Table T-5.5
Merck & Co., Inc.
Normalized Income Statement
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
Sales
100
100
100
100
100
100
100
100
100
100
Cost of Goods Sold
52
50
47
45
40
24
22
22
23
24
Gross Profit
48
50
53
55
60
76
78
78
77
76
Operating Expenses
27
25
27
28
29
39
42
41
42
42
Operating Profit
21
25
26
28
31
37
36
36
35
34
Interest
0
0
0
0
0
0
0
0
0
0
Other
-9
-3
-2
-1
1
8
-1
-1
-1
-1
Profit before tax
30
27
28
29
29
30
37
37
35
35
Tax
11
8
8
9
9
9
12
12
12
12
Profit after tax
20
20
20
20
20
21
25
25
23
23