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
  Full-Year 2012
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 Employees

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

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