Merck Announces First-Quarter 2013 Financial Results

  • 2013 First-Quarter Non-GAAP EPS of $0.85, Excluding Certain Items; GAAP EPS of $0.52
  • Worldwide Sales were $10.7 Billion, a Decrease of 9 Percent Primarily as a Result of Patent Expiries, and Including a 2 Percent Unfavorable Impact from Foreign Exchange
  • Growth in Vaccines, Immunology, HIV, Animal Health and Consumer Care Products
  • Received Breakthrough Therapy Designation for Lambrolizumab, an Investigational Candidate for Advanced Melanoma; Five Products Currently Under Regulatory Review
  • Announced New $15 Billion Share Repurchase Program; Plans to Repurchase Approximately $7.5 Billion of Common Stock over the Next Twelve Months
  • Revises 2013 Full-Year Non-GAAP EPS Target to $3.45 to $3.55, Excluding Certain Items; Revises GAAP EPS Range to $1.92 to $2.16
Wednesday, May 1, 2013 7:00 am EDT
 
"Our first quarter performance reflects the challenges of major patent expiries coupled with the impact of currency and other headwinds,"

WHITEHOUSE STATION, N.J.--(BUSINESS WIRE)--Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced financial results for the first quarter of 2013.

     
$ in millions, except EPS amounts  

First
Quarter
2013 
 

 

First
Quarter
2012 
 

Sales   $10,671   $11,731
GAAP EPS   0.52   0.56

Non-GAAP EPS that excludes items listed below1

  0.85   0.99

GAAP Net Income2

  1,593   1,738
Non-GAAP Net Income that excludes items listed below1,2   2,585   3,044

Non-GAAP (generally accepted accounting principles) earnings per share (EPS) for the first quarter of $0.85 exclude acquisition-related costs, restructuring costs and certain other items. First quarter non-GAAP EPS included unanticipated net tax benefits of approximately $0.06 per share.

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

     
$ in millions, except EPS amounts   First Quarter
    2013   2012
EPS
GAAP EPS   $0.52   $0.56

Difference3

  0.33   0.43
Non-GAAP EPS that excludes items listed below1   $0.85   $0.99
         
Net Income
GAAP net income2   $1,593   $1,738
Difference   992   1,306
Non-GAAP net income that excludes items listed below1,2   $2,585   $3,044
         
Decrease (Increase) in Net Income Due to Excluded Items:

Acquisition-related costs4

  $1,237   $1,289
Restructuring costs   194   293
Net decrease (increase) in income before taxes   1,431   1,582

Income tax (benefit) expense5

  (439)   (276)
Decrease (increase) in net income   $992   $1,306

"Our first quarter performance reflects the challenges of major patent expiries coupled with the impact of currency and other headwinds," said Kenneth C. Frazier, chairman and chief executive officer, Merck. "During the quarter, we took focused actions to reach our EPS target while at the same time advancing Merck's pipeline in our laboratories and through strategic deals and partnerships. I remain confident in the future opportunities for our strong and diverse business and committed to delivering long-term value to our shareholders."

Select Revenue Highlights

Worldwide sales were $10.7 billion for the first quarter of 2013, a decrease of 9 percent compared with the first quarter of 2012, including a 2 percent negative effect from foreign exchange.

The following table reflects sales of the company's top pharmaceutical products, as well as total sales of animal health and consumer care products.

           

$ in millions

 

First Quarter
2013 

 

First Quarter
2012 

  Change    

Change
Ex-exchange 

Total Sales   $10,671   $11,731   -9%     -7%
Pharmaceutical   8,891   10,082   -12%     -10%
JANUVIA   884   919   -4%     -1%
ZETIA   629   614   2%     4%
REMICADE   549   519   6%     5%
JANUMET   409   392   4%     4%
VYTORIN   394   444   -11%     -11%
GARDASIL   390   284   37%     39%
NASONEX   385   375   3%     7%
ISENTRESS   362   337   8%     8%
SINGULAIR   337   1,340   -75%     -73%
PROQUAD, M-M-R II and VARIVAX   272   255   7%     7%
Animal Health   840   821   2%     4%
Consumer Care   571   554   3%     4%
Other Revenues   369   274   34%     33%

Pharmaceutical Revenue Performance

First-quarter pharmaceutical sales declined 12 percent to $8.9 billion, including a 2 percent negative impact due to foreign exchange. Declines of SINGULAIR (montelukast sodium), MAXALT (rizatriptan benzoate) and CLARINEX (desloratadine) following loss of market exclusivity were partially offset by strong growth for GARDASIL [Human Papillomavirus Quadrivalent (Types 6, 11, 16 and 18) Vaccine, Recombinant], ZOSTAVAX (zoster vaccine live), REMICADE (infliximab), SIMPONI (golimumab) and ISENTRESS (raltegravir).

