<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the fiscal year ended DECEMBER 31, 1995
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the transition period from ____________ to ___________
Commission File Number 1-3305 (Merck & Co., Inc.)
A. Full title of the plan and the address of the
plan, if different from that of the issuer named below:
ASTRA MERCK INC.
EMPLOYEE SAVINGS AND SECURITY PLAN
725 CHESTERBROOK BOULEVARD
WAYNE, PA 19087-5677
B. Name of issuer of the securities held pursuant to
the plan and the address of its principal executive office:
MERCK & CO., INC.
ONE MERCK DRIVE
WHITEHOUSE STATION, NJ 08889-0100
<PAGE> 2
ASTRA MERCK INC.
EMPLOYEE SAVINGS AND SECURITY PLAN
FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
DECEMBER 31, 1995
<PAGE> 3
ASTRA MERCK INC. EMPLOYEE SAVINGS AND SECURITY PLAN
INDEX TO FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
December 31, 1995
Page(s)
Report of Independent Accountants 1
Financial Statements:
Statement of Net Assets Available for Benefits, with
Fund Information, at December 31, 1995 2
Statement of Changes in Net Assets Available for
Benefits, with Fund Information, for the Year Ended
December 31, 1995 3
Notes to Financial Statements 4 - 7
Additional Information*:
Schedule I: Schedule of Assets Held for Investment
Purposes at December 31, 1995 8
Schedule II: Schedule of Reportable Transactions for
the Year Ended December 31, 1995 9
*The additional information included is
presented for purposes of additional analysis
and is not a required part of the basic
financial statements but is required by the
Employee Retirement Income Security Act of 1974
("ERISA").
<PAGE> 4
Report of Independent Accountants
May 24, 1996
To the Participants and Plan Administrative Committee of the
Astra Merck Inc. Employee Savings and Security Plan
In our opinion, the accompanying Statement of Net Assets Available for Benefits
and the related Statement of Changes in Net Assets Available for Benefits,
present fairly, in all material respects, the net assets available for benefits
of the Astra Merck Inc. Employee Savings and Security Plan (the "Plan") at
December 31, 1995, and the changes in net assets available for benefits for the
year then ended, in conformity with generally accepted accounting principles.
These financial statements are the responsibility of the Plan's management; our
responsibility is to express an opinion on these financial statements based on
our audit. We conducted our audit of these statements in accordance with
generally accepted auditing standards which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management and evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for the opinion expressed
above.
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included in
Schedules I and II is presented for purposes of additional analysis and is not a
required part of the basic financial statements but is additional information
required by ERISA. The Fund Information in the Statement of Net assets Available
for Benefits, and the Statement of Changes in Net Assets Available for Benefits,
is presented for purposes of additional analysis, rather than to present the net
assets available for plan benefits and changes in net assets available for plan
benefits of each fund. Schedules I and II and the Fund Information have been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Price Waterhouse LLP
<PAGE> 5
ASTRA MERCK INC. EMPLOYEE SAVINGS AND SECURITY PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fund Information
-----------------------------------------------------------------------------
Merck Fidelity Fidelity Fidelity Fidelity Fidelity
Common Magellan Equity- Growth Growth & Intermediate
Stock* Fund* Income Company Fund Income Bond Fund
Fund Portfolio
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments at fair value:
Common Stock $25,988,749
Mutual funds $5,164,399 $602,373 $1,377,699 $1,622,359 $277,322
Participant loans
-----------------------------------------------------------------------------
25,988,749 5,164,399 602,373 1,377,699 1,622,359 277,322
Receivables:
Participant contributions 119,104 68,437 9,480 29,685 30,675 5,624
Employer contributions 30,827 17,976 2,412 7,478 7,798 1,778
Accrued interest and
dividends 137,298 2,102 334 391 331 3
-----------------------------------------------------------------------------
Net assets available $26,275,978 $5,252,914 $614,599 $1,415,253 $1,661,163 $284,727
for benefits =============================================================================
<CAPTION>
Fund Information
------------------------------------------------------------------------------------------
