Healthcare · Pharmaceuticals: Major

Merck & Co., Inc.

NYSEMRK ISINUS58933Y1055 SEC CIK0000310158 Listed on NYSE · USD

$148.15 +0.97 (+0.66%) Pre-market $148.14 (+0.65%) ≈ ₹13,904 a share

Open chart

Price, last 12 months+70.58% in a year

Key numbers

Market value: $365.23B
P/E (TTM): 151.1
Forward P/E: 18.4
EPS (TTM): $0.98
Dividend yield: 2.29%
Beta: 0.12
Day range: $146.98 – $148.80
52-week range: $90.90 – $156.92
Volume: 1,127,616
10-day avg volume: $9.32M
Revenue (TTM): $67.38B
EBITDA (TTM): $20.03B
Gross margin: 74.7%
Net margin: 3.6%
Return on equity: 5.1%
Debt / equity: 119.8%
Price / sales: 5.42
Shares out: 2.47B

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Quarterly results

Results for each quarter

Last 12 quarters from 10-Q and 10-K filings with the US SEC. Q4 = full year minus the first three quarters. Hover a bar to see the number.

Revenue and net income

$14.63B$-1.23B

Dec 23

$15.78B$4.76B

Mar 24

$16.11B$5.46B

Jun 24

$16.66B$3.16B

Sep 24

$15.62B$3.74B

Dec 24

$15.53B$5.08B

Mar 25

$15.81B$4.43B

Jun 25

$17.28B$5.79B

Sep 25

$16.40B$2.96B

Dec 25

$16.29B$-4.24B

Mar 26

$16.61B$-1.34B

Jun 26

$18.09B$5.07B

Sep 26

Revenue · QoQ (vs last quarter)

—+7.8%+2.1%+3.4%-6.2%-0.6%+1.8%+9.3%-5.1%-0.7%+2.0%+8.9%

Revenue · YoY (vs a year ago)

————+6.8%-1.6%-1.9%+3.7%+5.0%+4.9%+5.1%+4.7%

Net income · QoQ (vs last quarter)

—+488%+15%-42%+19%+36%-13%+31%-49%-243%+69%+479%

Net income · YoY (vs a year ago)

————+405%+6.7%-19%+83%-21%-183%-130%-12%

RevenueOperating incomeNet incomeLine = trend

US$	Dec 23	Mar 24	Jun 24	Sep 24	Dec 24	Mar 25	Jun 25	Sep 25	Dec 25	Mar 26	Jun 26	Sep 26
Revenue	$14.63B	$15.78B	$16.11B	$16.66B	$15.62B	$15.53B	$15.81B	$17.28B	$16.40B	$16.29B	$16.61B	$18.09B
Cost of revenue	$3.91B	$3.54B	$3.75B	$4.08B	$3.83B	$3.42B	$3.56B	$3.86B	$5.55B	$4.20B	$4.40B	$4.89B
Gross profit	$10.72B	$12.24B	$12.37B	$12.58B	$11.80B	$12.11B	$12.25B	$13.42B	$10.85B	$12.09B	$12.21B	$13.19B
Gross margin	73.3%	77.6%	76.8%	75.5%	75.5%	78.0%	77.5%	77.7%	66.2%	74.2%	73.5%	72.9%
Research & development	$9.63B	$3.99B	$3.50B	$5.86B	$4.58B	$3.62B	$4.05B	$4.23B	$3.89B	$12.59B	$9.74B	$4.54B
Selling, general & admin	$2.80B	$2.48B	$2.74B	$2.73B	$2.86B	$2.55B	$2.65B	$2.63B	$2.90B	$2.70B	$2.90B	$2.89B
Interest expense	$310.00M	$303.00M	$310.00M	$330.00M	$328.00M	$313.00M	$305.00M	$327.00M	$412.00M	$479.00M	$525.00M	$546.00M
Pre-tax income	$-2.05B	$5.67B	$6.01B	$4.09B	$4.17B	$5.90B	$5.00B	$6.75B	$3.42B	$-3.53B	$-683.00M	$5.56B
Income tax	$-820.00M	$903.00M	$545.00M	$929.00M	$426.00M	$818.00M	$571.00M	$958.00M	$457.00M	$709.00M	$654.00M	$492.00M
Net income	$-1.23B	$4.76B	$5.46B	$3.16B	$3.74B	$5.08B	$4.43B	$5.79B	$2.96B	$-4.24B	$-1.34B	$5.07B
Net margin	-8.4%	30.2%	33.9%	19.0%	24.0%	32.7%	28.0%	33.5%	18.1%	-26.0%	-8.0%	28.0%
EPS (diluted)	—	$1.87	$2.14	$1.24	—	$2.01	$1.76	$2.32	—	$-1.72	$-0.54	$2.04

Income statement

Results for each year

8 fiscal years from the company's 10-K filings with the US SEC.