Sales from emerging markets grew 6 percent, including a 2 percent negative impact from foreign exchange. Emerging market sales accounted for approximately 21 percent of pharmaceutical sales in the first quarter of 2013. China continues to be a key driver of growth in the emerging markets with sales increasing 23 percent for the first quarter, including a 2 percent benefit from foreign exchange.

Worldwide sales of the combined diabetes franchise of JANUVIA (sitagliptin)/JANUMET (sitagliptin/metformin HCI) declined 1 percent to $1.3 billion in the first quarter, including a 2 percent negative impact from foreign exchange. The decline reflects lower sales in the United States of 5 percent, primarily driven by reduced customer inventory levels, which were partially offset by growth in the rest of the world.

Sales of ZETIA (ezetimibe) and VYTORIN (ezetimibe/simvastatin), medicines for lowering LDL cholesterol, declined 3 percent to $1.0 billion in the first quarter driven by lower sales of VYTORIN, partially offset by growth of ZETIA in the United States.

Combined sales of REMICADE and SIMPONI, treatments for inflammatory diseases, increased 11 percent to $657 million in the first quarter of 2013.

Merck's sales of GARDASIL, a vaccine to help prevent certain diseases caused by four types of human papillomavirus (HPV), were $390 million, an increase of 37 percent for the quarter. The increase was driven by higher sales in the United States, reflecting continued strong uptake in males and higher public sector purchases, as well as favorable performance in the emerging markets.

ISENTRESS, an HIV integrase inhibitor for use in combination with other antiretroviral agents for the treatment of HIV-1 infection, grew 8 percent to $362 million in the first quarter driven by strong growth in the emerging markets and Europe.

Worldwide sales of SINGULAIR, a once-a-day oral medicine for the chronic treatment of asthma and the relief of symptoms of allergic rhinitis, declined 75 percent to $337 million in the first quarter. The patents for SINGULAIR expired in the United States in August 2012 and expired in major European markets in February 2013. The company experienced a significant and rapid reduction in sales in the United States and is now also experiencing a substantial decline in Europe.

Sales of VICTRELIS (boceprevir), the company's oral hepatitis C virus protease inhibitor, declined 1 percent in the first quarter to $110 million, including a 2 percent negative impact from foreign exchange. Lower sales in the United States were partially offset by continued growth in international markets.

Sales of ZOSTAVAX, a vaccine for the prevention of herpes zoster, were $168 million in the first quarter of 2013, up from $76 million in the first quarter of 2012, driven by strong demand in the United States.

Animal Health Revenue Performance

Animal Health sales totaled $840 million for the first quarter of 2013, a 2 percent increase compared with the first quarter of 2012, including a 2 percent negative impact due to foreign exchange. The increase was driven by strong performance in companion animal products, including sales of ACTIVYL, a new product for the treatment and prevention of fleas and ticks in dogs and cats, as well as continued growth in poultry products. Animal Health products include pharmaceutical and vaccine products for the prevention, treatment and control of disease in all major farm and companion animal species.

Consumer Care Revenue Performance

First-quarter global sales of Consumer Care were $571 million, an increase of 3 percent compared to the first quarter of 2012, including a 1 percent negative impact due to foreign exchange. The sales increase was primarily due to COPPERTONE suncare products and CLARITIN.

Other Revenue Performance

Other revenues – primarily comprising alliance revenue, miscellaneous corporate revenues and third-party manufacturing sales – increased 34 percent to $369 million compared to the first quarter of 2012. The increase was primarily driven by higher revenue from AstraZeneca LP (AZLP) recorded by Merck, which increased 41 percent to $262 million as compared with atypically lower first quarter 2012 AZLP revenues.

