Compiled 2026-09-26Data through 2025-12-312 min read
Dated source-based research · No live market data

Research summary

A two-period review of MRK revenue, profitability and cash conversion; reported revenue growth was 1.31%.

Period comparison

FY2025 ended 2025-12-31; the prior observation ended 2024-12-31. Revenue moved from USD 64.168 billion to USD 65.011 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 17.117 billion to USD 18.254 billion. Operating income moved from not available to not available. Net margin moved from 26.68% to 28.08%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 21.468 billion in the earlier period and USD 16.472 billion in the later period. Selected free cash flow was USD 18.096 billion and USD 12.360 billion, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

An earnings comparison provides a historical denominator, not a price target. A dated market price is deliberately absent from this static release.

What to monitor

Product concentration, research investment, utilization, reimbursement and cash generation.

Risks and uncertainties

Patent expiry, trial outcomes, reimbursement changes, litigation and acquisition integration.

Sources & dates