Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Merck & Co. Inc., historical price multiples (quarterly data)

		Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	Price to earnings (P/E)
	Price to operating profit (P/OP)
	Price to sales (P/S)
	Price to book value (P/BV)

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Merck & Co. Inc.’s P/E ratio declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Merck & Co. Inc.’s P/OP ratio declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Merck & Co. Inc.’s P/S ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 not reaching Q4 2018 level.
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Merck & Co. Inc.’s P/BV ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.

Merck & Co. Inc., historical P/E calculation (quarterly data)

		Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Net income (loss) attributable to Merck & Co., Inc. (in millions)
	Earnings per share (EPS)²
	Share price^1, 3
	Valuation Ratio
	P/E ratio⁴
	Benchmarks
	P/E Ratio, Competitors⁵
	Abbott Laboratories
	AbbVie Inc.
	Allergan PLC
	Amgen Inc.
	Biogen Inc.
	Bristol-Myers Squibb Co.
	Celgene Corp.
	Eli Lilly & Co.
	Gilead Sciences Inc.
	Johnson & Johnson
	Pfizer Inc.
	Regeneron Pharmaceuticals Inc.

¹ Data adjusted for splits and stock dividends.

² Q2 2019 Calculation
EPS = (Net income (loss) attributable to Merck & Co., Inc._{Q2 2019} + Net income (loss) attributable to Merck & Co., Inc._{Q1 2019} + Net income (loss) attributable to Merck & Co., Inc._{Q4 2018} + Net income (loss) attributable to Merck & Co., Inc._{Q3 2018}) ÷ No. shares of common stock outstanding
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

³ Closing price as at the filing date of Merck & Co. Inc.’s Quarterly or Annual Report.

⁴ Q2 2019 Calculation
P/E ratio = Share price ÷ EPS
= hidden ÷ hidden = hidden

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Merck & Co. Inc.’s P/E ratio declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Merck & Co. Inc., historical P/OP calculation (quarterly data)

		Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Operating income (in millions)
	Operating profit per share²
	Share price^1, 3
	Valuation Ratio
	P/OP ratio⁴
	Benchmarks
	P/OP Ratio, Competitors⁵
	Abbott Laboratories
	AbbVie Inc.
	Allergan PLC
	Amgen Inc.
	Biogen Inc.
	Bristol-Myers Squibb Co.
	Celgene Corp.
	Eli Lilly & Co.
	Gilead Sciences Inc.
	Johnson & Johnson
	Pfizer Inc.
	Regeneron Pharmaceuticals Inc.

¹ Data adjusted for splits and stock dividends.

² Q2 2019 Calculation
Operating profit per share = (Operating income_{Q2 2019} + Operating income_{Q1 2019} + Operating income_{Q4 2018} + Operating income_{Q3 2018}) ÷ No. shares of common stock outstanding
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

³ Closing price as at the filing date of Merck & Co. Inc.’s Quarterly or Annual Report.

⁴ Q2 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= hidden ÷ hidden = hidden

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Merck & Co. Inc.’s P/OP ratio declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Merck & Co. Inc., historical P/S calculation (quarterly data)

		Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Sales (in millions)
	Sales per share²
	Share price^1, 3
	Valuation Ratio
	P/S ratio⁴
	Benchmarks
	P/S Ratio, Competitors⁵
	Abbott Laboratories
	AbbVie Inc.
	Allergan PLC
	Amgen Inc.
	Biogen Inc.
	Bristol-Myers Squibb Co.
	Celgene Corp.
	Eli Lilly & Co.
	Gilead Sciences Inc.
	Johnson & Johnson
	Pfizer Inc.
	Regeneron Pharmaceuticals Inc.

¹ Data adjusted for splits and stock dividends.

² Q2 2019 Calculation
Sales per share = (Sales_{Q2 2019} + Sales_{Q1 2019} + Sales_{Q4 2018} + Sales_{Q3 2018}) ÷ No. shares of common stock outstanding
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

³ Closing price as at the filing date of Merck & Co. Inc.’s Quarterly or Annual Report.

⁴ Q2 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= hidden ÷ hidden = hidden

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Merck & Co. Inc.’s P/S ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 not reaching Q4 2018 level.

Merck & Co. Inc., historical P/BV calculation (quarterly data)

		Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Total Merck & Co., Inc. stockholders’ equity (in millions)
	Book value per share (BVPS)²
	Share price^1, 3
	Valuation Ratio
	P/BV ratio⁴
	Benchmarks
	P/BV Ratio, Competitors⁵
	Abbott Laboratories
	AbbVie Inc.
	Allergan PLC
	Amgen Inc.
	Biogen Inc.
	Bristol-Myers Squibb Co.
	Celgene Corp.
	Eli Lilly & Co.
	Gilead Sciences Inc.
	Johnson & Johnson
	Pfizer Inc.
	Regeneron Pharmaceuticals Inc.

¹ Data adjusted for splits and stock dividends.

² Q2 2019 Calculation
BVPS = Total Merck & Co., Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= hidden ÷ hidden = hidden

³ Closing price as at the filing date of Merck & Co. Inc.’s Quarterly or Annual Report.

⁴ Q2 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= hidden ÷ hidden = hidden

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Merck & Co. Inc.’s P/BV ratio declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.

	Merck & Co. Inc.	Other companies (not purchased previously)
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Long-term Trends
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Merck & Co. Inc. (MRK)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)

Merck & Co. Inc. (MRK)

Common Stock Valuation Ratios (Price Multiples)Quarterly Data

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data