First-Quarter Expense and Other Information

The costs detailed below totaled $9.0 billion on a GAAP basis during the first quarter of 2013 and include $1.4 billion of acquisition-related costs and restructuring costs.

     
$ in millions   Included in expenses for the period
First Quarter 2013  

 

GAAP

 

Acquisition-
Related
Costs4 
 

 

Restructuring
Costs 

 

Non-GAAP1

Materials and production   $3,959   $1,184   $43   $2,732

Marketing and
administrative 

  2,987   23   17   2,947

Research and
development 

  1,907   30   15   1,862
Restructuring costs   119   –-   119   –-
                 
First Quarter 2012

Materials and
production 

  $4,037   $1,229   $5   $2,803

Marketing and
administrative 

  3,074   51   24   2,999

Research and
development 

  1,862   9   45   1,808
Restructuring costs   219   –-   219  

The gross margin was 62.9 percent for the first quarter of 2013 and 65.6 percent for the first quarter of 2012, reflecting 11.5 and 10.5 percentage point unfavorable impacts, respectively, from the acquisition-related costs and restructuring costs noted above. The gross margin decline primarily reflects the impact of the SINGULAIR patent expiries.

Marketing and administrative expenses, on a non-GAAP basis, were $2.9 billion in the first quarter of 2013, a decrease from $3.0 billion in the first quarter of 2012.

Research and development (R&D) expenses, on a non-GAAP basis, were $1.9 billion in the first quarter of 2013, an increase from $1.8 billion in the first quarter of 2012.

Equity income from affiliates was $133 million for the first quarter, primarily reflecting the performance of partnerships with AZLP and Sanofi Pasteur MSD.

Other (income) expense, net was $282 million of expense in the first quarter of 2013, compared to $142 million of expense in the first quarter of 2012. The first quarter of 2013 includes approximately $140 million of exchange losses due to a Venezuelan currency devaluation.

The GAAP effective tax rate of (4.3)% for the first quarter of 2013 reflects the impact of acquisition-related costs and restructuring costs, as well as an out-of-period tax benefit of approximately $160 million associated with the resolution of a previously disclosed legacy Schering-Plough federal income tax issue. The non-GAAP effective tax rate, which excludes these items, was 12.5% for the quarter. Both the GAAP and non-GAAP first quarter effective tax rates reflect the favorable impact of tax legislation enacted in the first quarter of 2013. The first quarter 2013 tax rates also reflect the net favorable impact of other discrete items, primarily a reduction in tax reserves upon expiration of applicable statute of limitations, which resulted in unanticipated net tax benefits of approximately $0.06 per share as noted above.

Key Developments

The company noted the following developments:

  • Announced a new share repurchase program of up to $15 billion of Merck's common stock for its treasury. The company expects to repurchase approximately $7.5 billion of common stock over the next 12 months, financed through a combination of debt issuance and operating cash flows, with the remainder to be repurchased over time with no time limit.
  • Entered into a worldwide (except Japan) collaboration agreement with Pfizer Inc. (Pfizer) to develop and commercialize ertugliflozin, an investigational oral sodium glucose cotransporter (SGLT2) inhibitor being evaluated for the treatment of type 2 diabetes. Merck and Pfizer will collaborate on the clinical development and commercialization of ertugliflozin and ertugliflozin-containing fixed-dose combinations with metformin and JANUVIA.
  • Announced that the U.S. Food and Drug Administration (FDA) has designated lambrolizumab (MK-3475), an investigational antibody therapy for advanced melanoma, as a "Breakthrough Therapy."
  • Entered into an agreement with Bristol-Myers Squibb (BMS) to conduct a Phase II clinical trial to evaluate the safety and efficacy of a once-daily oral combination regimen consisting of BMS' investigational NS5A replication complex inhibitor and Merck's investigational NS3/4A protease inhibitor (MK-5172) for the treatment of genotype 1 hepatitis C virus infection.
  • Increased investment in emerging markets with the opening of a new pharmaceutical manufacturing facility in Hangzhou, China. The site will package Merck medicines for China and the Asia Pacific region and become a critical part of the company's global supply chain.
  • Announced FDA acceptance of a Biologics License Application (BLA) for an investigational Timothy grass pollen (Phleum pratense) allergy immunotherapy tablet (AIT) for review. The company also submitted a BLA to the FDA for its investigational ragweed pollen (Ambrosia artemisiifolia) AIT.
  • Entered into an agreement with Samsung Bioepis Co., Ltd (Samsung) to develop and commercialize multiple biosimilar candidates. Under the agreement, Samsung will be responsible for preclinical and clinical development, process development and manufacturing, clinical trials and registration and Merck will be responsible for commercialization.

