Merck continues to expect full-year 2012 revenues to be at or near 2011 levels on a constant currency basis. At current exchange rates, sales would be affected unfavorably by approximately 6 percent for the third quarter and more than 3 percent for the full year.
In addition, the company expects full-year 2012 non-GAAP R&D expenses to be slightly higher than the 2011 level. The company now expects the full-year 2012 non-GAAP tax rate to be approximately 25 percent.
A reconciliation of anticipated 2012 EPS as reported in accordance with GAAP to non-GAAP EPS that excludes certain items is provided in the table below.
|$ in millions, except EPS amounts||Full-Year 2012|
|GAAP EPS||$2.04 to $2.30|
|Difference 3||1.71 to 1.55|
|Non-GAAP EPS that excludes items listed below||$3.75 to $3.85|
|Acquisition-related costs 4||$5,200 to $4,900|
|Restructuring costs||1,100 to 800|
|Net decrease (increase) in income before taxes||6,300 to 5,700|
|Estimated income tax (benefit) expense||(1,110) to (985)|
|Decrease (increase) in net income||$5,190 to $4,715|
Total EmployeesAs of June 30, 2012, Merck had approximately 84,000 employees worldwide.
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