Summary: Merck & Co. Inc. Dec 11
Standard & Poors, December 2011
Abstract
The strong investment-grade rating on Whitehouse Station, N.J.-based Merck & Co. Inc. reflects its diverse portfolio of high-margin products and steady stream of new product launches, key elements supporting its "excellent" business risk profile (as defined in Standard & Poor's Ratings Services' criteria). A long history of conservative financial policies and solid cash flows that we expect to exceed capital spending and dividends by nearly $6 billion in 2011 underpin our "minimal" financial risk assessment (as defined in our criteria) on the company. Merck is the second-largest branded pharmaceutical company in the world, with human prescription pharmaceuticals providing 86% of all revenues and the bulk of profits and cash flow. Animal health and consumer health care operations, combined, account for...
Companies mentioned in this report are: Merck & Co. Inc.
Action: Review
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Merck & Co. Inc.
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