EVOLUTION AT MERCK - INVENTING FOR LIFE slide image

EVOLUTION AT MERCK - INVENTING FOR LIFE

MERCK INVENTING FOR LIFE EXPECT MEANINGFUL OPERATING MARGIN EXPANSION & INCREASED ROIC 30% Non-GAAP SG&A as % of sales 40% Non-GAAP Operating margin expansion (%) Return on Invested Capital (%)¹ 2014 2015 2016 2017 2018 2021 2022 2023 2014 2015 2016 2017 2018 2021 2022 2023 20% Non-GAAP R&D as % of sales 2014 2015 2016 2017 2018 2021 2022 2023 14% 12% 11% 10% 8% Rob Davis 2015 2016 2017 2018 2023 12 2014 1Excludes BD & Goodwill
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