Revenue, gross profit and net income

$42.29B$28.79B$6.22B

FY18

$39.12B$27.11B$9.84B

FY19

$41.52B$27.90B$7.07B

FY20

$48.70B$35.08B$13.05B

FY21

$59.28B$41.87B$14.52B

FY22

$60.12B$43.99B$365.00M

FY23

$64.17B$48.98B$17.12B

FY24

$65.01B$48.63B$18.25B

FY25

Revenue · YoY (vs a year ago)

—-7.5%+6.1%+17%+22%+1.4%+6.7%+1.3%

Net income · YoY (vs a year ago)

—+58%-28%+85%+11%-97%+4,590%+6.6%

RevenueGross profitNet incomeLine = trend

$2.32

FY18

$3.81

FY19

$2.78

FY20

$5.14

FY21

$5.71

FY22

$0.14

FY23

$6.74

FY24

$7.28

FY25

EPS (diluted) · YoY (vs a year ago)

—+64%-27%+85%+11%-98%+4,714%+8.0%

EPS (diluted)Line = trend

US$	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$42.29B	$39.12B	$41.52B	$48.70B	$59.28B	$60.12B	$64.17B	$65.01B
Revenue growth	—	-7.5%	6.1%	17.3%	21.7%	1.4%	6.7%	1.3%
Cost of revenue	$13.51B	$12.02B	$13.62B	$13.63B	$17.41B	$16.13B	$15.19B	$16.38B
Gross profit	$28.79B	$27.11B	$27.90B	$35.08B	$41.87B	$43.99B	$48.98B	$48.63B
Gross margin	68.1%	69.3%	67.2%	72.0%	70.6%	73.2%	76.3%	74.8%
Research & development	$9.75B	$9.72B	$13.40B	$12.25B	$13.55B	$30.53B	$17.94B	$15.79B
Selling, general & admin	$10.10B	$9.46B	$8.96B	$9.63B	$10.04B	$10.50B	$10.82B	$10.73B
Depreciation & amortisation	$4.52B	$3.65B	—	—	—	—	—	—
Interest expense	$772.00M	$893.00M	$831.00M	$806.00M	$962.00M	$1.15B	$1.27B	$1.36B
Pre-tax income	$8.70B	$7.17B	$5.86B	$13.88B	$16.44B	$1.89B	$19.94B	$21.07B
Income tax	$2.51B	$1.57B	$1.34B	$1.52B	$1.92B	$1.51B	$2.80B	$2.80B
Tax rate	28.8%	21.8%	22.9%	11.0%	11.7%	80.0%	14.1%	13.3%
Net income	$6.22B	$9.84B	$7.07B	$13.05B	$14.52B	$365.00M	$17.12B	$18.25B
Net margin	14.7%	25.2%	17.0%	26.8%	24.5%	0.6%	26.7%	28.1%
EPS (diluted)	$2.32	$3.81	$2.78	$5.14	$5.71	$0.14	$6.74	$7.28

Balance sheet

Assets and debt

At each fiscal year end.

Equity, debt and cash

$26.70B$25.11B$8.86B

FY18

$25.91B$24.64B$10.45B

FY19

$25.32B$27.66B$8.05B

FY20

$38.18B$32.99B$8.10B

FY21

$45.99B$30.45B$13.19B

FY22

$37.58B$34.98B$7.09B

FY23

$46.31B$36.96B$13.69B

FY24

$52.61B$49.05B$14.57B

FY25

Shareholders' equity · YoY (vs a year ago)

