Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Merck & Co., Inc. | a15-3619_18k.htm |
| EX-99.1 - EX-99.1 - Merck & Co., Inc. | a15-3619_1ex99d1.htm |
Exhibit 99.2
MERCK & CO., INC.
CONSOLIDATED STATEMENT OF INCOME - GAAP
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)
(UNAUDITED)
Table 1a
|
|
|
2014 |
|
2013 |
|
% Change |
| ||||||||||||||||||||||||||||
|
|
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Dec YTD |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Dec YTD |
|
4Q |
|
Dec YTD |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Sales |
|
$ |
10,264 |
|
$ |
10,934 |
|
$ |
10,557 |
|
$ |
10,482 |
|
$ |
42,237 |
|
$ |
10,671 |
|
$ |
11,010 |
|
$ |
11,032 |
|
$ |
11,319 |
|
$ |
44,033 |
|
-7 |
% |
-4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Costs, Expenses and Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Materials and production |
|
3,903 |
|
4,893 |
|
4,223 |
|
3,749 |
|
16,768 |
|
3,959 |
|
4,284 |
|
4,104 |
|
4,607 |
|
16,954 |
|
-19 |
% |
-1 |
% | ||||||||||
|
Marketing and administrative |
|
2,734 |
|
2,973 |
|
2,975 |
|
2,924 |
|
11,606 |
|
2,987 |
|
3,140 |
|
2,803 |
|
2,982 |
|
11,911 |
|
-2 |
% |
-3 |
% | ||||||||||
|
Research and development |
|
1,574 |
|
1,664 |
|
1,659 |
|
2,283 |
|
7,180 |
|
1,907 |
|
2,101 |
|
1,660 |
|
1,836 |
|
7,503 |
|
24 |
% |
-4 |
% | ||||||||||
|
Restructuring costs |
|
125 |
|
163 |
|
376 |
|
349 |
|
1,013 |
|
119 |
|
155 |
|
870 |
|
565 |
|
1,709 |
|
-38 |
% |
-41 |
% | ||||||||||
|
Equity income from affiliates |
|
(124 |
) |
(92 |
) |
(24 |
) |
(16 |
) |
(257 |
) |
(133 |
) |
(116 |
) |
(102 |
) |
(53 |
) |
(404 |
) |
-70 |
% |
-36 |
% | ||||||||||
|
Other (income) expense, net |
|
(39 |
) |
(558 |
) |
(142 |
) |
(10,618 |
) |
(11,356 |
) |
282 |
|
201 |
|
172 |
|
157 |
|
815 |
|
* |
|
* |
| ||||||||||
|
Income Before Taxes |
|
2,091 |
|
1,891 |
|
1,490 |
|
11,811 |
|
17,283 |
|
1,550 |
|
1,245 |
|
1,525 |
|
1,225 |
|
5,545 |
|
* |
|
* |
| ||||||||||
|
Income Tax Provision (Benefit) |
|
360 |
|
(142 |
) |
648 |
|
4,484 |
|
5,349 |
|
(66 |
) |
310 |
|
375 |
|
410 |
|
1,028 |
|
|
|
|
| ||||||||||
|
Net Income |
|
1,731 |
|
2,033 |
|
842 |
|
7,327 |
|
11,934 |
|
1,616 |
|
935 |
|
1,150 |
|
815 |
|
4,517 |
|
* |
|
* |
| ||||||||||
|
Less: Net Income (Loss) Attributable to Noncontrolling Interests |
|
26 |
|
29 |
|
(53 |
) |
11 |
|
14 |
|
23 |
|
29 |
|
26 |
|
34 |
|
113 |
|
|
|
|
| ||||||||||
|
Net Income Attributable to Merck & Co., Inc. |
|
$ |
1,705 |
|
$ |
2,004 |
|
$ |
895 |
|
$ |
7,316 |
|
$ |
11,920 |
|
$ |
1,593 |
|
$ |
906 |
|
$ |
1,124 |
|
$ |
781 |
|
$ |
4,404 |
|
* |
|
* |
|
|
Earnings per Common Share Assuming Dilution |
|
$ |
0.57 |
|
$ |
0.68 |
|
$ |
0.31 |
|
$ |
2.54 |
|
$ |
4.07 |
|
$ |
0.52 |
|
$ |
0.30 |
|
$ |
0.38 |
|
$ |
0.26 |
|
$ |
1.47 |
|
* |
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Average Shares Outstanding Assuming Dilution |
|
2,971 |
|
2,949 |
|
2,911 |
|
2,880 |
|
2,928 |
|
3,053 |
|
3,010 |
|
2,960 |
|
2,959 |
|
2,996 |
|
|
|
|
| ||||||||||
|
Tax Rate |
|
17.2 |
% |
-7.5 |
% |
43.5 |
% |
38.0 |
% |
30.9 |
% |
-4.3 |
% |
24.9 |
% |
24.6 |
% |
33.5 |
% |
18.5 |
% |
|
|
|
| ||||||||||
* 100% or greater
Sum of quarterly amounts may not equal year-to-date amounts due to rounding.
