Earnings Per Share

9 Months Ended

Sep. 30, 2023

The calculations of earnings per share are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ and shares in millions except per share amounts)	2023		2022		2023		2022
Net Income Attributable to Merck & Co., Inc.	$	4,745	$	3,248	$	1,591	$	11,502
Average common shares outstanding	2,537		2,533		2,538		2,531
Common shares issuable (1)	9		9		11		9
Average common shares outstanding assuming dilution	2,546		2,542		2,549		2,540
Basic Earnings per Common Share Attributable to Merck & Co., Inc. Common Shareholders	$	1.87	$	1.28	$	0.63	$	4.55
Earnings per Common Share Assuming Dilution Attributable to Merck & Co., Inc. Common Shareholders	$	1.86	$	1.28	$	0.62	$	4.53

(1) Issuable primarily under share-based compensation plans.

For the third quarter of 2023 and 2022, 6 million and 2 million, respectively, and for the first nine months of 2023 and 2022, 5 million and 5 million, respectively, of common shares issuable under share-based compensation plans were excluded from the computations of earnings per common share assuming dilution because the effect would have been antidilutive.