Merck & Co., Inc.

MRKNYSE

$144.62

Last price · USD

Market cap: $362.6B
P/E: 19.9x
EV / EBITDA: 14.1x
P/S: 5.6x
FCF yield: 3.4%
Div. yield: 2.26%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Merck & Co., Inc. income statement

Annual · USD millions except per-share data · 30 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Revenue & gross profit
Revenue	64,926	64,168	60,115	59,283	48,704	+7.5%
Cost of revenue	18,195	15,193	16,126	17,411	13,626	+7.5%
Gross profit	46,731	48,975	43,989	41,872	35,078	+7.4%
Operating expenses & income
Research & development	12,514	17,938	30,531	13,548	12,245	+0.5%
General & administrative	0	7,700	7,584	7,469	7,403	—
Selling & marketing	0	2,400	2,300	2,200	2,000	—
SG&A (combined)	10,731	10,100	9,884	9,669	9,403	+3.4%
Total operating expenses	23,245	28,754	41,035	23,590	21,879	+1.5%
Cost and expenses	41,440	43,947	57,161	41,001	35,505	+3.9%
Operating income	23,486	20,221	2,954	18,282	13,199	+15.5%
Non-operating & other
Interest income	343	415	365	157	36	+75.7%
Interest expense	1,357	1,271	1,146	962	806	+13.9%
Net interest income	(1,014)	(856)	(781)	(805)	(770)	—
Non-operating income (excl. interest)	1,062	(986)	(81)	876	(1,486)	—
Other expenses	0	716	620	373	231	—
Other adjustments to net income	0	0	0	0	(704)	—
Total other income (expenses), net	(2,419)	(285)	(1,065)	(1,838)	680	—
Profitability
Depreciation & amortization	5,838	4,499	3,872	3,909	3,214	+16.1%
Income before tax	21,067	19,936	1,889	16,444	13,879	+11.0%
Income tax expense	2,804	2,803	1,512	1,918	1,521	+16.5%
Net income from continuing operations	18,263	17,133	377	14,526	12,358	+10.3%
Net income from discontinued operations	0	0	0	0	704	—
Net income	18,254	17,117	365	14,519	13,049	+8.8%
Bottom line net income	18,254	17,117	365	14,519	13,049	+8.8%
Additional fields
Ebit	22,424	21,207	3,035	17,406	14,685	+11.2%
Ebitda	28,262	25,706	6,907	21,315	17,899	+12.1%
Eps	$7.30	$6.76	$0.14	$5.73	$5.16	+9.1%
Eps Diluted	$7.28	$6.74	$0.14	$5.71	$5.14	+9.1%
Weighted Average Shs Out	2,502	2,532	2,547	2,532	2,530	-0.3%
Weighted Average Shs Out Dil	2,507	2,541	2,547	2,542	2,538	-0.3%

Merck & Co., Inc.

MRKNYSE

$144.62

Last price · USD

Market cap: $362.6B
P/E: 19.9x
EV / EBITDA: 14.1x
P/S: 5.6x
FCF yield: 3.4%
Div. yield: 2.26%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Merck & Co., Inc. income statement

Annual · USD millions except per-share data · 30 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Revenue & gross profit
Revenue	64,926	64,168	60,115	59,283	48,704	+7.5%
Cost of revenue	18,195	15,193	16,126	17,411	13,626	+7.5%
Gross profit	46,731	48,975	43,989	41,872	35,078	+7.4%
Operating expenses & income
Research & development	12,514	17,938	30,531	13,548	12,245	+0.5%
General & administrative	0	7,700	7,584	7,469	7,403	—
Selling & marketing	0	2,400	2,300	2,200	2,000	—
SG&A (combined)	10,731	10,100	9,884	9,669	9,403	+3.4%
Total operating expenses	23,245	28,754	41,035	23,590	21,879	+1.5%
Cost and expenses	41,440	43,947	57,161	41,001	35,505	+3.9%
Operating income	23,486	20,221	2,954	18,282	13,199	+15.5%
Non-operating & other
Interest income	343	415	365	157	36	+75.7%
Interest expense	1,357	1,271	1,146	962	806	+13.9%
Net interest income	(1,014)	(856)	(781)	(805)	(770)	—
Non-operating income (excl. interest)	1,062	(986)	(81)	876	(1,486)	—
Other expenses	0	716	620	373	231	—
Other adjustments to net income	0	0	0	0	(704)	—
Total other income (expenses), net	(2,419)	(285)	(1,065)	(1,838)	680	—
Profitability
Depreciation & amortization	5,838	4,499	3,872	3,909	3,214	+16.1%
Income before tax	21,067	19,936	1,889	16,444	13,879	+11.0%
Income tax expense	2,804	2,803	1,512	1,918	1,521	+16.5%
Net income from continuing operations	18,263	17,133	377	14,526	12,358	+10.3%
Net income from discontinued operations	0	0	0	0	704	—
Net income	18,254	17,117	365	14,519	13,049	+8.8%
Bottom line net income	18,254	17,117	365	14,519	13,049	+8.8%
Additional fields
Ebit	22,424	21,207	3,035	17,406	14,685	+11.2%
Ebitda	28,262	25,706	6,907	21,315	17,899	+12.1%
Eps	$7.30	$6.76	$0.14	$5.73	$5.16	+9.1%
Eps Diluted	$7.28	$6.74	$0.14	$5.71	$5.14	+9.1%
Weighted Average Shs Out	2,502	2,532	2,547	2,532	2,530	-0.3%
Weighted Average Shs Out Dil	2,507	2,541	2,547	2,542	2,538	-0.3%