MERCK & CO., INC.
CONSOLIDATED STATEMENT OF INCOME
GAAP TO NON-GAAP RECONCILIATION
FOURTH QUARTER 2013
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)
(UNAUDITED)
Table 2c
|
|
|
|
|
Acquisition and |
|
|
|
|
|
|
| ||||
|
|
|
|
|
Divestiture- |
|
Restructuring |
|
Adjustment |
|
|
| ||||
|
|
|
GAAP |
|
Related Costs (1) |
|
Costs (2) |
|
Subtotal |
|
Non-GAAP |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Sales |
|
$ |
|
11,319 |
|
|
|
|
|
|
|
$ |
11,319 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Costs, Expenses and Other |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Materials and production |
|
4,607 |
|
1,301 |
|
253 |
|
1,554 |
|
3,053 |
| ||||
|
Marketing and administrative |
|
2,982 |
|
32 |
|
81 |
|
113 |
|
2,869 |
| ||||
|
Research and development |
|
1,836 |
|
15 |
|
63 |
|
78 |
|
1,758 |
| ||||
|
Restructuring costs |
|
565 |
|
|
|
565 |
|
565 |
|
— |
| ||||
|
Equity income from affiliates |
|
(53 |
) |
|
|
|
|
|
|
(53 |
) | ||||
|
Other (income) expense, net |
|
157 |
|
|
|
|
|
|
|
157 |
| ||||
|
Income Before Taxes |
|
1,225 |
|
(1,348 |
) |
(962 |
) |
(2,310 |
) |
3,535 |
| ||||
|
Taxes on Income |
|
410 |
|
|
|
|
|
(492 |
)(3) |
902 |
| ||||
|
Net Income |
|
815 |
|
|
|
|
|
(1,818 |
) |
2,633 |
| ||||
|
Less: Net Income Attributable to Noncontrolling Interests |
|
34 |
|
|
|
|
|
|
|
34 |
| ||||
|
Net Income Attributable to Merck & Co., Inc. |
|
$ |
|
781 |
|
|
|
|
|
$ |
(1,818 |
) |
$ |
2,599 |
|
|
Earnings per Common Share Assuming Dilution |
|
$ |
|
0.26 |
|
|
|
|
|
|
|
$ |
0.88 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Average Shares Outstanding Assuming Dilution |
|
2,959 |
|
|
|
|
|
|
|
2,959 |
| ||||
|
Tax Rate |
|
33.5 |
% |
|
|
|
|
|
|
25.5 |
% | ||||
Merck is providing non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing this information enhances investors’ understanding of the company’s performance. This information should be considered in addition to, but not in lieu of, information prepared in accordance with GAAP.
(1) Amounts included in materials and production costs reflect expenses of $1.1 billion for the amortization of intangible assets recognized as a result of mergers and acquisitions, as well as $156 million of impairment charges on product intangibles. Amounts included in marketing and administrative expenses reflect merger integration costs. Amounts included in research and development expenses represent in-process research and development (“IPR&D”) impairment charges.
(2) Amounts primarily include employee separation costs and accelerated depreciation associated with facilities to be closed or divested related to actions under the company’s formal restructuring programs.
(3) Represents the estimated tax impact on the reconciling items.
MERCK & CO., INC.
CONSOLIDATED STATEMENT OF INCOME
GAAP TO NON-GAAP RECONCILIATION
FULL YEAR 2013
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)
(UNAUDITED)
Table 2d
|
|
|
|
|
Acquisition and |
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
Divestiture- |
|
Restructuring |
|
Certain Other |
|
Adjustment |
|
|
| |||
|
|
|
GAAP |
|
Related Costs (1) |
|
Costs (2) |
|
Items |
|
Subtotal |
|
Non-GAAP |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Sales |
|
$ |
44,033 |
|
|
|
|
|
|
|
|
|
$ |
44,033 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Costs, Expenses and Other |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Materials and production |
|
16,954 |
|
5,176 |
|
446 |
|
|
|
5,622 |
|
11,332 |
| |||
|
Marketing and administrative |
|
11,911 |
|
94 |
|
145 |
|
|
|
239 |
|
11,672 |
| |||
|
Research and development |
|
7,503 |
|
279 |
|
101 |
|
|
|
380 |
|
7,123 |
| |||
|
Restructuring costs |
|
1,709 |
|
|
|
1,709 |
|
|
|
1,709 |
|
— |
| |||
|
Equity income from affiliates |
|
(404 |
) |
|
|
|
|
|
|
|
|
(404 |
) | |||
|
Other (income) expense, net |
|
815 |
|
|
|
|
|
(13 |
) |
(13 |
) |
828 |
| |||
|
Income Before Taxes |
|
5,545 |
|
(5,549 |
) |
(2,401 |
) |
13 |
|
(7,937 |
) |
13,482 |
| |||
|
Taxes on Income |
|
1,028 |
|
|
|
|
|
|
|
(1,898 |
)(3) |
2,926 |
| |||
|
Net Income |
|
4,517 |
|
|
|
|
|
|
|
(6,039 |
) |
10,556 |
| |||
|
Less: Net Income Attributable to Noncontrolling Interests |
|
113 |
|
|
|
|
|
|
|
|
|
113 |
| |||
|
Net Income Attributable to Merck & Co., Inc. |
|
$ |
4,404 |
|
|
|
|
|
|
|
$ |
(6,039 |
) |
$ |
10,443 |
|
|
Earnings per Common Share Assuming Dilution |
|
$ |
1.47 |
|
|
|
|
|
|
|
|
|
$ |
3.49 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Average Shares Outstanding Assuming Dilution |
|
2,996 |
|
|
|
|
|
|
|
|
|
2,996 |
| |||
|
Tax Rate |
|
18.5 |
% |
|
|
|
|
|
|
|
|
21.7 |
% | |||
Merck is providing non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing this information enhances investors’ understanding of the company’s performance. This information should be considered in addition to, but not in lieu of, information prepared in accordance with GAAP.
