The following selected financial data should be read in conjunction with Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and consolidated financial statements and notes thereto contained in Item 8. “Financial Statements and Supplementary Data” of this report.
Merck & Co., Inc. and Subsidiaries
($ in millions except per share amounts)
2018 (1)
2017 (2)(3)
2016 (2)(4)
2015 (2)(5)
2014 (2)(6)
Results for Year:
Sales
$
42,294
$
40,122
$
39,807
$
39,498
$
42,237
Cost of sales
13,509
12,912
14,030
15,043
16,903
Selling, general and administrative
10,102
10,074
10,017
10,508
11,816
Research and development
9,752
10,339
10,261
6,796
7,290
Restructuring costs
632
776
651
619
1,013
Other (income) expense, net
(402
)
(500
)
189
1,131
(12,068
)
Income before taxes
8,701
6,521
4,659
5,401
17,283
Taxes on income
2,508
4,103
718
942
5,349
Net income
6,193
2,418
3,941
4,459
11,934
Less: Net (loss) income attributable to noncontrolling interests
(27
)
24
21
17
14
Net income attributable to Merck & Co., Inc.
6,220
2,394
3,920
4,442
11,920
Basic earnings per common share attributable to Merck & Co., Inc. common shareholders
$
2.34
$
0.88
$
1.42
$
1.58
$
4.12
Earnings per common share assuming dilution attributable to Merck & Co., Inc. common shareholders
$
2.32
$
0.87
$
1.41
$
1.56
$
4.07
Cash dividends declared
5,313
5,177
5,135
5,115
5,156
Cash dividends declared per common share
$
1.99
$
1.89
$
1.85
$
1.81
$
1.77
Capital expenditures
2,615
1,888
1,614
1,283
1,317
Depreciation
1,416
1,455
1,611
1,593
2,471
Average common shares outstanding (millions)
2,664
2,730
2,766
2,816
2,894
Average common shares outstanding assuming dilution (millions)
2,679
2,748
2,787
2,841
2,928
Year-End Position:
Working capital
$
3,669
$
6,152
$
13,410
$
10,550
$
14,198
Property, plant and equipment, net
13,291
12,439
12,026
12,507
13,136
Total assets
82,637
87,872
95,377
101,677
98,096
Long-term debt
19,806
21,353
24,274
23,829
18,629
Total equity
26,882
34,569
40,308
44,767
48,791
Year-End Statistics:
Number of stockholders of record
115,800
121,700
129,500
135,500
142,000
Number of employees
69,000
69,000
68,000
68,000
70,000
(1)
Amounts for 2018 include a charge related to the formation of a collaboration with Eisai Co., Ltd.
(2)
Amounts have been recast as a result of the adoption, on January 1, 2018, of a new accounting standard related to the classification of certain defined benefit plan costs. There was no impact to net income as a result of adopting the new accounting standard.
(3)
Amounts for 2017 include a provisional net tax charge related to the enactment of U.S. tax legislation and a charge related to the formation of a collaboration with AstraZeneca.
(4)
Amounts for 2016 include a charge related to the settlement of worldwide patent litigation related to Keytruda.
(5)
Amounts for 2015 include a net charge related to the settlement of Vioxx shareholder class action litigation, foreign exchange losses related to Venezuela, gains on the dispositions of businesses and other assets, and the favorable benefit of certain tax items.
(6)
Amounts for 2014 reflect the divestiture of Merck’s Consumer Care business on October 1, 2014, including a gain on the sale, as well as a gain recognized on an option exercise by AstraZeneca, gains on the dispositions of other businesses and assets, and a loss on extinguishment of debt.
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