MIRA INFORM REPORT
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Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
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Name : |
MERCK & CO., INC. |
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Registered Office : |
Fortune 1000 Rank: 57 One Merck Drive, P.O. Box 100, Whitehouse Station, NJ 08889-0100 |
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Country : |
United States |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1891 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is a global health care company |
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No. of Employees : |
83000 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Unknown |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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United
States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
United States - ECONOMIC OVERVIEW
The US has the largest and most technologically powerful economy in the
world, with a per capita GDP of $48,100. In this market-oriented economy,
private individuals and business firms make most of the decisions, and the
federal and state governments buy needed goods and services predominantly in the
private marketplace. US business firms enjoy greater flexibility than their
counterparts in Western Europe and Japan in decisions to expand capital plant,
to lay off surplus workers, and to develop new products. At the same time, they
face higher barriers to enter their rivals' home markets than foreign firms
face entering US markets. US firms are at or near the forefront in
technological advances, especially in computers and in medical, aerospace, and
military equipment; their advantage has narrowed since the end of World War II.
The onrush of technology largely explains the gradual development of a
"two-tier labor market" in which those at the bottom lack the
education and the professional/technical skills of those at the top and, more
and more, fail to get comparable pay raises, health insurance coverage, and
other benefits. Since 1975, practically all the gains in household income have
gone to the top 20% of households. Since 1996, dividends and capital gains have
grown faster than wages or any other category of after-tax income. Imported oil
accounts for nearly 55% of US consumption. Oil prices doubled between 2001 and
2006, the year home prices peaked; higher gasoline prices ate into consumers'
budgets and many individuals fell behind in their mortgage payments. Oil prices
increased another 50% between 2006 and 2008. In 2008, soaring oil prices
threatened inflation and caused a deterioration in the US merchandise trade
deficit, which peaked at $840 billion. In 2009, with the global recession
deepening, oil prices dropped 40% and the US trade deficit shrank, as US
domestic demand declined, but in 2011 the trade deficit ramped back up to $803
billion, as oil prices climbed once more. The global economic downturn, the
sub-prime mortgage crisis, investment bank failures, falling home prices, and
tight credit pushed the United States into a recession by mid-2008. GDP
contracted until the third quarter of 2009, making this the deepest and longest
downturn since the Great Depression. To help stabilize financial markets, in
October 2008 the US Congress established a $700 billion Troubled Asset Relief
Program (TARP). The government used some of these funds to purchase equity in
US banks and industrial corporations, much of which had been returned to the
government by early 2011. In January 2009 the US Congress passed and President
Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus
to be used over 10 years - two-thirds on additional spending and one-third on
tax cuts - to create jobs and to help the economy recover. In 2010 and 2011,
the federal budget deficit reached nearly 9% of GDP; total government revenues
from taxes and other sources are lower, as a percentage of GDP, than that of
most other developed countries. The wars in Iraq and Afghanistan required major
shifts in national resources from civilian to military purposes and contributed
to the growth of the US budget deficit and public debt - through 2011, the
direct costs of the wars totaled nearly $900 billion, according to US government
figures. In March 2010, President OBAMA signed into law the Patient Protection
and Affordable Care Act, a health insurance reform bill that will extend
coverage to an additional 32 million American citizens by 2016, through private
health insurance for the general population and Medicaid for the impoverished.
Total spending on health care - public plus private - rose from 9.0% of GDP in
1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall
Street Reform and Consumer Protection Act, a law designed to promote financial
stability by protecting consumers from financial abuses, ending taxpayer
bailouts of financial firms, dealing with troubled banks that are "too big
to fail," and improving accountability and transparency in the financial
system - in particular, by requiring certain financial derivatives to be traded
in markets that are subject to government regulation and oversight. Long-term
problems include inadequate investment in deteriorating infrastructure, rapidly
rising medical and pension costs of an aging population, sizable current
account and budget deficits - including significant budget shortages for state
governments - energy shortages, and stagnation of wages for lower-income
families.
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Source : CIA |
Company name & address
Merck & Co., Inc.
Fortune 1000 Rank: 57
One Merck Drive,
P.O. Box 100
Whitehouse Station, NJ 08889-0100
United States
Tel: 908-423-1000
Fax: 908-298-7082
Web: www.merck.com
Synthesis
Employees: 83,000
Company Type: Public Parent
Corporate Family: 322
Companies
Traded: New York Stock Exchange: MRK
Incorporation Date: 1891
Auditor: PricewaterhouseCoopers LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: US
Dollar
Annual Sales: 47,267.0 1
Net Income: 6,168.0
Total Assets: 106,132.0 2
Market Value: 133,256.2 (15-Mar-2013)
Business Description
Merck & Co., Inc. (Merck) is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company’s operations are principally managed on a products basis and consists of four segments: the Pharmaceutical, Animal Health, Consumer Care and Alliances segments, and one reportable segment: the Pharmaceutical segment. The Pharmaceutical segment includes human health pharmaceutical and vaccine products marketed either directly by the Company or through joint ventures. In May 2011, it acquired Inspire Pharmaceuticals, Inc. In September 2011, the Company sold its 50% interest in the Johnson & Johnson°Merck Consumer Pharmaceuticals Company joint venture. Effective February 25, 2013, Dashtag of UK, a unit of Merck & Co Inc's Schering Plough Corp subsidiary acquired 17.95% stake in Fulford (India) Ltd. For the fiscal year ended 31 December 2012, Merck & Co., Inc. revenues decreased 2% to $47.27B. Net income applicable to common stockholders decreased 1% to $6.17B. Revenues reflect Merck Pharmaceutical segment decrease of 2% to $40.6B, All Other segment decrease of 1% to $6.67B, Europe, Middle East and Africa segment decrease of 6% to $12.99B, Other segment decrease of 2% to $8.78B. Net income also reflects Other Income and Expenses.
Industry
Industry Biotechnology and Drugs
ANZSIC 2006: 1841 - Human
Pharmaceutical and Medicinal Product Manufacturing
NACE 2002: 2442 - Manufacture
of pharmaceutical preparations
NAICS 2002: 325412 -
Pharmaceutical Preparation Manufacturing
UK SIC 2003: 24421 -
Manufacture of medicaments
UK SIC 2007: 2120 - Manufacture
of pharmaceutical preparations
US SIC 1987: 2834 -
Pharmaceutical Preparations
Key Executives
(Emails Available)
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Name |
Title |
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Chairman, President and Chief Execuitve Officer |
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Patrick Bergstedt |
President Asia Pacific, Merck Sharp & Dohme |
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Chief Financial Officer, Executive Vice President |
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Executive Vice President, Chief Strategy Officer |
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Executive Vice President, Chief Information Officer |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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2 |
Merck &
Co Inc To Pay $688 Million To Settle Enhance Lawsuits |
14-Feb-2013 |
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2 |
15-Jun-2012 |
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2 |
5-Feb-2013 |
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2 |
Merck &
Co Inc, Four Others Weigh Amylin Pharmaceuticals Inc Final Bids |
26-Jun-2012 |
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1 |
Merck &
Co Inc Issues Q1 2013 EPS Guidance Below Analysts' Estimates |
13-Feb-2013 |
* number of significant developments within the last 12 months
News
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Title |
Date |
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In a
significant judgement, Supreme |
1-Apr-2013 |
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Indian
Supreme Court rejects Novartis' plea for patent on cancer drug Glivec |
1-Apr-2013 |
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Cancer
drugs to remain affordable as Novartis loses Indian patent battle |
1-Apr-2013 |
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India's
Glenmark Hits Merck By Launching Copy Of Patented Januvia In A Move That May
Alter The DPP4 Diabetes Market |
1-Apr-2013 |
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SC denies
patent to Novartis for Glivec; cancer drugs to remain affordable |
1-Apr-2013 |
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SC denies
patent to Novartis for Glivec |
1-Apr-2013 |
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
One Merck Drive,
P.O. Box 100
Whitehouse Station, NJ, 08889-0100
Hunterdon County
United States
Tel: 908-423-1000
Fax: 908-298-7082
Web: www.merck.com
Quote Symbol - Exchange
MRK - New York
Stock Exchange
Sales USD(mil): 47,267.0
Assets USD(mil): 106,132.0
Employees: 83,000
Fiscal Year End: 31-Dec-2012
Industry: Biotechnology and Drugs
Incorporation Date: 1891
Company Type: Public Parent
Quoted Status: Quoted
Chairman,
President and Chief Execuitve Officer:
Kenneth C. Frazier
Industry Codes
ANZSIC 2006 Codes:
1841 - Human Pharmaceutical and Medicinal Product Manufacturing
6910 - Scientific Research Services
1852 - Cosmetic and Toiletry Preparation Manufacturing
NACE 2002 Codes:
2442 - Manufacture of pharmaceutical preparations
2452 - Manufacture of perfumes and toilet preparations
7310 - Research and experimental development on natural sciences
and engineering
NAICS 2002 Codes:
325412 - Pharmaceutical Preparation Manufacturing
325620 - Toilet Preparation Manufacturing
325414 - Biological Product (except Diagnostic) Manufacturing
541710 - Research and Development in the Physical, Engineering, and
Life Sciences
US SIC 1987:
2834 - Pharmaceutical Preparations
2844 - Perfumes, Cosmetics, and Other Toilet Preparations
2836 - Biological Products, Except Diagnostic Substances
8731 - Commercial Physical and Biological Research
UK SIC 2003:
24421 - Manufacture of medicaments
2452 - Manufacture of perfumes and toilet preparations
2442 - Manufacture of pharmaceutical preparations
7310 - Research and experimental development on natural sciences
and engineering
UK SIC 2007:
2120 - Manufacture of pharmaceutical preparations
7219 - Other research and experimental development on natural
sciences and engineering
2042 - Manufacture of perfumes and toilet preparations
Business
Description
Merck & Co.,
Inc. (Merck) is a global health care company that delivers health solutions
through its prescription medicines, vaccines, biologic therapies, animal
health, and consumer care products, which it markets directly and through its
joint ventures. The Company’s operations are principally managed on a
products basis and consists of four segments: the Pharmaceutical, Animal
Health, Consumer Care and Alliances segments, and one reportable segment: the
Pharmaceutical segment. The Pharmaceutical segment includes human health
pharmaceutical and vaccine products marketed either directly by the Company or
through joint ventures. In May 2011, it acquired Inspire Pharmaceuticals, Inc.
In September 2011, the Company sold its 50% interest in the Johnson &
Johnson°Merck Consumer Pharmaceuticals Company joint venture. In December
2011, the Company established an Asia Research & Development (R&D)
headquarters for drug discovery and development located in Beijing, China.
Effective February 25, 2013, Dashtag of UK, a unit of Merck & Co Inc's
Schering Plough Corp subsidiary acquired 17.95% stake in Fulford (India) Ltd.
Human health
pharmaceutical products consist of therapeutic and preventive agents, generally
sold by prescription, for the treatment of human disorders. The Company sells
these human health pharmaceutical products primarily to drug wholesalers and
retailers, hospitals, government agencies and managed health care providers,
such as health maintenance organizations, pharmacy benefit managers and other
institutions. Vaccine products consist of preventive pediatric, adolescent and
adult vaccines, primarily administered at physician offices. The Company sells
these human health vaccines primarily to physicians, wholesalers, physician
distributors and government entities. The Company also has animal health
operations that discover, develop, manufacture and market animal health
products, including vaccines, which the Company sells to veterinarians,
distributors and animal producers. In addition, the Company has consumer care
operations that develop, manufacture and market over-the-counter, foot care and
sun care products, which are sold through wholesale and retail drug, food chain
and mass merchandiser outlets.
Pharmaceutical
The Company’s
pharmaceutical products include therapeutic and preventive agents, which are
sold by prescription, for the treatment of human disorders. Zetia (marketed as
Ezetrol outside the United States); Vytorin (marketed as Inegy outside the
United States), and Integrilin (eptifibatide) Injection is a treatment for
patients with acute coronary syndrome. Januvia and Janumet is used for the
treatment of type 2 diabetes. Cozaar, Hyzaar, Zocor and Propecia (finasteride)
is a product for the treatment of male pattern hair loss. Claritin Rx
(loratadine) is used for the treatment of seasonal outdoor allergies and
year-round indoor allergies. Remeron (mirtazapine) is an antidepressant.
Vasotec (enalapril maleate) and Vaseretic (enalapril maleate-hydrochlorothiazide)
are hypertension and/or heart failure products. Proscar (finasteride) is a
urology product for the treatment of symptomatic benign prostate enlargement.
Isentress and
PegIntron (peginterferon alpha-2b) is used as a treatment for chronic hepatitis
C. Cancidas (caspofungin acetate) is an anti-fungal product. Primaxin (imipenem
and cilastatin sodium) is an anti-bacterial product. Invanz (ertapenem sodium)
is used for the treatment of certain infections. Avelox (moxifloxacin), which
the Company only markets in the United States, is a fluoroquinolone antibiotic
for certain respiratory and skin infections. Noxafil (posaconazole) is used for
the prevention of invasive fungal infections. Crixivan (indinavir sulfate) and
Stocrin (efavirenz) is antiretroviral therapies for the treatment of human
immunodeficiency virus (HIV) infection. Rebetol (ribavirin, USP) Capsules and
Oral Solution is used in combination with PegIntron or Intron A (interferon
alpha-2b, recombinant) for treating chronic hepatitis C. Its infectious disease
products also include Victrelis.
Maxalt
(rizatriptan benzoate) is a product for acute treatment of migraine. Cosopt and
Trusopt (dorzolamide hydrochloride ophthalmic solution) are ophthalmic
products. Temodar (marketed as Temodal outside the United States), and Emend
(aprepitant) is used for the prevention of chemotherapy-induced and
post-operative nausea and vomiting, and Intron A for Injection, is marketed for
chronic hepatitis B and C and numerous anticancer indications worldwide, including
as adjuvant therapy for malignant melanoma. Singulair, Remicade and Nasonex
(mometasone furoate monohydrate) are an inhaled nasal corticosteroid for the
treatment of nasal allergy symptoms. Clarinex (desloratadine) is a non-sedating
antihistamine. Arcoxia (etoricoxib) is used for the treatment of arthritis and
pain Simponi and Asmanex Twisthaler (mometasone furoate inhalation powder) is
an oral dry-powder corticosteroid inhaler for first-line maintenance treatment
of asthma in patients 4 and older.
Proventil HFA
(albuterol sulfate) is an inhalation aerosol for the relief of bronchospasm in
patients 12 years or older. Dulera Inhalation Aerosol (mometasone
furoate/formoterol fumarate dihydrate) is a fixed-dose combination asthma
treatment in patients 12 years of age or older. Gardasil, ProQuad and M-M-R II
[Measles, Mumps and Rubella Virus Vaccine Live] are vaccines to help prevent
measles, mumps and rubella. Varivax, RotaTeq, Pneumovax and Zostavax are
vaccines to help prevent shingles (herpes zoster) in patients aged 50 and
older. Fosamax (alendronate sodium) is used for the treatment and prevention of
osteoporosis. NuvaRing (etonogestrel/ethinyl estradiol vaginal ring) is a
vaginal contraceptive ring. Follistim AQ (follitropin beta injection) is a biological
fertility treatment. Implanon (etonogestrel implant) is a single-rod subdermal
contraceptive implant. Cerazette (desogestrel) is a progestin only oral
contraceptive.