(1) Amounts included in materials and production costs reflect expenses of $4.7 billion for the amortization of intangible assets recognized as a result of mergers and acquisitions, as well as $486 million of impairment charges on product intangibles. Amounts included in marketing and administrative expenses reflect merger integration costs. Amounts included in research and development expenses represent in-process research and development (“IPR&D”) impairment charges.
(2) Amounts primarily include employee separation costs and accelerated depreciation associated with facilities to be closed or divested related to actions under the company’s formal restructuring programs.
(3) Represents the estimated tax impact on the reconciling items, as well as net benefits of approximately $325 million related to the settlements of certain federal income tax issues.
MERCK & CO., INC.
FRANCHISE / KEY PRODUCT SALES
FOURTH QUARTER 2014
(AMOUNTS IN MILLIONS)
Table 3a
|
|
|
Global |
|
U.S. |
|
International |
| ||||||||||||||||||
|
|
|
4Q 2014 |
|
4Q 2013 |
|
% Change |
|
4Q 2014 |
|
4Q 2013 |
|
% Change |
|
4Q 2014 |
|
4Q 2013 |
|
% Change |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
TOTAL SALES (1) |
|
$ |
10,482 |
|
$ |
11,319 |
|
-7 |
|
$ |
4,088 |
|
$ |
4,519 |
|
-10 |
|
$ |
6,394 |
|
$ |
6,800 |
|
-6 |
|
|
PHARMACEUTICAL |
|
9,370 |
|
9,760 |
|
-4 |
|
3,786 |
|
3,761 |
|
1 |
|
5,584 |
|
5,999 |
|
-7 |
| ||||||
|
Primary Care and Women’s Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Cardiovascular |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Zetia |
|
662 |
|
716 |
|
-8 |
|
382 |
|
400 |
|
-4 |
|
281 |
|
317 |
|
-11 |
| ||||||
|
Vytorin |
|
370 |
|
436 |
|
-15 |
|
145 |
|
182 |
|
-21 |
|
225 |
|
253 |
|
-11 |
| ||||||
|
Diabetes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Januvia |
|
1,082 |
|
1,121 |
|
-3 |
|
570 |
|
552 |
|
3 |
|
512 |
|
569 |
|
-10 |
| ||||||
|
Janumet |
|
570 |
|
503 |
|
13 |
|
255 |
|
228 |
|
12 |
|
315 |
|
275 |
|
14 |
| ||||||
|
General Medicine & Women’s Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
NuvaRing |
|
191 |
|
193 |
|
-1 |
|
127 |
|
123 |
|
4 |
|
64 |
|
70 |
|
-9 |
| ||||||
|
Implanon / Nexplanon |
|
123 |
|
120 |
|
2 |
|
71 |
|
62 |
|
15 |
|
52 |
|
59 |
|
-11 |
| ||||||
|
Dulera |
|
132 |
|
95 |
|
39 |
|
125 |
|
91 |
|
38 |
|
7 |
|
5 |
|
58 |
| ||||||
|
Follistim AQ |
|
102 |
|
101 |
|
1 |
|
38 |
|
23 |
|
68 |
|
64 |
|
78 |
|
-18 |
| ||||||
|
Hospital and Specialty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Hepatitis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Peglntron |
|
81 |
|
124 |
|
-34 |
|
2 |
|
11 |
|
-79 |
|
79 |
|
113 |
|
-30 |
| ||||||
|
Victrelis |
|
21 |
|
81 |
|
-74 |
|
|
|
25 |
|
* |
|
21 |
|
57 |
|
-63 |
| ||||||
|
HIV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Isentress |
|
418 |
|
442 |
|
-5 |
|
218 |
|
249 |
|
-13 |
|
201 |
|
192 |
|
4 |
| ||||||
|
Acute Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Cancidas |
|
175 |
|
183 |
|
-4 |
|
8 |
|
9 |
|
-14 |
|
168 |
|
175 |
|
-4 |
| ||||||
|
Invanz |
|
139 |
|
128 |
|
9 |
|
70 |
|
66 |
|
6 |
|
69 |
|
62 |
|
