EX-99.2 3 tm2426878d1_ex99-2.htm EXHIBIT 99.2

譲渡異議申立書 99.2

メルク＆カンパニー、インク

総合損益計算書 - GAAP

(単位は百万ドルです株価データを除く)

（未审核）

テーブル 1a

	2024												2023																		% 変更
		1Q			2Q			3Q			9月年初来			1Q			2Q			3Q			9月年初来			4Q			フル年間			3Q		9月年初来
売却	$	15,775		$	16,112		$	16,657		$	48,544		$	14,487		$	15,035		$	15,962		$	45,485		$	14,630		$	60,115			4	%	7	%

コスト、費用およびその他の項目
売上原価		3,540			3,745			4,080			11,365			3,926			4,024			4,264			12,214			3,911			16,126			-4	%	-7	%
販売・一般管理費用		2,483			2,739			2,731			7,952			2,479			2,702			2,519			7,700			2,804			10,504			8	%	3	%
研究開発		3,992			3,500			5,862			13,354			4,276			13,321			3,307			20,904			9,628			30,531			77	%	-36	%
リストラ費用		123			80			56			258			67			151			126			344			255			599			-56	%	-25	%
その他の（収益）費用、純額		(33	)		42			(162	)		(151	)		89			172			126			388			78			466			*		*
税前利益（損失）		5,670			6,006			4,090			15,766			3,650			(5,335	)		5,620			3,935			(2,046	)		1,889			-27	%	*
所得税費 provision (利益)		903			545			929			2,377			825			637			870			2,332			(821	)		1,512
当期純利益		4,767			5,461			3,161			13,389			2,825			(5,972	)		4,750			1,603			(1,225	)		377			-33	%	*
非支配株主に帰属する当期純利益のマイナス		5			6			4			15			4			3			5			12			1			12
メルク社に帰属する当期純利益（損失）	$	4,762		$	5,455		$	3,157		$	13,374		$	2,821		$	(5,975	)	$	4,745		$	1,591		$	(1,226	)	$	365			-33	%	*

1株当たりの希薄化を考慮した利益（損失） ⁽¹⁾	$	1.87		$	2.14		$	1.24		$	5.26		$	1.11		$	(2.35	)	$	1.86		$	0.62		$	(0.48	)	$	0.14			-33	%	*

希薄化を考慮した平均発行株式数 ⁽¹⁾		2,544			2,544			2,541			2,543			2,551			2,539			2,546			2,549			2,533			2,547
税率		15.9	%		9.1	%		22.7	%		15.1	%		22.6	%		-11.9	%		15.5	%		59.3	%		40.1	%		80.0	%

* 100% 以上

四半期の金額の合計は丸めのため、年度末の金額と一致しない場合があります。

(1) 2023年第2四半期と第4四半期に会社が純損失を計上したため、潜在的な希釈効果のある普通株式は希釈を仮定した1株当たりの損失の計算に使用されませんでした。効果は希薄化される可能性があるため。

メルク＆カンパニー、インク

2023年9月30日に終了した3か月間および9か月間のGAAPから非GAAPへの調整

(単位は百万ドルです株価データを除く)

（未审核）

テーブル 2b

	米国会計原則			取得および売却- 関連コスト ⁽¹⁾			リストラコスト ⁽²⁾			（収益）損失投資持分法で証券			特定のその他項目			調整小計			非GAAP
第三四半期
売上原価	$	4,264			552			33									585		$	3,679
販売・一般管理費用		2,519			17			40									57			2,462
研究開発		3,307			10												10			3,297
リストラ費用		126						126									126			–
その他の（収益）費用、純額		126			(24	)					17						(7	)		133
税引前利益		5,620			(555	)		(199	)		(17	)					(771	)		6,391
所得税費 provision (利益)		870			(53	)⁽⁴⁾		(32	)⁽⁴⁾		(4	)⁽⁴⁾					(89	)		959
当期純利益		4,750			(502	)		(167	)		(13	)					(682	)		5,432
メルク社に帰属する当期純利益		4,745			(502	)		(167	)		(13	)					(682	)		5,427
希薄化を考慮した一般株式の1株当たり利益	$	1.86			(0.20	)		(0.07	)		–						(0.27	)	$	2.13