Animal Health
The Animal Health
segment discovers, develops, manufactures and markets animal health products,
including vaccines. Principal marketed products in this segment include
livestock products, poultry products, companion animal products and aquaculture
products. Nuflor antibiotic range is used in cattle and swine. Bovilis/Vista
vaccine lines is used for infectious diseases in cattle. Estrumate is used for
the treatment of fertility disorders in cattle. Regumate/Matrix fertility
management is used for swine and horses. Resflor combination broad-spectrum
antibiotic and non-steroidal anti-inflammatory drug is used for bovine
respiratory disease. Zilmax and Revalor is used to improve production
efficiencies in beef cattle. M+Pac swine pneumonia vaccine, and Porcilis
vaccine line is used for infectious diseases in swine.
The Company’s
livestock products also include Banamine bovine and swine anti-inflammatory.
Poultry Products include Nobilis/Innovax, which are vaccine lines for poultry,
and Paracox and Coccivac coccidiosis vaccines. Companion Animal Products
include Nobivac/Continuum vaccine lines for flexible dog and cat vaccination;
Otomax/Mometamax/Posatex ear ointments for acute and chronic otitis;
Caninsulin/Vetsulin diabetes mellitus treatment for dogs and cats;
Panacur/Safeguard broad-spectrum anthelmintic (de-wormer) for use in many
animals, and Scalibor/Exspot for protecting against bites from fleas, ticks,
mosquitoes and sandflies. Aquaculture Products include Slice parasiticide for
sea lice in salmon; Aquavac/Norvax vaccines against bacterial and viral disease
in fish; Compact PD vaccine for salmon, and Aquaflor antibiotic for farm-raised
fish.
Consumer Care
The Consumer Care
segment develops, manufactures and markets over-the-counter, foot care and sun
care products. Principal products in this segment include over-the-counter
products, foot care and sun care. Over-the-Counter products include Claritin
non-drowsy antihistamines; MiraLAX treatment for occasional constipation;
Coricidin HBP decongestant-free cold/flu medicine for people with high blood
pressure; Afrin nasal decongestant spray, and Zegerid OTC treatment for
frequent heartburn. Foot Care products include Dr. Scholl’s foot care
products; Lotrimin topical antifungal products, and Tinactin topical antifungal
products and foot and sneaker odor/wetness products. Sun Care products include
Coppertone sun care lotions, sprays and dry oils
More Business Descriptions
Merck & Co.,
Inc. (Merck) is a global health care company that delivers health solutions
through its prescription medicines, vaccines, biologic therapies, animal
health, and consumer care products, which it markets directly and through its
joint ventures. The Company’s operations are principally managed on a
products basis and consists of four segments: the Pharmaceutical, Animal
Health, Consumer Care and Alliances segments, and one reportable segment: the
Pharmaceutical segment. The Pharmaceutical segment includes human health
pharmaceutical and vaccine products marketed either directly by the Company or
through joint ventures. In May 2011, it acquired Inspire Pharmaceuticals, Inc.
In September 2011, the Company sold its 50% interest in the Johnson &
Johnson°Merck Consumer Pharmaceuticals Company joint venture. Effective
February 25, 2013, Dashtag of UK, a unit of Merck & Co Inc's Schering Plough
Corp subsidiary acquired 17.95% stake in Fulford (India) Ltd. For the fiscal
year ended 31 December 2012, Merck & Co., Inc. revenues decreased 2% to
$47.27B. Net income applicable to common stockholders decreased 1% to $6.17B.
Revenues reflect Merck Pharmaceutical segment decrease of 2% to $40.6B, All
Other segment decrease of 1% to $6.67B, Europe, Middle East and Africa segment
decrease of 6% to $12.99B, Other segment decrease of 2% to $8.78B. Net income
also reflects Other Income and Expenses.
Pharmaceuticals & Health Care Products Mfr
Establishments
primarily engaged in manufacturing, fabricating, or processing drugs in
pharmaceutical preparations for human or veterinary use. The greater part of
the products of these establishments are finished in the form intended for
final consumption, such as ampoules, tablets, capsules, vials, ointments,
medicinal powders, solutions, and suspensions. Products of this industry
consist of two important lines, namely: (1) pharmaceutical preparations
promoted primarily to the dental, medical, or veterinary professions, and (2)
pharmaceutical preparations promoted primarily to the public.
Merck & Co.,
Inc. (Merck) is a global healthcare company with focus on the research and
development of innovative products for the improvement of human and animal
health. The company operates in the US, Asia, Europe, the Middle East and
Africa through a network of subsidiary companies. Merck classifies its
operations into four segments, namely, Pharmaceutical, Animal Health, Consumer
Care and Alliances, and the Pharmaceutical segment is a reportable segment;
while the other three are reported together as other segment.The Pharmaceutical
segment includes products such as therapeutic and preventive agents, generally
sold on prescription, for the treatment of human disorders. The segment offers
products for the treatment of conditions related to respiratory, immunology,
dermatology, cardiovascular, diabetes, obesity, infectious disease,
neurosciences, ophthalmology, oncology, vaccines, women’s health and
endocrine systems. The segment also offers diversified brands for the treatment
of male pattern hair loss, hypertension and heart failure products and products
for the treatment of symptomatic benign prostate enlargement. The company sells
its human health pharmaceutical products to hospitals, drug wholesalers and
retailers, government agencies and managed healthcare providers such as
pharmacy benefit managers, health maintenance organizations and other
institutions. For the fiscal year ended December 2011, the Pharmaceutical
segment generated revenue of $41,289m, which accounted for 85.93% of the
company’s total sales. For the nine month ended September 2012, the
Pharmaceutical segment generated $30,517m of sales. The Animal Health segment
discovers, develops, manufactures and markets animal health products such as
livestock products, poultry products and aquaculture products. It offers a
range of vaccines, anti-infective and anti-parasitic drugs, fertility
management products, pharmaceutical specialty products and delivery solutions.
The company also offers performance technologies and value-added programs, such
as pet recovery services and livestock data management tools. The Consumer Care
segment offers products that include over-the-counter (OTC), foot care and sun
care products. Its OTC products include Claritin non-drowsy antihistamines;
MiraLAX treatment for occasional constipation; Coricidin HBP decongestant-free
cold/flu medicine for people with high blood pressure; Afrin nasal decongestant
spray; and Zegerid OTC treatment for frequent heartburn. Merck’s Foot Care
products include Dr. Scholl’s foot care products; Lotrimin topical antifungal
products; and Tinactin topical antifungal products and foot and sneaker
odor/wetness products and its Sun Care product offerings such as Coppertone sun
care lotions, sprays and dry oils. The segment’s sells its products through
wholesale and retail drug, food chain and merchandiser outlets in the US and
Canada. For the fiscal year ended December 2011, the other segment generated
$6,327m of revenue, which accounted for 13.16% of the total revenue of the
company. The miscellaneous corporate revenues, third-party manufacturing sales,
sales related to divested products or businesses and other supply sales
accounted for 0.9% of the total revenue of the company. For the nine month
ended September 2012, the other segment generated $4830m of sales. The company
entered into joint venture agreements with health care companies such as
AstraZeneca LP, Sanofi Pasteur, MSD and Johnson & Johnson. Merck and
Johnson & Johnson formed a joint venture named Johnson & Johnson-Merck
Consumer Pharmaceuticals Co (JJMCP) to develop and market various products. The
research and development (R&D) activities of the company focus on the
development of innovative products and new uses for existing products. Its
clinical pipeline product candidates are meant for multiple diseases such as
anemia, cancer, diabetes, heart failure, atherosclerosis, hypertension,
infectious diseases, neurodegenerative diseases, migraine and psychiatric diseases.
The company incurred an expense of $8,467m on its R&D activities in 2011.
Geographically, the company generates its revenue from four regions, namely,
United States; Europe, Middle East and Africa; Japan and Other countries. For
the fiscal year ended December 2011, the company generated 42.65% of its total
revenue from United States, followed by 28.68% from Europe, Middle East and
Africa, 10% from Japan and 18.6% revenue from Other countries. In January 2013,
the company’s Oxytrol For Women (oxybutynin transdermal system, 3.9 mg/day),
the over-the-counter treatment for overactive bladder in women, was approved by
the U.S. Food and Drug Administration. The company’s resubmission of the New
Drug Application for sugammadex sodium injection was accepted for review by the
U.S. Food and Drug Administration, besides ezetimibe and atorvastatin tablets,
an investigational combination medicine. In December 2012, Merck and GE
Healthcare entered into a collaboration to use imaging biomarkers; Merck and
The JAMA Network entered into a new agreement to enhance the medical
information available on Merck's medical information and education Web sites
(Merck Medicus and Univadis). In November 2012, the company announced plans to
initiate two interferon-free Phase II clinical trials with MK-5172, its
investigational, once-daily, oral HCV NS3/4A protease inhibitor to treat
chronic hepatitis C infection. In October 2012, AiCuris and Merck entered into
an exclusive worldwide licensing agreement for AiCuris's new portfolio of
investigational medicines targeting human cytomegalovirus.
Merck & Co.,
Inc. (Merck), also known as MSD outside the US and Canada, is a research-driven
global healthcare company that conducts the discovery, development, manufacture
and commercialization of branded, prescription and over-the-counter (OTC)
pharmaceuticals, vaccines and consumer care products for human and animal
healthcare markets. The company has four operating units, namely,
Pharmaceuticals (primary segment), Animal Health, Consumer Care and Alliances.
The major clients of the company include wholesalers and retailers, hospitals,
government agencies, managed health care providers, and veterinarians. Merck
sells its products through direct sales force and a network of joint ventures
across the US, Europe, the Middle East and Africa, Japan and Other countries.
Merck is headquartered in Whitehouse Station, New Jersey, the US. The company
focuses on expanding its product range and coverage. This intent is evident
from its recent agreement with Supera Farma Laboratories S.A. for the
commercialization of its products in Brazil. The company also received
approvals for its products, which include Janumet, Isentress, Vytorin and
Juvisync, among others, reflecting the company’s efforts in successful
product pipeline development.The company reported revenues of (U.S. Dollars)
USD 48,047.00 million during the fiscal year ended December 2011, an increase
of 4.48% over 2010. The operating profit of the company was USD 7,334.00
million during the fiscal year 2011, an increase of 343.68% over 2010. The net
profit of the company was USD 6,272.00 million during the fiscal year 2011, an
increase of 628.46% over 2010.
Todays 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.
Merck &
Company, Inc. is one of the leading research-driven pharmaceutical companies in
the world. The company works to discover, develop, manufacture and market
vaccines and medicines to address unmet medical needs. Merck & Company
devotes efforts to increase access to necessary medicines. The company offers a
variety of far-reaching programs that donate Merck medicines and help deliver
them. Merck & Company also publishes unbiased health information as a
not-for-profit service. The company has locations in Argentina, Venzuela,
Ecuador, Canada, Puerto Rico, Mexico, Columbia, Peru, Chile, the Dominican
Republic and the United States. Richard T. Clark has been the chief executive
officer of Merck & Company for more than a year. He has been with the
biotech and pharmaceutical firm of rover 34 years. Clark earned a BA degree
from Washington & Jefferson College, and a MBA from the American
University. Merck & Company, Inc. was established in 1891 and maintains its
headquarters in Whitehouse Station, N.J.
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Strategic Initiatives
Key Organizational
Changes
The Company also anticipates filings in 2013 for, among others, MK-0822, odanacatib, an investigational treatment for osteoporosis, and MK-0524A, Tredaptive, which is under development for the treatment of atherosclerosis. Merck continues to pursue opportunities that have the potential to drive both near- and long-term growth. During 2011, the Company completed a variety of transactions including the acquisition of Inspire Pharmaceuticals, Inc., a specialty pharmaceutical company focused on developing and commercializing ophthalmic products. Additionally, the Company entered into transactions designed to strengthen its presence in emerging markets in the longer term. Merck continues to realize cost savings across all areas of the Company.
Partnerships
In January 2013, the company’s Oxytrol For Women (oxybutynin transdermal system, 3.9 mg/day), the over-the-counter treatment for overactive bladder in women, was approved by the U.S. Food and Drug Administration. The company’s resubmission of the New Drug Application for sugammadex sodium injection was accepted for review by the U.S. Food and Drug Administration, besides ezetimibe and atorvastatin tablets, an investigational combination medicine. In December 2012, Merck and GE Healthcare entered into a collaboration to use imaging biomarkers; Merck and The JAMA Network entered into a new agreement to enhance the medical information available on Merck's medical information and education Web sites (Merck Medicus and Univadis). In November 2012, the company announced plans to initiate two interferon-free Phase II clinical trials with MK-5172, its investigational, once-daily, oral HCV NS3/4A protease inhibitor to treat chronic hepatitis C infection. In October 2012, AiCuris and Merck entered into an exclusive worldwide licensing agreement for AiCuris's new portfolio of investigational medicines targeting human cytomegalovirus.GlobalData uses a range of research techniques to gather and verify its information and analysis.
The Phase-II candidates are targeted on allergy (MK-8237), cancer (MK0646, MK-1775, MK-2206, MK-7695), contraception (MK-8342), hepatitis C (MK-5172), Insomnia (MK-6096), overactive bladder (MK-4618), pneumoconjugate vaccine (V114), rheumatoid arthritis (MK-8457), migrane (MK-1602), HIV (MK-1439), asthma (MK-1029), and psoriasis (MK-3222). The successful development of the company’s promising pipeline products would lead to a stable growth with sustained profitability.Partnership AgreementsThe company's agreements not only propel its inorganic growth, but also help develop therapeutics for major medical needs. In 2012, the company entered into a clinical study collaboration, license and supply agreement with GE Healthcare, to use [18F] Flutemetamol, an investigational positron emission tomography imaging agent, to develop its novel oral beta amyloid precursor protein site cleaving enzyme inhibitor and its lead investigational candidate for Alzheimer's disease. The company entered into a strategic collaboration with The JAMA Network for the enhancement of the medical information available on Merck's medical information and education web sites, and for the expansion of The JAMA Network's global presence. The company entered into a five-year agreement with Regenstrief Institute, for collaboration on various projects, which will use clinical data for personalized delivery of health care information.
The successful development of the company’s promising pipeline products would lead to a stable growth with sustained profitability.Partnership AgreementsThe company's agreements not only propel its inorganic growth, but also help develop therapeutics for major medical needs. In 2012, the company entered into a clinical study collaboration, license and supply agreement with GE Healthcare, to use [18F] Flutemetamol, an investigational positron emission tomography imaging agent, to develop its novel oral beta amyloid precursor protein site cleaving enzyme inhibitor and its lead investigational candidate for Alzheimer's disease. The company entered into a strategic collaboration with The JAMA Network for the enhancement of the medical information available on Merck's medical information and education web sites, and for the expansion of The JAMA Network's global presence. The company entered into a five-year agreement with Regenstrief Institute, for collaboration on various projects, which will use clinical data for personalized delivery of health care information. Merck also entered into an exclusive worldwide licensing agreement with AiCuris GmbH & Co KG, for AiCuris' novel portfolio of investigational medicines targeting Human Cytomegalovirus (HCMV).
In 2012, the company entered into a clinical study collaboration, license and supply agreement with GE Healthcare, to use [18F] Flutemetamol, an investigational positron emission tomography imaging agent, to develop its novel oral beta amyloid precursor protein site cleaving enzyme inhibitor and its lead investigational candidate for Alzheimer's disease. The company entered into a strategic collaboration with The JAMA Network for the enhancement of the medical information available on Merck's medical information and education web sites, and for the expansion of The JAMA Network's global presence. The company entered into a five-year agreement with Regenstrief Institute, for collaboration on various projects, which will use clinical data for personalized delivery of health care information. Merck also entered into an exclusive worldwide licensing agreement with AiCuris GmbH & Co KG, for AiCuris' novel portfolio of investigational medicines targeting Human Cytomegalovirus (HCMV). Through the agreement with AiCuris, Merck’s subsidiary will gain worldwide rights for the development and commercialization of candidates in AiCuris's HCMV portfolio.