Fidelity Fidelity Fidelity Fidelity Fidelity Fidelity Fidelity
Retirement OTC Overseas Balanced Retirement Retirement U.S. Equity
Growth Fund Portfolio Fund Fund Money Govt. Money Index
Market Market Portfolio
Porfolio Portfolio
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments at fair value:
Common Stock
Mutual funds $460,464 $740,392 $764,220 $1,372,258 $396,282 $348,764 $365,293
Participant loans
------------------------------------------------------------------------------------------
460,464 740,392 764,220 1,372,258 396,282 348,764 365,293
Receivables:
Participant contributions 10,966 17,639 17,427 16,633 5,062 2,351 8,693
Employer contributions 2,834 4,400 4,104 4,763 1,425 680 2,291
Accrued interest and
dividends 100 293 289 446 94 324 84
------------------------------------------------------------------------------------------
Net assets available $474,364 $762,724 $786,040 $1,394,100 $402,863 $352,119 $376,361
for benefits ==========================================================================================
<CAPTION>
Fund Information
----------------
Participant Total
Loan Fund
---------------------------
<S> <C> <C>
Assets:
Investments at fair value:
Common Stock $25,988,749
Mutual funds 13,491,825
Participant loans $1,383,158 1,383,158
---------------------------
1,383,158 40,863,732
Receivables:
Participant contributions 341,776
Employer contributions 88,766
Accrued interest and
dividends 142,089
---------------------------
Net assets available $1,383,158 $41,436,363
for benefits ===========================
</TABLE>
*Represents 5% or more of the Plan investments as of December 31, 1995
Page 2
<PAGE> 6
ASTRA MERCK INC. EMPLOYEE SAVINGS AND SECURITY PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fund Information
----------------------------------------------------------------------------
Merck Fidelity Fidelity Fidelity Fidelity Fidelity
Common Magellan Equity- Growth Growth & Intermediate
Stock Fund Income Company Income Bond Fund
Fund Fund Portfolio
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value
of investments $14,207,844 $933,666 $76,368 $203,118 $270,041 $5,042
Dividends and interest 483,982 296,006 30,600 64,762 71,179 13,032
Interest on loans 45,362 19,061 2,611 3,402 2,943 73
----------------------------------------------------------------------------
Total income on investments 14,737,188 1,248,733 109,579 271,282 344,163 18,147
----------------------------------------------------------------------------
Contributions to the Plan:
Participant contributions 1,437,895 819,707 119,301 313,533 367,984 102,383
Employer contributions 374,702 213,385 29,285 80,776 95,492 29,453
Rollovers from other qualified
plans 110,201 111,685 13,870 53,052 88,170 12,704
----------------------------------------------------------------------------
Total contributions 1,922,798 1,144,777 162,456 447,361 551,646 144,540
----------------------------------------------------------------------------
Total additions 16,659,986 2,393,510 272,035 718,643 895,809 162,687
----------------------------------------------------------------------------
Reductions from net assets attributed
to:
Withdrawals (261,124) (11,491) (2,346) (4,073) (7,350)
----------------------------------------------------------------------------
Transfers among funds:
Net reallocations (546,629) 152,156 125,509 160,078 54,868 (54,274)
Loans to participants, principal (357,377) (136,168) (34,514) (27,166) (23,156) (440)
Loan principal repayments from
participants 152,460 52,369 7,456 20,002 20,306 697
----------------------------------------------------------------------------
Net transfers among funds (751,546) 68,357 98,451 152,914 52,018 (54,017)
----------------------------------------------------------------------------
Total deductions and net
transfers among funds (1,012,670) 56,866 98,451 150,568 47,945 (61,367)
-----------------------------------------------------------------------------
Net increase 15,647,316 2,450,376 370,486 869,211 943,754 101,320
Transfers from Merck's Employee
Savings and Security Plan 10,628,662 2,802,538 244,113 546,042 717,409 183,407
Net assets available for benefits:
Beginning of year
-----------------------------------------------------------------------------
End of year $26,275,978 $5,252,914 $614,599 $1,415,253 $1,661,163 $284,727
=============================================================================
<CAPTION>
Fund Information
-------------------------------------------------------------------------------------
Fidelity Fidelity Fidelity Fidelity Fidelity Fidelity Fidelity
Retirement OTC Overseas Balanced Retirement Retirement U.S.
