MRK (Merck & Co., Inc.) Stock Financials & Earnings

Company Info & Key Metrics

Merck & Co., Inc. operates as a healthcare company worldwide. It operates through two segments, Pharmaceutical and Animal Health. The Pharmaceutical segment offers human health pharmaceutical products...

CEORobert Davis

Country🇺🇸 United States

ExchangeNYSE

IPOJan 13, 1978

www.merck.com

Revenue$16.4B

YoY Growth+5.0%

QoQ Growth-5.1%

Net Income$3.0B

EPS$1.19

Free Cash Flow$0

Gross Margin92.7%

Op. Margin53.3%

Net Margin18.1%

FCF Margin0.0%

Rev Multiple (TTM)4.5x

P/E Ratio (TTM)15.9x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$14.5B	$10.6B	$3.8B
Q2 23	$15.0B	$11.0B	-$5.0B
Q3 23	$16.0B	$11.7B	$5.9B
Q4 23	$14.6B	$10.7B	-$1.7B
Q1 24	$15.8B	$12.2B	$5.8B
Q2 24	$16.1B	$12.4B	$6.1B
Q3 24	$16.7B	$12.6B	$4.0B
Q4 24	$15.6B	$11.8B	$4.3B
Q1 25	$15.5B	$12.1B	$5.9B
Q2 25	$15.8B	$12.2B	$5.6B
Q3 25	$17.3B	$13.4B	$6.6B
Q4 25	$16.4B	$15.2B	$8.7B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	5.0x	22.3x
Q2 23	5.0x	93.4x
Q3 23	4.9x	63.1x
Q4 23	4.8x	796.0x
Q1 24	4.7x	126.0x
Q2 24	4.7x	21.2x
Q3 24	4.6x	23.9x
Q4 24	4.5x	17.0x
Q1 25	4.5x	16.7x
Q2 25	4.6x	17.7x
Q3 25	4.5x	15.3x
Q4 25	4.5x	15.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$1.3B	$332M
Q2 23	$3.7B	$2.7B
Q3 23	$7.7B	$6.8B
Q4 23	$246M	-$743M
Q1 24	$3.1B	$2.2B
Q2 24	$5.6B	$4.8B
Q3 24	$9.3B	$8.5B
Q4 24	$3.5B	$2.5B
Q1 25	$2.5B	$1.2B
Q2 25	$3.3B	$2.5B
Q3 25	$7.8B	$6.8B
Q4 25	$0	$0

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$1.0B
Q2 23	$965M
Q3 23	$902M
Q4 23	$989M
Q1 24	$861M
Q2 24	$791M
Q3 24	$783M
Q4 24	$937M
Q1 25	$1.3B
Q2 25	$764M
Q3 25	$987M
Q4 25	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-8.9%	+3.9%
Q2 23	+3.0%	+110.4%
Q3 23	+6.7%	-7.0%
Q4 23	+5.8%	+58.0%
Q1 24	+8.9%	-6.2%
Q2 24	+7.2%	-50.2%
Q3 24	+4.4%	+25.6%
Q4 24	+6.8%	-31.0%
Q1 25	-1.6%	-4.2%
Q2 25	-1.9%	+2.7%
Q3 25	+3.7%	-15.4%
Q4 25	+5.0%	-32.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$145M	1.0%
Q2 23	$169M	1.1%
Q3 23	$164M	1.0%
Q4 23	$167M	1.1%
Q1 24	$176M	1.1%
Q2 24	$203M	1.3%
Q3 24	$195M	1.2%
Q4 24	$187M	1.2%
Q1 25	$195M	1.3%
Q2 25	$216M	1.4%
Q3 25	$204M	1.2%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 23	$4.3B	—	—	$2.5B
Q2 23	$13.3B	—	—	$2.7B
Q3 23	$3.3B	—	—	$2.5B
Q4 23	$9.6B	$341M	$2.3B	—
Q1 24	$4.0B	—	—	$2.5B
Q2 24	$3.5B	—	—	$2.7B
Q3 24	$5.9B	—	—	$2.7B
Q4 24	$4.6B	$291M	$2.4B	—
Q1 25	$3.6B	—	—	$2.6B
Q2 25	$4.0B	—	—	$2.6B
Q3 25	$4.2B	—	—	$2.6B
Q4 25	$3.7B	—	—	$2.8B

Revenue Segments

Quarter	Animal Health segment	Other Segments	Pharmaceutical segment
Q2 23	$1.5B	$122M	$13.5B
Q1 24	$1.5B	$258M	$14.0B
Q2 24	$1.5B	$222M	$14.4B
Q3 24	$1.5B	$227M	$14.9B
Q4 24	$1.4B	$184M	$14.0B
Q1 25	$1.6B	$303M	$13.6B
Q2 25	$1.6B	$110M	$14.1B
Q3 25	$1.6B	$50M	$15.6B
Q4 25	$1.5B	$52M	$14.8B

Revenue by Geography

Quarter	Asia Pacific	China	Emea	International	Japan	Latin America	United States
Q1 23	$846M	$1.7B	$3.3B	$545M	$758M	$661M	$6.7B
Q2 23	$848M	$1.9B	$3.3B	$491M	$675M	$742M	$7.0B
Q3 23	$781M	$1.7B	$3.3B	$469M	$1.1B	$895M	$7.7B
Q1 24	$724M	$1.8B	$3.6B	$621M	$821M	$796M	$7.5B
Q2 24	$748M	$1.8B	$3.5B	$612M	$686M	$858M	$7.9B
Q3 24	$823M	$1.0B	$3.6B	$624M	$938M	$936M	$8.7B
Q4 24	$763M	$888M	$3.4B	$702M	$835M	$869M	$8.2B
Q1 25	$689M	$702M	$3.5B	$701M	$669M	$792M	$8.5B
Q2 25	$785M	$446M	$3.7B	$595M	$626M	$859M	$8.8B
Q3 25	$764M	$405M	$3.7B	$798M	$712M	$905M	$10.0B
Q4 25	$745M	$386M	$3.8B	$784M	$704M	$854M	$9.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$9.7B	$680M	$10.4B
Q2 23	$5.7B	$718M	$6.4B
Q3 23	$8.6B	$168M	$8.8B
Q4 23	$6.8B	$252M	$7.1B
Q1 24	$5.6B	$40M	$5.6B
Q2 24	$11.3B	$50M	$11.4B
Q3 24	$14.6B	$0	$14.6B
Q4 24	$13.2B	$447M	$13.7B
Q1 25	$8.6B	$599M	$9.2B
Q2 25	$8.0B	$615M	$8.6B
Q3 25	$18.2B	$45M	$18.2B
Q4 25	$14.6B	$0	$14.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	2.55B	+0.1%
Q2 23	2.54B	-0.5%
Q3 23	2.55B	+0.3%
Q4 23	2.55B	+0.3%
Q1 24	2.54B	-0.4%
Q2 24	2.54B	+0.0%
Q3 24	2.54B	-0.1%
Q4 24	2.54B	+0.0%
Q1 25	2.53B	-0.4%
Q2 25	2.51B	-0.7%
Q3 25	2.50B	-0.6%
Q4 25	2.49B	-0.4%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$603K	70K
FY 15	$581K	68K
FY 16	$585K	68K
FY 17	$581K	69K
FY 18	$613K	69K
FY 19	$551K	71K
FY 20	$561K	74K
FY 21	$716K	68K
FY 22	$859K	69K
FY 23	$835K	72K
FY 24	$856K	75K
FY 25	$867K	75K