Financial Targets

Merck now expects full-year 2013 non-GAAP EPS to be between $3.45 and $3.55, and 2013 GAAP EPS to be between $1.92 and $2.16. The 2013 non-GAAP range excludes acquisition-related costs, costs related to restructuring programs and certain other items. The company updated its full-year guidance due to pressures on sales that are greater than previously anticipated, including foreign exchange, as well as new R&D programs and a revised tax rate.

At current exchange rates, Merck now expects full-year 2013 sales to be approximately 3 to 4 percent below prior year levels with foreign exchange accounting for more than 2 percentage points of the decline.

In addition, the company now expects full-year 2013 non-GAAP R&D expense to be slightly higher than 2012 levels. The company now expects its full-year 2013 non-GAAP tax rate to be in the range of 22 to 23 percent.

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   $1.92 to $2.16
Difference3   1.53 to 1.39
Non-GAAP EPS that excludes items listed below   $3.45 to $3.55
     
 
Acquisition-related costs4   $5,125 to $4,800
Restructuring costs   700 to 500
Net decrease (increase) in income before taxes   5,825 to 5,300
Income tax (benefit) expense5   (1,180) to (1,070)
Decrease (increase) in net income   $4,645 to $4,230

Total Employees

As of March 31, 2013, Merck had approximately 82,000 employees worldwide.

Earnings Conference Call

Investors, journalists and the general public may access a live audio webcast of the call today at 8:00 a.m. EDT on Merck's website at http://www.merck.com/investors/events-and-presentations/home.html. Institutional investors and analysts can participate in the call by dialing (706) 758-9927 or (877) 381-5782 and using ID code number 22104203. Members of the media are invited to monitor the call by dialing (706) 758-9928 or (800) 399-7917 and using ID code number 22104203. Journalists who wish to ask questions are requested to contact a member of Merck's Media Relations team at the conclusion of the call.

About Merck

Today's Merck is a global healthcare leader working to help the world be well. Merck is known as MSD outside the United States and Canada. Through our prescription medicines, vaccines, biologic therapies, and consumer care and animal health products, we work with customers and operate in more than 140 countries to deliver innovative health solutions. We also demonstrate our commitment to increasing access to healthcare through far-reaching policies, programs and partnerships. For more information, visit www.merck.com and connect with us on Twitter,Facebook and YouTube.

Forward-Looking Statement

This news release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of Merck's management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline products that the products will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Merck's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of Merck's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in Merck's 2012 Annual Report on Form 10-K and the company's other filings with the Securities and Exchange Commission (SEC) available at the SEC's Internet site (www.sec.gov).

1 Merck is providing certain 2013 and 2012 non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing this information enhances investors' understanding of the company's performance. This information should be considered in addition to, but not in lieu of, information prepared in accordance with GAAP. For description of the items, see Table 2a, including the related footnotes, attached to this release.

2 Net income attributable to Merck & Co., Inc.

3 Represents the difference between calculated GAAP EPS and calculated non-GAAP EPS, which may be different than the amount calculated by dividing the impact of the excluded items by the weighted-average shares for the period.

4 Includes expenses for the amortization of intangible assets recognized as a result of mergers and acquisitions, as well as intangible asset impairment charges. Also includes integration and other costs associated with mergers and acquisitions.

5 Includes the estimated tax impact on the reconciling items. In addition, amount for 2013 includes a benefit of approximately $160 million associated with the resolution of a previously disclosed legacy Schering-Plough federal income tax issue.

