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 1 percent for the fourth quarter and more than 2 percent for the full year.
In addition, the company expects full-year 2012 non-GAAP R&D expenses to be higher than the 2011 level. The company continues to expect 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
|GAAP EPS||$2.08 to $2.24|
|Difference 3||1.70 to 1.58|
|Non-GAAP EPS that excludes items listed below||$3.78 to $3.82|
|Acquisition-related costs 4||$5,300 to $5,100|
|Restructuring costs||1,100 to 800|
|Net decrease (increase) in income before taxes||6,400 to 5,900|
|Estimated income tax (benefit) expense||(1,160) to (1,050)|
|Decrease (increase) in net income||$5,240 to $4,850|
Total EmployeesAs of Sept. 30, 2012, Merck had approximately 84,000 employees worldwide.