1. Indonesia Stocks

  2. •

    Health technology

  3. •

    Pharmaceuticals: major
PT Merck Tbk

PT Merck Tbk

IIDX:MERK
3,790.00
IDR
+190.00
(+5.28%)
743.66EPS
4.84P/E
1.61TMarket Cap
PT Merck Tbk
IDX:MERK
(Indonesia Stock Exchange)

Recent

price

3,790.00

P/E

ratio

4.84

div

yld

4.46%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
IDR
1,776.09
2,050.3
2,075.62
1,798.54
1,926.8
16,995.04
2,309.84
1,299.11
1,365.98
1,662.13
1,463.94
2,375.88
2,510.27
2,146.06
2,314.17
2,680.06
3,015.06
Revenue per Share
265.17
515.98
240.64
391.62
406.58
2,463.34
343.4
322.94
2,596.71
174.68
160.5
293.89
401.42
397.86
342.55
544.41
743.66
Basic EPS, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Free Cash Flow per Basic Share
244.92
222.79
414.51
177.14
311.95
3,797.71
99.8
273.41
2,815.51
2.27
128.65
123.32
239.43
321.18
318.99
170
169.19
Dividend per Share
810.31
1,103.08
930.23
1,126.39
1,214.83
1,057.02
1,300.61
1,373.74
1,156.88
1,325.92
1,367.6
1,526.88
1,690.27
1,776.52
1,801.95
2,177.93
2,152.43
Book Value per Share
789.23
1,085.47
915.93
1,115.7
1,208.29
1,054.62
1,300.1
1,371.56
1,154.13
1,322.57
1,364.58
1,524.38
1,688.29
1,773.97
1,797.74
2,174.26
2,146.48
Tangible Book Value per Share
448
448
448
448
448
58
448
448
448
448
448
448
448
448
448
448
448
Basic Weighted Avg Shares
795,689
918,532
929,877
805,746
863,208
983,446
1,034,807
582,002
611,958
744,635
655,847
1,064,395
1,124,600
961,434
1,036,748
1,200,667
1,350,746
Sales/Revenue/Turnover
19.47
21.21
15.06
23.87
23.34
18.93
20.74
7.4
7.54
17.06
16.88
17.99
21.08
20.76
18.7
26.76
31.92
Operating Margin (%)
- -
6,429
6,034
3,666
3,046
3,675
3,128
1,334
1,082
2,927
10,876
10,177
8,646
8,746
8,186
8,861
7,686
Depreciation Expense
118,794
231,159
107,808
175,445
182,147
142,545
153,843
144,677
1,163,324
78,257
71,902
131,661
179,838
178,240
153,463
243,896
333,162
Net Income, GAAP
24.49
18.38
26.12
25.23
26.66
26.5
28.42
29.69
25.55
37.84
32.17
30.89
24.37
12.25
21.33
25.49
25.61
Effective Tax Rate (%)
14.93
25.17
11.59
21.77
21.1
14.49
14.87
24.86
190.1
10.51
10.96
12.37
15.99
18.54
14.8
20.31
24.67
Profit Margin (%)
274,858
426,295
344,055
440,419
465,519
351,244
387,993
384,918
263,873
405,926
412,057
485,191
556,513
593,162
600,708
801,455
809,589
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
14,971
13,119
9,730
11,196
12,654
9,137
15,152
LT Debt
363,017
494,182
416,742
504,624
544,244
473,543
582,672
615,437
518,280
594,012
612,683
684,044
757,242
795,879
807,274
975,714
964,290
Total Equity
31.67
51.89
22.4
30.78
27.62
26.52
28.56
4.9
4.32
9.65
11.32
18.21
22.7
21.16
18.15
25.13
34.3
Return on Invested Capital (%)
33.13
54.01
23.73
38.13
34.77
28.01
29.13
24.14
204.21
14.29
12.14
19.94
24.69
22.9
19.13
26.98
36.62
Return on Capital (%)
33.13
53.93
23.67
38.08
34.73
28.01
29.13
24.15
205.22
14.07
11.92
20.31
24.96
22.95
19.15
27.36
37.14
Return on Common Equity (%)

