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||
|Non-GAAP that excludes items listed below 1||$3,227||$1.05||$2,950||$0.95|
$ in millions
Acquisition-related costs 4
|Net decrease (increase) in income before taxes||1,706||2,263|
Income tax (benefit) expense 5
|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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