Merck & Co. Inc., current enterprise value calculation

Current share price (P)	$93.19
No. shares of common stock outstanding	2,526,036,240
US$ in millions
Common equity (market value)¹	235,401)
Add: Noncontrolling interests (per books)	59)
Total equity	235,460)
Add: Loans payable and current portion of long-term debt (per books)	2,649)
Add: Long-term debt, excluding current portion (per books)	34,462)
Total equity and debt	272,571)
Less: Cash and cash equivalents	13,242)
Less: Short-term investments	447)
Enterprise value (EV)	258,882)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 93.19 × 2,526,036,240

Merck & Co. Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$91.43	$128.84	$109.89	$76.32	$74.62
No. shares of common stock outstanding¹	2,526,036,240	2,532,643,872	2,538,592,467	2,527,733,606	2,530,315,668
US$ in millions
Common equity (market value)³	230,955)	326,306)	278,966)	192,917)	188,812)
Add: Noncontrolling interests (book value)	59)	54)	67)	73)	87)
Total equity	231,014)	326,360)	279,033)	192,990)	188,899)
Add: Loans payable and current portion of long-term debt (book value)	2,649)	1,372)	1,946)	2,412)	6,431)
Add: Long-term debt, excluding current portion (book value)	34,462)	33,683)	28,745)	30,690)	25,360)
Total equity and debt	268,125)	361,415)	309,724)	226,092)	220,690)
Less: Cash and cash equivalents	13,242)	6,841)	12,694)	8,096)	8,062)
Less: Short-term investments	447)	252)	498)	—)	—)
Enterprise value (EV)	254,436)	354,322)	296,532)	217,996)	212,628)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 91.43 × 2,526,036,240

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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 2022 to 2023 but then decreased significantly from 2023 to 2024.

Merck & Co. Inc. (NYSE:MRK)

Enterprise Value (EV)