Financials Merck & Co., Inc.

Equities

MRK

US58933Y1055

Pharmaceuticals

Market Closed - Nyse Other stock markets 04:03:25 2024-05-06 pm EDT			5-day change	1st Jan Change
127.6 ^USD	+0.04%		-1.96%	+17.02%

May. 02	Merck: encouraging results in gastric cancer	CF
May. 01	Merck Says Keytruda Meets Primary Endpoint in Late-Stage Gastric Cancer Trial	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	231,557	206,957	193,588	281,302	276,259	323,110	-	-
Enterprise Value (EV) ¹	247,453	230,686	218,594	298,801	304,221	342,022	330,712	316,792
P/E ratio	23.9 x	29.4 x	14.9 x	19.4 x	779 x	16.5 x	14.3 x	13.1 x
Yield	2.48%	3.03%	3.44%	2.52%	2.72%	2.43%	2.57%	2.73%
Capitalization / Revenue	4.94 x	4.31 x	3.97 x	4.75 x	4.6 x	5.04 x	4.71 x	4.45 x
EV / Revenue	5.28 x	4.81 x	4.49 x	5.04 x	5.06 x	5.34 x	4.82 x	4.36 x
EV / EBITDA	12.6 x	11.2 x	10.5 x	11.3 x	30.2 x	11.7 x	9.99 x	8.97 x
EV / FCF	24.8 x	41.4 x	25.2 x	20.3 x	33.3 x	18.5 x	14.2 x	12.6 x
FCF Yield	4.03%	2.41%	3.97%	4.92%	3.01%	5.4%	7.05%	7.96%
Price to Book	9 x	8.18 x	5.07 x	6.12 x	7.34 x	6.51 x	5.09 x	4.12 x
Nbr of stocks (in thousands)	2,545,984	2,530,034	2,525,944	2,535,396	2,534,023	2,532,806	-	-
Reference price ²	90.95	81.80	76.64	111.0	109.0	127.6	127.6	127.6
Announcement Date	2/5/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	46,840	47,994	48,704	59,283	60,115	64,108	68,598	72,649
EBITDA ¹	19,572	20,570	20,910	26,431	10,083	29,296	33,104	35,312
EBIT ¹	15,920	16,945	17,696	22,522	6,211	26,199	29,654	32,231
Operating Margin	33.99%	35.31%	36.33%	37.99%	10.33%	40.87%	43.23%	44.37%
Earnings before Tax (EBT) ¹	11,464	8,791	13,879	16,444	1,889	23,936	25,049	28,383
Net income ¹	9,843	7,067	13,049	14,519	365	19,510	22,267	24,746
Net margin	21.01%	14.72%	26.79%	24.49%	0.61%	30.43%	32.46%	34.06%
EPS ²	3.810	2.780	5.140	5.710	0.1400	7.744	8.921	9.750
Free Cash Flow ¹	9,967	5,569	8,674	14,707	9,143	18,476	23,321	25,211
FCF margin	21.28%	11.6%	17.81%	24.81%	15.21%	28.82%	34%	34.7%
FCF Conversion (EBITDA)	50.92%	27.07%	41.48%	55.64%	90.68%	63.07%	70.45%	71.39%
FCF Conversion (Net income)	101.26%	78.8%	66.47%	101.29%	2,504.93%	94.7%	104.73%	101.88%
Dividend per Share ²	2.260	2.480	2.640	2.800	2.960	3.101	3.272	3.477
Announcement Date	2/5/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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
Net sales ¹	13,521	15,901	14,593	14,959	13,830	14,487	15,035	15,962	14,630	15,775	15,822	16,666	15,959	16,565	17,490
EBITDA ¹	5,670	7,568	6,649	6,516	5,698	5,402	-3,485	7,538	665	-	7,353	8,225	7,640	-	-
EBIT ¹	4,835	6,448	5,711	5,557	4,806	4,411	-4,388	6,524	-299	6,383	6,504	7,018	6,280	-	-
Operating Margin	35.76%	40.55%	39.14%	37.15%	34.75%	30.45%	-29.19%	40.87%	-2.04%	40.46%	41.11%	42.11%	39.35%	-	-
Earnings before Tax (EBT) ¹	-	-	-	3,583	3,513	3,650	-5,335	5,620	-2,046	5,670	6,041	6,455	5,769	-	-
Net income ¹	3,758	4,310	3,944	3,248	3,017	2,821	-5,975	4,745	-1,226	4,762	4,953	5,440	4,822	-	-
Net margin	27.79%	27.11%	27.03%	21.71%	21.81%	19.47%	-39.74%	29.73%	-8.38%	30.19%	31.31%	32.64%	30.22%	-	-
EPS ²	1.480	1.700	1.550	1.280	1.180	1.110	-2.350	1.860	-0.4800	1.870	1.938	2.124	1.946	-	-
Dividend per Share ²	0.6900	0.6900	0.6900	0.6900	0.7300	0.7300	0.7300	0.7300	0.7700	-	0.7700	0.7700	0.7700	-	-
Announcement Date	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	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	15,896	23,729	25,006	17,499	27,962	18,912	7,602	-
Net Cash position ¹	-	-	-	-	-	-	-	6,318
Leverage (Debt/EBITDA)	0.8122 x	1.154 x	1.196 x	0.6621 x	2.773 x	0.6455 x	0.2296 x	-
Free Cash Flow ¹	9,967	5,569	8,674	14,707	9,143	18,477	23,321	25,211
ROE (net income / shareholders' equity)	50.9%	58.9%	41.1%	45.2%	9.18%	48.7%	44.3%	39.8%
ROA (Net income/ Total Assets)	11.8%	17.1%	13.2%	17.7%	3.56%	18.2%	19.2%	19.3%
Assets ¹	83,517	41,231	98,641	82,070	10,266	106,968	116,010	127,979
Book Value Per Share ²	10.10	10.00	15.10	18.10	14.80	19.60	25.10	30.90
Cash Flow per Share ²	5.210	4.040	5.170	7.510	5.110	11.00	11.50	12.20
Capex ¹	3,473	4,684	4,448	4,388	3,863	3,705	3,928	3,900
Capex / Sales	7.41%	9.76%	9.13%	7.4%	6.43%	5.78%	5.73%	5.37%
Announcement Date	2/5/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Merck & Co., Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

127.6 USD

Average target price

141.6 USD

Spread / Average Target

+11.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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