Analysis of Debt
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Total Debt (Carrying Amount)
Merck & Co. Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The carrying amount of total loans payable and long-term debt exhibited a fluctuating pattern over the five-year period. Initial observation reveals a decrease followed by increases in subsequent years.
- Overall Trend
- From 2021 to 2022, the total decreased from US$33,102 million to US$30,691 million, representing a reduction of approximately 7.3%. This was followed by a period of growth, with the total increasing to US$35,055 million in 2023, US$37,111 million in 2024, and reaching US$49,339 million in 2025. The increase from 2023 to 2025 is particularly notable, representing a 40.8% rise.
- Loans Payable and Current Portion
- Loans payable and the current portion of long-term debt decreased consistently from US$2,412 million in 2021 to US$1,372 million in 2023. However, this trend reversed in 2024, increasing to US$2,649 million, and continued to rise to US$2,589 million in 2025. While the 2025 value is lower than 2024, it still represents an increase from the initial 2021 level.
- Long-Term Debt (Excluding Current Portion)
- Long-term debt, excluding the current portion, demonstrated a more stable pattern. It decreased from US$30,690 million in 2021 to US$28,745 million in 2022. A subsequent increase was observed, reaching US$33,683 million in 2023 and US$34,462 million in 2024. The most significant increase occurred between 2024 and 2025, with the value rising substantially to US$46,750 million. This increase largely drives the overall trend in total debt.
The composition of the total debt appears to be shifting, with long-term debt becoming a more dominant component, particularly in the later years of the observed period. The substantial increase in long-term debt in 2025 warrants further investigation to understand the underlying reasons, such as potential acquisitions, capital expenditures, or refinancing activities.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Total loans payable and long-term debt, including current portion (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on loans payable and long-term debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =