MSD R&D INNOVATION CENTRE LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors have prepared the financial statements on a going concern basis. Before confirming the appropriateness of the going concern basis of preparation, the Directors reviewed and considered the following: The relative strength of the MSD Group's and the Company's balance sheets in this context. The level of cash held by the Group and access to further third-party debt. On 19 December 2024 MSD R&D Innovation Centre Limited issued Merck Sharp & Dohme Research GmbH. with 1 share at a premium, as detailed in Note 15. This provided sufficient investment to sustain a net asset position and provided sufficient cash to meet the entities expenditure needs for the period ending 31 December 2024 and the forecast expenditure requirements for the period ending 31 December 2025. The directors continue to monitor the funding needs of the company and have obtained written confirmation from their immediate parent company Merck Sharp & Dohme Research GmbH., confirming support to enable the company to meet its liabilities when they fall due for a period of at least 12 months from the date of the approval of the financial statements. The company, therefore, continues to adopt the going concern basis in preparing its financial statements.”

Significant events

• “On the 10 September 2025 the Group announced that MSD Research Laboratories (MRL) intends to discontinue discovery research activities in the UK. The company also announced it no longer intends to occupy a new UK Discovery Research and Headquarters at the Belgrove House site in King's Cross.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

1

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +5.4%

  £50,243,000 → £52,973,000

• Cash

  —

  Not reported

• Net assets

  +83.3%

  £17,129,000 → £31,399,000

• Employees

  +20.7%

  140 → 169

• Operating profit

  -92.6%

  £5,611,000 → £415,000

• Profit before tax

  -6.6%

  £5,380,000 → £5,023,000

• Wages

  +10.5%

  £17,193,000 → £18,994,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers