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 Employees

As of June 30, 2012, Merck had approximately 84,000 employees worldwide.

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