Merck (MRK) FY2015 results: revenue $39.5 billion, down 6.5% on the year
Merck & Co., Inc. (MRK) reported revenue of $39.5 billion for fiscal 2015, the year ended 31 December 2015, down 6.5% on the year before. Net income was $4.4 billion, down 62.7%, and diluted earnings per share $1.56. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2016.
Revenue
$39.5 billion
-6.5% on the year
FY2008FY2015
Operating margin
n/a
FY2008FY2015
Net income
$4.4 billion
-62.7% on the year
FY2008FY2015
Diluted EPS
$1.56
-61.7% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
39,498
42,237
44,033
-6.5%
Cost of revenue
14,934
16,768
16,954
-10.9%
Gross profit
24,564
25,469
27,079
-3.6%
Gross margin
62.2%
60.3%
61.5%
Research and development
6,704
7,180
7,503
-6.6%
Selling, general and administrative
10,313
11,606
11,911
-11.1%
Interest expense
672
732
801
-8.2%
Pre-tax income
5,401
17,283
5,545
-68.7%
Income tax
942
5,349
1,028
-82.4%
Effective tax rate
17.4%
30.9%
18.5%
Net income
4,442
11,920
4,404
-62.7%
Net margin
11.2%
28.2%
10.0%
Diluted EPS
$1.56
$4.07
$1.47
-61.7%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
12,538
7,989
11,654
+56.9%
Capital expenditure
1,283
1,317
1,548
-2.6%
Free cash flow
11,255
6,672
10,106
+68.7%
Free cash flow margin
28.5%
15.8%
23.0%
Cash from investing
-4,758
-374
-3,148
Cash from financing
-5,387
-15,242
-5,990
Depreciation and amortisation
6,375
6,691
6,988
-4.7%
Share-based compensation
299
278
276
+7.6%
Buybacks
4,186
7,703
6,516
-45.7%
Dividends paid
5,117
5,170
5,157
-1.0%
Dividend per share
$1.81
$1.77
$1.73
+2.3%
Diluted shares, weighted
2,841m
2,928m
2,996m
-3.0%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
44,676
48,647
49,765
-8.2%
Non-controlling interest
91.0
144
2,561
-36.8%
Debt
26,412
21,403
25,060
+23.4%
Other liabilities
30,600
28,141
28,259
+8.7%
Total liabilities and equity
101,779
98,335
105,645
+3.5%
Fixed assets
12,507
13,136
14,973
-4.8%
Goodwill
17,723
12,992
12,301
+36.4%
Intangible assets
22,602
20,386
23,801
+10.9%
Investments
17,942
21,793
11,635
-17.7%
Cash and equivalents
8,524
7,441
15,621
+14.6%
Receivables
6,484
6,626
7,184
-2.1%
Inventory
4,700
5,571
6,226
-15.6%
Other assets
11,297
10,390
13,904
+8.7%
Total assets
101,779
98,335
105,645
+3.5%
10-K for the year ended 31 December 2015, filed 26 February 2016: the filing.