Growth Fund Portfolio Fund Fund Money Govt. Equity
Market Money Index
Porfolio Market Portfolio
Portfolio
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value
of investments $8,765 $99,302 $29,885 $97,692 $71,037
Dividends and interest 40,559 40,263 16,962 49,758 $22,141 $17,511 7,712
Interest on loans 953 2,245 3,055 4,792 1,216 1,504 768
------------------------------------------------------------------------------------
Total income on investments 50,277 141,810 49,902 152,242 23,357 19,015 79,517
------------------------------------------------------------------------------------
Contributions to the Plan:
Participant contributions 128,914 179,563 229,782 234,600 82,672 42,046 108,209
Employer contributions 31,658 44,614 52,426 64,806 22,136 12,600 28,367
Rollovers from other qualified
plans 37,356 25,017 42,652 21,842 18,815 15,687 11,307
------------------------------------------------------------------------------------
Total contributions 197,928 249,194 324,860 321,248 123,623 70,333 147,883
------------------------------------------------------------------------------------
Total additions 248,205 391,004 374,762 473,490 146,980 89,348 227,400
------------------------------------------------------------------------------------
Reductions from net assets attributed
to:
Withdrawals (7,687) (940) (53,328) (28,320) (10,025) (152)
------------------------------------------------------------------------------------
Transfers among funds:
Net reallocations 12,964 94,759 27,111 45,920 (83,715) 3,570 7,683
Loans to participants, principal (10,883) (23,495) (14,664) (33,215) (4,169) (34,317) (4,384)
Loan principal repayments from
participants 4,265 7,268 9,433 21,361 4,708 3,839 8,500
------------------------------------------------------------------------------------
Net transfers among funds 6,346 78,532 21,880 34,066 (83,176) (26,908) 11,799
------------------------------------------------------------------------------------
Total deductions and net
transfers among funds 6,346 70,845 20,940 (19,262) (111,496) (36,933) 11,647
------------------------------------------------------------------------------------
Net increase 254,551 461,849 395,702 454,228 35,484 52,415 239,047
Transfers from Merck's Employee
Savings and Security Plan 219,813 300,875 390,338 939,872 367,379 299,704 137,314
Net assets available for benefits:
Beginning of year
------------------------------------------------------------------------------------
End of year $474,364 $762,724 $786,040 $1,394,100 $402,863 $352,119 $376,361
====================================================================================
<CAPTION>
Fund
Information
------------
Participant
Loan Fund Total
------------ -------------
<S> <C> <C>
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value
of investments $16,002,760
Dividends and interest 1,154,467
Interest on loans 87,985
----------------------------
Total income on investments 17,245,212
----------------------------
Contributions to the Plan:
Participant contributions 4,166,589
Employer contributions 1,079,700
Rollovers from other qualified
plans 562,358
----------------------------
Total contributions 5,808,647
----------------------------
Total additions 23,053,859
----------------------------
Reductions from net assets attributed
to:
Withdrawals ($189) (387,025)
----------------------------
Transfers among funds:
Net reallocations
Loans to participants, principal 703,948
Loan principal repayments from
participants (312,664)
----------------------------
Net transfers among funds 391,284
----------------------------
Total deductions and net
transfers among funds 391,095 (387,025)
----------------------------
Net increase 391,095 22,666,834
Transfers from Merck's Employee
Savings and Security Plan 992,063 18,769,529
Net assets available for benefits:
Beginning of year
============================
End of year $1,383,158 $41,436,363
============================
</TABLE>
Page 3
<PAGE> 7
ASTRA MERCK INC. EMPLOYEE SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
1. DESCRIPTION OF THE PLAN
The Astra Merck Inc. (the "Company") Employee Savings and Security Plan
(the "Plan"), established January 1, 1995, was designed to provide
employees a systematic means of saving and investing for the future.
