Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Merck & Co. Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Sales	60,115)	59,283)	48,704)	47,994)	46,840)
Cost of sales	(16,126)	(17,411)	(13,626)	(15,485)	(14,112)
Gross profit	43,989)	41,872)	35,078)	32,509)	32,728)
Selling, general and administrative	(10,504)	(10,042)	(9,634)	(10,468)	(10,615)
Research and development	(30,531)	(13,548)	(12,245)	(13,558)	(9,872)
Restructuring costs	(599)	(337)	(661)	(578)	(638)
Operating income	2,355)	17,945)	12,538)	7,905)	11,603)
Interest income	365)	157)	36)	59)	274)
Interest expense	(1,146)	(962)	(806)	(831)	(893)
Exchange losses	(370)	(237)	(297)	(145)	(187)
Income (loss) from investments in equity securities, net	340)	(1,419)	1,940)	1,338)	170)
Net periodic defined benefit plan credit other than service cost	498)	279)	212)	339)	545)
Other, net	(153)	681)	256)	126)	(48)
Other income (expense), net	(466)	(1,501)	1,341)	886)	(139)
Income from continuing operations before taxes	1,889)	16,444)	13,879)	8,791)	11,464)
Taxes on income from continuing operations	(1,512)	(1,918)	(1,521)	(1,709)	(1,687)
Net income from continuing operations	377)	14,526)	12,358)	7,082)	9,777)
Income from discontinued operations, net of taxes	—)	—)	704)	—)	—)
Net income	377)	14,526)	13,062)	7,082)	9,777)
Net (income) loss attributable to noncontrolling interests	(12)	(7)	(13)	(15)	66)
Net income attributable to Merck & Co., Inc.	365)	14,519)	13,049)	7,067)	9,843)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Merck & Co. Inc. sales increased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Merck & Co. Inc. operating income increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Income from continuing operations before taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Merck & Co. Inc. income from continuing operations before taxes increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net income attributable to Merck & Co., Inc.	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Merck & Co. Inc. net income attributable to Merck & Co., Inc. increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Merck & Co. Inc. (NYSE:MRK)

Income Statement