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Merck Announces Second-Quarter 2012 Financial Results

A reconciliation of GAAP to non-GAAP net income and EPS is provided in the tables below. Year-to-date results can be found in the attached tables.

   
Second Quarter 2012   Second Quarter 2011
$ in millions, except EPS amounts  

Net

Income 2

  EPS   Net

Income 2

  EPS
GAAP   $1,793   $0.58   $2,024   $0.65
Difference   1,434  

0.47 3

  926   0.30 3
Non-GAAP that excludes items listed below 1   $3,227   $1.05   $2,950   $0.95
   

$ in millions

  Second

Quarter

2012

  Second

Quarter

2011

Acquisition-related costs 4

  $1,417   $1,440
Restructuring costs   289   816
Other     7
Net decrease (increase) in income before taxes   1,706   2,263

Income tax (benefit) expense 5

  (272)   (1,337)
Decrease (increase) in net income   $1,434   $926

"This quarter we delivered strong operational performance by focusing on growth and execution. We achieved top- and bottom-line growth by advancing our core strategy and maintaining momentum across our businesses," said Kenneth C. Frazier, chairman and chief executive officer of Merck. "The company remains focused on translating cutting-edge science into medically important products. We're seeing significant progress in the pipeline this year, and we expect six major filings over the next 18 months, including suvorexant for insomnia and odanacatib for osteoporosis. This focus on innovation and execution will drive long-term shareholder value."

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