                   
                   
                   

MERCK & CO., INC.
CONSOLIDATED STATEMENT OF INCOME - GAAP
(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)
(UNAUDITED)
Table 1 


 

                   
               
        GAAP     % Change
        1Q13   1Q12    
       

 

         
Sales       $ 10,671     $ 11,731       -9%
                   
Costs, Expenses and Other                  
Materials and production (1)         3,959       4,037       -2%
Marketing and administrative (1)         2,987       3,074       -3%
Research and development (1)         1,907       1,862       2%
Restructuring costs (2)         119       219       -46%
Equity income from affiliates (3)         (133 )     (110 )     21%
Other (income) expense, net (4)         282       142       99%
Income Before Taxes         1,550       2,507       -38%
Income Tax (Benefit) Provision         (66 )     740        
Net Income         1,616       1,767       -9%
Less: Net Income Attributable to Noncontrolling Interests         23       29        
Net Income Attributable to Merck & Co., Inc.       $ 1,593     $ 1,738       -8%
Earnings per Common Share Assuming Dilution       $ 0.52     $ 0.56       -7%
                   
Average Shares Outstanding Assuming Dilution         3,053       3,074        
Tax Rate (5)         -4.3 %     29.5 %      
(1) Amounts include the impact of acquisition-related costs and restructuring costs. See accompanying tables for details.
(2) Represents separation and other related costs associated with restructuring activities under the company's formal restructuring programs.
(3) Primarily reflects equity income from the AstraZeneca LP and Sanofi Pasteur MSD partnerships.
(4) Other (income) expense, net in the first quarter of 2013 reflects approximately $140 million of losses due to exchange as a result of a Venezuelan currency devaluation.
(5) The GAAP effective tax rate for the first quarter of 2013 reflects the favorable impact of various discrete items, including the impact of tax legislation enacted in the first quarter of 2013, a reduction in tax reserves upon expiration of applicable statute of limitations, as well as a benefit of approximately $160 million associated with the resolution of a previously disclosed legacy Schering-Plough federal income tax issue.

 

                                 
                                 

MERCK & CO., INC.

CONSOLIDATED STATEMENT OF INCOME

GAAP TO NON-GAAP RECONCILIATION

FIRST QUARTER 2013

(AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)

(UNAUDITED)

Table 2a

                                 
        GAAP    

Acquisition-
Related Costs (1) 

   

Restructuring
Costs (2) 

   

Adjustment
Subtotal 

    Non-GAAP
                                 
Sales       $ 10,671                         $ 10,671  
                                 
Costs, Expenses and Other                                
Materials and production         3,959       1,184       43       1,227         2,732  
                                 
Marketing and administrative         2,987       23       17       40         2,947  
                                 
Research and development         1,907       30       15       45         1,862  
                                 
Restructuring costs         119             119       119         -  
                                 
Equity income from affiliates         (133 )                         (133 )
                                 
Other (income) expense, net         282                           282  
                                 
Income Before Taxes         1,550       (1,237 )     (194 )     (1,431 )       2,981  
                                 
Taxes on Income         (66 )                 (439 )

(3)

    373  
                                 
Net Income         1,616                   (992 )       2,608  
                                 
Less: Net Income Attributable to Noncontrolling Interests         23                           23  
                                 
Net Income Attributable to Merck & Co., Inc.       $ 1,593                   (992 )     $ 2,585  
                                 
Earnings per Common Share Assuming Dilution       $ 0.52                         $ 0.85  
                                 
Average Shares Outstanding Assuming Dilution         3,053                           3,053  
Tax Rate         -4.3 %                         12.5 %
Merck is providing non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing this information enhances investors' understanding of the company's performance. This information should be considered in addition to, but not in lieu of, information prepared in accordance with GAAP.
   
(1) Amounts included in materials and production costs reflect expenses for the amortization of intangible assets recognized as a result of mergers and acquisitions. Amounts included in marketing and administrative expenses reflect merger integration costs. Amounts included in research and development expenses represent in-process research and development ("IPR&D") impairment charges.
   
(2) Amounts primarily include employee separation costs and accelerated depreciation associated with facilities to be closed or divested related to actions under the company's formal restructuring programs.
   
(3) Represents the estimated tax impact on the reconciling items, as well as a benefit of approximately $160 million associated with the resolution of a previously disclosed legacy Schering-Plough federal income tax issue.

 

                             
                             

MERCK & CO., INC.

