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Merck Announces Third-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.

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

Net Income 2

  EPS  

Net Income 2

  EPS
GAAP   $1,729   $0.56   $1,692   $0.55
Difference   1,203  

0.39 3

  1,216   0.39 3
Non-GAAP that excludes items listed below 1   $2,932   $0.95   $2,908   $0.94
       

$ in millions

 

Third Quarter 2012

 

Third Quarter 2011

Acquisition-related costs 4

  $1,340   $1,363
Restructuring costs   163   277

Other 5

    (137)
Net decrease (increase) in income before taxes   1,503   1,503
Estimated income tax (benefit) expense   (300)   (287)
Decrease (increase) in net income   $1,203   $1,216

"Our strong global sales this quarter offset the impact of the SINGULAIR patent expiry in the U.S.," said Kenneth C. Frazier, chairman and chief executive officer of Merck. "We will continue to drive value for our customers and shareholders through Merck’s four-part strategy of executing on our core business, expanding geographically in high-growth markets, extending our complementary businesses and excelling at managing our costs while investing for growth. With our robust pipeline, we remain on target to submit multiple new products for marketing approval between now and the end of 2013, including suvorexant for insomnia, odanacatib for osteoporosis and TREDAPTIVE for multiple lipid parameters."

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