Capital Structure

IDR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
5,091
2,540
2,309
LT Borrowings
- -
- -
- -
LT Finance Leases
9,137
16,082
15,152
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
448
448
448
Market Capitalization
1,500,800
1,375,360
1,612,800

Working Capital

IDR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,047,414
1,098,874
1,012,231
Cash, Cash Equivalents & STI
363,850
443,140
328,000
Accounts Receivable, Net
265,115
195,904
262,915
Inventories
316,095
281,866
327,699
Total Current Liabilities
245,959
223,714
202,643
Payables & Accruals
- -
- -
- -
ST Debt
5,091
2,540
2,309
Deferred Revenue
- -
- -
- -

Growth Rates

IDR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.04%
9.95%
20.87%
Free Cash Flow
- -
- -
- -
Net Income, GAAP
76.85%
32.77%
58.93%
Sales/Revenue/Turnover
5.34%
15.42%
15.81%
Total Cash Common Dividend
657.23%
15.35%
-46.71%

Quarterly Revenue

IDR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
249,496
221,709
282,532
283,010
1,036,748
2025
215,161
264,996
333,953
386,557
1,200,667
2026
283,105
347,131
- -
- -
- -

Quarterly Earnings Per Share

IDR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
52.8
52.55
66.65
170.55
342.55
2025
29.45
20.8
177.65
316.51
544.41
2026
145.49
104.01
- -
- -
- -

Quarterly Dividends Per Share

IDR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
0.04
0.04
318.99
2025
0.81
- -
169.46
-0.27
170
2026
- -
- -
- -
- -
- -
Similar Companies
Eli Lilly and Company (NYSE:LLY)
Novo Nordisk A/S (NYSE:NVO)
Johnson & Johnson (NYSE:JNJ)
Pfizer, Inc. (NYSE:PFE)
Dr. Reddy's Laboratories Ltd. (NSE:DRREDDY)
Divi's Laboratories Limited (NSE:DIVISLAB)
Business
PT Merck Tbk engages in the manufacture, sale, and distribution of pharmaceutical and healthcare products primarily in Indonesia and internationally. The company operates through three main segments: Biopharma, Consumer Health, and Others; its Biopharma segment offers prescription medicines addressing cardiovascular conditions, metabolic disorders, oncology including colorectal and head and neck cancer, endocrinology, fertility such as infertility treatments, neurodegenerative diseases, growth hormone disorders, diabetes, thyroid disorders like hypothyroidism, multiple sclerosis, and general medicines including brands such as Bavencio, Cetrotide, and Concor; the Consumer Health segment provides over-the-counter products like Biocream; and the Others segment includes office and property leasing and management activities. Founded in 1970 and listed on the Indonesia Stock Exchange in 1981, PT Merck Tbk is headquartered in Pasar Rebo, East Jakarta, with a GMP-certified production facility serving as the only manufacturing site in Southeast Asia for its parent company, Merck Holding GmbH of Germany; it employs approximately 376 people and focuses on healthcare markets targeting patients, physicians, and institutions across Indonesia. In recent developments within the last two years, the company reported a net profit decline to IDR 153.46 billion for full-year 2024 amid currency challenges, approved a dividend payout of IDR 76.16 billion, achieved recognition at the 2025 Indonesia Sustainability Award, and committed to sustainability through on-site solar panel installations announced in October 2024; while no direct acquisitions or partnerships were recorded for PT Merck Tbk itself, its parent Merck Group pursued strategic expansions including the acquisition of SpringWorks Therapeutics for approximately $3.9 billion in 2025 to bolster oncology in rare tumors, alongside extended digital transformation partnerships with Siemens.