In 2012, the company established a joint venture with Supera Farma Laboratorios S.A., a Brazil-based pharmaceutical company, which is co-owned by Cristalia and Eurofarma, for marketing, distributing and selling pharmaceutical and branded generic products from Merck, Cristalia and Eurofarma in the Brazilian retail sector. This initiative could help Merck expand its product portfolio and distribution network in the Brazilian market. In May 2011, the company completed the acquisition of Inspire Pharmaceuticals, Inc., a specialty pharmaceutical company with focus on developing and commercializing ophthalmic products. In 2011, through its subsidiary, the company entered into an agreement with Astellas US LLC, subsidiary of Astellas Pharma Inc., and acquired exclusive rights to develop and commercialize the investigational intravenous formulation of vernakalant in Mexico, Canada and the US. These new strategic moves could create ample opportunities for the company to augment its business growth.Uncertain R&D OutcomesAdverse or inconclusive results from preclinical testing or clinical trials may substantially delay or halt the development of the company's various product candidates, consequently affecting its timeliness for profitability.
In September 2011, the company entered into an agreement with BGI, to
focus on the discovery and development of biomarkers and genomic technologies. In
2011, Merck entered into agreements with several players in the industry. Some
of the agreements include collaboration agreement with Serum Institute of India
Limited, to develop and expand the global access to Pneumococcal Conjugate
Vaccine (PCV); with Simcere Pharmaceutical Group, to establish a joint venture;
expanded distribution and logistics agreement with UPS; agreements with Roche,
Hanwha Chemical Corporation and Laboratorios Farmaceuticos ROVI SA, among
others.New Product ApprovalsMerck focuses extensively on development and launch
of new and good quality pharmaceutical products to generate higher revenue and
strengthen its geographical presence. In 2013, the company’s Oxytrol For
Women (oxybutynin transdermal system, 3.9 mg/day), the over-the-counter
treatment for overactive bladder in women, was approved by the U.S. Food and
Drug Administration.
At the outset of every clinical trial, pharmaceutical companies initiate
clinical trial site selection, prequalification and GCP training, which can be
paperwork-heavy and time-consuming for trial sponsors and investigators alike.
By housing critical information about investigators and trial sites in one
place, the databank will reduce time, cost and duplicative efforts, making it
easier for companies to identify appropriate trial sites and investigators for
future clinical trials. Investigator sites that have opted-in to data sharing
will have their relevant information accessible to pharmaceutical companies
participating in the collaboration. This databank will not include any patient
data. Andreas Koester, head, clinical trial innovation/external alliances,
Janssen Research & Development, said, "The current clinical trial
environment is inefficient, costly and unsustainable.
Through Accelerating Cancer Cures, we are ensuring that the best young
physician-scientists can continue to be the critical link between the research
lab and the patients.” Dr Karen Ferrante, chief medical officer, Millennium:
The Takeda Oncology Company, said, “The Takeda Oncology Company. The future
of oncology research and the creation of novel treatments rests in the hands of
talented scientific leaders like those who are presenting at this year’s
Accelerating Cancer Cures symposium, which Millennium is proud to hos. This
event underscores the importance of collaboration between the biopharmaceutical
industry and its academic partners, and how these partnerships will ultimately
create new cancer treatments for patients.”Feb 01, 2013Merck Reports Revenue
Of $11.7 Billion In Q4 2012Merck & Co., Inc. (Merck) reported sales of
$11.7 billion in the fourth quarter of 2012 compared to $12.3 billion in the
same period of 2011. Net income attributable to the company was $1.4 billion,
or $0.46 per share, in the fourth quarter of 2012, compared to $1.5 billion, or
$0.49 per share, in the same period of 2011.
The president and CEO of Millennium, Dr Deborah Dunsire, opened the
meeting with remarks that focused on the need for greater collaboration between
industry and academia. Additionally, Dr David Nathan, president emeritus,
Dana-Farber Cancer Institute, and the Robert A Stranahan distinguished
professor of pediatrics and professor of medicine, Harvard Medical School,
delivered a keynote address about the promise of cancer research and the
critical role of patient-oriented physician scientists in advancing progress
against the many forms of cancer. Dr Richard B Gaynor, vice president, cancer
research/clinical investigation, of Lilly, and Alan Leventhal, chairman and CEO
of Beacon Capital Partners and chairman of the board of the Damon Runyon, also
spoke about this groundbreaking collaboration. Lorraine Egan, president and CEO
of Damon Runyon, said, “It is extraordinary that industry competitors have
come together to address a major obstacle to developing new treatments for
cancer patients. Through Accelerating Cancer Cures, we are ensuring that the
best young physician-scientists can continue to be the critical link between
the research lab and the patients.” Dr Karen Ferrante, chief medical officer,
Millennium: The Takeda Oncology Company, said, “The Takeda Oncology Company.
The company’s resubmission of the New Drug Application for sugammadex
sodium injection was accepted for review by the U.S. Food and Drug
Administration, besides ezetimibe and atorvastatin tablets, an investigational
combination medicine. In December 2012, Merck and GE Healthcare entered into a
collaboration to use imaging biomarkers; Merck and The JAMA Network entered
into a new agreement to enhance the medical information available on Merck's
medical information and education Web sites (Merck Medicus and Univadis). In
November 2012, the company announced plans to initiate two interferon-free
Phase II clinical trials with MK-5172, its investigational, once-daily, oral
HCV NS3/4A protease inhibitor to treat chronic hepatitis C infection. In
October 2012, AiCuris and Merck entered into an exclusive worldwide licensing
agreement for AiCuris's new portfolio of investigational medicines targeting
human cytomegalovirus.GlobalData uses a range of research techniques to gather
and verify its information and analysis. These include primary research,
in-house knowledge and expertise, proprietary databases, and secondary sources
such as company websites, annual reports, SEC filings and press releases,
GlaxoSmithKline, Johnson & Johnson, Lilly, Lundbeck, Menarini SA, Merck
& Co., Merck KGaA, Novartis, Novo Nordisk, Otsuka Pharaceuticals, Pfizer,
Roche, Sanofi, Shionogi & Co., Takeda Chemical Industries, UCB.Mar 04, 2013Industry
Leaders And Academic Researchers Come Together For Innovative Accelerating
Cancer Cures Research SymposiumThe Damon Runyon Cancer Research Foundation
(Damon Runyon) held its annual Accelerating Cancer Cures Research Symposium
designed to foster communication and collaboration between cancer researchers
in industry and academia to speed progress against cancer.Hosted by Millennium:
the Takeda Oncology Company, the meeting included physician scientists from Eli
Lilly and Company, ARIAD, Celgene, Genentech, Merck, and Pfizer, as well as
academic researchers from the top universities and research institutions
in the nation. Accelerating cancer cures is a unique collaboration between Damon Runyon and
biopharmaceutical companies.
The goal of this multi-million dollar initiative is to rebuild the ranks of specially trained physician-scientists who conduct both the cutting-edge laboratory research to identify new therapeutics, as well as the clinical trials to bring these new treatments to patients. The companies involved in this initiative, while competitors in the marketplace, are committed to supporting the best young clinical investigators so that they can drive the next breakthroughs in cancer prevention, diagnosis and treatment, the company said. The president and CEO of Millennium, Dr Deborah Dunsire, opened the meeting with remarks that focused on the need for greater collaboration between industry and academia. Additionally, Dr David Nathan, president emeritus, Dana-Farber Cancer Institute, and the Robert A Stranahan distinguished professor of pediatrics and professor of medicine, Harvard Medical School, delivered a keynote address about the promise of cancer research and the critical role of patient-oriented physician scientists in advancing progress against the many forms of cancer. Dr Richard B Gaynor, vice president, cancer research/clinical investigation, of Lilly, and Alan Leventhal, chairman and CEO of Beacon Capital Partners and chairman of the board of the Damon Runyon, also spoke about this groundbreaking collaboration, Takeda Chemical Industries, UCB.Mar 04, 2013Industry Leaders And Academic Researchers Come Together For Innovative Accelerating Cancer Cures Research SymposiumThe Damon Runyon Cancer Research Foundation (Damon Runyon) held its annual Accelerating Cancer Cures Research Symposium designed to foster communication and collaboration between cancer researchers in industry and academia to speed progress against cancer.Hosted by Millennium: the Takeda Oncology Company, the meeting included physician scientists from Eli Lilly and Company, ARIAD, Celgene, Genentech, Merck, and Pfizer, as well as academic researchers from the top universities and research institutions in the nation. Accelerating cancer cures is a unique collaboration between Damon Runyon and biopharmaceutical companies. The goal of this multi-million dollar initiative is to rebuild the ranks of specially trained physician-scientists who conduct both the cutting-edge laboratory research to identify new therapeutics, as well as the clinical trials to bring these new treatments to patients. The companies involved in this initiative, while competitors in the marketplace, are committed to supporting the best young clinical investigators so that they can drive the next breakthroughs in cancer prevention, diagnosis and treatment, the company said.
Planning
In 2011, the approvals received by the company include Nexplanon, a hormonal contraceptive in the US; VICTRELIS (boceprevir), an oral hepatitis C virus protease inhibitor was approved in the European Union; Juvisync (sitagliptin and simvastatin) tablets, for type 2 diabetes was approved, Gardasil, Zolinza and CUBICIN were approved and started marketing in Japan, launched Africa's first comprehensive cervical cancer prevention program with HPV vaccination and HPV testing, Sylatron (peginterferon alfa-2b), a new adjuvant treatment for melanoma was FDA approved. All these product approvals and launches are expected to increase the company's revenue, facilitating its growth.Growth InitiativesMerck took various new strategic initiatives in the recent past to enhance its inorganic growth prospects such as geographical expansion, product line expansion and business expansion. In 2012, the company established a joint venture with Supera Farma Laboratorios S.A., a Brazil-based pharmaceutical company, which is co-owned by Cristalia and Eurofarma, for marketing, distributing and selling pharmaceutical and branded generic products from Merck, Cristalia and Eurofarma in the Brazilian retail sector. This initiative could help Merck expand its product portfolio and distribution network in the Brazilian market.
Product
The Indian patents
office had granted the patent in March 2011 which was however, contested by
Cipla. The aerosol suspension formulation of the asthma drug combines three
molecules: mometasone furoate, formoterol and heptaflouropropane.Nov 15,
2012Janssen R&D Announces Establishment Of Global Cross-pharmaceutical
Clinical Trial Investigator DatabankJanssen Research & Development, LLC
(Janssen R&D) announced the establishment of a global cross-pharmaceutical
Investigator Databank designed to improve efficiencies of industry-sponsored
clinical trials. Merck and Eli Lilly and Company are the first two companies to
join Janssen in this effort.The new Investigator Databank, established as part
of this novel industry collaboration, will serve as a one-stop repository where
key information about clinical trial sites, such as infrastructure and good
clinical practice (GCP) training, is housed. This will allow participating
pharmaceutical companies to reduce time-consuming and sometimes redundant
administrative work involved in identifying appropriate clinical trial sites.
At the outset of every clinical trial, pharmaceutical companies initiate
clinical trial site selection, prequalification and GCP training, which can be
paperwork-heavy and time-consuming for trial sponsors and investigators alike.
Sales and Distribution
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.
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Overview
Merck & Co.,
Inc. (Merck) conducts the discovery, development, manufacture and
commercialization of branded, prescription and over-the-counter (OTC)
pharmaceuticals, vaccines and consumer care products for human and animal
healthcare markets. The company leverages its diversified product portfolio,
geographical presence research capabilities to advance its business growth
objectives. However, competitive environment, uncertain researh and development
outcomes and regulated environment could have an adverse impact on the
operations of the company near future.
Strong In-House
Research Capabilities
Merck capitalizes on its expertise in research activities to expand in international markets and outgrow its competitors. Merck's expertise in research activities provided it a multi-dimensional product pipeline, targeting multiple disease conditions such as asthma, allergy, atherosclerosis, cancer, diabetes, heart disease, hypertension, infectious diseases, inflammatory diseases, migraine, neurodegenerative diseases, ophthalmic, osteoporosis, psychiatric diseases, respiratory diseases and women’s health. Merck conducts several long-term exploratory and fundamental research programs in biology and chemistry and also research aimed at product development. Another important component of the company’s science-based diversification is the expansion of its portfolio of modalities to include biologics, peptides and RNAi. Its product pipeline comprises projects ranging from preclinical development to Phase III clinical trials. In the fiscal year ended 2011, the company invested $8,467m on its R&D activities. The company maintains research facilities in the US, the Netherlands and Scotland. Merck carries out the evaluation of its pipeline products for the determination of most promising projects to be moved through the next phases of clinical testing. Research and product development is an important part of the company’s activities and has been a major driver of the company’s growth.
Wide Geographical
Presence
Diversified business operations and a broad global presence reduce its dependence on any individual market for generating a substantial portion of its revenue and enable Merck to achieve consistency in its performance. The company has a presence in various countries including Argentina, Australia, Austria, Belgium, Brazil, Canada, the Caribbean, Chile, China, Colombia, Costa Rica, Czech Republic, Denmark, Ecuador, Egypt, Estonia, Finland, France, Germany, Hungary, India, Indonesia, Ireland, Israel, Italy, and, Japan; Lebanon, Lithuania, Malaysia, Mexico, the Middle East, the Netherlands, New Zealand and Norway. With a presence in almost all major pharmaceutical markets, the company generates revenue through four reportable geographical segments, namely, United States; Europe, Middle East and Africa; Japan; and Others. For the fiscal year ended December 2011, United States accounted for 42.65%, followed by Europe, Middle East and Africa with 28.68%, Japan (10.06%) and Others (18.59%). Merck expanded its operations in the Middle East, Latin America, Eastern Europe, Africa and Asia Pacific.
Improvement In
Sales
The company reported improvement in its revenue in 2011. The company’s revenue increased from $45,987m in 2010 to $48,047m in 2011, and its cost of revenue declined from $18,396m in 2010 to $16,871m in 2011. Its operating income increased from $1,653m in 2010 to $7,334m in 2011, and net income increased from $861m in 2010 to $6,272m in 2011. Its gross profit increased from $27,591m in 2010 to $31,176m in 2011. This can be attributed to the increase in the sales of Zetia by 6%; Januvia by 39%; Isentress by 25%; Maxalt by 16%; Emend by 11%; Singulair by 10%; Nasonex by 5%; Gardasil by 22%; and NuvaRing by 12% in 2011 over that of 2010. Moreover, the sales of the animal health products increased by 11% in 2011 over that of 2010; and sales of consumer care products increased by 1% in 2011 over that of 2010. As a result, the company’s profitability ratios increased in 2011, as its gross margin increased from 59.99% in 2010 to 64.88% in 2011, operating margin increased from 3.59% in 2010 to 15.26% in 2011, net profit margin increased from 1.87% in 2010 to 13.05% in 2011, return on equity increased from 1.58% in 2010 to 11.5% in 2011, return on capital employed increased from 1.83% in 2010 to 8.25% in 2011, return on assets increased from 0.81% in 2010 to 5.96% in 2011, return on fixed assets increased from 2.15% in 2010 to 10.19% in 2011, and return on working capital increased from 12.31% in 2010 to 43.3% in 2011.
