Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
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Merck & Co. Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Sales
- Sales remained constant at 100% across all reported quarters, serving as the baseline for analyzing other financial metrics expressed as a percentage of sales.
- Cost of Sales
- The cost of sales showed notable volatility, fluctuating between approximately -22% to -44% of sales. The highest cost ratio occurred in the fourth quarter of 2020 (-44.21%), indicating a significant increase in production or procurement expenses during that period. Following this peak, costs generally trended downward, reaching the low twenties by late 2024 and early 2025, suggesting improved cost control or favorable supply conditions.
- Gross Profit
- Gross profit margins exhibited fluctuations inversely related to cost of sales variation. After a dip to 55.79% in Q4 2020, gross profit margins recovered to maintain a steady range between about 66% to 78%, with the highest margins observed toward the end of 2024 and into 2025. This improvement reflects a general trend of enhanced profitability from core operations over this timeframe.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses generally fluctuated between approximately -14.6% and -21.9% of sales. The lowest ratios appeared around Q1 2022 (-14.61%) and late 2024, suggesting periods of relative efficiency gains in overhead and sales-related costs. Despite some quarters showing increases, the overall trend indicates a moderate reduction from the early 2020 levels.
- Research and Development (R&D)
- R&D expenditure showed considerable variability, ranging from about -16.2% to an exceptionally high -88.6% in Q2 2023. Such spikes indicate either one-time charges, reclassification, or investment surges. Excluding these outliers, R&D spending hovered mostly between -18% and -37%, consistent with sustained commitment to innovation but with episodic volatility.
- Restructuring Costs
- Restructuring costs were typically a small proportion of sales, usually well below -1%, with occasional spikes such as -3.54% in Q2 2025. The presence of these costs, although generally minor, points to periodic organizational adjustments or realignment initiatives.
- Operating Income (Loss)
- Operating income demonstrated pronounced fluctuations, with some quarters showing strong profitability around 30-37% of sales, notably in Q3 2021, Q1 2022, and parts of 2024. However, dips into negative territory occurred, such as in Q4 2020 (-17.97%) and Q2 2023 (-34.34%), indicating periods of operational challenges or extraordinary expenses impacting earnings.
- Other Income (Expense), Net
- Other income and expense items remained relatively minor and inconsistent, oscillating near zero with both positive and negative values. This suggests limited impact from non-operating activities on overall financial performance.
- Income from Continuing Operations Before Taxes
- This metric tracked closely with operating income, showing strong pre-tax profitability in most quarters but with significant negative departures aligning with operating loss periods. Variability in this indicator highlights sensitivity to operational developments and additional income or expense items.
- Taxes on Income from Continuing Operations
- Income tax rates, expressed as a percentage of sales, showed irregular patterns and occasional positive values indicative of tax credits or adjustments. The inconsistent tax impact suggests variability in taxable income, tax planning strategies, or jurisdictional effects throughout the periods.
- Net Income from Continuing Operations
- Net income from continuing operations generally mirrored trends seen in operating and pre-tax income, maintaining positive returns between approximately 18% and 32% in most quarters. Notable exceptions included negative results during Q4 2020 and Q2 2023. These fluctuations reflect the underlying operational profitability tempered by tax and other factors.
- Income from Discontinued Operations
- Income from discontinued operations appeared sporadically and at low levels, with minor positive contributions in early 2021 and marginal negative impact in late 2021. This suggests limited influence from divested or discontinued business lines.
- Net Income
- Overall net income followed the pattern of continuing operations income, indicating that discontinued operations and noncontrolling interests had minimal net effect on total profitability. Peaks and troughs in net income correspond closely to operating trends, with recovery evident after each downturn.
- Net Income Attributable to Noncontrolling Interests
- The amounts attributable to noncontrolling interests remained very small and fluctuated slightly around zero, indicating that the majority of profits were attributable to the parent company.
- Net Income Attributable to Merck & Co., Inc.
- The net income attributable to the company itself displays a consistent pattern with total net income across all quarters, reinforcing that core operational performances primarily drive consolidated earnings. This measure reflects the company’s resilience with strong recoveries following adverse quarters and improvements toward the later periods.