12 |
| ||||||
|
Noxafil |
|
122 |
|
98 |
|
25 |
|
54 |
|
43 |
|
24 |
|
69 |
|
55 |
|
26 |
| ||||||
|
Bridion |
|
95 |
|
82 |
|
15 |
|
|
|
|
|
|
|
95 |
|
82 |
|
15 |
| ||||||
|
Primaxin |
|
86 |
|
79 |
|
9 |
|
2 |
|
3 |
|
-35 |
|
84 |
|
76 |
|
11 |
| ||||||
|
Immunology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Remicade |
|
557 |
|
620 |
|
-10 |
|
|
|
|
|
|
|
557 |
|
620 |
|
-10 |
| ||||||
|
Simponi |
|
188 |
|
146 |
|
29 |
|
|
|
|
|
|
|
188 |
|
146 |
|
29 |
| ||||||
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Cosopt / Trusopt |
|
25 |
|
103 |
|
-76 |
|
4 |
|
3 |
|
25 |
|
21 |
|
100 |
|
-79 |
| ||||||
|
Oncology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Emend |
|
151 |
|
134 |
|
13 |
|
84 |
|
80 |
|
6 |
|
67 |
|
54 |
|
24 |
| ||||||
|
Temodar |
|
86 |
|
111 |
|
-23 |
|
3 |
|
17 |
|
-82 |
|
83 |
|
95 |
|
-12 |
| ||||||
|
Keytruda |
|
50 |
|
0 |
|
* |
|
44 |
|
0 |
|
* |
|
6 |
|
0 |
|
* |
| ||||||
|
Diversified Brands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Respiratory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Nasonex |
|
268 |
|
327 |
|
-18 |
|
148 |
|
174 |
|
-15 |
|
120 |
|
153 |
|
-21 |
| ||||||
|
Singulair |
|
319 |
|
298 |
|
7 |
|
21 |
|
16 |
|
32 |
|
298 |
|
282 |
|
6 |
| ||||||
|
Clarinex |
|
52 |
|
55 |
|
-6 |
|
6 |
|
5 |
|
31 |
|
46 |
|
50 |
|
-9 |
| ||||||
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Cozaar / Hyzaar |
|
192 |
|
246 |
|
-22 |
|
8 |
|
9 |
|
-10 |
|
184 |
|
237 |
|
-22 |
| ||||||
|
Arcoxia |
|
118 |
|
131 |
|
-9 |
|
|
|
|
|
|
|
118 |
|
131 |
|
-9 |
| ||||||
|
Fosamax |
|
112 |
|
139 |
|
-20 |
|
4 |
|
4 |
|
-15 |
|
108 |
|
135 |
|
-20 |
| ||||||
|
Propecia |
|
67 |
|
77 |
|
-13 |
|
5 |
|
6 |
|
-28 |
|
62 |
|
70 |
|
-12 |
| ||||||
|
Zocor |
|
64 |
|
79 |
|
-19 |
|
6 |
|
7 |
|
-14 |
|
58 |
|
73 |
|
-20 |
| ||||||
|
Remeron |
|
56 |
|
56 |
|
-1 |
|
1 |
|
3 |
|
-61 |
|
55 |
|
54 |
|
2 |
| ||||||
|
Vaccines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Gardasil |
|
356 |
|
394 |
|
-10 |
|
244 |
|
248 |
|
-1 |
|
112 |
|
146 |
|
-23 |
| ||||||
|
ProQuad, M-M-R II and Varivax |
|
366 |
|
273 |
|
34 |
|
296 |
|
238 |
|
24 |
|
70 |
|
35 |
|
* |
| ||||||
|
Zostavax |
|
285 |
|
264 |
|
8 |
|
225 |
|
210 |
|
7 |
|
60 |
|
54 |
|
11 |
| ||||||
|
Pneumovax 23 |
|
346 |
|
241 |
|
44 |
|
199 |
|
176 |
|
13 |
|
148 |
|
65 |
|
* |
| ||||||
|
RotaTeq |
|
169 |
|
129 |
|
31 |
|
119 |
|
88 |
|
34 |
|
51 |
|
41 |
|
24 |
| ||||||
|
Other Pharmaceutical (2) |
|
1,174 |
|
1,435 |
|
-18 |
|
302 |
|
410 |
|
-26 |
|
869 |
|
1,023 |
|
-15 |
| ||||||
|
ANIMAL HEALTH |
|
885 |
|
871 |
|
2 |
|
211 |
|
198 |
|
7 |
|
674 |
|
673 |
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
CONSUMER CARE (3) |
|
16 |
|
390 |
|
-96 |
|
|
|
254 |
|
* |
|
16 |
|
137 |
|
-88 |
| ||||||
|
Claritin OTC |
|
1 |
|
92 |
|
-99 |
|
|
|
66 |
|
* |
|
1 |
|
26 |
|
-96 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Other Revenues (4) |
|
211 |
|
298 |
|
-29 |
|
92 |
|
307 |
|
-70 |
|
119 |
|
(9 |
) |
* |
| ||||||
|
Astra |
|
|
|
193 |
|
* |
|
|
|
193 |
|
* |
|
|
|
|
|
|
| ||||||
* 100% or greater
(1) Only select products are shown.