Diversified
Product Portfolio
Merck leverages its global reach and strength in scientific research to develop innovative medicines and vaccines for various indications in the human and animal health care markets, which enables Merck to tap the immense market potential in these markets. The company offers its products in three segments, namely, Pharmaceuticals, Animal Health and Consumer Care. The Pharmaceuticals segment offers prescription drugs to treat human health conditions related to cardiovascular diseases, respiratory and immunological disorders, diabetes and obesity, infectious diseases, neurological disorders, eye conditions, cancer, women's health and endocrine disorders. The drugs in this segment include Zetia, a cholesterol absorption inhibitor; Integrilin injection for acute coronary syndrome treatment; Vytorin, Januvia and Janumet for treating type-2 Diabetes; Isentress, for the treatment of chronic hepatitis C; Primaxin, an antibacterial product; Crixivan and Stocrin, antiretroviral therapies for the treatment of HIV infection; Maxalt for migraine treatment; Remicade, a treatment for inflammatory diseases; and Nasonex nasal spray, among others. The company offers vaccines for rare diseases such as measles and mumps, and for diseases never thought preventable such as cervical cancer and shingles. Its vaccine portfolio includes Afluria, an influenza virus vaccine; BCG vaccine; Gardasil, a HPV vaccine for women between 9 and 26 years, for the prevention of cervical and vaginal cancers; RotaTeq, a vaccine for rotavirus gastroenteritis in infants and children; M-M-R II, a vaccine to help protect against measles, mumps and rubella; Varivax, a vaccine to help prevent chickenpox; Zostavax, a vaccine to help prevent shingles; Pneumovax, a vaccine to help prevent pneumococcal diseases and various others. Through its Animal Health product portfolio, the company provides a broad range of vaccines, anti-infective and antiparasitic drugs, a comprehensive range of fertility management products, pharmaceutical specialty products, innovative delivery solutions, performance technologies and value-added programs such as pet recovery services and livestock data management tools. Through its consumer health products, the company offers industry-leading brands that help prevent and treat various common conditions. Its consumer health product portfolio includes Dr. Scholl’s foot care products; Claritin non-drowsy antihistamines; MiraLAX, a treatment for occasional constipation; and Coppertone sun care products, among others.
Weaknesses
Lawsuits and Legal
Proceedings
The company’s involvement in product liability claims will not only compel it to pay huge amounts as settlement charges, but also generate substantial negative publicity about its products and business, preventing the commercialization of its other future product candidates. Over the years, the company has been involved in various litigations involving its prescribed drugs, such as its arthritis and acute pain medication, Vioxx and women’s health product Fosamax. In June 2012, the U.S. District Court for the District of New Jersey ruled against Merck related to the patent infringement suit for NASONEX (mometasone furoate monohydrate) against Apotex Inc. and Apotex Corp. At the end of December 2011, about 2,345 cases by approximately 2,800 plaintiff groups, had been filed and were pending against Merck, including one case which seeks class action certification, and damages and/or medical monitoring. In 2011, the company served as a defendant in around 100 federal and state lawsuits alleging personal injury, or economic loss due to the use of Vioxx. Besides, there is one U.S. Vioxx product liability lawsuit currently under trial. There are other putative class actions and individual lawsuits which had been filed and are pending against Merck, on behalf of purchasers of Vioxx. In addition, the company has various foreign lawsuits related to the medication in Australia, Brazil, Canada, Europe and Israel. In January 2012, the company entered into agreement with plaintiffs for resolving litigation claims in Canada, which will lead to minimum payment of $21.5m affecting the liquidity state of the company. In November 2011, the company entered into a civil settlement agreement with federal and 44 state authorities and the District of Columbia according to which it will pay two-thirds of $950m Vioxx liability reserves for resolving all the civil allegations related to the medicine. Merck also pleaded guilty under the Federal Food, Drug, and Cosmetic Act for promoting the drug to treat rheumatoid arthritis before the FDA’s approval for the indication in April 2002, which will attract one third of the liability reserve as fine. The company is involved in various other lawsuits and legal issues, which could have an adverse effect on its brand image in the long run. Approximately 2,785 plaintiffs alleged that they suffered osteonecrosis of the jaw or femur fractures or the bone injuries after the use of Fosamax. All the product liability claims on Fosamax were consolidated into a multi-district litigation for coordinated proceedings. These cases not only affects the brand image but also has an adverse impact on the cost of the company as it has to bear the costs related to these issues in the form of fines and administrative remedies.
Opportunities
Strong Product
Pipeline
Successful development of pipeline products will complement the existing product portfolio of Merck’s specialty pharmaceuticals business and consolidate its market position further. The company’s concentration on its R&D activities for the development of in-house patent-protected products has provided it with a range of promising, branded products with significant growth potential. The company’s pipeline products include 17 Phase III and 15 Phase II clinical trial stage products. The Phase III products are targeted on allergy, grass pollen (MK-7243), Allergy, Ragweed (MK-3641), antherosclerosis (MK-0524A), Atherosclerosis, anacetrapib (MK-0859), clostridium difficile infection (MK-3415A), contraception (MK-8175A), Diabetes Mellitus (MK-3102), Fertility (MK-8962), Hepatitis C (MK-7009), Herpes Zoster (V212), HPV-related Cancers (V503), Neuromuscular Blockade (MK-8616), Osteoporosis (MK-0822), Parkinson’s Disease (MK-3814), Pediatric Hexavalent (V419), Platinum-resistant Ovarian (MK-8109), and Thrombosis (MK-5348). The Phase-II candidates are targeted on allergy (MK-8237), cancer (MK0646, MK-1775, MK-2206, MK-7695), contraception (MK-8342), hepatitis C (MK-5172), Insomnia (MK-6096), overactive bladder (MK-4618), pneumoconjugate vaccine (V114), rheumatoid arthritis (MK-8457), migrane (MK-1602), HIV (MK-1439), asthma (MK-1029), and psoriasis (MK-3222). The successful development of the company’s promising pipeline products would lead to a stable growth with sustained profitability.
New Product
Approvals
Merck focuses extensively on development and launch of new and good quality pharmaceutical products to generate higher revenue and strengthen its geographical presence. In 2013, the company’s Oxytrol For Women (oxybutynin transdermal system, 3.9 mg/day), the over-the-counter treatment for overactive bladder in women, was approved by the U.S. Food and Drug Administration. In 2012, the company was awarded approval by US FDA for a labeling update for ISENTRESS (raltegravir) film-coated tablets, for including 156-week data from the STARTMRK study with ISENTRESS in combination therapy. In fiscal year 2011 and early 2012, the company received several regulatory approvals, enabling it to expand the existing product portfolio and providing it an opportunity to reach a larger base of customers. In 2012, the company received the US food and Drug Administration (FDA) approvals for Zioptan used for reducing intraocular pressure in patients with ocular hypertension or open-angle glaucoma; Janumet is used for helping patients in controlling their blood sugar; label update of Vytorin; and Isentress and other anti-retroviral medicines used for the treatment of HIV-1 pediatric patients. In 2011, the approvals received by the company include Nexplanon, a hormonal contraceptive in the US; VICTRELIS (boceprevir), an oral hepatitis C virus protease inhibitor was approved in the European Union; Juvisync (sitagliptin and simvastatin) tablets, for type 2 diabetes was approved, Gardasil, Zolinza and CUBICIN were approved and started marketing in Japan, launched Africa's first comprehensive cervical cancer prevention program with HPV vaccination and HPV testing, Sylatron (peginterferon alfa-2b), a new adjuvant treatment for melanoma was FDA approved. All these product approvals and launches are expected to increase the company's revenue, facilitating its growth.
Partnership
Agreements
The company's agreements not only propel its inorganic growth, but also help develop therapeutics for major medical needs. In 2012, the company entered into a clinical study collaboration, license and supply agreement with GE Healthcare, to use [18F] Flutemetamol, an investigational positron emission tomography imaging agent, to develop its novel oral beta amyloid precursor protein site cleaving enzyme inhibitor and its lead investigational candidate for Alzheimer's disease. The company entered into a strategic collaboration with The JAMA Network for the enhancement of the medical information available on Merck's medical information and education web sites, and for the expansion of The JAMA Network's global presence. The company entered into a five-year agreement with Regenstrief Institute, for collaboration on various projects, which will use clinical data for personalized delivery of health care information. Merck also entered into an exclusive worldwide licensing agreement with AiCuris GmbH & Co KG, for AiCuris' novel portfolio of investigational medicines targeting Human Cytomegalovirus (HCMV). Through the agreement with AiCuris, Merck’s subsidiary will gain worldwide rights for the development and commercialization of candidates in AiCuris's HCMV portfolio. Merck entered into two licensing agreements for investigational HIV drug candidates, one with Chimerix Inc., for CMX157, an investigational oral nucleoside reverse transcriptase inhibitor, and the other with Yamasa Corporation for the development of a novel nucleoside reverse transcriptase inhibitor candidate. The company entered into an agreement with Endocyte Inc., for the development and commercialization of Endocyte's novel investigational therapeutic candidate vintafolide (EC145). Through this agreement with Endocyte, Merck's subsidiary will gain worldwide rights for the development and commercialization of vintafolide. In September 2011, the company entered into an agreement with BGI, to focus on the discovery and development of biomarkers and genomic technologies. In 2011, Merck entered into agreements with several players in the industry. Some of the agreements include collaboration agreement with Serum Institute of India Limited, to develop and expand the global access to Pneumococcal Conjugate Vaccine (PCV); with Simcere Pharmaceutical Group, to establish a joint venture; expanded distribution and logistics agreement with UPS; agreements with Roche, Hanwha Chemical Corporation and Laboratorios Farmaceuticos ROVI SA, among others.
Growth Initiatives
Merck took various new strategic initiatives in the recent past to enhance its inorganic growth prospects such as geographical expansion, product line expansion and business expansion. In 2012, the company established a joint venture with Supera Farma Laboratorios S.A., a Brazil-based pharmaceutical company, which is co-owned by Cristalia and Eurofarma, for marketing, distributing and selling pharmaceutical and branded generic products from Merck, Cristalia and Eurofarma in the Brazilian retail sector. This initiative could help Merck expand its product portfolio and distribution network in the Brazilian market. In May 2011, the company completed the acquisition of Inspire Pharmaceuticals, Inc., a specialty pharmaceutical company with focus on developing and commercializing ophthalmic products. In 2011, through its subsidiary, the company entered into an agreement with Astellas US LLC, subsidiary of Astellas Pharma Inc., and acquired exclusive rights to develop and commercialize the investigational intravenous formulation of vernakalant in Mexico, Canada and the US. These new strategic moves could create ample opportunities for the company to augment its business growth.
Threats
Uncertain R&D
Outcomes
Adverse or inconclusive results from preclinical testing or clinical trials may substantially delay or halt the development of the company's various product candidates, consequently affecting its timeliness for profitability. The outcome of clinical trials is always a subject of uncertainty. After the discovery of a new compound, substantial amount of money and a great deal of time need to be invested to successfully launch a new product. Moreover, it may become necessary to discontinue clinical development if the effectiveness of a drug is not proven as initially expected, or if serious adverse effects arise. In addition, pharmaceuticals are subject to legal restrictions in every country and authorization from regulatory authorities is a prerequisite for a product launch in every country. It is difficult to accurately foresee when approvals for a new product could be obtained.
Competitive
Environment
Competition in the pharmaceutical industry is intense, characterized by the research, development and technological changes. Merck faces stiff competition from many companies and major universities and research institutions operating worldwide, engaged in the development of treatments in the same areas of operations. The major competitive factors affecting the commercial success of company’s drugs would be efficacy, safety profile, and reliability, convenience of dosing, price and reimbursements. The company's products face intense competition from generic products and products under development or marketed by players such as Eli Lilly and Company, GlaxoSmithKline plc, Bristol-Myers Squibb Company, and Pfizer Inc., among others. In this scenario, losing patent protection for some of its major products is expected to increase competition for the company. Increased resources to meet emerging market challenges include quality control, an efficient distribution system, flexibility to meet customer specifications, and strong technical information service. Presence of substantially greater resources, operating experience, research and development and marketing capabilities and production capabilities than Merck would further intensify the competition. Such intense competition could limit the marketability of the Merck's products.
Stringent
Government Regulations
Increased regulation of the drug market could impact the company’s costs by increasing the time and cost of bringing drugs to market. This is crucial because on average, pharmaceutical companies spend about $1 billion and 8 years to develop a new drug. The company’s products, research and development activities and manufacturing processes are subject to various local, state, federal, foreign and transnational laws and regulations. In the US, the FDA regulates the introduction of new medical products, besides the manufacturing, labeling and record keeping procedures for such products. Receiving marketing approval for new medical devices from the US FDA is time consuming and expensive. Products distributed outside the US are also subject to government regulations, which vary from country to country. The company has to comply with different regulations governing product standards, packaging and labeling requirements, import restrictions, tariff regulations and tax requirements. Non-compliance by the company with applicable laws and regulations or failure to maintain, renew or obtain necessary permits and licenses could have an adverse effect on its results of operations and financial performance.
