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Merck (MRK) Q4 FY2021 earnings: revenue $13.5 billion, up 8.0% on the year

Merck & Co., Inc. (MRK) reported revenue of $13.5 billion for Q4 FY2021, the quarter ended 31 December 2021, up 8.0% on the same quarter a year earlier. Net income was $3.8 billion, and diluted earnings per share $1.48. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue
$13.5 billion
+8.0% on the year · +2.8% on the quarter
Q1 FY2020Q4 FY2021
Operating margin
n/a
Q1 FY2020Q4 FY2021
Net income
$3.8 billion
-17.7% on the quarter
Q1 FY2020Q4 FY2021
Diluted EPS
$1.48
-17.8% on the quarter
Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Revenue13,52113,15412,514+2.8%+8.0%
Cost of revenue3,873n/an/a
Gross profit9,648n/an/a
Gross margin71.4%n/an/a
Research and development3,067n/an/a
Selling, general and administrative2,830n/an/a
Interest expense208n/an/a
Pre-tax income3,909n/an/a
Income tax85.0n/an/a
Effective tax rate2.2%n/an/a
Net income3,7584,567-2,095-17.7%
Net margin27.8%n/an/a
Diluted EPS$1.48$1.80-$0.82-17.8%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Capital expenditure1,208n/an/a
Depreciation and amortisationn/an/a905
Share-based compensation119n/an/a
Buybacks18.0n/an/a
Dividends paid1,643n/an/a
Diluted shares, weighted2,538m2,536m2,541m+0.1%-0.1%
Shares outstanding at period end2,528m2,526m2,530m+0.1%-0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ4 FY2021Q3 FY2021Q4 FY2020On the quarterOn the yearLast 8 quarters
Shareholders' equity38,18435,79425,317+6.7%+50.8%
Non-controlling interest73.0n/an/a
Debt33,10026,40031,800+25.4%+4.1%
Operating lease liabilities1,225n/an/a
Other liabilities33,112n/an/a
Total liabilities and equity105,694n/an/a
Fixed assets19,279n/an/a
Goodwill21,264n/an/a
Intangible assets22,933n/an/a
Investments370n/an/a
Cash and equivalents8,09610,0168,062-19.2%+0.4%
Receivables9,230n/an/a
Inventory5,953n/an/a
Other assets18,569n/an/a
Total assets105,694n/an/a

Questions

What was Merck's revenue in Q4 FY2021?

Merck (MRK) reported revenue of $13.5 billion for Q4 FY2021, the quarter ended 31 December 2021, up 8.0% on the same quarter a year earlier.

How much did Merck earn in Q4 FY2021?

Net income for Q4 FY2021 was $3.8 billion, and diluted earnings per share $1.48.

When did Merck report Q4 FY2021 results?

Merck filed its 10-K for the year that ended with the quarter on 25 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

Q4 FY2021 * †Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue13,52115,90114,59314,95913,83014,48715,03515,96214,63115,77516,11216,65715,62415,52915,80617,27616,40016,28616,60718,085
Cost of revenue3,8735,3804,2163,9343,8813,9264,0244,2643,9123,5403,7454,0803,8283,4193,5573,8555,5514,1954,3954,892
Gross profit9,64810,52110,37711,0259,94910,56111,01111,69810,71912,23512,36712,57711,79612,11012,24913,42110,84912,09112,21213,193
Gross margin71%66%71%74%72%73%73%73%73%78%77%76%75%78%77%78%66%74%74%73%
R&D3,0672,5762,7984,3993,7754,27613,3213,3079,6273,9923,5005,8624,5843,6214,0484,2343,88612,5929,7414,537
SG&A2,8302,3232,5122,5202,6872,4792,7022,5192,8042,4832,7392,7312,8632,5522,6492,6332,8992,7002,9042,886
Interest expense208243240244235242277317310303310330328313305327412479525546
Pre-tax income3,9094,8614,4873,5833,5133,650-5,3355,620-2,0465,6706,0064,0904,1705,9034,9996,7453,420-3,534-6835,559
Tax rate2%11%12%9%14%23%n/a15%n/a16%9%23%10%14%11%14%13%n/an/a9%
Net income3,7584,3103,9443,2483,0172,821-5,9754,745-1,2264,7625,4553,1573,7435,0794,4275,7852,963-4,240-1,3355,065
Net margin28%27%27%22%22%19%-40%30%-8%30%34%19%24%33%28%33%18%-26%-8%28%
Diluted EPS$1.48$1.70$1.55$1.28$1.18$1.11-$2.35$1.86-$0.48$1.87$2.14$1.24$1.48$2.01$1.76$2.32$1.19-$1.72-$0.54$2.04
Operating cash flown/a4,7614,3025,6024,4301,3393,7047,7172463,0905,6379,2913,4502,5003,2937,8222,8573,9185,3706,558
Capital expenditure1,2089841,1291,1261,1491,0079659029898617917839371,3287649871,0339918931,040
Free cash flown/a3,7773,1734,4763,2813322,7396,815-7432,2294,8468,5082,5131,1722,5296,8351,8242,9274,4775,518
Buybacks18.00.00.00.00.01493384663931222514444891,1641,3451,3231,252874757653
Dividends paid1,6431,7451,7701,7471,7501,8531,8851,8551,8521,9501,9861,9531,9512,0502,0772,0312,0182,1052,1442,099
Shares outstanding2,528m2,529m2,533m2,535m2,539m2,537m2,538m2,534m2,533m2,533m2,535m2,530m2,526m2,511m2,498m2,482m2,472m2,470m2,467m2,465m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 25 February 2022: the filing.