Merck (MRK) FY2011 results: revenue $48.0 billion, up 4.5% on the year
Merck & Co., Inc. (MRK) reported revenue of $48.0 billion for fiscal 2011, the year ended 31 December 2011, up 4.5% on the year before. Net income was $6.3 billion, up 628.5%, and diluted earnings per share $2.02. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2012.
Revenue
$48.0 billion
+4.5% on the year
FY2007FY2011
Operating margin
n/a
FY2007FY2011
Net income
$6.3 billion
+628.5% on the year
FY2007FY2011
Diluted EPS
$2.02
+621.4% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
48,047
45,987
27,428
+4.5%
Cost of revenue
16,871
18,396
9,019
-8.3%
Gross profit
31,176
27,591
18,409
+13.0%
Gross margin
64.9%
60.0%
67.1%
Research and development
8,467
11,111
5,845
-23.8%
Selling, general and administrative
13,733
13,125
8,543
+4.6%
Interest expense
695
715
460
-2.8%
Pre-tax income
7,334
1,653
15,290
+343.7%
Income tax
942
671
2,268
+40.4%
Effective tax rate
12.8%
40.6%
14.8%
Net income
6,272
861
12,901
+628.5%
Net margin
13.1%
1.9%
47.0%
Diluted EPS
$2.02
$0.28
$5.65
+621.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
12,383
10,822
3,392
+14.4%
Capital expenditure
1,723
1,678
1,461
+2.7%
Free cash flow
10,660
9,144
1,931
+16.6%
Free cash flow margin
22.2%
19.9%
7.0%
Cash from investing
-2,890
-3,497
3,156
Cash from financing
-6,904
-5,441
-1,638
Depreciation and amortisation
7,427
7,381
2,576
+0.6%
Share-based compensation
369
509
416
-27.5%
Buybacks
1,921
1,593
0.0
+20.6%
Dividends paid
4,691
4,734
3,215
-0.9%
Dividend per share
$1.56
$1.52
$1.52
+2.6%
Diluted shares, weighted
3,094m
3,120m
2,273m
-0.8%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
54,517
54,376
59,058
+0.3%
Non-controlling interest
2,426
2,429
2,427
-0.1%
Debt
17,515
17,882
17,500
-2.1%
Other liabilities
30,670
31,094
33,329
-1.4%
Total liabilities and equity
105,128
105,781
112,314
-0.6%
Fixed assets
16,297
17,082
18,274
-4.6%
Goodwill
12,155
12,378
12,038
-1.8%
Intangible assets
34,302
39,456
47,757
-13.1%
Investments
4,899
3,476
725
+40.9%
Cash and equivalents
13,531
10,900
9,311
+24.1%
Receivables
8,261
7,344
6,603
+12.5%
Inventory
6,254
5,868
8,055
+6.6%
Other assets
9,429
9,277
9,550
+1.6%
Total assets
105,128
105,781
112,314
-0.6%
10-K for the year ended 31 December 2011, filed 28 February 2012: the filing.