(2) Includes Pharmaceutical products not individually shown above. Other Vaccines sales included in Other Pharmaceutical were $88 million and $101 million on a global basis for fourth quarter 2014 and 2013, respectively.
(3) On October 1, 2014, the company divested the Consumer Care business to Bayer. Fourth quarter 2014 reflect sales in Mexico and Korea. These markets had not yet received regulatory approval of the divestiture.
(4) Other revenues are comprised primarily of alliance revenue, third-party manufacturing sales and miscellaneous corporate revenues, including revenue hedging activities. On October 1, 2013, the company divested a substantial portion of its third-party manufacturing sales. On June 30, 2014, AstraZeneca exercised its option to buy Merck’s interest in a subsidiary and through it, Merck’s interest in Nexium and Prilosec. As a result, the company no longer records supply sales for these products. Fourth quarter 2013 includes $50 million of revenue for the out-license of a pipeline compound.
MERCK & CO., INC.
FRANCHISE / KEY PRODUCT SALES
FULL YEAR 2014
(AMOUNTS IN MILLIONS)
Table 3b
|
|
|
Global |
|
U.S. |
|
International |
| ||||||||||||||||||
|
|
|
Full Year 2014 |
|
Full Year 2013 |
|
% Change |
|
Full Year 2014 |
|
Full Year 2013 |
|
% Change |
|
Full Year 2014 |
|
Full Year 2013 |
|
% Change |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
TOTAL SALES (1) |
|
$ |
42,237 |
|
$ |
44,033 |
|
-4 |
|
$ |
17,071 |
|
$ |
18,246 |
|
-6 |
|
$ |
25,166 |
|
$ |
25,787 |
|
-2 |
|
|
PHARMACEUTICAL |
|
36,042 |
|
37,437 |
|
-4 |
|
14,214 |
|
14,854 |
|
-4 |
|
21,827 |
|
22,582 |
|
-3 |
| ||||||
|
Primary Care and Women’s Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Cardiovascular |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Zetia |
|
2,650 |
|
2,658 |
|
|
|
1,475 |
|
1,454 |
|
1 |
|
1,175 |
|
1,204 |
|
-2 |
| ||||||
|
Vytorin |
|
1,516 |
|
1,643 |
|
-8 |
|
555 |
|
673 |
|
-18 |
|
961 |
|
970 |
|
-1 |
| ||||||
|
Diabetes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Januvia |
|
3,931 |
|
4,004 |
|
-2 |
|
2,123 |
|
2,068 |
|
3 |
|
1,809 |
|
1,935 |
|
-7 |
| ||||||
|
Janumet |
|
2,071 |
|
1,829 |
|
13 |
|
931 |
|
878 |
|
6 |
|
1,140 |
|
951 |
|
20 |
| ||||||
|
General Medicine & Women’s Health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
NuvaRing |
|
723 |
|
686 |
|
5 |
|
461 |
|
426 |
|
8 |
|
262 |
|
260 |
|
1 |
| ||||||
|
Implanon / Nexplanon |
|
502 |
|
403 |
|
25 |
|
291 |
|
205 |
|
42 |
|
211 |
|
197 |
|
7 |
| ||||||
|
Dulera |
|
460 |
|
324 |
|
42 |
|
437 |
|
309 |
|
42 |
|
24 |
|
15 |
|
54 |
| ||||||
|
Follistim AQ |
|
412 |
|
481 |
|
-14 |
|
142 |
|
181 |
|
-22 |
|
270 |
|
300 |
|
-10 |
| ||||||
|
Hospital and Specialty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Hepatitis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
PegIntron |
|
381 |
|
496 |
|
-23 |
|
18 |
|
43 |
|
-57 |
|
363 |
|
453 |
|
-20 |
| ||||||
|
Victrelis |
|
153 |
|
428 |
|
-64 |
|
1 |
|
158 |
|
* |
|
153 |
|
270 |
|
-43 |
| ||||||
|
HIV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Isentress |
|
1,673 |
|
1,643 |
|
2 |
|
843 |
|
882 |
|
-4 |
|
830 |
|
761 |
|
9 |
| ||||||
|
Acute Care |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Cancidas |
|
681 |
|
660 |
|
3 |
|
22 |
|
31 |
|
-28 |
|
659 |
|
630 |
|
5 |
| ||||||
|
Invanz |
|