Regular full-time, part-time, and temporary employees of the Company as
defined by the Plan, who have completed at least one year of employment
are eligible to participate in the Plan on the next enrollment date (the
first day of each January and each July).
The Plan is administered by the Plan Administrative Committee. All costs
of administering the Plan are borne by the Company.
Contributions. Participants may contribute from 2% to 15% of their base
pay and can designate contributions as pre-tax, after-tax or a
combination of both. The Company matches 50% of employee contributions up
to 5% of base pay per pay period. Company matching contributions are
invested in the same investments that participants designate for their
own contributions. Both employee and employer contributions to the Plan
are limited to maximum amounts established under the Internal Revenue
Code.
In addition, participants may transfer assets that are held for their
benefit by qualified benefit plans of former employers (rollover
contributions) into the Plan.
Investment Options. Participants direct the investment of their
contributions into any of the following investment options, including
Merck & Co., Inc. ("Merck") Common Stock:
MERCK COMMON STOCK
This portfolio consists of shares of Merck Common Stock.
FIDELITY MAGELLAN FUND
The Magellan Fund invests primarily in common stock and securities
convertible to common stock issued by companies operating in the U.S.
and/or abroad as well as foreign companies. The fund seeks investment
growth by making a profit on invested capital over the long term.
FIDELITY EQUITY-INCOME FUND
The Equity-Income Fund invests in income-producing equity securities
and seeks a dividend yield that exceeds the composite yield of the
S&P 500 Index; at the same time, it considers the potential for
capital growth.
Page 4
<PAGE> 8
ASTRA MERCK INC. EMPLOYEE SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
FIDELITY GROWTH COMPANY FUND
The Growth Company Fund seeks capital appreciation mainly through
investment in common stocks and securities convertible into common
stocks with an emphasis on capital gains rather than on dividend
income.
FIDELITY GROWTH & INCOME PORTFOLIO
The Growth & Income Portfolio seeks a combination of capital growth
and current income consistent with reasonable investment risk. It
seeks securities of companies with potential for earnings growth
while paying current dividends.
FIDELITY INTERMEDIATE BOND FUND
The Intermediate Bond Fund invests in domestic and foreign
investment-grade securities with intermediate maturities. The
dollar-weighted average maturity of its obligations ranges between
three and ten years.
FIDELITY RETIREMENT GROWTH FUND
The Retirement Growth Fund seeks capital appreciation by investing
primarily in common stocks issued by companies operating in the U.S.
and/or abroad. Investments are diversified among a variety of
industries and sectors within the market.
FIDELITY OTC PORTFOLIO
The OTC Portfolio seeks capital appreciation through investment in
securities that are traded in the over-the-counter ("OTC") securities
market. Though this portfolio invests mainly in common stocks, it can
also invest in preferred stocks and debt obligations as well as all
other securities offered by the OTC market.
FIDELITY OVERSEAS FUND
The Overseas Fund seeks capital appreciation, primarily through
investments in foreign securities. Normally, at least 65% of its
total assets are invested in securities of companies from at least
three countries outside of North America (generally these countries
are located in Central and South America, the Far East and Pacific
basin, and Western Europe).
FIDELITY BALANCED FUND
The emphasis of the Balanced Fund is income with investments in both
stocks and bonds. At least 25% of its total assets will always be
invested in fixed-income senior securities to primarily preserve
principal.
