Financial Targets

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

Total Employees

As of Dec. 31, 2012, Merck had approximately 83,000 employees worldwide.

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