Merck expects full-year 2013 non-GAAP EPS to be between $3.60 and $3.70, and the 2013 GAAP EPS range to be $2.03 to $2.26. The 2013 non-GAAP range excludes acquisition-related costs and costs related to restructuring programs.
Merck expects full-year 2013 revenues to be near 2012 levels on a constant currency basis. At current exchange rates, sales would be affected unfavorably by approximately 1 to 2 percent for the full year.
In addition, the company expects full-year 2013 non-GAAP R&D expense to be about the same level as in 2012. The company expects its full-year 2013 non-GAAP tax rate to be in the range of 21 to 23 percent, including the impact of the recently re-enacted tax law related to the R&D tax credits.A reconciliation of anticipated 2013 EPS as reported in accordance with GAAP to non-GAAP EPS that excludes certain items is provided in the table below.
|$ in millions, except EPS amounts||Full Year 2013|
|GAAP EPS||$2.03 to $2.26|
|Difference 3||1.57 to 1.44|
|Non-GAAP EPS that excludes items listed below||$3.60 to $3.70|
|Acquisition-related costs 4||$5,125 to $4,800|
|Restructuring costs||700 to 500|
|Net decrease (increase) in income before taxes||5,825 to 5,300|
|Estimated income tax (benefit) expense||(1,020) to (910)|
|Decrease (increase) in net income||$4,805 to $4,390|
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