Page 5
<PAGE> 9
ASTRA MERCK INC. EMPLOYEE SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
FIDELITY RETIREMENT MONEY MARKET PORTFOLIO
The Money Market Portfolio invests in high quality, U.S.
dollar-denominated money market instruments of U.S. and foreign
issuers. Investments include short-term corporate obligations, U.S.
government obligations and certificates of deposit.
FIDELITY RETIREMENT GOVERNMENT MONEY MARKET PORTFOLIO
The Government Money Market Portfolio invests in obligations issued
or guaranteed as to principal and interest by the U.S. Government,
its agencies or instrumentalities.
FIDELITY U.S. EQUITY INDEX PORTFOLIO
The U.S. Equity Index Portfolio seeks investment results that
correspond to the total return performance of United States' publicly
traded stocks. Total return performance is the combination of capital
changes and income. Many investments made by this portfolio offer the
potential for both dividend income and capital appreciation over the
long term.
PARTICIPANT LOAN FUND
The Loan Fund is comprised of amounts transferred from other funds
and represents the balance of outstanding participant loans.
Vesting. Participants are immediately vested in their contributions, all
Company matching contributions, plus actual earnings thereon.
Participants' Loans. Participants may borrow from their account balances.
The minimum loan is $500 and the maximum loan is the lesser of $50,000
less the highest outstanding loan balance, if any, during the one year
period prior to the new loan application date, or 50% of the
participant's account balance less any current outstanding loan balance.
Participant investments are liquidated on a pro rata basis to fund the
loan. The interest rate is the rate in effect the month the loan is made
and is based on the prime rate of the Morgan Guaranty Trust Company of
New York, plus one percent per annum. Activity related to these
borrowings is reflected in the Participants' Loan Account.
Page 6
<PAGE> 10
ASTRA MERCK INC. EMPLOYEE SAVINGS AND SECURITY PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995
2. SUMMARY OF ACCOUNTING POLICIES
The financial statements of the Plan have been prepared using the accrual
basis of accounting. Investments in mutual funds and Merck Common Stock
are stated at quoted market value. Participant loans are valued at cost
which approximates fair value. Dividend income is recorded on the
ex-dividend date. The appreciation in market value of investments is
based on the beginning of the year market value or value at the time of
purchase during the year and is included in the Statement of Changes in
Net Assets Available for Benefits.
3. INCOME TAX STATUS
The Plan Administrative Committee and the Plan's tax counsel believe that
the Plan is designed and is currently being operated in compliance with
the applicable requirements of the Internal Revenue Code. A request for a
favorable determination letter will be filed with the Internal Revenue
Service in conjunction with the Company's 1995 tax return filing.
4. PARTY-IN-INTEREST TRANSACTIONS
On January 1, 1995, in connection with the transfer of assets to the
Company on November 1, 1994 to effect a joint venture between Astra AB
and Merck, certain employees of Merck became employees of the Company. In
accordance with the terms of the agreements governing the formation of
the joint venture, account balances of these employees who were
participants in Merck's Employee Savings and Security Plan, totalling
$18,769,529, were transferred to the Plan, effective January 1, 1995.
5. SUBSEQUENT EVENTS
An amendment to the Plan effective July 1, 1996 changes the Company match
and employee eligibility. The Company will match 66 2/3% of employees'
contributions up to 6% of base pay per pay period. Employees will be
eligible to participate in the Plan as of the first of the month
following their date of hire.