FRANCHISE / KEY PRODUCT SALES

(AMOUNTS IN MILLIONS)

(UNAUDITED)

Table 3

             
    2013   2012  

%
Change

    1Q   1Q   2Q   3Q   4Q   Full Year  
                         

1Q

                             
TOTAL SALES (1)   $10,671   $11,731   $12,311   $11,488   $11,738   $47,267   -9
PHARMACEUTICAL   8,891   10,082   10,560   9,875   10,085   40,601   -12
                             
Primary Care and Women's Health                            
Cardiovascular                            
Zetia   629   614   632   645   676   2,567   2
Vytorin   394   444   445   423   435   1,747   -11
                             
Diabetes & Obesity                            
Januvia   884   919   1,058   975   1,134   4,086   -4
Janumet   409   392   411   405   452   1,659   4
                             
Respiratory                            
Nasonex   385   375   293   292   308   1,268   3
Singulair   337   1,340   1,431   602   480   3,853   -75
Dulera   68   39   50   52   67   207   76
Asmanex   40   48   51   42   44   185   -16
                             
Women's Health & Endocrine                            
NuvaRing   151   146   157   156   164   623   4
Fosamax   137   184   186   152   154   676   -26
Follistim AQ   122   116   125   111   116   468   5
Implanon   84   76   85   93   94   348   12
Cerazette   61   67   72   64   68   271   -9
                             
Other                            
Arcoxia   121   112   117   109   115   453   8
Avelox   36   73   44   30   55   201   -51
                             
Hospital and Specialty                            
                             
Immunology                            
Remicade   549   519   518   490   549   2,076   6
Simponi   108   74   76   86   95   331   46
                             
Infectious Disease                            
Isentress   362   337   398   399   381   1,515   8
Cancidas   162   145   166   163   145   619   12
PegIntron   126   162   183   165   143   653   -23
Victrelis   110   111   126   149   115   502   -1
Invanz   110   101   110   118   116   445   9
Noxafil   65   59   66   66   68   258   11
                             
Oncology                            
Temodar   216   237   225   227   229   917   -9
Emend   116   102   145   111   131   489   14
                             
Other                            
Cosopt / Trusopt   105   124   105   102   113   444   -15
Bridion   63   58   60   68   75   261   8
Integrilin   47   53   60   48   51   211   -11
                             
Diversified Brands                            
Cozaar / Hyzaar   267   336   337   295   315   1,284   -21
Primaxin   84   88   104   109   83   384   -5
Zocor   82   103   96   86   98   383   -20
Claritin Rx   76   87   48   47   63   244   -13
Propecia   68   108   100   104   112   424   -37
Clarinex   61   134   140   64   56   393   -55
Remeron   52   57   66   52   57   232   -8
Maxalt   40   156   154   166   162   638   -74
Proscar   39   51   55   55   56   217   -23
                             
Vaccines                            
Gardasil   390   284   324   581   442   1,631   37
ProQuad, M-M-R II and Varivax   272   255   316   396   306   1,273   7
Zostavax   168   76   148   202   225   651   *
RotaTeq   162   142   142   150   168   601   14
Pneumovax 23   111   112   101   160   208   580   -1
                             
Other Pharmaceutical (2)   1,022   1,066   1,034   1,065   1,161   4,333   -4
                             
                             
ANIMAL HEALTH   840   821   865   815   898   3,399   2
                             
CONSUMER CARE   571   554   552   451   395   1,952   3
Claritin OTC   177   169   145   118   100   532   5
                             
Other Revenues (3)   369   274   333   347   360   1,315   34
Astra   262   186   223   255   251   915   41
* 100% or greater  
Sum of quarterly amounts may not equal year-to-date amounts due to rounding.
(1) Only select products are shown.  
(2) Includes Pharmaceutical products not individually shown above. Other Vaccines sales included in Other Pharmaceutical were $53 million for the first quarter of 2013. Other Vaccines sales included in Other Pharmaceutical were $60 million, $75 million, $116 million, and $69 million for the first, second, third, and fourth quarters of 2012, respectively.
(3) Other revenues are primarily comprised of alliance revenue, miscellaneous corporate revenues and third party manufacturing sales.

 
 

Merck
Media Contacts:
Steve Cragle, 908-423-3461
Kelley Dougherty, 908-423-4291
or
Investor Contacts:
Carol Ferguson, 908-423-4465
Alex Kelly, 908-423-5185 

 

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