Credit Report as of 12/01/2012
|
Location |
|
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1 Merck Dr |
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County: |
Hunterdon |
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MSA: |
New York, NY |
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|
Phone: |
908-423-1000 |
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Fax: |
908-735-1253 |
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URL: |
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Annual Sales: |
$48,047,000,000 (USD) |
|
Employees: |
86,000 |
|
|
|
|
Facility Size(ft2): |
40,000+ |
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Facility Own/Lease: |
Own |
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Business Type: |
Public |
|
Location Type: |
Headquarter |
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Ticker: |
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Exchange: |
NYSE |
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Primary Line of
Business: |
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SIC: |
2834-01 - Drug-Manufacturers |
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NAICS: |
325412 - Pharmaceutical Preparation Mfg |
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Secondary Lines
of Business: |
|
|
SICs: |
2834-04 - Drug Millers (Mfrs) |
|
|
3841-04 - Physicians & Surgeons Equip & Supls-Mfrs |
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5047-04 - Physicians & Surgeons Equip & Supls-Whls |
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5122-03 - Pharmaceutical Products-Wholesale |
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8742-13 - Marketing Programs & Services |
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9999-66 - Federal Government Contractors |
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NAICS: |
339112 - Surgical & Medical Instrument Mfg |
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424210 - Druggists' Goods Merchant Whols |
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541613 - Marketing Consulting Svcs |
|
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423450 - Medical Equip Merchant Whols |
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Corporate
Family |
Corporate
Structure News: |
|
|
Merck & Co.,
Inc. |
|
Merck & Co., Inc. |
|
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|
|
Company
Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Whitehouse Station, NJ |
United States |
Biotechnology and Drugs |
47,267.0 |
83,000 |
|
|
Division |
Rahway, NJ |
United States |
Biotechnology and Drugs |
|
90,000 |
|
|
Division |
West Point, PA |
United States |
Business Services |
|
8,000 |
|
|
Division |
West Point, PA |
United States |
Biotechnology and Drugs |
|
6,000 |
|
|
Subsidiary |
Shanghai |
China |
Biotechnology and Drugs |
|
4,500 |
|
|
Subsidiary |
Tokyo |
Japan |
Biotechnology and Drugs |
4,324.0 |
4,400 |
|
|
Division |
Whitehouse Station, NJ |
United States |
Business Services |
|
4,000 |
|
|
Branch |
Rahway, NJ |
United States |
Biotechnology and Drugs |
|
5,000 |
|
|
Unit |
Kenilworth, NJ |
United States |
Business Services |
|
350 |
|
|
Branch |
Palo Alto, CA |
United States |
Business Services |
35.0 |
110 |
|
|
Subsidiary |
Paris |
France |
Biotechnology and Drugs |
274.1 |
3,499 |
|
|
Subsidiary |
México, D.F. |
Mexico |
Biotechnology and Drugs |
787.5 |
2,860 |
|
|
Facility |
Xochimilco |
Mexico |
Biotechnology and Drugs |
|
1,000 |
|
|
Facility |
Clermont-Ferrand |
France |
Biotechnology and Drugs |
|
800 |
|
|
Subsidiary |
Courbevoie |
France |
Biotechnology and Drugs |
303.0 |
1,660 |
|
|
Facility |
Eragny-sur-Oise |
France |
Fabricated Plastic and Rubber |
|
150 |
|
|
Subsidiary |
Kirkland, QC |
Canada |
Personal and Household Products |
|
1,600 |
|
|
Branch |
Toronto, ON |
Canada |
Biotechnology and Drugs |
12.7 |
10 |
|
|
Branch |
Dartmouth, NS |
Canada |
Personal and Household Products |
11.0 |
6 |
|
|
Division |
Boxmeer |
Netherlands |
Biotechnology and Drugs |
|
1,500 |
|
|
Subsidiary |
Summit, NJ |
United States |
Biotechnology and Drugs |
|
664 |
|
|
Branch |
Millsboro, DE |
United States |
Biotechnology and Drugs |
52.3 |
300 |
|
|
Subsidiary |
Kempton Park, Gauteng |
South Africa |
Fish and Livestock |
|
105 |
|
|
Branch |
Elkhorn, NE |
United States |
Biotechnology and Drugs |
|
200 |
|
|
Subsidiary |
Carbajosa De La Sagrada, Salamanca |
Spain |
Biotechnology and Drugs |
179.7 |
387 |
|
|
Subsidiary |
Unterschleißheim, Bayern |
Germany |
Personal and Household Products |
172.3 |
130 |
|
|
Subsidiary |
Pointe-Claire, QC |
Canada |
Biotechnology and Drugs |
|
22 |
|
|
Subsidiary |
Barceloneta |
Puerto Rico |
Biotechnology and Drugs |
1.5 |
1,350 |
|
|
Subsidiary |
Clonmel, Tipperary |
Ireland |
Biotechnology and Drugs |
940.1 |
1,258 |
|
|
Subsidiary |
Madrid |
Spain |
Biotechnology and Drugs |
17.7 |
136 |
|
|
Subsidiary |
Roma, RM |
Italy |
Biotechnology and Drugs |
1,105.1 |
1,196 |
|
|
Subsidiary |
Roma, Roma |
Italy |
Advertising |
141.4 |
1 |
|
|
Subsidiary |
Haarlem |
Netherlands |
Biotechnology and Drugs |
|
900 |
|
|
Unit |
Elkton, VA |
United States |
Chemical Manufacturing |
795.7 |
766 |
|
|
Subsidiary |
Sao Paulo, SP |
Brazil |
Biotechnology and Drugs |
|
750 |
|
|
Facility |
Sao Paulo, SP |
Brazil |
Biotechnology and Drugs |
|
500 |
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
Business Services |
|
700 |
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
Biotechnology and Drugs |
1,392.2 |
1,476 |
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
Business Services |
2.0 |
|
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
Nonclassifiable Industries |
|
750 |
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Madrid |
Spain |
Biotechnology and Drugs |
1,032.7 |
651 |
|
|
Subsidiary |
Madrid |
Spain |
Personal and Household Products |
11.1 |
50 |
|
|
Joint Venture |
Antony |
France |
Biotechnology and Drugs |
861.9 |
629 |
|
|
Subsidiary |
Leimen, Baden-Württemberg |
Germany |
Biotechnology and Drugs |
173.3 |
440 |
|
|
Subsidiary |
Madrid |
Spain |
Personal and Household Products |
139.4 |
139 |
|
|
Subsidiary |
Maidenhead |
United Kingdom |
Healthcare Facilities |
193.5 |
133 |
|
|
Subsidiary |
Rome |
Italy |
Biotechnology and Drugs |
97.3 |
94 |
|
|
Subsidiary |
Amadora, Amadora |
Portugal |
Personal and Household Products |
36.6 |
33 |
|
|
Subsidiary |
Solna |
Sweden |
Biotechnology and Drugs |
7.7 |
21 |
|
|
Subsidiary |
Brunn am Gebirge |
Austria |
Personal and Household Products |
13.7 |
17 |
|
|
Subsidiary |
Baar |
Switzerland |
Biotechnology and Drugs |
|
10 |
|
|
Subsidiary |
Helsinki |
Finland |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Dublin |
Ireland |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Hoofddorp |
Netherlands |
Biotechnology and Drugs |
|
|
|
|
Unit |
Wilson, NC |
United States |
Biotechnology and Drugs |
377.9 |
600 |
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Biotechnology and Drugs |
305.7 |
597 |
|
|
Facility |
Dublin |
Ireland |
Biotechnology and Drugs |
|
540 |
|
|
Unit |
Memphis, TN |
United States |
Biotechnology and Drugs |
1,448.4 |
500 |
|
|
Branch |
West Point, PA |
United States |
Biotechnology and Drugs |
478.9 |
500 |
|
|
Subsidiary |
Mumbai |
India |
Biotechnology and Drugs |
42.1 |
500 |
|
|
Subsidiary |
Horsham, PA |
United States |
Business Services |
17.0 |
500 |
|
|
Branch |
Hanover Twp, PA |
United States |
Business Services |
64.3 |
300 |
|
|
Branch |
Allentown, PA |
United States |
Business Services |
49.3 |
230 |
|
|
Branch |
El Paso, TX |
United States |
Business Services |
2.8 |
12 |
|
|
Branch |
Dallas, TX |
United States |
Business Services |
0.1 |
1 |
|
|
Subsidiary |
Riverside, PA |
United States |
Biotechnology and Drugs |
402.3 |
450 |
|
|
Unit |
Cleveland, TN |
United States |
Miscellaneous Fabricated Products |
|
400 |
|
|
Facility |
Springfield, NJ |
United States |
Biotechnology and Drugs |
|
400 |
|
|
Subsidiary |
Kirkland, QC |
Canada |
Biotechnology and Drugs |
|
400 |
|
|
Subsidiary |
Makati |
Philippines |
Personal and Household Products |
|
360 |
|
|
Unit |
Horsham, PA |
United States |
Biotechnology and Drugs |
17.2 |
300 |
|
|
Subsidiary |
Bangkok |
Thailand |
Personal and Household Products |
|
300 |
|
|
Subsidiary |
Midrand |
South Africa |
Biotechnology and Drugs |
|
300 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Biotechnology and Drugs |
|
293 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Personal and Household Products |
|
40 |
|
|
Subsidiary |
Sollentuna |
Sweden |
Biotechnology and Drugs |
253.9 |
273 |
|
|
Branch |
Hialeah, FL |
United States |
Biotechnology and Drugs |
203.6 |
260 |
|
|
Subsidiary |
Singapore |
Singapore |
Biotechnology and Drugs |
1,290.4 |
250 |
|
|
Subsidiary |
Raleigh, NC |
United States |
Biotechnology and Drugs |
|
240 |
|
|
Subsidiary |
Baruta, Miranda |
Venezuela |
Biotechnology and Drugs |
|
200 |
|
|
Subsidiary |
North Ryde, NSW |
Australia |
Biotechnology and Drugs |
|
200 |
|
|
Facility |
Sydney, NSW |
Australia |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Bucharest |
Romania |
Personal and Household Products |
|
179 |
|
|
Subsidiary |
Santiago, Santiago |
Chile |
Biotechnology and Drugs |
|
170 |
|
|
Subsidiary |
Drammen |
Norway |
Personal and Household Products |
44.7 |
160 |
|
|
Subsidiary |
Lima |
Peru |
Personal and Household Products |
|
160 |
|
|
Subsidiary |
Eragny sur Epte |
France |
Biotechnology and Drugs |
29.5 |
149 |
|
|
Subsidiary |
Lima, Lima |
Peru |
Personal and Household Products |
|
142 |
|
|
Subsidiary |
Haar, Bayern |
Germany |
Personal and Household Products |
|
140 |
|
|
Subsidiary |
Paço de Arcos, Lisboa |
Portugal |
Biotechnology and Drugs |
208.2 |
139 |
|
|
Facility |
Cacem |
Portugal |
Biotechnology and Drugs |
|
250 |
|
|
Farmacox -
Companhia Farmacêutica, Sociedade Unipessoal, LDA |
Subsidiary |
Paço De Arcos, Oeiras |
Portugal |
Personal and Household Products |
3.8 |
28 |
|
Frosst
Portuguesa - Produtos Farmacêuticos, Sociedade Unipessoal, LDA |
Subsidiary |
Paço De Arcos, Oeiras |
Portugal |
Chemical Manufacturing |
4.0 |
26 |
|
Laboratórios
Químico-Farmacêuticos Chibret, Sociedade Unipessoal, LDA |
Subsidiary |
Paço De Arcos, Oeiras |
Portugal |
Personal and Household Products |
9.7 |
14 |
|
Fontelabor
- Produtos Farmacêuticos, Sociedade Unipessoal, LDA |
Subsidiary |
Paço De Arcos, Oeiras |
Portugal |
Personal and Household Products |
2.5 |
14 |
|
Aacifar -
Produtos Químicos E Farmacêuticos, Sociedade Unipessoal, LDA |
Subsidiary |
Paço De Arcos, Oeiras |
Portugal |
Miscellaneous Capital Goods |
1.9 |
12 |
|
Heptafarma
- Companhia Farmacêutica, Sociedade Unipessoal, LDA |
Subsidiary |
Paço De Arcos, Oeiras |
Portugal |
Personal and Household Products |
1.8 |
11 |
|
Subsidiary |
Opfikon |
Switzerland |
Biotechnology and Drugs |
|
130 |
|
|
Subsidiary |
Wien |
Austria |
Personal and Household Products |
64.4 |
129 |
|
|
Subsidiary |
Singapore |
Singapore |
Biotechnology and Drugs |
102.0 |
127 |
|
|
Subsidiary |
Hod Hasharon |
Israel |
Personal and Household Products |
46.5 |
120 |
|
|
Subsidiary |
Lucerne |
Switzerland |
Biotechnology and Drugs |
|
120 |
|
|
Subsidiary |
Lucerne |
Switzerland |
Biotechnology and Drugs |
9,508.0 |
170 |
|
|
Subsidiary |
Espoo |
Finland |
Personal and Household Products |
33.8 |
118 |
|
|
Subsidiary |
Aprilia, Latina |
Italy |
Biotechnology and Drugs |
36.5 |
111 |
|
|
Subsidiary |
Dublin |
Ireland |
Personal and Household Products |
34.6 |
109 |
|
|
Subsidiary |
Vienna |
Austria |
Biotechnology and Drugs |
205.6 |
100 |
|
|
Subsidiary |
Buenos Aires |
Argentina |
Biotechnology and Drugs |
56.3 |
100 |
|
|
Subsidiary |
Newmarket |
New Zealand |
Personal and Household Products |
12.1 |
100 |
|
|
Subsidiary |
Haar, Bayern |
Germany |
Biotechnology and Drugs |
|
100 |
|
|
Subsidiary |
Athens, Alimos |
Greece |
Personal and Household Products |
|
100 |
|
|
Subsidiary |
Auckland |
New Zealand |
Personal and Household Products |
|
100 |
|
|
Schering
Plough Israel Ag (A Company Registered In Switzerla |
Subsidiary |
Hod Hasharon |
Israel |
Personal and Household Products |
|
90 |
|
Branch |
Omaha, NE |
United States |
Miscellaneous Capital Goods |
195.5 |
80 |
|
|
Branch |
Worthington, MN |
United States |
Food Processing |
39.9 |
80 |
|
|
Subsidiary |
Segre |
France |
Biotechnology and Drugs |
55.2 |
74 |
|
|
Subsidiary |
Beaucouze |
France |
Personal and Household Products |
195.2 |
189 |
|
|
Subsidiary |
Hoofddorp, Noord-Holland |
Netherlands |
Biotechnology and Drugs |
7,073.0 |
70 |
|
|
Subsidiary |
San Francisco, CA |
United States |
Business Services |
|
68 |
|
|
Subsidiary |
Vilnius |
Lithuania |
Biotechnology and Drugs |
|
60 |
|
|
Subsidiary |
Panama |
Panama |
Personal and Household Products |
|
50 |
|
|
Subsidiary |
Ballerup |
Denmark |
Biotechnology and Drugs |
|
50 |
|
|
Branch |
Millsboro, DE |
United States |
Food Processing |
52.3 |
45 |
|
|
Branch |
Elkhorn, NE |
United States |
Food Processing |
28.7 |
45 |
|
|
Subsidiary |
Boxmeer |
Netherlands |
Biotechnology and Drugs |
|
45 |
|
|
Subsidiary |
Unterschleißheim, Bayern |
Germany |
Biotechnology and Drugs |
138.9 |
300 |
|
|
Subsidiary |
Beaucouzé |
France |
Biotechnology and Drugs |
195.2 |
179 |
|
|
Subsidiary |
Buenos Aires |
Argentina |
Biotechnology and Drugs |
|
120 |
|
|
Subsidiary |
Bendigo East, VIC |
Australia |
Biotechnology and Drugs |
36.2 |
100 |
|
|
Subsidiary |
Townsville, QLD |
Australia |
Food Processing |
2.1 |
28 |
|
|
Subsidiary |
Hong Kong |
Hong Kong |
Personal and Household Products |
|
100 |
|
|
Subsidiary |
Metro Manila |
Philippines |
Personal and Household Products |
7.0 |
80 |
|
|
Subsidiary |
Beaucouze |
France |
Biotechnology and Drugs |
25.8 |
74 |
|
|
Subsidiary |
Segrate, MI |
Italy |
Personal and Household Products |
116.6 |
59 |
|
|
Subsidiary |
Bangkok |
Thailand |
Biotechnology and Drugs |
|
42 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Personal and Household Products |
28.1 |
37 |
|
|
Subsidiary |
St Lambr-Woluwe |
Belgium |
Personal and Household Products |
44.7 |
35 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Personal and Household Products |
44.7 |
34 |
|
|
Subsidiary |
Cairo |
Egypt |
Personal and Household Products |
|
30 |
|
|
Subsidiary |
Co Wicklow |
Ireland |
Personal and Household Products |
37.5 |
29 |
|
|
Subsidiary |
Ballerup |
Denmark |
Personal and Household Products |
33.2 |
27 |
|
|
Subsidiary |
Athens |
Greece |
Personal and Household Products |
19.2 |
25 |
|
|
Subsidiary |
Budapest |
Hungary |
Personal and Household Products |
|
20 |
|
|
Subsidiary |
Praha |
Czech Republic |
Personal and Household Products |
10.6 |
18 |
|
|
Subsidiary |
Chiajna, Judet Ilfov |
Romania |
Personal and Household Products |
|
18 |
|
|
Subsidiary |
Bergen |
Norway |
Personal and Household Products |
5.3 |
17 |
|
|
Subsidiary |
Casablanca |
Morocco |
Personal and Household Products |
|
15 |
|
|
Intervet
International B V Sp Z O O Przedstawicielstwo W Polsce |
Subsidiary |
Warszawa |
Poland |
Personal and Household Products |
|
15 |
|
Subsidiary |
Sollentuna |
Sweden |
Personal and Household Products |
17.1 |
12 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Personal and Household Products |
|
10 |
|
|
Subsidiary |
Espoo |
Finland |
Personal and Household Products |
13.8 |
9 |
|
|
Division |
Kirkland, QC |
Canada |
Biotechnology and Drugs |
|
500 |
|
|
Subsidiary |
Moscow |
Russian Federation |
Personal and Household Products |
|
6 |
|
|
Subsidiary |
Sofia |
Bulgaria |
Biotechnology and Drugs |
|
6 |
|
|
Subsidiary |
Bogotá DC |
Colombia |
Personal and Household Products |
24.9 |
|
|
|
Subsidiary |
UEP Subang Jaya, Selangor |
Malaysia |
Personal and Household Products |
4.7 |
|
|
|
Subsidiary |
Tokyo |
Japan |
Fish and Livestock |
|
|
|
|
Subsidiary |
Guayaquil, Guayas |
Ecuador |
Personal and Household Products |
|
|
|
|
Subsidiary |
Santiago Tianguistenco, Estado de México |
Mexico |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Lima |
Peru |
Personal and Household Products |
|
|
|
|
Subsidiary |
Caracas, Distrito Capital |
Venezuela |
Personal and Household Products |
|
|
|
|
Subsidiary |