529 |
|
488 |
|
8 |
|
265 |
|
252 |
|
6 |
|
263 |
|
236 |
|
11 |
| ||||||
|
Noxafil |
|
402 |
|
309 |
|
30 |
|
148 |
|
106 |
|
40 |
|
254 |
|
203 |
|
25 |
| ||||||
|
Bridion |
|
340 |
|
288 |
|
18 |
|
|
|
|
|
|
|
340 |
|
288 |
|
18 |
| ||||||
|
Primaxin |
|
329 |
|
335 |
|
-2 |
|
6 |
|
18 |
|
-69 |
|
323 |
|
317 |
|
2 |
| ||||||
|
Immunology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Remicade |
|
2,372 |
|
2,271 |
|
4 |
|
|
|
|
|
|
|
2,372 |
|
2,271 |
|
4 |
| ||||||
|
Simponi |
|
689 |
|
500 |
|
38 |
|
|
|
|
|
|
|
689 |
|
500 |
|
38 |
| ||||||
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Cosopt / Trusopt |
|
257 |
|
416 |
|
-38 |
|
6 |
|
16 |
|
-66 |
|
251 |
|
400 |
|
-37 |
| ||||||
|
Oncology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Emend |
|
553 |
|
507 |
|
9 |
|
312 |
|
293 |
|
7 |
|
240 |
|
214 |
|
13 |
| ||||||
|
Temodar |
|
350 |
|
708 |
|
-51 |
|
8 |
|
304 |
|
-97 |
|
342 |
|
404 |
|
-15 |
| ||||||
|
Keytruda |
|
55 |
|
0 |
|
* |
|
48 |
|
0 |
|
* |
|
7 |
|
0 |
|
* |
| ||||||
|
Diversified Brands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Respiratory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Nasonex |
|
1,099 |
|
1,335 |
|
-18 |
|
577 |
|
681 |
|
-15 |
|
522 |
|
654 |
|
-20 |
| ||||||
|
Singulair |
|
1,092 |
|
1,196 |
|
-9 |
|
39 |
|
61 |
|
-36 |
|
1,053 |
|
1,135 |
|
-7 |
| ||||||
|
Clarinex |
|
232 |
|
235 |
|
-1 |
|
24 |
|
19 |
|
32 |
|
208 |
|
216 |
|
-4 |
| ||||||
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Cozaar / Hyzaar |
|
806 |
|
1,006 |
|
-20 |
|
28 |
|
35 |
|
-20 |
|
778 |
|
971 |
|
-20 |
| ||||||
|
Arcoxia |
|
519 |
|
484 |
|
7 |
|
|
|
|
|
|
|
519 |
|
484 |
|
7 |
| ||||||
|
Fosamax |
|
470 |
|
560 |
|
-16 |
|
16 |
|
20 |
|
-20 |
|
454 |
|
540 |
|
-16 |
| ||||||
|
Propecia |
|
264 |
|
283 |
|
-7 |
|
19 |
|
25 |
|
-23 |
|
245 |
|
258 |
|
-5 |
| ||||||
|
Zocor |
|
258 |
|
301 |
|
-14 |
|
21 |
|
24 |
|
-15 |
|
237 |
|
276 |
|
-14 |
| ||||||
|
Remeron |
|
193 |
|
206 |
|
-6 |
|
4 |
|
6 |
|
-38 |
|
189 |
|
200 |
|
-5 |
| ||||||
|
Vaccines |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Gardasil |
|
1,738 |
|
1,831 |
|
-5 |
|
1,319 |
|
1,295 |
|
2 |
|
419 |
|
536 |
|
-22 |
| ||||||
|
ProQuad, M-M-R II and Varivax |
|
1,394 |
|
1,306 |
|
7 |
|
1,191 |
|
1,172 |
|
2 |
|
203 |
|
134 |
|
52 |
| ||||||
|
Zostavax |
|
765 |
|
758 |
|
1 |
|
619 |
|
653 |
|
-5 |
|
146 |
|
105 |
|
39 |
| ||||||
|
Pneumovax 23 |
|
746 |
|
653 |
|
14 |
|
516 |
|
491 |
|
5 |
|
230 |
|
162 |
|
42 |
| ||||||
|
RotaTeq |
|
659 |
|
636 |
|
4 |
|
476 |
|
471 |
|
1 |
|
183 |
|
166 |
|
11 |
| ||||||
|
Other Pharmaceutical (2) |
|
4,778 |
|
5,570 |
|
-14 |
|
1,273 |
|
1,603 |
|
-21 |
|
3,503 |
|
3,966 |
|
-12 |
| ||||||
|
ANIMAL HEALTH |
|
3,454 |
|
3,362 |
|
3 |
|
788 |
|
856 |
|
-8 |
|
2,666 |
|
2,506 |
|
6 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
CONSUMER CARE (3) |
|
1,547 |
|
1,894 |
|
-18 |
|
1,058 |
|
1,326 |
|
-20 |
|
489 |
|
568 |
|
-14 |
| ||||||
|
Claritin OTC |
|
434 |
|
471 |
|
-8 |
|
324 |
|
410 |
|
-21 |
|
110 |
|
61 |
|
79 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
Other Revenues (4) |
|
1,194 |
|
1,340 |
|
-11 |
|
1,011 |
|
1,209 |
|
-16 |
|
183 |
|
131 |
|
40 |
| ||||||
|
Astra |
|
465 |
|
920 |
|
-50 |
|
465 |
|
920 |
|
-50 |
|
|
|
|
|
|
| ||||||
* 100% or greater
(1) Only select products are shown.
