Merck (MRK) FY2013 results: revenue $44.0 billion, down 6.8% on the year
Merck & Co., Inc. (MRK) reported revenue of $44.0 billion for fiscal 2013, the year ended 31 December 2013, down 6.8% on the year before. Net income was $4.4 billion, down 28.6%, and diluted earnings per share $1.47. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$44.0 billion
-6.8% on the year
FY2007FY2013
Operating margin
n/a
FY2007FY2013
Net income
$4.4 billion
-28.6% on the year
FY2007FY2013
Diluted EPS
$1.47
-26.5% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
44,033
47,267
48,047
-6.8%
Cost of revenue
16,954
16,446
16,871
+3.1%
Gross profit
27,079
30,821
31,176
-12.1%
Gross margin
61.5%
65.2%
64.9%
Research and development
7,503
8,168
8,467
-8.1%
Selling, general and administrative
11,911
12,776
13,733
-6.8%
Interest expense
801
714
695
+12.2%
Pre-tax income
5,545
8,739
7,334
-36.5%
Income tax
1,028
2,440
942
-57.9%
Effective tax rate
18.5%
27.9%
12.8%
Net income
4,404
6,168
6,272
-28.6%
Net margin
10.0%
13.0%
13.1%
Diluted EPS
$1.47
$2.00
$2.02
-26.5%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
11,654
10,022
12,383
+16.3%
Capital expenditure
1,548
1,954
1,723
-20.8%
Free cash flow
10,106
8,068
10,660
+25.3%
Free cash flow margin
23.0%
17.1%
22.2%
Cash from investing
-3,148
-6,805
-2,890
Cash from financing
-5,990
-3,267
-6,904
Depreciation and amortisation
6,988
6,978
7,427
+0.1%
Share-based compensation
276
335
369
-17.6%
Buybacks
6,516
2,591
1,921
+151.5%
Dividends paid
5,157
5,116
4,691
+0.8%
Dividend per share
$1.73
$1.69
$1.56
+2.4%
Diluted shares, weighted
2,996m
3,076m
3,094m
-2.6%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
49,765
53,020
54,517
-6.1%
Non-controlling interest
2,561
2,443
2,426
+4.8%
Debt
25,060
20,569
17,515
+21.8%
Other liabilities
28,259
30,100
30,670
-6.1%
Total liabilities and equity
105,645
106,132
105,128
-0.5%
Fixed assets
14,973
16,030
16,297
-6.6%
Goodwill
12,301
12,134
12,155
+1.4%
Intangible assets
23,801
29,083
34,302
-18.2%
Investments
11,635
9,995
4,899
+16.4%
Cash and equivalents
15,621
13,451
13,531
+16.1%
Receivables
7,184
7,672
8,261
-6.4%
Inventory
6,226
6,535
6,254
-4.7%
Other assets
13,904
11,232
9,429
+23.8%
Total assets
105,645
106,132
105,128
-0.5%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.