Page 7
<PAGE> 11
Schedule I
ASTRA MERCK INC. EMPLOYEE SAVINGS AND SECURITY PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
<TABLE>
<CAPTION>
MARKET
VALUE COST
<S> <C> <C>
Merck Common Stock* $25,988,749 $15,463,794
Fidelity Magellan Fund* 5,164,399 4,280,836
Fidelity Equity-Income Fund 602,373 532,327
Fidelity Growth Company Fund 1,377,699 1,192,747
Fidelity Growth & Income Portfolio 1,622,359 1,388,757
Fidelity Intermediate Bond Fund 277,322 273,495
Fidelity Retirement Growth Fund 460,464 454,585
Fidelity OTC Portfolio 740,392 649,718
Fidelity Overseas Fund 764,220 738,105
Fidelity Balanced Fund 1,372,258 1,283,474
Fidelity Retirement Money Market Portfolio 396,282 396,282
Fidelity Retirement Government Money Market Portfolio 348,764 348,764
Fidelity U.S. Equity Index Portfolio 365,293 299,449
Participant Loan Account (with interest rates ranging from 7% to 11%) 1,383,158 1,383,158
--------- ---------
Totals $40,863,732 $28,685,491
=========== ===========
</TABLE>
*Represents 5% or more of the Plan investments as of December 31, 1995.
This schedule was derived from data certified as
complete and accurate by Fidelity Management Trust Company.
Page 8
<PAGE> 12
Schedule II
ASTRA MERCK INC. EMPLOYEE SAVINGS AND SECURITY PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
DESCRIPTION PURCHASES NUMBER OF SALES TOTAL PURCHASES
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Merck Common Stock 122 93 $27,551,167
Fidelity Magellan Fund 115 74 4,528,899
Fidelity Equity-Income Fund 58 25 598,070
Fidelity Growth Company Fund 81 34 1,299,223
Fidelity Growth & Income Portfolio 83 44 1,652,192
Fidelity Intermediate Bond Fund 64 23 379,009
Fidelity Retirement Growth Fund 66 25 510,442
Fidelity OTC Portfolio 76 33 730,212
Fidelity Overseas Fund 77 41 834,620
Fidelity Balanced Fund 78 52 1,535,338
Fidelity Retirement Money Market Portfolio 63 36 556,208
Fidelity Retirement Government Money Market
Portfolio 64 35 475,974
Fidelity U.S. Equity Index Portfolio 55 20 347,033
<CAPTION>
SALES
---------------------------------------------------
DESCRIPTION PROCEEDS NET COST GAIN
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Merck Common Stock $16,121,319 $12,087,373 $4,033,946
Fidelity Magellan Fund 298,167 248,062 50,105
Fidelity Equity-Income Fund 72,064 65,742 6,322
Fidelity Growth Company Fund 124,642 106,475 18,167
Fidelity Growth & Income Portfolio 299,873 263,434 36,439
Fidelity Intermediate Bond Fund 106,730 105,515 1,215
Fidelity Retirement Growth Fund 58,744 55,857 2,887
Fidelity OTC Portfolio 89,121 80,494 8,627
Fidelity Overseas Fund 100,285 96,516 3,769
Fidelity Balanced Fund 260,771 251,864 8,907
Fidelity Retirement Money Market Portfolio 159,926 159,926 -
Fidelity Retirement Government Money Market
Portfolio 127,210 127,210 -
Fidelity U.S. Equity Index Portfolio 52,776 47,584 5,192
</TABLE>
Page 9
<PAGE> 13
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed on its behalf by
the undersigned thereunto duly authorized.
ASTRA MERCK INC.
EMPLOYEE SAVINGS AND SECURITY PLAN
(Name of Plan)
By: /s/ Linda E. Robertson
-------------------------------
Linda E. Robertson
Administrative Committee
Dated: June 24, 1996
<PAGE> 14
Exhibit Index
Exhibit Page
- ------- ----
23.1 Consent of Price Waterhouse LLP ........................ 1
<PAGE> 1
Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in that certain
Registration Statement on Form s-8 of Merck & Co., Inc., file number #33-64665,
of our report dated May 24, 1996 appearing on page 2 of the Report of the Astra
Merck Inc. Employee Savings and Security Plan in this Form 11-K for the year
ended December 31, 1995.
/s/ Price Waterhouse LLP
Price Waterhouse LLP
Philadelphia, PA
June 24, 1996