(2) Includes Pharmaceutical products not individually shown above. Other Vaccines sales included in Other Pharmaceutical were $379 million and $368 million on a global basis for full year 2014 and 2013, respectively.
(3) On October 1, 2014, the company divested the Consumer Care business to Bayer.
(4) Other revenues are comprised primarily of alliance revenue, third-party manufacturing sales and miscellaneous corporate revenues, including revenue hedging activities. On October 1, 2013, the company divested a substantial portion of its third-party manufacturing sales. On June 30, 2014, AstraZeneca exercised its option to buy Merck’s interest in a subsidiary and through it, Merck’s interest in Nexium and Prilosec. As a result, the company no longer records supply sales for these products. Other revenues in full year 2014 include $232 million of revenue recognized in connection with the sale of U.S. Saphris rights. Full year 2013 includes $50 million of revenue for the out-license of a pipeline compound.
MERCK & CO., INC.
PHARMACEUTICAL GEOGRAPHIC SALES
(AMOUNTS IN MILLIONS)
(UNAUDITED)
Table 3c
|
|
|
2014 |
|
2013 |
|
% |
|
% |
| ||||||||||||||||||||||||||
|
|
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Full |
|
4Q |
|
Full |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
TOTAL PHARMACEUTICAL |
|
$ |
8,451 |
|
$ |
9,087 |
|
$ |
9,134 |
|
$ |
9,370 |
|
$ |
36,042 |
|
$ |
8,891 |
|
$ |
9,310 |
|
$ |
9,475 |
|
$ |
9,760 |
|
$ |
37,437 |
|
-4 |
|
-4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
United States |
|
3,130 |
|
3,462 |
|
3,837 |
|
3,786 |
|
14,214 |
|
3,256 |
|
3,689 |
|
4,148 |
|
3,761 |
|
14,854 |
|
1 |
|
-4 |
| ||||||||||
|
% Pharmaceutical Sales |
|
37.0 |
% |
38.1 |
% |
42.0 |
% |
40.4 |
% |
39.4 |
% |
36.6 |
% |
39.6 |
% |
43.8 |
% |
38.5 |
% |
39.7 |
% |
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Europe (1) |
|
2,478 |
|
2,537 |
|
2,297 |
|
2,269 |
|
9,581 |
|
2,465 |
|
2,343 |
|
2,276 |
|
2,535 |
|
9,619 |
|
-10 |
|
0 |
| ||||||||||
|
% Pharmaceutical Sales |
|
29.3 |
% |
27.9 |
% |
25.2 |
% |
24.2 |
% |
26.6 |
% |
27.7 |
% |
25.2 |
% |
24.0 |
% |
26.0 |
% |
25.7 |
% |
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Japan |
|
835 |
|
859 |
|
730 |
|
965 |
|
3,389 |
|
1,034 |
|
948 |
|
893 |
|
1,074 |
|
3,949 |
|
-10 |
|
-14 |
| ||||||||||
|
% Pharmaceutical Sales |
|
9.9 |
% |
9.5 |
% |
8.0 |
% |
10.3 |
% |
9.4 |
% |
11.6 |
% |
10.2 |
% |
9.4 |
% |
11.0 |
% |
10.5 |
% |
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Asia Pacific |
|
809 |
|
840 |
|
878 |
|
910 |
|
3,438 |
|
822 |
|
874 |
|
799 |
|
870 |
|
3,365 |
|
5 |
|
2 |
| ||||||||||
|
% Pharmaceutical Sales |
|
9.6 |
% |
9.2 |
% |
9.6 |
% |
9.7 |
% |
9.5 |
% |
9.2 |
% |
9.4 |
% |
8.4 |
% |
8.9 |
% |
9.0 |
% |
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
China |
|
282 |
|
309 |
|
318 |
|
332 |
|
1,242 |
|
271 |
|
297 |
|
242 |
|
293 |
|
1,103 |
|
13 |
|
13 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Latin America |
|
538 |
|
668 |
|
673 |
|
678 |
|
2,557 |
|
596 |
|
676 |
|
628 |
|
667 |
|
2,567 |
|
2 |
|
0 |
| ||||||||||
|
% Pharmaceutical Sales |
|
6.4 |
% |
7.3 |
% |
7.4 |