Santo Domingo |
Dominican Republic |
Personal and Household Products |
|
|
|
|
Subsidiary |
Santiago |
Chile |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Hyderabad |
India |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Larnaca |
Cyprus |
Fish and Livestock |
|
|
|
|
Subsidiary |
Wellington |
New Zealand |
Personal and Household Products |
|
|
|
|
Subsidiary |
Isando |
South Africa |
Personal and Household Products |
|
|
|
|
Subsidiary |
Bamako |
Mali |
Personal and Household Products |
|
|
|
|
Subsidiary |
Baton Rouge, LA |
United States |
Food Processing |
13.1 |
44 |
|
|
Subsidiary |
Bergen |
Norway |
Fish and Livestock |
54.2 |
35 |
|
|
Unit |
Roswell, GA |
United States |
Biotechnology and Drugs |
|
35 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Personal and Household Products |
61.2 |
30 |
|
|
Branch |
Suwanee, GA |
United States |
Personal and Household Products |
49.4 |
20 |
|
|
Unit |
Washington, DC |
United States |
Business Services |
7.9 |
20 |
|
|
Subsidiary |
Singapore |
Singapore |
Business Services |
2,458.2 |
19 |
|
|
Subsidiary |
Singapore |
Singapore |
Personal and Household Products |
14.4 |
|
|
|
Branch |
Wilmington, DE |
United States |
Biotechnology and Drugs |
35.2 |
18 |
|
|
Branch |
Rahway, NJ |
United States |
Biotechnology and Drugs |
17.9 |
18 |
|
|
Branch |
La Jolla, CA |
United States |
Biotechnology and Drugs |
16.2 |
18 |
|
|
Branch |
Elkton, VA |
United States |
Biotechnology and Drugs |
15.9 |
18 |
|
|
Branch |
Bethesda, MD |
United States |
Biotechnology and Drugs |
15.5 |
18 |
|
|
Branch |
Reno, NV |
United States |
Personal and Household Products |
37.4 |
15 |
|
|
Branch |
Branchburg, NJ |
United States |
Biotechnology and Drugs |
14.9 |
15 |
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Biotechnology and Drugs |
|
15 |
|
|
Subsidiary |
Boxmeer, Noord-Brabant |
Netherlands |
Biotechnology and Drugs |
|
15 |
|
|
Branch |
Springfield, NJ |
United States |
Personal and Household Products |
37.9 |
14 |
|
|
Branch |
Kenilworth, NJ |
United States |
Personal and Household Products |
37.9 |
14 |
|
|
Branch |
Anchorage, AK |
United States |
Personal and Household Products |
37.2 |
14 |
|
|
Branch |
North Wales, PA |
United States |
Personal and Household Products |
34.7 |
14 |
|
|
Branch |
Riverside, PA |
United States |
Personal and Household Products |
34.7 |
14 |
|
|
Branch |
Boston, MA |
United States |
Personal and Household Products |
34.2 |
14 |
|
|
Subsidiary |
Singapore |
Singapore |
Fish and Livestock |
|
13 |
|
|
Unit |
Boston, MA |
United States |
Personal and Household Products |
|
12 |
|
|
Subsidiary |
San Diego, CA |
United States |
Biotechnology and Drugs |
|
11 |
|
|
Subsidiary |
Sioux City, IA |
United States |
Biotechnology and Drugs |
|
11 |
|
|
Subsidiary |
Whitehouse Station, NJ |
United States |
Personal and Household Products |
4,128.0 |
10 |
|
|
Subsidiary |
Petaling Jaya, Selangor Darul Ehsan |
Malaysia |
Personal and Household Products |
|
300 |
|
|
Subsidiary |
Santiago |
Chile |
Personal and Household Products |
|
124 |
|
|
Branch |
Carolina, PR |
United States |
Personal and Household Products |
35.3 |
110 |
|
|
Facility |
Arecibo, PR |
United States |
Biotechnology and Drugs |
|
1,000 |
|
|
Branch |
Toa Baja, PR |
United States |
Personal and Household Products |
|
|
|
|
Subsidiary |
Singapore |
Singapore |
Personal and Household Products |
|
95 |
|
|
Subsidiary |
Taipei |
Taiwan |
Personal and Household Products |
|
|
|
|
Subsidiary |
Des Plaines, IL |
United States |
Biotechnology and Drugs |
10.3 |
10 |
|
|
Branch |
Branchburg, NJ |
United States |
Biotechnology and Drugs |
10.0 |
10 |
|
|
Branch |
Rockville, MD |
United States |
Biotechnology and Drugs |
6.0 |
7 |
|
|
Branch |
Rogers, AR |
United States |
Personal and Household Products |
14.1 |
6 |
|
|
Branch |
Scottsdale, AZ |
United States |
Biotechnology and Drugs |
4.5 |
5 |
|
|
Branch |
Summit, NJ |
United States |
Fish and Livestock |
0.5 |
5 |
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
Business Services |
|
5 |
|
|
Affiliates |
Milton , MA |
United States |
Miscellaneous Financial Services |
|
4 |
|
|
Subsidiary |
Toa Baja, PR |
United States |
Biotechnology and Drugs |
7.6 |
3 |
|
|
Branch |
Rushmore, MN |
United States |
Food Processing |
1.5 |
3 |
|
|
Subsidiary |
Wilmington, DE |
United States |
Biotechnology and Drugs |
|
3 |
|
|
Branch |
Sacramento, CA |
United States |
Biotechnology and Drugs |
0.9 |
1 |
|
|
Subsidiary |
Beaucouze |
France |
Personal and Household Products |
|
1 |
|
|
Subsidiary |
Haarlem |
Netherlands |
Biotechnology and Drugs |
1,388.5 |
|
|
|
Subsidiary |
Haar, Bayern |
Germany |
Biotechnology and Drugs |
732.0 |
1,200 |
|
|
Branch |
Munich |
Germany |
Biotechnology and Drugs |
|
210 |
|
|
Subsidiary |
Haar, Bayern |
Germany |
Biotechnology and Drugs |
|
4 |
|
|
Subsidiary |
Haar, Bayern |
Germany |
Consumer Financial Services |
|
|
|
|
Unit |
Oss |
Netherlands |
Business Services |
|
486 |
|
|
Subsidiary |
Budapest |
Hungary |
Advertising |
28.7 |
217 |
|
|
Subsidiary |
Oss, Noord-Brabant |
Netherlands |
Healthcare Facilities |
|
90 |
|
|
Subsidiary |
Haar, Bayern |
Germany |
Biotechnology and Drugs |
146.4 |
66 |
|
|
Subsidiary |
Riga |
Latvia |
Personal and Household Products |
3.3 |
44 |
|
|
Subsidiary |
Porto Salvo, Lisboa Oeiras |
Portugal |
Biotechnology and Drugs |
2.9 |
16 |
|
|
Msd
Magyarorszag Kereskedelmi Es Szolgaltato Kft. Vegelszamolas Alatt |
Subsidiary |
Budapest |
Hungary |
Personal and Household Products |
62.3 |
3 |
|
Subsidiary |
Moscow |
Russian Federation |
Business Services |
236.1 |
|
|
|
Subsidiary |
North Ryde, NSW |
Australia |
Personal and Household Products |
214.9 |
|
|
|
Subsidiary |
North Ryde, NSW |
Australia |
Biotechnology and Drugs |
381.8 |
1,000 |
|
|
Subsidiary |
Haarlem, Noord-Holland |
Netherlands |
Miscellaneous Financial Services |
38.7 |
|
|
|
Subsidiary |
Welwyn Garden City |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
Haarlem, Noord-Holland |
Netherlands |
Consumer Financial Services |
|
|
|
|
Subsidiary |
Chiyoda-Ku, Tokyo |
Japan |
Real Estate Operations |
24.9 |
|
|
|
Subsidiary |
Shanghai, Shanghai |
China |
Biotechnology and Drugs |
8.3 |
|
|
|
Branch |
Kenilworth, NJ |
United States |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Heist-Op-Den-Berg |
Belgium |
Biotechnology and Drugs |
199.3 |
904 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Biotechnology and Drugs |
31.2 |
454 |
|
|
Subsidiary |
Metro Manila |
Philippines |
Biotechnology and Drugs |
23.3 |
234 |
|
|
Subsidiary |
Singapore |
Singapore |
Chemical Manufacturing |
781.8 |
200 |
|
|
Subsidiary |
Lambr-Woluwe |
Belgium |
Personal and Household Products |
219.2 |
150 |
|
|
Subsidiary |
Rolling Meadows, IL |
United States |
Personal and Household Products |
36.2 |
13 |
|
|
Subsidiary |
Manati, PR |
United States |
Retail (Drugs) |
1.5 |
5 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Commercial Banks |
0.0 |
|
|
|
Subsidiary |
Segrate, MI |
Italy |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Luzern, Luzern |
Switzerland |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Alimos |
Greece |
Personal and Household Products |
229.9 |
240 |
|
|
Subsidiary |
Bruxelles, Bruxelles-Capitale |
Belgium |
Personal and Household Products |
327.3 |
|
|
|
Subsidiary |
Welwyn Garden City |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Halfway House, Gauteng |
South Africa |
Personal and Household Products |
|
|
|
|
Subsidiary |
Oss, Noord-Brabant |
Netherlands |
Business Services |
|
|
|
|
Subsidiary |
Oss |
Netherlands |
Biotechnology and Drugs |
|
3,000 |
|
|
Subsidiary |
Co Dublin |
Ireland |
Biotechnology and Drugs |
923.1 |
521 |
|
|
Subsidiary |
Dublin |
Ireland |
Personal and Household Products |
143.2 |
|
|
|
Subsidiary |
Mumbai |
India |
Biotechnology and Drugs |
|
500 |
|
|
Subsidiary |
México DF |
Mexico |
Biotechnology and Drugs |
|
300 |
|
|
Subsidiary |
Cambridge |
United Kingdom |
Biotechnology and Drugs |
158.0 |
117 |
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Quito, Pichincha |
Ecuador |
Personal and Household Products |
|
|
|
|
Subsidiary |
Luzrn |
Switzerland |
Personal and Household Products |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Personal and Household Products |
|
|
|
|
Subsidiary |
Moscow |
Russian Federation |
Personal and Household Products |
|
|
|
|
Subsidiary |
Kyiv |
Ukraine |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Bruxelles |
Belgium |
Personal and Household Products |
10.9 |
65 |
|
|
Subsidiary |
Ho Chi Minh City |
Viet Nam |
Textiles - Non Apparel |
|
|
|
|
Subsidiary |
San José |
Costa Rica |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
|
|
|
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
Commercial Banks |
|
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Personal and Household Products |
|
|
|
|
Subsidiary |
Oss, Noord-Brabant |
Netherlands |
Commercial Banks |
|
|
|
|
Subsidiary |
Barueri, Sao Paulo |
Brazil |
Biotechnology and Drugs |
|
150 |
|
|
Subsidiary |
Hoddesdon |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Tallinn |
Estonia |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Roseland, NJ |
United States |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Warsaw |
Poland |
Personal and Household Products |
|
|
|
|
Subsidiary |
Haarlem, Noord-Holland |
Netherlands |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Istanbul |
Turkey |
Personal and Household Products |
|
|
|
|
Subsidiary |
Bogota |
Colombia |
Personal and Household Products |
|
|
|
|
Subsidiary |
Asuncion |
Paraguay |
Personal and Household Products |
|
|
|
|
Subsidiary |
Moscow |
Russian Federation |
Personal and Household Products |
|
|
|
|
Subsidiary |
Brussels |
Belgium |
Personal and Household Products |
|
|
|
|
Subsidiary |
Uxbridge |
United Kingdom |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Hunt Valley, MD |
United States |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Oss, Noord-Brabant |
Netherlands |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Prague |
Czech Republic |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Haar |
Germany |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Haar, Bayern |
Germany |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Palo Alto, CA |
United States |
Business Services |
|
|
|
|
Subsidiary |
Ljubljana |
Slovenia |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Brussels |
Belgium |
Computer Services |
|
|
|
|
Subsidiary |
Amsterdam, Noord-Holland |
Netherlands |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Summit, NJ |
United States |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Memphis, TN |
United States |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Mumbai |
India |
Business Services |
|
|
|
|
Unit |
Mumbai, IN |
India |
Biotechnology and Drugs |
200.0 |
165 |
|
|
Subsidiary |
Bendigo, VIC |
Australia |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Boxmeer |
Netherlands |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Boxmeer |
Netherlands |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Welwyn Garden City |
United Kingdom |
Biotechnology and Drugs |
694.2 |
639 |
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Commercial Banks |
|
|
|
|
Subsidiary |
Welwyn Garden City |
United Kingdom |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Commercial Banks |
|
|
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Biotechnology and Drugs |
176.7 |
168 |
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Biotechnology and Drugs |
57.1 |
131 |
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Milton Keynes |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Schwabenheim An Der Selz, Rheinland-Pfalz |
Germany |
Biotechnology and Drugs |
28.6 |
120 |
|
|
Subsidiary |
Igoville |
France |
Biotechnology and Drugs |
84.2 |
90 |
|
|
Subsidiary |
Paço De Arcos, Oeiras |
Portugal |
Personal and Household Products |
21.0 |
27 |
|
|
Subsidiary |
Moscow |
Russian Federation |
Personal and Household Products |
31.1 |
26 |
|
|
Subsidiary |
Warszawa |
Poland |
Personal and Household Products |
37.9 |
25 |
|
|
Subsidiary |
Schwabenheim An Der Selz, Rheinland-Pfalz |
Germany |
Commercial Banks |
|
1 |
|
|
Subsidiary |
Schwabenheim An Der Selz, Rheinland-Pfalz |
Germany |
Biotechnology and Drugs |
61.7 |
252 |
|
|
Subsidiary |
Pune, Maharashtra |
India |
Medical Equipment and Supplies |
29.7 |
|
|
|
Subsidiary |
Rome |
Italy |
Biotechnology and Drugs |
|
|
|
|
Beneficiadora E Industrializadora, S.A. De
C.V. |
Subsidiary |
|
|
|
|
|
Competitors Report
|
Company
Name |
Location |
Employees |
Ownership |
|
Abbott Laboratories |
Abbott Park, Illinois, United
States |
91,000 |
Public |
|
Accredo Health, Incorporated |
Memphis, Tennessee, United
States |
1,980 |
Private |
|
Actavis Inc |
Parsippany, New Jersey, United
States |
17,700 |
Public |
|
Bayer AG |
Leverkusen, Germany |
111,400 |
Public |
|
Biogen Idec Inc. |
Weston, Massachusetts, United
States |
5,950 |
Public |
|
Bristol Myers Squibb Co. |
New York, New York, United
States |
28,000 |
Public |
|
Celgene Corporation |
Summit, New Jersey, United
States |
4,460 |
Public |
|
Chattem, Inc. |
Chattanooga, Tennessee, United
States |
547 |
Public |
|
Eisai Inc. |
Woodcliff Lake, New Jersey,
United States |
900 |
Private |
|
Eli Lilly & Co. |
Indianapolis, Indiana, United
States |
38,350 |
Public |
|
Endo Health Solutions Inc |
Malvern, Pennsylvania, United
States |
4,566 |
Public |
|
Genentech, Inc. |
South San Francisco,
California, United States |
11,000 |
Public |
|
Gilead Sciences, Inc. |
Foster City, California,
United States |
5,000 |
Public |
|
GlaxoSmithKline plc |
Brentford, United Kingdom |
98,681 |
Public |
|
Heska Corp |
Loveland, Colorado, United
States |
277 |
Public |
|
Johnson & Johnson |
New Brunswick, New Jersey,
United States |
127,600 |
Public |
|
Meda Pharmaceuticals Inc. |
Somerset, New Jersey, United
States |
710 |
Private |
|
Mylan Inc. |
Canonsburg, Pennsylvania,
United States |
20,000 |
Public |
|
Novartis AG |
Basel, Switzerland |
127,724 |
Public |
|
Perrigo Company |
Allegan, Michigan, United
States |
8,800 |
Public |
|
Pfizer Inc. |
New York, New York, United
States |
91,500 |
Public |
|
Roche Holding Ltd. |
Basel, Switzerland |
82,089 |
Public |
|
Sanofi SA |
Paris, France |
111,974 |
Public |
|
Valeant Pharmaceuticals
International |
Irvine, California, United
States |
|
Private |
|
Virbac Corporation |
Fort Worth, Texas, United
States |
269 |
Private |
|
Warner Chilcott Plc |
Dublin, Ireland |
2,100 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
||||||||||||
|
Chairman, President and Chief Execuitve Officer |
Chairman |
|
||||||||||||
|
|||||||||||||||
|
Chairman |
Chairman |
|
|
|||||||||||
|
|||||||||||||||
|
Board Member |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Independent Director |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Board Member |
Director/Board Member |
|
|
|||||||||||
|
|||||||||||||||
|
Lead Independent Director |
Director/Board Member |
|
|
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Significant Developments
Merck & Co Inc Announces FDA Acceptance of Biologics License Application for Investigational Grass Pollen Allergy Immunotherapy Tablet Mar 27, 2013
Merck & Co Inc announced that the Biologics License Application (BLA) for its investigational Timothy grass pollen (Phleum pratense) allergy immunotherapy tablet (AIT) has been accepted for review by the U.S. Food and Drug Administration (FDA). In March, the company also submitted a BLA to the FDA for its investigational ragweed pollen (Ambrosia artemisiifolia) AIT. The BLA for Merck`s grass pollen AIT is supported by Phase III trials that evaluated the safety and efficacy of the investigational product, including a long-term, multi-season trial. Merck's grass pollen (Phleum pratense) AIT is an investigational sublingual dissolvable tablet designed to help treat the underlying cause of allergic rhinitis by generating an immune response to help protect against targeted allergens. Merck has partnered with ALK-Abello to develop its grass pollen (Phleum pratense) AIT in North America.
