%
Announcement Date	2/4/21	2/3/22	2/2/23	2/1/24	2/4/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Merck & Co., Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	4,684	4,448	4,388	3,863	3,372	3,680	3,645	3,751
Change	-	-5.04%	-1.35%	-11.96%	-12.71%	9.14%	-0.95%	2.91%
Free Cash Flow (FCF) ¹	5,569	8,674	14,707	9,143	18,096	22,801	23,421	25,807
Change	-	55.76%	69.55%	-37.83%	97.92%	26%	2.72%	10.19%
Announcement Date	2/4/21	2/3/22	2/2/23	2/1/24	2/4/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Merck & Co., Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	42.86%	42.93%	44.58%	16.77%	43.47%	46.36%	47.7%	48.48%
EBIT Margin (%)	35.31%	36.33%	37.99%	10.33%	36.46%	41.7%	42.65%	43.7%
EBT Margin (%)	18.32%	28.5%	27.74%	3.14%	31.07%	36.85%	37.57%	38.94%
Net margin (%)	14.72%	26.79%	24.49%	0.61%	26.68%	30.65%	32.03%	33.33%
FCF margin (%)	11.6%	17.81%	24.81%	15.21%	28.2%	35.08%	34.16%	35.73%
FCF / Net Income (%)	78.8%	66.47%	101.29%	2,504.93%	105.72%	114.45%	106.64%	107.21%
Profitability
ROA	17.14%	13.23%	17.69%	3.56%	17.38%	16.31%	17.71%	18.43%
ROE	58.89%	41.1%	45.16%	9.18%	46.35%	43.13%	39.56%	36.96%
Financial Health
Leverage (Debt/EBITDA)	1.15x	1.2x	0.66x	2.77x	0.86x	0.51x	0.06x	-
Debt / Free cash flow	4.26x	2.88x	1.19x	3.06x	1.32x	0.67x	0.09x	-
Capital Intensity
CAPEX / Current Assets (%)	9.76%	9.13%	7.4%	6.43%	5.25%	5.66%	5.32%	5.19%
CAPEX / EBITDA (%)	22.77%	21.27%	16.6%	38.31%	12.09%	12.21%	11.15%	10.71%
CAPEX / FCF (%)	84.11%	51.28%	29.84%	42.25%	18.63%	16.14%	15.56%	14.54%
Items per share
Cash flow per share ¹	4.035	5.17	7.512	5.106	8.449	10.61	11.21	12.34
Change	-	28.13%	45.29%	-32.02%	65.45%	25.55%	5.65%	10.13%
Dividend per Share ¹	2.48	2.64	2.8	2.96	3.12	3.217	3.378	3.529
Change	-	6.45%	6.06%	5.71%	5.41%	3.11%	5.01%	4.45%
Book Value Per Share ¹	10.01	15.11	18.12	14.84	18.29	21.98	27.47	33.74
Change	-	50.98%	19.96%	-18.09%	23.22%	20.14%	25.02%	22.79%
EPS ¹	2.78	5.14	5.71	0.14	6.74	7.79	8.761	9.69
Change	-	84.89%	11.09%	-97.55%	4,714.29%	15.57%	12.47%	10.6%
Nbr of stocks (in thousands)	2,530,034	2,525,944	2,535,396	2,534,023	2,529,636	2,511,031	2,511,031	2,511,031
Announcement Date	2/4/21	2/3/22	2/2/23	2/1/24	2/4/25	-	-	-