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Merck Announces Full-Year And Fourth-Quarter 2012 Financial Results

A reconciliation of GAAP to non-GAAP net income and EPS is provided in the tables that follow.

$ in millions, except EPS amounts Fourth Quarter   Year Ended
2012   2011  

Dec. 31, 2012


Dec. 31, 2011

GAAP EPS   $0.46   $0.49   $2.16   $2.02

Difference 3

  0.37   0.48   1.66   1.75

Non-GAAP EPS that excludes items listed below 1

  $0.83   $0.97   $3.82   $3.77
Net Income                
GAAP net income 2   $1,401   $1,512   $6,661   $6,272
Difference   1,139   1,466   5,082   5,425
Non-GAAP net income that excludes items listed below 1,2   $2,540   $2,978   $11,743   $11,697
Decrease (Increase) in Net Income Due to Excluded Items:

Acquisition-related costs 4

  $1,298   $1,479   $5,344   $5,939
Restructuring costs   254   692   999   1,911
Arbitration settlement charge         500

Other 5

    6     (258)
Net decrease (increase) in income before taxes   1,552   2,177   6,343   8,092

Income tax (benefit) expense 6

  (413)   (711)   (1,261)   (2,667)
Decrease (increase) in net income   $1,139   $1,466   $5,082   $5,425

"Merck overcame significant challenges last year and delivered strong results in 2012 by successfully growing our businesses, expanding geographically and reducing our expenses. As we begin 2013, we are well-positioned to further execute on our business strategy,” said Kenneth C. Frazier, chairman and chief executive officer of Merck. “We remain committed to investing for future growth and innovation to deliver value over the long term. Merck is rapidly advancing many compounds that are potentially first-in-class or best-in-class. Additionally, we will continue to pursue external opportunities that have the potential to deliver value to the company and its shareholders.”

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