Subtext

Merck & Co., Inc. MRK

SectorHealth Care
Transcripts75
Date range2006-10-20 – 2025-04-24
Calls charted75

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-23-12+0+12+232006 Q32009 Q12011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12006 Q3 · Overall: -3.02006 Q4 · Overall: -2.92007 Q1 · Overall: -5.32007 Q2 · Overall: +0.02007 Q3 · Overall: +1.62007 Q4 · Overall: +3.02008 Q1 · Overall: +4.12008 Q2 · Overall: -3.22008 Q3 · Overall: -2.42008 Q4 · Overall: +2.92009 Q1 · Overall: +3.02009 Q2 · Overall: +4.02009 Q3 · Overall: +4.32009 Q4 · Overall: +6.82010 Q1 · Overall: +6.82010 Q2 · Overall: +6.62010 Q3 · Overall: +5.22010 Q4 · Overall: +9.62011 Q1 · Overall: +15.12011 Q2 · Overall: +9.92011 Q3 · Overall: +13.12011 Q4 · Overall: +10.52012 Q1 · Overall: +10.12012 Q2 · Overall: +7.22012 Q3 · Overall: +9.12012 Q4 · Overall: +5.22013 Q1 · Overall: +7.12013 Q2 · Overall: +9.12013 Q3 · Overall: +6.42013 Q4 · Overall: +10.32014 Q1 · Overall: +10.82014 Q2 · Overall: +7.82014 Q3 · Overall: +4.82014 Q4 · Overall: +9.12015 Q1 · Overall: +5.72015 Q2 · Overall: +6.02015 Q3 · Overall: +7.22015 Q4 · Overall: +9.32016 Q1 · Overall: +4.62016 Q2 · Overall: +9.02016 Q3 · Overall: +6.52016 Q4 · Overall: +2.92017 Q1 · Overall: -5.52017 Q2 · Overall: +4.82017 Q3 · Overall: +10.12017 Q4 · Overall: +2.92018 Q1 · Overall: +9.42018 Q2 · Overall: +8.12018 Q3 · Overall: +9.52018 Q4 · Overall: +4.72019 Q1 · Overall: +13.02019 Q2 · Overall: +4.52019 Q3 · Overall: +10.32019 Q4 · Overall: +20.22020 Q1 · Overall: -0.92020 Q2 · Overall: +7.92020 Q3 · Overall: +10.42020 Q4 · Overall: +8.32021 Q1 · Overall: +17.02021 Q2 · Overall: +14.32021 Q3 · Overall: +13.12021 Q4 · Overall: +10.02022 Q1 · Overall: +12.92022 Q2 · Overall: +12.82022 Q3 · Overall: +14.42022 Q4 · Overall: +9.82023 Q1 · Overall: +16.42023 Q2 · Overall: +9.62023 Q3 · Overall: +13.72023 Q4 · Overall: +11.42024 Q1 · Overall: +0.32024 Q2 · Overall: +8.42024 Q3 · Overall: +12.42024 Q4 · Overall: +5.42025 Q1 · Overall: +6.6
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-65-33+0+33+652006 Q32009 Q12011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12007 Q1 · CEO: +2.62007 Q4 · CEO: +16.82008 Q1 · CEO: +18.42008 Q2 · CEO: +5.82008 Q3 · CEO: +6.12008 Q4 · CEO: +9.52009 Q1 · CEO: +14.12009 Q3 · CEO: +32.92009 Q4 · CEO: +22.22010 Q1 · CEO: +21.52010 Q2 · CEO: +21.52010 Q3 · CEO: +18.62010 Q4 · CEO: +12.12011 Q1 · CEO: +21.12011 Q2 · CEO: +19.62011 Q3 · CEO: +30.22012 Q1 · CEO: +18.32012 Q2 · CEO: +15.02012 Q3 · CEO: +16.62012 Q4 · CEO: +14.52013 Q1 · CEO: +15.72013 Q2 · CEO: +16.62013 Q3 · CEO: +20.62013 Q4 · CEO: +24.22014 Q2 · CEO: +17.32014 Q3 · CEO: +13.52014 Q4 · CEO: +35.92015 Q1 · CEO: +29.22015 Q2 · CEO: +26.22015 Q3 · CEO: +24.62015 Q4 · CEO: +11.42016 Q3 · CEO: +17.22016 Q4 · CEO: +7.42017 Q1 · CEO: +0.92017 Q2 · CEO: +6.02017 Q3 · CEO: +34.12017 Q4 · CEO: +9.52018 Q1 · CEO: +20.92018 Q2 · CEO: +9.82018 Q3 · CEO: +18.22018 Q4 · CEO: +7.42019 Q1 · CEO: +33.22019 Q2 · CEO: +9.92019 Q3 · CEO: +56.62019 Q4 · CEO: +40.42020 Q1 · CEO: +17.12020 Q2 · CEO: +19.72020 Q3 · CEO: +35.72020 Q4 · CEO: +29.72021 Q1 · CEO: +50.72021 Q2 · CEO: +21.02021 Q3 · CEO: +29.12021 Q4 · CEO: +22.12022 Q1 · CEO: +28.82022 Q2 · CEO: +20.12022 Q3 · CEO: +25.12022 Q4 · CEO: +19.02023 Q1 · CEO: +25.52023 Q2 · CEO: +19.52023 Q3 · CEO: +22.22023 Q4 · CEO: +24.52024 Q1 · CEO: +8.42024 Q2 · CEO: +11.22024 Q3 · CEO: +25.22024 Q4 · CEO: +16.72025 Q1 · CEO: +15.42006 Q3 · CFO: +3.72006 Q4 · CFO: +1.52007 Q1 · CFO: -1.72007 Q2 · CFO: +4.02007 Q3 · CFO: +8.72007 Q4 · CFO: +2.12008 Q1 · CFO: +4.32008 Q2 · CFO: +0.42008 Q3 · CFO: -8.62008 Q4 · CFO: +3.02009 Q1 · CFO: +0.72009 Q2 · CFO: -1.22009 Q3 · CFO: +1.12009 Q4 · CFO: +4.02010 Q1 · CFO: +3.02010 Q2 · CFO: +2.32010 Q3 · CFO: +6.52010 Q4 · CFO: +2.32011 Q1 · CFO: +15.02011 Q2 · CFO: +10.02011 Q3 · CFO: +15.52011 Q4 · CFO: +9.82012 Q1 · CFO: +7.22012 Q2 · CFO: +11.92012 Q3 · CFO: +12.72012 Q4 · CFO: +11.82013 Q1 · CFO: +9.32013 Q2 · CFO: +5.22013 Q3 · CFO: +4.12013 Q4 · CFO: +7.42014 Q1 · CFO: +12.92014 Q2 · CFO: +9.02014 Q3 · CFO: +7.42014 Q4 · CFO: +10.22015 Q2 · CFO: +4.42015 Q4 · CFO: +7.82016 Q3 · CFO: +7.82016 Q4 · CFO: +4.52017 Q1 · CFO: -5.52017 Q2 · CFO: -1.82017 Q3 · CFO: +9.92017 Q4 · CFO: +14.32018 Q1 · CFO: +12.12018 Q2 · CFO: +5.12018 Q3 · CFO: +16.22018 Q4 · CFO: +10.62019 Q1 · CFO: +17.12019 Q2 · CFO: +5.12019 Q3 · CFO: +18.92019 Q4 · CFO: +26.72020 Q1 · CFO: +9.12020 Q2 · CFO: +27.12020 Q3 · CFO: +24.72020 Q4 · CFO: +15.92021 Q1 · CFO: +38.22021 Q2 · CFO: +19.62021 Q3 · CFO: +37.52021 Q4 · CFO: +26.22022 Q1 · CFO: +26.42022 Q2 · CFO: +25.42022 Q3 · CFO: +23.52022 Q4 · CFO: +25.82023 Q1 · CFO: +30.62023 Q2 · CFO: +19.92023 Q3 · CFO: +33.72023 Q4 · CFO: +29.82024 Q1 · CFO: +13.72024 Q2 · CFO: +25.62024 Q3 · CFO: +29.32024 Q4 · CFO: +17.52025 Q1 · CFO: +19.3
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-40-20+0+20+402006 Q32009 Q12011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12006 Q3 · Prepared remarks: +5.02006 Q4 · Prepared remarks: +0.92007 Q1 · Prepared remarks: -3.02007 Q2 · Prepared remarks: +6.92007 Q3 · Prepared remarks: +6.02007 Q4 · Prepared remarks: +9.82008 Q1 · Prepared remarks: +9.82008 Q2 · Prepared remarks: +2.62008 Q3 · Prepared remarks: +0.32008 Q4 · Prepared remarks: +4.62009 Q1 · Prepared remarks: +8.52009 Q2 · Prepared remarks: +11.32009 Q3 · Prepared remarks: +12.02009 Q4 · Prepared remarks: +8.52010 Q1 · Prepared remarks: +15.72010 Q2 · Prepared remarks: +9.42010 Q3 · Prepared remarks: +13.32010 Q4 · Prepared remarks: +20.32011 Q1 · Prepared remarks: +22.92011 Q2 · Prepared remarks: +19.32011 Q3 · Prepared remarks: +20.02011 Q4 · Prepared remarks: +16.22012 Q1 · Prepared remarks: +18.32012 Q2 · Prepared remarks: +13.52012 Q3 · Prepared remarks: +13.22012 Q4 · Prepared remarks: +7.52013 Q1 · Prepared remarks: +7.32013 Q2 · Prepared remarks: +12.62013 Q3 · Prepared remarks: +11.32013 Q4 · Prepared remarks: +16.02014 Q1 · Prepared remarks: +13.02014 Q2 · Prepared remarks: +10.32014 Q3 · Prepared remarks: +8.92014 Q4 · Prepared remarks: +13.02015 Q1 · Prepared remarks: +9.12015 Q2 · Prepared remarks: +7.92015 Q3 · Prepared remarks: +11.82015 Q4 · Prepared remarks: +15.42016 Q1 · Prepared remarks: +10.72016 Q2 · Prepared remarks: +14.32016 Q3 · Prepared remarks: +13.22016 Q4 · Prepared remarks: +9.52017 Q1 · Prepared remarks: +1.72017 Q2 · Prepared remarks: +7.82017 Q3 · Prepared remarks: +14.32017 Q4 · Prepared remarks: +9.22018 Q1 · Prepared remarks: +11.52018 Q2 · Prepared remarks: +15.92018 Q3 · Prepared remarks: +19.72018 Q4 · Prepared remarks: +11.42019 Q1 · Prepared remarks: +16.42019 Q2 · Prepared remarks: +5.22019 Q3 · Prepared remarks: +16.22019 Q4 · Prepared remarks: +34.42020 Q1 · Prepared remarks: +7.82020 Q2 · Prepared remarks: +14.72020 Q3 · Prepared remarks: +19.52020 Q4 · Prepared remarks: +21.92021 Q1 · Prepared remarks: +26.62021 Q2 · Prepared remarks: +25.82021 Q3 · Prepared remarks: +22.82021 Q4 · Prepared remarks: +19.82022 Q1 · Prepared remarks: +21.92022 Q2 · Prepared remarks: +21.22022 Q3 · Prepared remarks: +22.32022 Q4 · Prepared remarks: +20.72023 Q1 · Prepared remarks: +17.02023 Q2 · Prepared remarks: +24.02023 Q3 · Prepared remarks: +25.52023 Q4 · Prepared remarks: +27.12024 Q1 · Prepared remarks: +29.72024 Q2 · Prepared remarks: +24.72024 Q3 · Prepared remarks: +18.72024 Q4 · Prepared remarks: +16.52025 Q1 · Prepared remarks: +6.82006 Q3 · Q&A responses: -8.02006 Q4 · Q&A responses: -6.32007 Q1 · Q&A responses: -3.72007 Q2 · Q&A responses: -4.42007 Q3 · Q&A responses: -0.62007 Q4 · Q&A responses: -1.12008 Q1 · Q&A responses: +1.42008 Q2 · Q&A responses: -5.62008 Q3 · Q&A responses: -3.72008 Q4 · Q&A responses: +1.12009 Q1 · Q&A responses: -0.82009 Q2 · Q&A responses: +0.02009 Q3 · Q&A responses: +1.32009 Q4 · Q&A responses: +12.52010 Q1 · Q&A responses: +4.62010 Q2 · Q&A responses: +9.52010 Q3 · Q&A responses: +6.02010 Q4 · Q&A responses: +4.82011 Q1 · Q&A responses: +17.02011 Q2 · Q&A responses: +9.52011 Q3 · Q&A responses: +15.62011 Q4 · Q&A responses: +13.32012 Q1 · Q&A responses: +9.02012 Q2 · Q&A responses: +9.32012 Q3 · Q&A responses: +12.72012 Q4 · Q&A responses: +8.12013 Q1 · Q&A responses: +9.22013 Q2 · Q&A responses: +12.12013 Q3 · Q&A responses: +8.62013 Q4 · Q&A responses: +12.42014 Q1 · Q&A responses: +12.32014 Q2 · Q&A responses: +12.92014 Q3 · Q&A responses: +9.12014 Q4 · Q&A responses: +12.32015 Q1 · Q&A responses: +3.82015 Q2 · Q&A responses: +4.42015 Q3 · Q&A responses: +4.72015 Q4 · Q&A responses: +7.62016 Q1 · Q&A responses: +2.02016 Q2 · Q&A responses: +6.52016 Q3 · Q&A responses: +3.72016 Q4 · Q&A responses: -1.62017 Q1 · Q&A responses: -0.72017 Q2 · Q&A responses: +4.92017 Q3 · Q&A responses: +9.22017 Q4 · Q&A responses: +1.12018 Q1 · Q&A responses: +8.82018 Q2 · Q&A responses: +9.52018 Q3 · Q&A responses: +3.02018 Q4 · Q&A responses: +5.52019 Q1 · Q&A responses: +12.12019 Q2 · Q&A responses: +8.42019 Q3 · Q&A responses: +15.72019 Q4 · Q&A responses: +14.62020 Q1 · Q&A responses: -4.52020 Q2 · Q&A responses: +4.72020 Q3 · Q&A responses: -0.82020 Q4 · Q&A responses: +3.02021 Q1 · Q&A responses: +10.02021 Q2 · Q&A responses: +7.02021 Q3 · Q&A responses: +3.52021 Q4 · Q&A responses: +0.32022 Q1 · Q&A responses: +5.12022 Q2 · Q&A responses: +7.82022 Q3 · Q&A responses: +8.52022 Q4 · Q&A responses: +6.82023 Q2 · Q&A responses: +2.82023 Q3 · Q&A responses: +11.42023 Q4 · Q&A responses: +1.02024 Q1 · Q&A responses: +3.02024 Q2 · Q&A responses: +3.32024 Q3 · Q&A responses: +15.42024 Q4 · Q&A responses: +5.8
