Financials Merck & Co., Inc.

Equities

MRK

US58933Y1055

Pharmaceuticals

Market Closed - Nyse Other stock markets 04:00:02 2025-12-12 pm EST			5-day change	1st Jan Change
100.30 ^USD	+1.30%		+0.58%	+0.82%

Dec. 12	Merck Receives Positive EU Chmp Opinion for Expanded Use of Winrevair?? (Sotatercept) in Adults with Pulmonary Arterial Hypertension (Pah, Who* Group 1 Pulmonary Hypertension)	CI
Dec. 12	Merck Says Europe's CHMP Grants 'Positive Opinion' for Winrevair Expansion for Pulminary Arterial Hypertension	MT

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	64,782	68,138	71,690
Change	-	1.48%	21.72%	1.4%	6.74%	0.96%	5.18%	5.21%
EBITDA ¹	20,570	20,910	26,431	10,083	27,897	30,198	28,809	34,026
Change	-	1.65%	26.4%	-61.85%	176.67%	8.25%	-4.6%	18.11%
EBIT ¹	16,945	17,696	22,522	6,211	23,398	26,866	25,468	30,880
Change	-	4.43%	27.27%	-72.42%	276.72%	14.82%	-5.2%	21.25%
Interest Paid ¹	-772	-770	-805	-781	-856	-804	-822.5	-317
Earnings before Tax (EBT) ¹	8,791	13,879	16,444	1,889	19,936	22,622	16,908	30,093
Change	-	57.88%	18.48%	-88.51%	955.37%	13.47%	-25.26%	77.98%
Net income ¹	7,067	13,049	14,519	365	17,117	19,470	18,394	24,512
Change	-	84.65%	11.27%	-97.49%	4,589.59%	13.74%	-5.53%	33.26%
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 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	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	15,806	17,276	16,183	16,021	16,520	17,855	16,937
Change	-	-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%	1.78%	9.3%	-6.33%	-1%	3.12%	8.08%	-5.14%
EBITDA ¹	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	7,484	8,710	8,178	6,769	7,237	8,857	-
Change	-	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%	-3.08%	16.38%	-6.11%	-17.23%	6.92%	22.38%	-
EBIT ¹	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	6,365	7,556	6,283	6,307	6,501	7,772	6,318
Change	-	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%	-3.9%	18.71%	-16.85%	0.37%	3.09%	19.54%	-18.7%
Charge d'intérêts ¹	-196	-	-202	-189	-200	-236	-225	-204	-140	-130	-168	-244	-240	-230	-241	-203	-182	-204	-236	-231	-320	-	-	-	-
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	4,999	6,745	4,438	-	-	-	-
Change	-	-	-	-	-	-	-	-	-1.95%	3.9%	-246.16%	205.34%	-136.41%	377.13%	5.93%	-31.9%	1.96%	41.56%	-15.31%	34.93%	-34.2%	-	-	-	-
Net income ¹	-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	4,427	5,785	3,916	-	-	-	-
Change	-	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%	-12.84%	30.68%	-32.3%	-	-	-	-
Announcement Date	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	7/29/25	10/30/25	-	-	-	-	-

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	25,340	17,814	417
Change	-	5.38%	-30.02%	59.79%	-14.64%	6.16%	-29.7%	-97.66%
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	3,112	3,215	3,334
Change	-	-5.04%	-1.35%	-11.96%	-12.71%	-7.71%	3.31%	3.7%
Free Cash Flow (FCF) ¹	5,569	8,674	14,707	9,143	18,096	25,211	20,041	25,120
Change	-	55.76%	69.55%	-37.83%	97.92%	39.32%	-20.51%	25.34%
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%	46.61%	42.28%	47.46%
EBIT Margin (%)	35.31%	36.33%	37.99%	10.33%	36.46%	41.47%	37.38%	43.07%
EBT Margin (%)	18.32%	28.5%	27.74%	3.14%	31.07%	34.92%	24.81%	41.98%
Net margin (%)	14.72%	26.79%	24.49%	0.61%	26.68%	30.05%	27%	34.19%
FCF margin (%)	11.6%	17.81%	24.81%	15.21%	28.2%	38.92%	29.41%	35.04%
FCF / Net Income (%)	78.8%	66.47%	101.29%	2,504.93%	105.72%	129.49%	108.95%	102.48%
Profitability
ROA	17.14%	13.23%	17.69%	3.56%	17.38%	16.7%	10.08%	17.84%
ROE	58.89%	41.1%	45.16%	9.18%	46.35%	45.33%	30.21%	40.22%
Financial Health
Leverage (Debt/EBITDA)	1.15x	1.2x	0.66x	2.77x	0.86x	0.84x	0.62x	0.01x
Debt / Free cash flow	4.26x	2.88x	1.19x	3.06x	1.32x	1.01x	0.89x	0.02x
Capital Intensity
CAPEX / Current Assets (%)	9.76%	9.13%	7.4%	6.43%	5.25%	4.8%	4.72%	4.65%
CAPEX / EBITDA (%)	22.77%	21.27%	16.6%	38.31%	12.09%	10.31%	11.16%	9.8%
CAPEX / FCF (%)	84.11%	51.28%	29.84%	42.25%	18.63%	12.34%	16.04%	13.27%
Items per share
Cash flow per share ¹	4.035	5.17	7.512	5.106	8.449	9.991	7.243	12.2
Change	-	28.13%	45.29%	-32.02%	65.45%	18.26%	-27.51%	68.44%
Dividend per Share ¹	2.48	2.64	2.8	2.96	3.12	3.234	3.274	3.524
Change	-	6.45%	6.06%	5.71%	5.41%	3.66%	1.24%	7.64%
Book Value Per Share ¹	10.01	15.11	18.12	14.84	18.29	21.52	26.09	32.11
Change	-	50.98%	19.96%	-18.09%	23.22%	17.66%	21.23%	23.06%
EPS ¹	2.78	5.14	5.71	0.14	6.74	7.738	6.899	9.883
Change	-	84.89%	11.09%	-97.55%	4,714.29%	14.81%	-10.85%	43.26%
Nbr of stocks (in thousands)	2,530,034	2,525,944	2,535,396	2,534,023	2,529,636	2,482,023	2,482,023	2,482,023
Announcement Date	2/4/21	2/3/22	2/2/23	2/1/24	2/4/25	-	-	-