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MERCK & CO.
Trailing:
RELATIVE
NYSE-MRK
49.94 RATIO 14.6
P/E RATIO 0.78 YLD
3.5% LINE
Target Price Range
TIMELINESS 3 Raised 11/29/13
2016 2017 2018
1 Raised 4/15/11
3 Lowered 12/13/13 . . . . Relative Price Strength BETA .85 (1.00 = Market)
2016-18 PROJECTIONS
Ann’l Total
8%
4%
Insider Decisions
F M A M J J A S O
% TOT. RETURN 11/13
Institutional Decisions
VL ARITH.*
Hld’s(000)222531522063972168645
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
VALUE LINE PUB. LLC 16-18
15.00
14.90 Sales per sh
15.50
5.70
5.55 ‘‘Cash Flow’’ per sh
6.15
3.45
3.40 Earnings per sh A
4.10
1.76 Div’ds Decl’d per sh B
1.88
.65
.70 Cap’l Spending per sh
.85
17.65
17.65 Book Value per sh
19.30
2950.0
2950.0 Common Shs Outst’g C
2900.0
13.5
Avg Ann’l P/E Ratio
13.0
.75
Relative P/E Ratio
.85
Avg Ann’l Div’d Yield
3.5%
CAPITAL STRUCTURE as of 9/30/13
44300
44000 Sales ($mill)
45000
Total Debt $26623 mill. Due in 5 Yrs $7135 mill.
30.0%
30.0% Operating Margin
30.0%
LT Debt $22647 mill.
LT Interest $800 mill.
6700
6400 Depreciation ($mill)
6000
10180
10030 Net Profit ($mill)
11890
Pension Assets-12/12 $15.3 bill. Oblig. $17.6 bill.
24.0%
24.0% Income Tax Rate
24.0%
23.0%
22.8% Net Profit Margin
26.4%
Pfd Stock None
16000
15500 Working Cap’l ($mill)
15000
22000
20000 Long-Term Debt ($mill)
15000
Common Stock 2,921,928,875 shs.
as of 10/31/13
52000
52000 Shr. Equity ($mill)
56000
14.5%
14.5% Return on Total Cap’l
17.5%
MARKET CAP: $146 billion (Large Cap)
19.5%
19.5% Return on Shr. Equity
21.0%
CURRENT POSITION
10.0%
9.5% Retained to Com Eq
11.5%
($MILL.)
50%
52% All Div’ds to Net Prof
46%
BUSINESS: Merck & Co., Inc. is a global health care company that
(arthritis), Zetia and Vytorin (cholesterol), and Januvia (diabetes).
delivers innovative health solutions through its prescription medi- Acquired Schering-Plough, 11/09. Has about 83,000 employees.
cines, vaccines, biologic therapies, animal health, and consumer Capital World owns 6.4% of comm; BlackRock, 6.3%; Off/dirs., less care products. Operations comprised of four operating segments: than 1%. (4/13 proxy). Chrmn.: Richard T. Clark; CEO: Kenneth Pharmaceutical, Animal Health, Consumer Care, and Alliances.
Frazier. Inc.: NJ. Addr.: One Merck Dr., P.O. Box 100, Whitehouse Top-grossing products include Singulair (respiratory), Remicade Station, NJ 08889. Tel.: 908-423-1000. Internet: www.merck.com.
The road ahead remains challenging
pressive in recent quarters, particularly in ANNUAL RATES
Past Est’d ’10-’12
for Merck & Co. The New Jersey-based
regard to the company’s current top seller, to ’16-’18
drugmaker struggled considerably in 2013, Januvia. The Type 2 diabetes pill had though full-year results are not scheduled responsible for offsetting Singulair losses earlier in 2013, but a 5% decline in third- QUARTERLY SALES ($ mill.)
Merck is likely to post its third-consecutive quarter sales raised some concern. Besides Mar.31 Jun.30 Sep.30 Dec.31
2010 11422 11346 11125 12094
2011 11580 12151 12022 12294
ment’s enhanced cost-cutting efforts have declines during the September period.
2012 11731 12311 11488 11738
Merck received a key designation for
2013 10671 11010 11032 11587
44300
its investigational Hep-C treatment.
2014 10700 10900 11000 11400
44000
EARNINGS PER SHARE A
Mar.31 Jun.30 Sep.30 Dec.31
Singulair’s $5 billion-a-year contributions designation for treatment of chronic Hep-C will need to increase its focus on its next potential of this market, this designation .84
3.45
.82
.83
.90
.85
3.40
QUARTERLY DIVIDENDS PAID B
We have lowered our 2014 estimates.
candidate faster than initially expected.
Mar.31 Jun.30 Sep.30 Dec.31
The stock is ranked 3 (Average) for
ise in recent quarters, it will likely take Timeliness. Merck holds superior rank-
some time for these candidates to be devel- ings for Safety (1) and Financial Strength oped into meaningful top-line components.
(A++). Its 3.5% dividend yield ranks favor- ably to our Survey’s 1.9% median.
(A) Based on avg. shares outstanding through $2.40; ’10, ($3.16); ’11, ($1.75); ’12, ($1.66). ment plan available.
Company’s Financial Strength
1997, diluted thereafter. Quarters may not sum Next egs. report due late January.
(C) In millions.
Stock’s Price Stability
due to rounding. Excludes nonrecurring gains (B) Dividends historically paid in early January,
Price Growth Persistence
(losses): ’98, 1¢; ’05, (43¢); ’06, (13¢); ’09, April, July, and October. ■ Dividend reinvest- Earnings Predictability
2014 Value Line Publishing LLC. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind.
THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber’s own, non-commercial, internal use. No part To subscribe call 1-800-833-0046.
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