Financials Merck & Co., Inc.

Equities

MRK

US58933Y1055

Pharmaceuticals

Real-time Estimate Cboe BZX Other stock markets 03:53:39 2025-01-21 pm EST			5-day change	1st Jan Change
96.06 ^USD	-1.89%		-3.87%	-3.70%

09:06am	Morgan Stanley Adjusts Merck Price Target to $113 From $123, Maintains Equal Weight Rating	MT
Jan. 17	Novo Nordisk's Ozempic, Wegovy Among Drugs Chosen for US Medicare Price Talks	MT

Projected Income Statement: Merck & Co., Inc.

income-statement-evolution-chart MERCK-CO-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	46,840	47,994	48,704	59,283	60,115	64,000	67,493	71,402
Change	-	2.46%	1.48%	21.72%	1.4%	6.46%	5.46%	5.79%
EBITDA ¹	19,572	20,570	20,910	26,431	10,083	26,798	31,506	33,854
Change	-	5.1%	1.65%	26.4%	-61.85%	165.78%	17.57%	7.45%
EBIT ¹	15,920	16,945	17,696	22,522	6,211	23,900	27,982	30,594
Change	-	6.44%	4.43%	27.27%	-72.42%	284.8%	17.08%	9.34%
Interest Paid ¹	-619	-772	-770	-805	-781	-956.2	-670.5	-740.6
Earnings before Tax (EBT) ¹	11,464	8,791	13,879	16,444	1,889	21,480	25,428	28,621
Change	-	-23.32%	57.88%	18.48%	-88.51%	1,037.09%	18.38%	12.56%
Net income ¹	9,843	7,067	13,049	14,519	365	17,612	21,954	24,447
Change	-	-28.2%	84.65%	11.27%	-97.49%	4,725.07%	24.66%	11.35%
Announcement Date	2/5/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	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
Net sales ¹	11,868	12,057	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	15,551	16,280	16,780	17,355	16,740	17,331	17,447	18,348
Change	-	1.59%	-9.83%	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%	-6.64%	4.68%	3.07%	3.43%	-3.55%	3.53%	0.67%	5.16%
EBITDA ¹	4,336	4,802	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	9,073	-	-	-	-	-	-	-
Change	-	10.75%	-1.98%	22.03%	-19.78%	13.28%	-10.75%	31.17%	-7.22%	33.47%	-12.14%	-2%	-12.55%	-5.19%	-	-	-91.18%	1,007.82%	-2.58%	-23.84%	65.99%	-100%	-	-	-	-	-	-
EBIT ¹	3,400	3,981	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	5,522	6,782	7,076	7,222	6,236	7,612	7,477	7,823
Change	-	17.09%	-8.09%	33.7%	-24.28%	15.82%	-7.48%	34.85%	-9.66%	33.36%	-11.43%	-2.7%	-13.51%	-8.22%	-	-	-	-	4.32%	-26.22%	12.39%	22.83%	4.34%	2.06%	-13.65%	22.06%	-1.77%	4.63%
Charge d'intérêts ¹	-170	-82	437	-68	-196	-	-202	-189	-200	-236	-225	-204	-140	-130	-168	-244	-240	-230	-241	-203	-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	4,988	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-100%	-	-	-	-	-1.95%	3.9%	-	-	-	-	5.93%	-31.9%	21.97%	-100%	-	-	-	-	-	-
Net income ¹	2,357	3,219	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	4,027	5,323	5,356	5,551	4,663	5,780	5,681	5,968
Change	-	36.57%	-6.74%	-2.03%	-	-	-61.81%	276.19%	-17.71%	14.69%	-8.49%	-17.65%	-7.11%	-6.5%	-	-	-	-	14.55%	-42.13%	27.55%	32.19%	0.62%	3.64%	-16%	23.95%	-1.71%	5.05%
Announcement Date	2/5/20	4/28/20	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	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Merck & Co., Inc.

balance-sheet-analysis-chart MERCK-CO-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	15,896	23,729	25,006	17,499	27,962	22,551	9,479	-4,458
Change	-	49.28%	5.38%	-30.02%	59.79%	-19.35%	-57.97%	-147.03%
Announcement Date	2/5/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Merck & Co., Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	3,473	4,684	4,448	4,388	3,863	3,562	3,753	3,722
Change	-	34.87%	-5.04%	-1.35%	-11.96%	-7.8%	5.37%	-0.81%
Free Cash Flow (FCF) ¹	9,967	5,569	8,674	14,707	9,143	18,451	23,025	24,676
Change	-	-44.13%	55.76%	69.55%	-37.83%	101.8%	24.79%	7.17%
Announcement Date	2/5/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Merck & Co., Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	41.78%	42.86%	42.93%	44.58%	16.77%	41.87%	46.68%	47.41%
EBIT Margin (%)	33.99%	35.31%	36.33%	37.99%	10.33%	37.34%	41.46%	42.85%
EBT Margin (%)	24.47%	18.32%	28.5%	27.74%	3.14%	33.56%	37.68%	40.08%
Net margin (%)	21.01%	14.72%	26.79%	24.49%	0.61%	27.52%	32.53%	34.24%
FCF margin (%)	21.28%	11.6%	17.81%	24.81%	15.21%	28.83%	34.11%	34.56%
FCF / Net Income (%)	101.26%	78.8%	66.47%	101.29%	2,504.93%	104.76%	104.88%	100.94%
Profitability
ROA	11.79%	17.14%	13.23%	17.69%	3.56%	16.75%	19.36%	20.06%
ROE	50.87%	58.89%	41.1%	45.16%	9.18%	46.24%	44.8%	39.53%
Financial Health
Leverage (Debt/EBITDA)	0.81x	1.15x	1.2x	0.66x	2.77x	0.84x	0.3x	-
Debt / Free cash flow	1.59x	4.26x	2.88x	1.19x	3.06x	1.22x	0.41x	-
Capital Intensity
CAPEX / Current Assets (%)	7.41%	9.76%	9.13%	7.4%	6.43%	5.57%	5.56%	5.21%
CAPEX / EBITDA (%)	17.74%	22.77%	21.27%	16.6%	38.31%	13.29%	11.91%	11%
CAPEX / FCF (%)	34.84%	84.11%	51.28%	29.84%	42.25%	19.3%	16.3%	15.09%
Items per share
Cash flow per share ¹	5.209	4.035	5.17	7.512	5.106	9.381	10.93	12.04
Change	-	-22.54%	28.13%	45.29%	-32.02%	83.71%	16.48%	10.21%
Dividend per Share ¹	2.26	2.48	2.64	2.8	2.96	3.05	3.208	3.332
Change	-	9.73%	6.45%	6.06%	5.71%	3.04%	5.18%	3.86%
Book Value Per Share ¹	10.1	10.01	15.11	18.12	14.84	18.61	23.64	29.5
Change	-	-0.93%	50.98%	19.96%	-18.09%	25.38%	27.04%	24.76%
EPS ¹	3.81	2.78	5.14	5.71	0.14	7.045	8.79	9.653
Change	-	-27.03%	84.89%	11.09%	-97.55%	4,932.34%	24.76%	9.82%
Nbr of stocks (in thousands)	2,545,984	2,530,034	2,525,944	2,535,396	2,534,023	2,529,636	2,529,636	2,529,636
Announcement Date	2/5/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-