税率		15.5	%																	15.0	%

9月末累計
売上原価	$	12,214			1,564			94									1,658		$	10,556
販売・一般管理費用		7,700			62			93									155			7,545
研究開発		20,904			29			1									30			20,874
リストラ費用		344						344									344			–
その他の（収益）費用、純額		388			(12	)					(218	)		573	⁽³⁾		343			45
税引前利益		3,935			(1,643	)		(532	)		218			(573	)		(2,530	)		6,465
所得税費 provision (利益)		2,332			(249	)⁽⁴⁾		(88	)⁽⁴⁾		47	⁽⁴⁾		(60	)⁽⁴⁾		(350	)		2,682
当期純利益		1,603			(1,394	)		(444	)		171			(513	)		(2,180	)		3,783
Merck＆Co.に帰属する当期純利益		1,591			(1,394	)		(444	)		171			(513	)		(2,180	)		3,771
稀薄化を考慮した1株当たり利益	$	0.62			(0.55	)		(0.18	)		0.07			(0.20	)		(0.86	)	$	1.48

税率		59.3	%																	41.5	%

非GAAP調整によって影響を受ける行ごとだけが表示されます。

Merckは、特定の項目を除外した特定の非GAAP情報を提供しています。これらの項目の性質とそれらがビジネス成績とトレンドの分析に与える影響のためです。マネジメントは、非GAAP情報を提供することで投資家が企業の結果を理解するのに役立つと考えています。マネジメントは、パフォーマンスを評価するために非GAAP指標を使用しています。マネジメントは、企業のパフォーマンスを計測するために非GAAP指標を内部的に使用し、他のメトリクスと共に企業のパフォーマンスを計測しています。さらに、シニアマネジメントの年次報酬の一部は、非GAAP税引き前所得メトリックを使用して算出されています。提示された非GAAP情報は、GAAPに準拠して準備された情報に代替または優越するものではなく、それに付加されるべきです。

⁽¹⁾費用として計上される金額は、無形資産の償却費用を主に反映しています。販売費用、一般管理費、および一部の他の費用には、買収と売却に関連する統合、取引および特定のその他の費用が反映されています。研究開発費に含まれる金額は、主に無形資産の償却費用を反映しています。その他の（収益）費用、純額には、主にロイヤルティ収入が反映されており、サノフィ-パスツールMSD合弁事業の事前解消に伴う条件付き債務の見積り公正価値の増加に部分的に相殺されています。さらに、9か月間にはビジネスの売却による3700万ドルの損失が含まれています。

⁽²⁾Amounts primarily include employee separation costs and accelerated depreciation associated with facilities to be closed or divested related to activities under the company's formal restructuring programs.

⁽³⁾ Reflects a charge related to settlements with certain plaintiffs in the Zetia antitrust litigation.

⁽⁴⁾ Represents the estimated tax impacts on the reconciling items based on applying the statutory rate of the originating territory of the non-GAAP adjustments.

MERCK & CO., INC.