Merck & Co Inc And Luminex Corporation Enter Agreement To Develop Companion Diagnostic To Support Investigational BACE Inhibitor Clinical Development Program For Alzheimer's Disease Mar 13, 2013
Merck & Co Inc and Luminex Corporation announced that it has signed a collaboration and license agreement to develop a companion diagnostic device that will be evaluated to help screen patients for recruitment into Merck's clinical development program for MK-8931, a oral beta amyloid precursor protein site cleaving enzyme (BACE) inhibitor and Merck's lead investigational candidate for Alzheimer's disease (AD). Financial terms were not disclosed. Luminex will be responsible for development, regulatory submission and commercialization of the candidate companion diagnostic device, which will employ Luminex`s xMAP Technology to measure concentrations of two candidate biomarkers (A?42 and t-tau) in cerebrospinal fluid (CSF) samples from patients with mild cognitive impairment (MCI). The candidate device will be evaluated as a means to identify subjects with MCI who have a higher risk of developing AD to support patient selection for Merck`s therapeutic BACE inhibitor clinical program.
Alk Abello A/S's Partner Merck & Co Inc Submits BLA for Marketing Authorization of Ragweed AIT Mar 11, 2013
Alk Abello A/S announced that its partner Merck & Co Inc has submitted a Biologics License Application (BLA) to the US (United States) Food and Drug Administration (FDA) for a marketing authorization for ragweed allergy immunotherapy tablet (AIT). ALK's partnership with Merck covers the development, registration and commercialization of a portfolio of AITs in North America. The application to the FDA is based on results from a clinical development program. Data from the clinical trials have demonstrated that treatment with ragweed AIT reduces patients' allergy symptoms and their concomitant use of symptom-relieving medication and that the treatment is well tolerated. The submission of the BLA entitles ALK to a milestone payment of USD 5 million from Merck.
Merck & Co Inc Announces Second-Quarter 2013 Dividend Feb 26, 2013
Merck & Co Inc announced that the Board of Directors has declared a quarterly dividend of $0.43 per share on the Company`s common stock for the second quarter of 2013. Payment will be made on Apr. 5, 2013, to stockholders of record at the close of business on Mar. 15, 2013.
Merck & Co Inc To Pay $688 Million To Settle Enhance Lawsuits Feb 14, 2013 reported that Merck & Co Inc on February 14, 2013 said it has agreed to pay $688 million to settle two U.S. investor lawsuits over disclosures of the results of a clinical trial involving the anti-cholesterol drug Vytorin. The lawsuits alleged that Merck and Schering-Plough Corp knew far in advance that the trial was a failure, but withheld that information from investors. The trial, known as Enhance, had sought to demonstrate that Vytorin, a combination drug marketed by the two companies, was more effective than a competing drug in combating plaque build-up on artery walls. Investors claimed they lost money in both companies' securities after results of the clinical trial were published. In a statement, Merck said it will pay $215 million to settle a lawsuit brought against Merck defendants, and $473 million to settle a lawsuit against Schering-Plough defendants.
Merck & Co Inc Issues Q1 2013 EPS Guidance Below Analysts' Estimates Feb 13, 2013
Merck & Co Inc announced that for first quarter of 2013, it expects non-GAAP EPS to be between $0.76 and $0.78, and the GAAP EPS range to be $0.37 to $0.42. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $0.85 for first quarter of 2013.
Merck & Co Inc Hit With $285,000 Verdict In Fosamax Trial Feb 05, 2013 reported that A federal jury has ordered Merck & Co Inc to pay $285,000 in a lawsuit over the risks of its osteoporosis drug Fosamax. Merck said in a statement that it disagreed with the verdict and noted that the jury returned a mixed verdict.
Merck & Co Inc Issues FY 2013 Guidance In Line With Analysts' Estimates Feb 01, 2013
Merck & Co Inc announced that it expects fiscal 2013 non-GAAP EPS to be between $3.60 and $3.70, and fiscal 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. The Company expects fiscal 2013 revenues to be near fiscal 2012 levels on a constant currency basis. At current exchange rates, sales would be affected unfavorably by approximately 1% to 2% for fiscal 2013. The Company reported revenue of $47.267 billion in fiscal 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $3.68 and revenue of $45.611 billion for fiscal 2013.
Alk Abello A/S's Partner Merck & Co Inc Submits BLA for Marketing AUthorization of Grass AIT to FDA Feb 01, 2013
Alk Abello A/S announced that its partner Merck & Co Inc has submitted a Biologics License Application (BLA) to the United States Food and Drug Administration (FDA) for a marketing authorization for grass allergy immunotherapy tablet (AIT) - a disease-modifying AIT against grass pollen allergy. The product is marketed as GRAZAX in Europe. The partnership with Merck covers the develop¡ment, registration and commercialization of a portfolio of AITs in North America. The application to the FDA is based on results from a clinical development program. Data from the clinical trials have demonstrated that treatment with grass AIT reduces patients' allergy symptoms and their need for symptom-relieving medication and provides a sustained long-term effect after completion of treatment.
Merck & Co Inc Begins Overseas Recall Of HDL Cholesterol Drug Jan 11, 2013 reported that Merck & Co Inc is recalling Tredaptive, its medicine to raise good HDL cholesterol levels, in overseas markets where it is sold, after it failed to prevent heart problems in a large study and raised safety concerns. The medicine is not approved in the United States but the U.S. drugmaker sells it in about 40 countries. Merck said it would recall stocks of Tredaptive now held by wholesalers, but that pharmacies can continue to dispense their remaining supplies. Even so, the company said it plans to discourage doctors from prescribing the pill based on negative findings from the trial which were announced last month. The study followed more than 25,000 patients in Europe and China for almost four years. The company said it will encourage doctors to consider alternative treatments to control cholesterol, but advised patients not to discontinue Tredaptive without first speaking with their physicians.
Merck & Co Inc and GE Healthcare Collaborate on Use of Imaging Biomarkers for Investigational BACE inhibitor Clinical Development Program Dec 18, 2012
Merck & Co Inc and GE Healthcare announced a clinical study collaboration, license and supply agreement for use of [18F]Flutemetamol, an investigational positron emission tomography (PET) imaging agent, to support Merck's development of MK-8931, a novel oral beta amyloid precursor protein site cleaving enzyme (BACE) inhibitor and Merck's lead investigational candidate for Alzheimer's disease (AD). Accumulation of beta amyloid in the brain is a pathological characteristic related to Alzheimer`s disease. Currently, AD is diagnosed by clinical examination (i.e., medical history, physical, neurological, psychiatric and neuropsychological exams, laboratory tests and Magnetic Resonance Imaging [MRI] or Computed Tomography [CT] scan). An AD diagnosis can only be confirmed through histopathological identification of characteristic features, including beta amyloid plaques, in post-mortem brain samples. Under the agreement, GE Healthcare will supply [18F]Flutemetamol to help select patients for clinical trials and evaluate this investigational agent as a companion diagnostic tool. A joint Merck and GE Healthcare Imaging Advisory Committee will oversee the planned imaging studies.
Merck & Co Inc Initiates Phase II/III Study Of Investigational BACE Inhibitor, MK-8931, For Treatment Of Alzheimer's Disease Dec 03, 2012
Merck & Co Inc announced it has started a Phase II/III clinical trial designed to evaluate the safety and efficacy of MK-8931 versus placebo in patients with mild-to-moderate Alzheimer's disease. MK-8931 is Merck's investigational oral ?-amyloid precursor protein site-cleaving enzyme (BACE) inhibitor, and is the first with this mechanism to advance to this stage of clinical research. The global, multi-center study, called EPOCH, is designed to initially evaluate the safety of MK-8931 in a cohort of 200 patients prior to advancing into a larger Phase III study. EPOCH is a 78-week, randomized, placebo-controlled, parallel-group, double-blind Phase II/III clinical trial to evaluate the efficacy and safety of one of three oral doses of MK-8931 (12, 40 or 60 mg) administered daily versus placebo. The study is anticipated to eventually enroll up to 1,700 patients in the main Phase III cohort. The primary efficacy outcomes of the study are the change from baseline in Alzheimer's Disease Assessment Scale Cognitive Subscale (ADAS-Cog) score and the change from baseline in the Alzheimer's Disease Cooperative Study - Activities of Daily Living (ADCS-ADL) score. The amyloid hypothesis asserts that the formation of amyloid peptides that lead to amyloid plaque deposits in the brain is the underlying cause of Alzheimer's disease. BACE is believed to be a key enzyme in the production of amyloid ? peptide.
Merck & Co Inc Provides Update On EU Marketing Authorization Application For Ridaforolimus Nov 29, 2012
Merck & Co Inc announced that it has formally notified the European Medicines Agency (EMA) of Merck's decision to withdraw the Marketing Authorisation Application (MAA) for ridaforolimus. The application for Marketing Authorisation for ridaforolimus was accepted by the EMA in August 2011. At the time of the withdrawal it was under review by the Agency`s Committee for Medicinal Products for Human Use (CHMP). In its letter to the EMA, Merck said that the withdrawal of ridaforolimus was based on the provisional view of the CHMP that the data available to date and provided in the Marketing Authorisation Application were not sufficient to permit licensure of ridaforolimus in the European Union for the maintenance treatment of patients with soft tissue sarcoma or primary malignant bone tumor. Although the application for these uses was withdrawn, Merck is studying ridaforolimus in combination with other drugs in other tumor types. The withdrawal of the European application of ridaforolimus for the maintenance treatment of patients with soft tissue sarcoma or primary malignant bone tumor does not change Merck`s commitment to the ongoing clinical trials with ridaforolimus.
Merck & Co Inc Increases Quarterly Dividend Nov 27, 2012
Merck & Co Inc announced that Board of Directors has increased the Company's quarterly dividend to $0.43 per outstanding share of the Company's common stock, up $0.01 from $0.42 per outstanding share paid last quarter. Payment will be made on Jan. 8, 2013, to shareholders of record at the close of business on Dec. 17, 2012.
Merck & Co Inc Announces Interim Results From Phase II, Multi-center, Randomized, Dose-ranging Study Assessing Safety And Antiviral Activity Of MK-5172 Nov 10, 2012
Merck & Co Inc announced interim results from a Phase II, multi-center, randomized, dose-ranging study (n=332) assessing the safety and antiviral activity of MK-5172, an investigational, once-daily, oral NS3/4A protease inhibitor for the treatment of chronic hepatitis C virus (HCV) genotype 1 infection in combination therapy in treatment-nanve patients. These data will be presented this week at the American Association for the Study of Liver Diseases Annual Meeting (AASLD). The primary efficacy endpoint of the study was to evaluate the complete early viral response (cEVR) of four regimens of MK-5172 in combination with peginterferon alfa-2b and ribavirin (PR) compared to the control arm in which patients received a 4-week lead-in of PR followed by the addition of VICTRELIS« (boceprevir) 200 mg Capsules. cEVR was assessed by the proportion of patients who achieved undetectable virus (HCV RNA) at treatment week (TW) 12 in the investigational arms and at TW 16 in the control arm. The MK-5172 regimens had rates of cEVR ranging from 82.8 to 93%, versus the control of 74.2%.
Merck & Co Inc Announces FDA Acceptance Of New Drug Application For Suvorexant, Investigational Insomnia Medicine Nov 08, 2012
Merck & Co Inc announced that the New Drug Application (NDA) for suvorexant, the Company's investigational insomnia medicine, has been accepted for standard review by the U.S. Food and Drug Administration (FDA). Suvorexant will be evaluated by the Controlled Substance Staff of the FDA during NDA review. If approved by the FDA, suvorexant will become available after a schedule assessment and determination has been completed by the U.S. Drug Enforcement Administration, which routinely occurs after FDA approval. The Company is continuing with plans to seek approval for suvorexant in other countries around the world. The NDA for suvorexant was based on data from a broad clinical development program, including: two pivotal, three-month efficacy trials that evaluated the ability of suvorexant to help patients fall asleep and stay asleep; a 12-month study, followed by a two-month discontinuation phase, that was designed to assess the safety of suvorexant, while also evaluating its longer term efficacy and the impact of stopping treatment; and two next-day driving studies that provided an assessment of residual effects following evening use of suvorexant.
