Merck (MRK) FY2014 results: revenue $42.2 billion, down 4.1% on the year
Merck & Co., Inc. (MRK) reported revenue of $42.2 billion for fiscal 2014, the year ended 31 December 2014, down 4.1% on the year before. Net income was $11.9 billion, up 170.7%, and diluted earnings per share $4.07. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2015.
Revenue
$42.2 billion
-4.1% on the year
FY2007FY2014
Operating margin
n/a
FY2007FY2014
Net income
$11.9 billion
+170.7% on the year
FY2007FY2014
Diluted EPS
$4.07
+176.9% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
42,237
44,033
47,267
-4.1%
Cost of revenue
16,768
16,954
16,446
-1.1%
Gross profit
25,469
27,079
30,821
-5.9%
Gross margin
60.3%
61.5%
65.2%
Research and development
7,180
7,503
8,168
-4.3%
Selling, general and administrative
11,606
11,911
12,776
-2.6%
Interest expense
732
801
714
-8.6%
Pre-tax income
17,283
5,545
8,739
+211.7%
Income tax
5,349
1,028
2,440
+420.3%
Effective tax rate
30.9%
18.5%
27.9%
Net income
11,920
4,404
6,168
+170.7%
Net margin
28.2%
10.0%
13.0%
Diluted EPS
$4.07
$1.47
$2.00
+176.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
7,989
11,654
10,022
-31.4%
Capital expenditure
1,317
1,548
1,954
-14.9%
Free cash flow
6,672
10,106
8,068
-34.0%
Free cash flow margin
15.8%
23.0%
17.1%
Cash from investing
-374
-3,148
-6,805
Cash from financing
-15,242
-5,990
-3,267
Depreciation and amortisation
6,691
6,988
6,978
-4.3%
Share-based compensation
278
276
335
+0.7%
Buybacks
7,703
6,516
2,591
+18.2%
Dividends paid
5,170
5,157
5,116
+0.3%
Dividend per share
$1.77
$1.73
$1.69
+2.3%
Diluted shares, weighted
2,928m
2,996m
3,076m
-2.3%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
48,647
49,765
53,020
-2.2%
Non-controlling interest
144
2,561
2,443
-94.4%
Debt
21,403
25,060
20,569
-14.6%
Other liabilities
28,141
28,259
30,100
-0.4%
Total liabilities and equity
98,335
105,645
106,132
-6.9%
Fixed assets
13,136
14,973
16,030
-12.3%
Goodwill
12,992
12,301
12,134
+5.6%
Intangible assets
20,386
23,801
29,083
-14.3%
Investments
21,793
11,635
9,995
+87.3%
Cash and equivalents
7,441
15,621
13,451
-52.4%
Receivables
6,626
7,184
7,672
-7.8%
Inventory
5,571
6,226
6,535
-10.5%
Other assets
10,390
13,904
11,232
-25.3%
Total assets
98,335
105,645
106,132
-6.9%
10-K for the year ended 31 December 2014, filed 27 February 2015: the filing.