FRANCHISE / KEY PRODUCT SALES

THIRD QUARTER 2024

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3a

	Global						U.S.						International
	3Q 2024		3Q 2023		% Change		3Q 2024		3Q 2023		% Change		3Q 2024		3Q 2023		% Change
TOTAL SALES ⁽¹⁾	$	16,657	$	15,962		4	$	8,736	$	7,715		13	$	7,922	$	8,247		-4
PHARMACEUTICAL		14,943		14,263		5		8,227		7,153		15		6,717		7,110		-6
Oncology
Keytruda		7,429		6,338		17		4,500		3,795		19		2,929		2,543		15
Alliance Revenue – Lynparza ⁽²⁾		337		299		13		161		153		5		177		146		21
Alliance Revenue – Lenvima ⁽²⁾		251		260		-3		173		160		9		78		100		-22
Welireg		139		54		156		127		51		148		12		3		*
Alliance Revenue – Reblozyl ⁽³⁾		100		52		91		82		43		93		18		10		83
Vaccines ⁽⁴⁾
Gardasil/Gardasil 9		2,306		2,585		-11		1,020		838		22		1,285		1,746		-26
ProQuad/M-M-R II/Varivax		703		713		-1		572		567		1		131		146		-10
Vaxneuvance		239		214		12		137		182		-25		103		33		*
RotaTeq		193		156		24		131		108		21		62		48		28
Pneumovax 23		68		140		-51		19		42		-54		49		98		-50
Hospital Acute Care
Bridion		420		424		-1		339		265		28		81		159		-49
Prevymis		208		157		32		101		70		43		107		87		24
Dificid		96		74		31		83		69		20		13		5		190
Zerbaxa		64		53		22		39		29		34		26		24		6
Noxafil		41		51		-20		1		4		-85		40		47		-15
Cardiovascular
Winrevair		149				-		147				-		3				-
Alliance Revenue - Adempas/Verquvo ⁽⁵⁾		102		92		11		96		96		-1		7		-4		*
Adempas ⁽⁶⁾		72		65		11								72		65		11
Virology
Lagevrio		383		640		-40		84				-		299		640		-53
Isentress/Isentress HD		102		119		-14		54		58		-6		48		61		-21
Delstrigo		65		54		21		15		13		15		50		40		23
Pifeltro		42		37		14		31		27		12		12		10		20
Neuroscience
Belsomra		78		58		35		20		23		-12		58		35		66
Immunology
Simponi		189		179		5								189		179		5
Remicade		41		45		-9								41		45		-9
Diabetes ⁽⁷⁾
Januvia		278		581		-52		67		328		-80		211		252		-16
Janumet		204		255		-20		15		43		-67		190		211		-10
Other Pharmaceutical ⁽⁸⁾		644		568		13		213		189		13		426		381		12
ANIMAL HEALTH		1,487		1,400		6		487		462		6		999		938		6
Livestock		886		874		1		194		205		-5		692		669		3
Companion Animal		601		526		14		293		257		14		307		269		14
Other Revenues ⁽⁹⁾		227		299		-24		22		100		-78		206		199		4

*200% or greater

Sum of U.S. plus international may not equal global due to rounding.

⁽¹⁾ Only select products are shown.

⁽²⁾ Alliance Revenue represents Merck’s share of profits, which are product sales net of cost of sales and commercialization costs.

⁽³⁾ Alliance Revenue represents royalties.

⁽⁴⁾ Total Vaccines sales were $3,675 million and $4,002 million on a global basis in the third quarter of 2024 and 2023, respectively.

⁽⁵⁾ Alliance Revenue represents Merck's share of profits from sales in Bayer's marketing territories, which are product sales net of cost of sales and commercialization costs.

⁽⁶⁾ Net product sales in Merck's marketing territories.

⁽⁷⁾Total Diabetes sales were $592 million and $924 million on a global basis in the third quarter of 2024 and 2023, respectively.

⁽⁸⁾ Includes Pharmaceutical products not individually shown above.

⁽⁹⁾ Other Revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities. Other Revenues related to the receipt of upfront and milestone payments for out-licensed products were $15 million and $65 million on a global basis in the third quarter of 2024 and 2023, respectively.

MERCK & CO., INC.

