Merck ends exclusion of upfront/milestone payments and pre-approval asset charges from non-GAAP results

Merck & Co., Inc.

Merck will no longer exclude upfront/milestone payments and pre-approval asset acquisition charges from non-GAAP results, effective Q1 2022.
Recast FY2021 non-GAAP EPS from continuing ops is $5.37, down from previously reported $6.02; FY2020 revised to $2.97 from $4.53.
Change aligns with SEC staff views; does not affect Q1 2021 or Q1 2022 non-GAAP results.
Revised non-GAAP R&D expense for full-year 2021 is $11,738M vs previously reported $10,077M (increase of $1,661M).
The recast 2021 annual net income attributable to Merck is $13,623M vs previously $15,282M.

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