Merck & Co. Inc., current enterprise value calculation

Current share price (P)	$127.00
No. shares of common stock outstanding	2,532,643,872
US$ in millions
Common equity (market value)¹	321,646)
Add: Noncontrolling interests (per books)	54)
Total equity	321,700)
Add: Loans payable and current portion of long-term debt (per books)	1,372)
Add: Long-term debt, excluding current portion (per books)	33,683)
Total equity and debt	356,755)
Less: Cash and cash equivalents	6,841)
Less: Short-term investments	252)
Enterprise value (EV)	349,662)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 127.00 × 2,532,643,872

Merck & Co. Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$128.84	$109.89	$76.32	$74.62	$79.94
No. shares of common stock outstanding¹	2,532,643,872	2,538,592,467	2,527,733,606	2,530,315,668	2,536,268,760
US$ in millions
Common equity (market value)³	326,306)	278,966)	192,917)	188,812)	202,749)
Add: Noncontrolling interests (book value)	54)	67)	73)	87)	94)
Total equity	326,360)	279,033)	192,990)	188,899)	202,843)
Add: Loans payable and current portion of long-term debt (book value)	1,372)	1,946)	2,412)	6,431)	3,610)
Add: Long-term debt, excluding current portion (book value)	33,683)	28,745)	30,690)	25,360)	22,736)
Total equity and debt	361,415)	309,724)	226,092)	220,690)	229,189)
Less: Cash and cash equivalents	6,841)	12,694)	8,096)	8,062)	9,676)
Less: Short-term investments	252)	498)	—)	—)	774)
Enterprise value (EV)	354,322)	296,532)	217,996)	212,628)	218,739)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Merck & Co. Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 128.84 × 2,532,643,872

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Merck & Co. Inc. EV increased from 2021 to 2022 and from 2022 to 2023.

Merck & Co. Inc. (NYSE:MRK)

Enterprise Value (EV)