FRANCHISE / KEY PRODUCT SALES

SEPTEMBER YEAR-TO-DATE 2024

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3b

	Global						U.S.						International
	Sep YTD 2024		Sep YTD 2023		% Change		Sep YTD 2024		Sep YTD 2023		% Change		Sep YTD 2024		Sep YTD 2023		% Change
TOTAL SALES ⁽¹⁾	$	48,544	$	45,485		7	$	24,089	$	21,393		13	$	24,455	$	24,092		2
PHARMACEUTICAL		43,358		40,442		7		22,563		19,840		14		20,795		20,602		1
Oncology
Keytruda		21,646		18,403		18		13,031		11,142		17		8,614		7,261		19
Alliance Revenue – Lynparza ⁽²⁾		947		884		7		449		439		2		498		445		12
Alliance Revenue – Lenvima ⁽²⁾		755		734		3		523		476		10		233		258		-10
Welireg		349		146		138		320		141		128		29		6		*
Alliance Revenue – Reblozyl ⁽³⁾		261		142		84		215		108		99		45		33		36
Vaccines ⁽⁴⁾
Gardasil/Gardasil 9		7,032		7,015		-		2,045		1,718		19		4,988		5,297		-6
ProQuad/M-M-R II/Varivax		1,891		1,823		4		1,500		1,435		5		391		388		1
Vaxneuvance		647		488		33		397		423		-6		251		65		*
RotaTeq		572		584		-2		388		381		2		185		203		-9
Pneumovax 23		188		327		-42		36		105		-66		152		223		-32
Hospital Acute Care
Bridion		1,315		1,413		-7		1,020		841		21		296		572		-48
Prevymis		570		430		33		265		186		43		305		244		25
Dificid		261		215		21		231		199		16		30		16		93
Zerbaxa		182		157		16		106		86		23		77		71		8
Noxafil		141		167		-15		9		29		-69		132		138		-4
Cardiovascular
Alliance Revenue - Adempas/Verquvo ⁽⁵⁾		306		259		18		283		249		14		22		10		123
Winrevair		219				-		216				-		3				-
Adempas ⁽⁶⁾		214		189		13								214		189		13
Virology
Lagevrio		843		1,236		-32		144				-		699		1,236		-43
Isentress/Isentress HD		302		377		-20		147		165		-11		155		212		-27
Delstrigo		180		148		22		42		37		13		139		110		26
Pifeltro		123		109		13		86		78		10		37		31		20
Neuroscience
Belsomra		177		176		-		53		60		-11		124		117		6
Immunology
Simponi		545		539		1								545		539		1
Remicade		115		144		-20								115		144		-20
Diabetes ⁽⁷⁾
Januvia		1,102		1,642		-33		428		842		-49		674		800		-16
Janumet		679		937		-28		70		182		-62		610		755		-19
Other Pharmaceutical ⁽⁸⁾		1,796		1,758		2		559		518		8		1,232		1,239		-1
ANIMAL HEALTH		4,480		4,347		3		1,417		1,418		-		3,063		2,929		5
Livestock		2,573		2,530		2		529		543		-3		2,044		1,987		3
Companion Animal		1,907		1,817		5		888		875		1		1,019		942		8
Other Revenues ⁽⁹⁾		706		696		2		109		135		-19		597		561		6

*200% or greater

Sum of U.S. plus international may not equal global due to rounding.

⁽¹⁾ Only select products are shown.

⁽²⁾ Alliance Revenue represents Merck’s share of profits, which are product sales net of cost of sales and commercialization costs.

⁽³⁾ Alliance Revenue represents royalties.

⁽⁴⁾ Total Vaccines sales were $10,755 million and $10,692 million on a global basis for September YTD 2024 and 2023, respectively.

⁽⁵⁾ Alliance Revenue represents Merck's share of profits from sales in Bayer's marketing territories, which are product sales net of cost of sales and commercialization costs.

⁽⁶⁾ Net product sales in Merck's marketing territories.

⁽⁷⁾ Total Diabetes sales were $2,053 million and $2,826 million on a global basis for September YTD 2024 and 2023, respectively.

⁽⁸⁾ Includes Pharmaceutical products not individually shown above.

⁽⁹⁾ Other Revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities. Other Revenues related to the receipt of upfront and milestone payments for out-licensed products were $91 million and $118 million on a global basis for September YTD 2024 and 2023, respectively.

MERCK & CO., INC.