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$3.02$6.41$9.802006 Q32009 Q12011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12014 Q1: $3.502014 Q2: $3.562014 Q3: $3.572014 Q4: $3.562015 Q1: $3.492015 Q2: $3.632015 Q3: $3.732015 Q4: $3.752016 Q1: $3.752016 Q2: $3.742016 Q3: $3.832016 Q4: $3.892017 Q1: $3.902017 Q2: $4.012017 Q3: $4.102017 Q4: $4.072018 Q1: $4.232018 Q2: $4.382018 Q3: $4.542018 Q4: $4.702019 Q1: $4.812019 Q2: $5.032019 Q3: $5.352019 Q4: $5.602020 Q1: $5.862020 Q2: $5.692020 Q3: $6.182020 Q4: $6.342021 Q1: $6.742021 Q2: $6.372021 Q3: $6.222021 Q4: $7.182022 Q1: $7.252022 Q2: $7.362022 Q3: $7.432022 Q4: $7.542023 Q1: $7.312023 Q2: $7.582023 Q3: $7.082023 Q4: $8.542024 Q1: $8.882024 Q2: $9.292024 Q3: $9.34

Forward P/E

9.9713.7317.492006 Q32009 Q12011 Q32014 Q12016 Q32019 Q12021 Q32024 Q12014 Q1: 15.972014 Q2: 16.412014 Q3: 16.762014 Q4: 16.192015 Q1: 16.532015 Q2: 15.952015 Q3: 14.422015 Q4: 14.412016 Q1: 13.832016 Q2: 15.002016 Q3: 16.012016 Q4: 15.892017 Q1: 16.572017 Q2: 15.802017 Q3: 15.952017 Q4: 13.982018 Q1: 12.962018 Q2: 14.272018 Q3: 15.412018 Q4: 15.702019 Q1: 16.962019 Q2: 16.972019 Q3: 15.532019 Q4: 16.002020 Q1: 12.222020 Q2: 13.412020 Q3: 13.842020 Q4: 12.592021 Q1: 11.472021 Q2: 12.042021 Q3: 11.712021 Q4: 10.492022 Q1: 10.772022 Q2: 11.502022 Q3: 11.702022 Q4: 14.792023 Q1: 14.722023 Q2: 14.342023 Q3: 15.232023 Q4: 12.542024 Q1: 13.762024 Q2: 13.782024 Q3: 12.71

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q2 tone ↓ -3.0 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q3 tone ↓ -2.4 fwd EPS ↑ +0.09 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q4 tone ↓ -3.7 fwd EPS ↑ +0.06 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q4 tone ↓ -4.8 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↓ -8.5 fwd EPS ↑ +0.22 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -21.0 fwd EPS ↑ +0.26 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +8.8 fwd EPS ↓ -0.17 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↓ -2.0 fwd EPS ↑ +0.16 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q4 tone ↓ -3.1 fwd EPS ↑ +0.96 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↓ -4.6 fwd EPS ↑ +0.11 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↑ +6.6 fwd EPS ↓ -0.23 Tone rose while the forward EPS estimate was cut.
  • 2023 Q2 tone ↓ -6.8 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↑ +4.1 fwd EPS ↓ -0.50 Tone rose while the forward EPS estimate was cut.
  • 2023 Q4 tone ↓ -2.3 fwd EPS ↑ +1.46 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -11.1 fwd EPS ↑ +0.34 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-24+6.6——View →
2024 Q42025-02-04+5.4——View →
2024 Q32024-10-31+12.4$9.3412.7View →
2024 Q22024-07-30+8.4$9.2913.8View →
2024 Q12024-04-25+0.3$8.8813.8View →
2023 Q42024-02-01+11.4$8.5412.5View →
2023 Q32023-10-26+13.7$7.0815.2View →
2023 Q22023-08-01+9.6$7.5814.3View →