% |
7.2 |
% |
7.1 |
% |
6.7 |
% |
7.3 |
% |
6.6 |
% |
6.8 |
% |
6.9 |
% |
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Eastern Europe/Middle East Africa |
|
415 |
|
459 |
|
443 |
|
500 |
|
1,817 |
|
439 |
|
479 |
|
431 |
|
534 |
|
1,883 |
|
-7 |
|
-4 |
| ||||||||||
|
% Pharmaceutical Sales |
|
4.9 |
% |
5.1 |
% |
4.9 |
% |
5.3 |
% |
5.0 |
% |
4.9 |
% |
5.1 |
% |
4.5 |
% |
5.5 |
% |
5.0 |
% |
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Canada |
|
200 |
|
218 |
|
218 |
|
218 |
|
854 |
|
245 |
|
257 |
|
253 |
|
276 |
|
1,030 |
|
-21 |
|
-17 |
| ||||||||||
|
% Pharmaceutical Sales |
|
2.4 |
% |
2.4 |
% |
2.4 |
% |
2.3 |
% |
2.4 |
% |
2.8 |
% |
2.8 |
% |
2.7 |
% |
2.8 |
% |
2.8 |
% |
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Other |
|
46 |
|
44 |
|
58 |
|
44 |
|
192 |
|
34 |
|
45 |
|
47 |
|
43 |
|
170 |
|
2 |
|
13 |
| ||||||||||
|
% Pharmaceutical Sales |
|
0.5 |
% |
0.5 |
% |
0.6 |
% |
0.5 |
% |
0.5 |
% |
0.4 |
% |
0.5 |
% |
0.5 |
% |
0.4 |
% |
0.5 |
% |
|
|
|
| ||||||||||
(1) Europe primarily represents all European Union countries and the European Union accession markets.
MERCK & CO., INC.
FOURTH QUARTER AND FULL YEAR 2014
EQUITY INCOME / JV SALES / OTHER (INCOME) EXPENSE, NET - GAAP
(AMOUNTS IN MILLIONS)
(UNAUDITED)
Table 4
|
|
EQUITY INCOME FROM AFFILIATES
|
|
|
4Q14 |
|
4Q13 |
|
Dec YTD |
|
Dec YTD |
| ||||
|
ASTRAZENECA LP (1) |
|
$ |
— |
|
$ |
50 |
|
$ |
192 |
|
$ |
352 |
|
|
Other (2) |
|
16 |
|
3 |
|
65 |
|
52 |
| ||||
|
TOTAL |
|
$ |
16 |
|
$ |
53 |
|
$ |
257 |
|
$ |
404 |
|
(1) Effective July 1, 2014, the company no longers records equity income from AstraZeneca LP.
(2) Includes results for Sanofi Pasteur MSD.
|
|
SANOFI PASTEUR MSD JOINT VENTURE SALES DETAIL
All sales reported here are end-market JV sales, presented on a “NET” basis.
|
|
|
4Q14 |
|
4Q13 |
|
Dec YTD |
|
Dec YTD |
| ||||
|
GARDASIL |
|
$ |
56 |
|
$ |
70 |
|
$ |
248 |
|
$ |
291 |
|
|
FLU VACCINES |
|
67 |
|
69 |
|
159 |
|
162 |
| ||||
|
ZOSTAVAX |
|
6 |
|
27 |
|
103 |
|
68 |
| ||||
|
OTHER VIRAL VACCINES |
|
20 |
|
25 |
|
87 |
|
104 |
| ||||
|
ROTATEQ |
|
17 |
|
14 |
|
65 |
|
55 |
| ||||
|
HEPATITIS VACCINES |
|
11 |
|
8 |
|
38 |
|
31 |
| ||||
|
Other Vaccines |
|
126 |
|
122 |
|
430 |
|
453 |
| ||||
|
TOTAL SANOFI PASTEUR MSD SALES |
|
$ |
303 |
|
$ |
335 |
|
$ |
1,130 |
|
$ |
1,164 |
|
|
|
OTHER (INCOME) EXPENSE, NET
|
|
|
4Q14 |
|
4Q13 |
|
Dec YTD |
|
Dec YTD |
| ||||
|
INTEREST INCOME |
|
$ |
(76 |
) |
$ |
(75 |
) |
$ |
(266 |
) |
$ |
(264 |
) |
|
INTEREST EXPENSE |
|
164 |
|
201 |
|
732 |
|
801 |
| ||||
|
EXCHANGE LOSSES |
|
65 |
|
12 |
|
180 |
|
290 |
| ||||
|
Other, net (1) |
|
(10,771 |
) |
19 |
|
(12,002 |
) |
(12 |
) | ||||
|
TOTAL |
|
$ |
(10,618 |
) |
$ |
157 |
|
$ |
(11,356 |
) |
$ |
815 |
|
(1) Other, net in the fourth quarter and full year of 2014 includes an $11.2 billion gain on the divestiture of Merck’s Consumer Care business and a $628 million loss on the extinguishment of debt. Other, net for the full year of 2014 also includes a $741 million gain on AstraZeneca’s option exercise and gains of $480 million on the sale of certain ophthalmic products in several international markets.