PHARMACEUTICAL GEOGRAPHIC SALES

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3c

	2024												2023																		% Change
	1Q			2Q			3Q			Sep YTD			1Q			2Q			3Q			Sep YTD			4Q			Full Year			3Q		Sep YTD
TOTAL PHARMACEUTICAL	$	14,006		$	14,408		$	14,943		$	43,358		$	12,721		$	13,457		$	14,263		$	40,442		$	13,141		$	53,583			5		7

United States		6,936			7,399			8,227			22,563			6,117			6,570			7,153			19,840			6,698			26,539			15		14
% Pharmaceutical Sales		49.5	%		51.4	%		55.1	%		52.0	%		48.1	%		48.8	%		50.1	%		49.1	%		51.0	%		49.5	%
Europe ⁽¹⁾		2,555			2,572			2,620			7,748			2,326			2,401			2,497			7,224			2,491			9,715			5		7
% Pharmaceutical Sales		18.2	%		17.9	%		17.5	%		17.9	%		18.3	%		17.8	%		17.5	%		17.9	%		19.0	%		18.1	%
China		1,744			1,790			996			4,530			1,694			1,887			1,674			5,255			1,456			6,710			-40		-14
% Pharmaceutical Sales		12.5	%		12.4	%		6.7	%		10.4	%		13.3	%		14.0	%		11.7	%		13.0	%		11.1	%		12.5	%
Japan		802			664			919			2,386			737			652			1,062			2,451			629			3,081			-13		-3
% Pharmaceutical Sales		5.7	%		4.6	%		6.2	%		5.5	%		5.8	%		4.8	%		7.4	%		6.1	%		4.8	%		5.7	%
Latin America		601			661			730			1,992			470			566			696			1,731			596			2,328			5		15
% Pharmaceutical Sales		4.3	%		4.6	%		4.9	%		4.6	%		3.7	%		4.2	%		4.9	%		4.3	%		4.5	%		4.3	%
Asia Pacific (other than China and Japan)		580			595			669			1,844			703			705			636			2,045			616			2,661			5		-10
% Pharmaceutical Sales		4.1	%		4.1	%		4.5	%		4.3	%		5.5	%		5.2	%		4.5	%		5.1	%		4.7	%		5.0	%
Eastern Europe/Middle East/Africa		395			353			400			1,147			381			370			301			1,052			299			1,351			33		9
% Pharmaceutical Sales		2.8	%		2.4	%		2.7	%		2.6	%		3.0	%		2.7	%		2.1	%		2.6	%		2.3	%		2.5	%
Canada		138			143			133			414			141			127			133			401			138			540			-		3
% Pharmaceutical Sales		1.0	%		1.0	%		0.9	%		1.0	%		1.1	%		0.9	%		0.9	%		1.0	%		1.1	%		1.0	%
Other		255			231			249			734			152			179			111			443			218			658			124		66
% Pharmaceutical Sales		1.9	%		1.6	%		1.5	%		1.7	%		1.2	%		1.6	%		0.9	%		0.9	%		1.5	%		1.4	%

Sum of quarterly amounts may not equal year-to-date amounts due to rounding.

⁽¹⁾ Europe represents all European Union countries, the European Union accession markets and the United Kingdom.

MERCK & CO., INC.

OTHER (INCOME) EXPENSE, NET - GAAP

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 4

OTHER (INCOME) EXPENSE, NET

	3Q24			3Q23			Sep YTD 2024			Sep YTD 2023
Interest income	$	(127	)	$	(73	)	$	(269	)	$	(295	)
Interest expense		330			317			943			836
Exchange losses		33			85			177			208
Loss (income) from investments in equity securities, net ⁽¹⁾		31			33			(169	)		(240	)
Net periodic defined benefit plan (credit) cost other than service cost		(157	)		(138	)		(476	)		(364	)
Other, net		(272	)		(98	)		(357	)		243
Total	$	(162	)	$	126		$	(151	)	$	388

⁽¹⁾Includes net realized and unrealized gains and losses from investments in equity securities either owned directly or through ownership interests in investment funds. Unrealized gains and losses from investments that are directly owned are determined at the end of the reporting period, while gains and losses from ownership interests in investment funds are accounted for on a one quarter lag.