—-3.0%-2.3%+51%+20%-18%+23%+14%

Shareholders' equityTotal debtCash + short-term investmentsLine = trend

US$	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & equivalents	$7.97B	$9.68B	$8.05B	$8.10B	$12.69B	$6.84B	$13.24B	$14.57B
Short-term investments	$899.00M	$774.00M	$0	$0	$498.00M	$252.00M	$447.00M	$0
Current assets	$25.88B	$27.48B	$27.76B	$30.27B	$35.72B	$32.17B	$38.78B	$43.52B
Total assets	$82.64B	$84.40B	$91.59B	$105.69B	$109.16B	$106.68B	$117.11B	$136.87B
Current liabilities	$22.21B	$22.22B	$27.33B	$23.87B	$24.24B	$25.69B	$28.42B	$28.33B
Long-term debt	$19.81B	$22.74B	$25.36B	$30.69B	$28.75B	$33.68B	$34.46B	$46.75B
Short-term debt	$5.31B	$1.90B	$2.30B	$2.30B	$1.70B	$1.30B	$2.50B	$2.30B
Total debt	$25.11B	$24.64B	$27.66B	$32.99B	$30.45B	$34.98B	$36.96B	$49.05B
Shareholders' equity	$26.70B	$25.91B	$25.32B	$38.18B	$45.99B	$37.58B	$46.31B	$52.61B
Current ratio	1.17	1.24	1.02	1.27	1.47	1.25	1.36	1.54
Debt / equity	0.94	0.95	1.09	0.86	0.66	0.93	0.80	0.93
Return on equity	23.3%	38.0%	27.9%	34.2%	31.6%	1.0%	37.0%	34.7%

Cash flow

Cash coming in and going out

Free cash flow = cash from operations minus capital spending. Shareholder returns = dividends + buybacks.

Free cash flow and shareholder returns

$10.92B$8.31B$14.26B

FY18

$13.44B$10.07B$10.48B

FY19

$10.25B$5.82B$7.50B

FY20

$7.45B

FY21

$19.10B$14.71B$7.01B

FY22

$13.01B$9.14B$8.79B

FY23

$21.47B$18.10B$9.15B

FY24

$16.47B$12.36B$13.26B

FY25

Operating cash flow · YoY (vs a year ago)

—+23%-24%——-32%+65%-23%

Free cash flow · YoY (vs a year ago)

—+21%-42%——-38%+98%-32%

Operating cash flowFree cash flowDividends + buybacksLine = trend

US$	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash from operations	$10.92B	$13.44B	$10.25B	—	$19.10B	$13.01B	$21.47B	$16.47B
Capital spending	$-2.62B	$-3.37B	$-4.43B	$-4.45B	$-4.39B	$-3.86B	$-3.37B	$-4.11B
Free cash flow	$8.31B	$10.07B	$5.82B	—	$14.71B	$9.14B	$18.10B	$12.36B
FCF margin	19.6%	25.7%	14.0%	—	24.8%	15.2%	28.2%	19.0%
Stock-based pay	$348.00M	$388.00M	$441.00M	$479.00M	$541.00M	$645.00M	$761.00M	$820.00M
Cash from investing	$4.31B	$-2.63B	$-9.44B	—	$-4.96B	$-14.08B	$-7.73B	$-13.74B
Cash from financing	$-13.16B	$-8.86B	$-2.83B	—	$-9.12B	$-4.81B	$-7.03B	$-1.92B
Dividends paid	$-5.17B	$-5.70B	$-6.22B	$-6.61B	$-7.01B	$-7.45B	$-7.84B	$-8.18B
Share buybacks	$-9.09B	$-4.78B	$-1.28B	$-840.00M	$0	$-1.35B	$-1.31B	$-5.08B

About

About Merck & Co., Inc.

Merck & Co., Inc. is an American multinational pharmaceutical company headquartered in Rahway, New Jersey. The company does business as Merck Sharp & Dohme or MSD outside the United States and Canada. The company is ranked fifth on the list of largest biomedical companies by revenue.

From Wikipedia (CC BY-SA 4.0).

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Company details

Company name: Merck & Co., Inc.
Ticker: MRK
Exchange: NYSE
ISIN: US58933Y1055
SEC CIK: 0000310158
Sector: Healthcare
Industry: Pharmaceuticals: Major
SEC industry (SIC): Pharmaceutical Preparations (2834)
Incorporated in: New Jersey
Financial year ends: 31 December
Filer type: Large accelerated filer
Latest annual report (10-K): 24 Feb 2026
CEO: Robert M. Davis
Chair: Robert M. Davis
Headquarters: Rahway
Address: 126 East Lincoln Avenue, P.o. Box 2000, Rahway, Nj 07065
Founded: 1891
Employees: 75,000
Formerly known as: Schering Plough Corp
Trades in: US dollars (USD)
Website: merck.com

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Merck & Co., Inc.

Key numbers

Quarterly results

Revenue and net income

Income statement

Revenue, gross profit and net income

Balance sheet

Equity, debt and cash

Cash flow

Free cash flow and shareholder returns

About

Company details

News

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