Merck & Co. (MRK) S-3ASR Automatic shelf registration

Exhibit 12

MERCK & CO., INC. AND SUBSIDIARIES

Computation of Ratios of Earnings to Fixed Charges

($ in millions except ratio data)

	Nine Months Ended September 30,			Years ended December 31,
	2015			2014			2013			2012			2011			2010
Income Before Taxes	$	4,585		$	17,283		$	5,545		$	8,739		$	7,334		$	1,653
Add (Subtract):
One-third of rents		75			117			122			133			138			144
Interest expense, gross		503			732			801			714			749			715
Interest capitalized, net of amortization		(3	)		(1	)		(2	)		(49	)		(2	)		3
Equity (income) loss from affiliates, net of distributions		(198	)		(72	)		(168	)		(350	)		(394	)		(263	)
Earnings as defined	$	4,962		$	18,059		$	6,298		$	9,187		$	7,825		$	2,252
One-third of rents	$	75		$	117		$	122		$	133		$	138		$	144
Interest expense, gross		503			732			801			714			749			715
Preferred stock dividends		–			86			147			163			138			202
Fixed Charges	$	578		$	935		$	1,070		$	1,010		$	1,025		$	1,061
Ratio of Earnings to Fixed Charges		9			19			6			9			8			2

For purposes of computing these ratios, “earnings” consist of income before taxes, one-third of rents (deemed by the Company to be representative of the interest factor inherent in rents), interest expense, interest capitalized, net of amortization and equity (income) loss from affiliates, net of distributions. “Fixed charges” consist of one-third of rents, interest expense and dividends on preferred stock. Interest expense does not include interest related to uncertain tax positions.