Stueve Siegel Hanson and Gray Ritter & Graham Announces Vioxx Consumer Fraud Class Action Settlement Against Merck & Co Inc Nov 01, 2012
Stueve Siegel Hanson LLP and Gray Ritter & Graham announced that they have reached a settlement in the only certified consumer fraud class action lawsuit with Merck & Co. Inc. regarding Vioxx, the Company's prescription pain reliever used for the treatment of certain arthritis conditions. The class action lawsuit involved claims alleging that Merck's promotion and sale of Vioxx constituted unlawful and unfair business practices under the Missouri Merchandising Practices Act. Under the settlement terms, qualifying Missouri consumers of Vioxx may be reimbursed in full for their Vioxx purchases. The common fund settlement provides for payment to class members under two options a one-time cash payment of $180 to Settlement Class Members who submit a valid claim form with a declaration under oath (but no documentary proof of payment required) and $90 for each month of Vioxx purchases supported by a declaration under oath with documentary proof of payment, such as a letter from the prescribing physician. In addition to paying the claims of qualifying class members, the settlement requires Merck to pay for all costs associated with the notice and administration of the settlement as well as court-approved attorneys` fees and expenses incurred by the Class.
Merck & Co Inc Reaffirms FY 2012 Revenue Guidance; Narrows FY 2012
EPS Guidance To A Range In Line With Analysts' Estimates Oct 26, 2012
Merck & Co Inc announced that for fiscal 2012, it continues to expect revenues to be at or near fiscal 2011 levels on a constant currency basis. At current exchange rates, sales would be affected unfavorably by approximately 1% for the fourth quarter and more than 2% for fiscal 2012. The Company expects non-GAAP EPS to be between $3.78-$3.82 and GAAP EPS range to be $2.08 to $2.24 for fiscal 2012. The fiscal 2012 non-GAAP range excludes acquisition-related costs and costs related to restructuring programs. The Company reported revenue of $48.047 billion in fiscal 2011. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $3.81 and revenue of $47.14 billion for fiscal 2012.
Alk Abello A/S's Partner Merck & Co Inc Reaches Primary Endpoint in Phase III Trial with Grass Allergy Immunotherapy Tablet; Alk Abello Confirms FY 2015 Financial Guidance Oct 23, 2012
Alk Abello A/S announced that a Phase III clinical trial of its investigational sublingual grass allergy immunotherapy tablet (AIT), conducted by Alk Abello's strategic partner, Merck & Co Inc, has met primary efficacy endpoint. Known as GRAZAX in Europe, the product has been licensed by ALK to Merck for North America. Merck initiated the trial in 2011 to evaluate the efficacy and safety of grass AIT versus placebo in the treatment of grass pollen induced allergic rhinoconjunctivitis (hay fever). The primary endpoint was the combined rhinoconjunctivitis daily symptom score (DSS) and rhinoconjunctivitis daily medication score (DMS) during the grass pollen season. The trial included approximately 1,500 patients. The study was designed to form a pivotal part of the submission package for Merck's filing of a registration application for grass AIT with the United States. Food and Drug Administration (FDA). Merck has informed ALK that the new data supports and confirms the planned filing of the registration application with the FDA in 2013. Alk Abello also announced that this not change the Company's fiscal year 2015 financial outlook. The Company still expects to report fiscal year 2015 revenue of DKK 3 billion and fiscal year 2015 operating profit (EBITDA) of 25% of revenue.
Merck & Co Inc And AiCuris Announces Worldwide License Agreement Oct 15, 2012
Merck & Co Inc and AiCuris announced that they have entered into an exclusive worldwide licensing agreement for AiCuris' portfolio of investigational medicines targeting Human Cytomegalovirus (HCMV), including letermovir (AIC246), an oral, late-stage antiviral candidate being investigated for the treatment and prevention of HCMV infection in transplant recipients. Under the agreement, Merck, through a subsidiary, will gain worldwide rights to develop and commercialize candidates in AiCuris' HCMV portfolio. AiCuris will receive a EUR110 million upfront payment and is eligible for payments of up to EUR332.5 million based on achievement of development, regulatory and commercialization goals for HCMV candidates, including letermovir, an additional back-up candidate as well as other Phase I candidates designed to act via an alternate mechanism. In addition, AiCuris will be entitled to receive royalty payments reflecting the advanced stage of the clinical program on any potential products that result from the agreement. Merck will be responsible for all development activities and costs.
Merck & Co Inc Announces Results From Phase II Trial For Odanacatib Oct 13, 2012
Merck & Co Inc announced results from a Phase II trial for odanacatib, an investigational cathepsin K (cat-K) inhibitor in development for the treatment of osteoporosis in post-menopausal women. In the study, treatment with odanacatib (compared to placebo) significantly increased Bone Mineral Density (BMD) over a two-year period in post-menopausal osteoporotic women who previously had three or more years of treatment with alendronate. Patients were allowed to have been off alendronate therapy for up to three months immediately prior to enrollment in the study. This study was a randomized, double-blind, placebo-controlled, multi-center, 24-month trial of odanacatib in 243 women with post-menopausal osteoporosis who had been previously treated with alendronate (dosed daily or weekly) for ?3 years. Participants were at least 60 years of age with low BMD T-scores at any hip site (femoral neck, trochanter, or total hip) without a history of fragility fracture, or had BMD T-scores ?-1.5 and > -3.5 at any hip site, with a history of fragility fracture (except hip fracture). In the odanacatib group, BMD changes from baseline at 24 months were significantly different versus placebo at all three hip sites (+1.73%, +1.83%, +0.83% for the femoral neck, hip trochanter, and total hip, respectively, vs. -0.94%, -1.35%, -1.87% with placebo), and the lumbar spine (+2.28% vs. -0.30% change with placebo). At the distal forearm, BMD changes from baseline at 24 months were -0.92% and -1.14%.
Alk Abello A/S' Partner Merck & Co Inc Plans to Initiate Phase III
Clinical Trial with HDM AIT in North America Oct 10, 2012
Alk Abello A/S announced that its strategic partner Merck & Co Inc (knowns as MSD outside the United States and Canada) is planning to advance the clinical development program for the house dust mite allergy immunotherapy tablet (HDM AIT) by initiating a Phase III clinical trial in North America. HDM AIT is ALK's new AIT against HDM-induced hay fever and asthma. The trial is expected to include approximately 1,500 patients and will investigate the safety and efficacy of HDM AIT in the treatment of HDM-induced allergic rhinitis/rhinoconjunctivitis in children and adults. Merck anticipates that the study will initiate patient recruitment in 2013 and it is expected to complete in 2015. In Europe, ALK is conducting two clinical Phase III trials investigating safety and efficacy of HDM AIT (MITIZAX) in the treatment of HDM-induced allergic rhinitis and asthma, respectively. In Japan, HDM AIT has been licensed to Torii and is also in Phase II/III clinical development. Recently, Merck initiated a Phase IIb clinical trial for HDM AIT to evaluate dose-related effectiveness, safety and tolerability of HDM AIT. This trial is expected to enroll 120 patients and to complete in 2013. Initiation of patient dosing in the Phase III trial in North America entitles ALK to an undisclosed payment from Merck. This payment is expected to occur in 2013 at the earliest.
Sanofi SA and Merck & Co Inc's Joint Venture Recalls Some Typhoid Vaccine Batches in the United Kingdom Oct 08, 2012
reported that Sanofi Pasteur MSD, the vaccine joint venture of Sanofi SA and Merck & Co Inc, has recalled some batches of its typhoid vaccine because of concerns about effectiveness, according to a statement from Britain's drug regulator. The decision to recall 16 batches of Typhim Vi follows filling problems in the manufacturing process, according to the Medicines and Healthcare Products Regulatory Agency. Merck & Co Inc's DPP-4 Inhibitor MK-3102 Lowers Blood Sugar In Patients With Type 2 Diabetes
Oct 03, 2012
Merck & Co Inc announced Phase IIb data for MK-3102, the company's investigational once weekly DPP-4 inhibitor in development for the treatment of type 2 diabetes. MK-3102 significantly lowered blood sugar in this 12 week study compared with placebo, with an incidence of symptomatic hypoglycemia that was similar to placebo, in patients with type 2 diabetes. The findings reported are from a multicenter, randomized, double-blind, placebo-controlled dose-ranging study designed to evaluate five doses of MK-3102 (0.25, 1, 3, 10 and 25 mg) in patients with type 2 diabetes who had inadequate glycemic control on diet and exercise. A total of 685 patients with a mean baseline HbA1c of approximately 8% were randomized: 571 patients received MK-3102 at one of the five once-weekly doses (0.25 mg, n=113; 1 mg, n=115; 3 mg, n=114; 10 mg, n=115; 25 mg, n=114) and 114 patients received placebo for 12 weeks. The primary endpoint was change in HbA1c from baseline at 12 weeks compared to placebo across doses. The secondary endpoints were 2-hour post-meal glucose and fasting plasma glucose. MK-3102 significantly reduced HbA1c compared to placebo (p<0.001) from a mean baseline of approximately 8% across all doses. In the full study population at 12 weeks, the placebo-adjusted reduction from baseline in HbA1c was 0.71% with MK-3102 25 mg; 0.67% with 10 mg; 0.49% with 3 mg; 0.50% with 1 mg; and 0.28% with 0.25 mg.
Ablynx NV Announces Collaboration with Merck & Co Inc to Develop Therapeutic Nanobody Candidates Oct 02, 2012
Ablynx NV announced a collaboration with Merck & Co Inc., through a subsidiary, to develop and commercialize Nanobody candidates directed towards a voltage gated ion channel with the option to develop and commercialize a Nanobody to a second target. Merck & Co Inc is known as MSD outside the United States and Canada. Under the terms of the agreement, Merck & Co Inc gains exclusive global rights to Nanobodies against the selected target, with an option for similar rights to a second target. Upon signing, Merck & Co Inc will pay Ablynx NV a EUR 6.5 million upfront payment and a EUR 2 million fee for research funding. In addition, Ablynx NV will be eligible to receive up to EUR 448 million in research, regulatory and commercial milestone payments associated with the progress of multiple candidates as well as tiered royalties on any products derived from the collaboration. Ablynx NV will be responsible for the discovery of Nanobody candidates and Merck & Co Inc will be responsible for the research, development, manufacturing and commercialization of any Nanobody product resulting from the collaboration.
Merck & Co Inc Returns Global Marketing And Development Rights For Vernakalant To Cardiome Pharma Corp
Sep 26, 2012
Cardiome Pharma Corp and Merck & Co Inc announced that Merck will return the global marketing and development rights for both the intravenous (IV) and oral formulations for vernakalant to Cardiome. The companies said that they will work together to smoothly transition activities and ensure continued availability of the product to physicians and patients in countries where the medicine is approved.
Merck & Co Inc Prices $2.5 Billion Debt Offering Sep 10, 2012
Merck & Co Inc priced a $2.5 billion public offering of senior unsecured notes. The notes include: $1.0 billion of 1.100% notes due 2018; $1.0 billion of 2.400% notes due 2022; and $500.0 million of 3.600% notes due 2042 Proceeds from the notes will be used for general corporate purposes, including without limitation making contributions to its pension plans and repayment of outstanding commercial paper borrowings and upcoming debt maturities. The offering is expected to close on Sept. 13, 2012. Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers for the offering.
Alk Abello A/S Announces Co-Promotion Agreement for GRAZAX with MSD Merck & Co Inc in France Sep 10, 2012
Alk Abello A/S announced that it has entered into a co-promotion agreement with MSD, Merck & Co Inc (known as Merck inside the United States and Canada) for GRAZAX in France. GRAZAX is a fast-dissolving, once daily allergy immunotherapy tablet (AIT) for home treatment of grass pollen allergy. GRAZAX works by inducing a protective immune response and offers patients sustained relief of their allergy symptoms. GRAZAX is the only registered disease-modifying allergy immunotherapy tablet. So far, 17 randomized, controlled clinical trials have been completed, and have delivered robust clinical evidence in favor of the treatment. GRAZAX is available as a reimbursed treatment in 16 European countries. ALK's partner in North America, Merck, plans to file a New Drug Application for grass AIT with the United States Food and Drug Administration in 2013. Under the agreement, ALK will book all sales of GRAZAX and MSD will receive a co-promotion fee from ALK which reflects the product's overall sales performance in France. The agreement is expected to have a limited impact on ALK's financial outlook for 2012. ALK therefore continues to expect total revenues of up DKK 2.4 billion and an operating result (EBITDA) in excess of DKK 300 million.
Merck & Co Inc Reaffirms FY 2012 Guidance Jul 27, 2012
Merck & Co Inc announced that it continues to expect fiscal 2012 non-GAAP EPS to be between $3.75 and $3.85 and fiscal 2012 GAAP EPS range to be $2.04 to $2.30. The fiscal 2012 non-GAAP range excludes acquisition-related costs and costs related to restructuring programs. The Company continues to expect fiscal 2012 revenues to be at or near fiscal 2011 levels on a constant currency basis. The Company reported revenue of $48.047 billion in fiscal 2011. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $3.82 and revenue of $47.210 billion for fiscal 2012. Merck & Co Inc Announces Fourth Quarter 2012 Dividend Jul 24, 2012
Merck & Co Inc announced that it declared a quarterly dividend of $0.42 per share on the company's common stock for the fourth quarter of 2012. Payment will be made on October 5, 2012 to stockholders of record at the close of business on September 17, 2012. Merck & Co Inc Signs Two Deals For HIV Drug Candidates And Initiates Phase II Clinical Trial Of MK-1439 For HIV Jul 24, 2012
Merck & Co Inc announced that the Company has signed two
licensing agreements for investigational HIV drug candidates. Additionally, the
Company announced plans to initiate a Phase II study for a proprietary
investigational next generation non-nucleoside reverse transcriptase inhibitor,
MK-1439. Merck signed a deal with Chimerix Inc. based in Research Triangle
Park, NC, for CMX157, an investigational oral nucleoside reverse transcriptase
inhibitor currently in Phase I clinical development. Under the agreement, Merck
will receive an exclusive worldwide license and will be responsible for
development and commercialization of CMX157. Merck & Co Inc Bone Drug Shows Clear Benefits,
Halts Trial Jul 12, 2012
reported that Merck & Co Inc's experimental osteoporosis drug odanacatib has shown that it reduces fracture risk, prompting outside monitors to recommend that the study be stopped early. The company said it expects to take a number of months to wind up the trial, which began in 2007, but will continue with an extension trial to follow up on certain safety issues flagged by the Data Monitoring Committee. Merck expects to submit regulatory applications for U.S., European and Japanese approval of odanacatib in the first half of next year. The oral drug, taken weekly, is considered more convenient than an older class of osteoporosis drugs known as bisphosphonates. The pivotal study involved over 16,000 post-menopausal women with osteoporosis. It was expected to continue until hip fractures had been reported in 237 patients. Merck said the interim analysis was conducted when around 70% of the targeted number of hip fractures had been reported. The company expects to report final results from the study next year.
Merck & Co Inc And AstraZeneca PLC Agree To Amend Partnership Jun 27, 2012
Merck & Co Inc, known as MSD outside the United States and Canada announced that Merck and AstraZeneca PLC have amended the option agreement related to their partnership known as AstraZeneca LP (AZLP). The updated agreement provides that AstraZeneca will not exercise its option to acquire Merck's remaining interest in AZLP in 2012, and provides AstraZeneca a new option to acquire Merck's partnership interest in June 2014. As a result of the amended agreement, Merck will continue to record supply sales and equity income from the partnership for the remainder of 2012 and 2013. In 2014, AstraZeneca now will have the option to purchase Merck's remaining interest in AZLP based in part on an agreed-upon calculation of the value of Merck's interest in Prilosec and Nexium. AstraZeneca's option is exercisable between March 1, 2014, and April 30, 2014. If AstraZeneca chooses to exercise this option, the closing date is expected to be June 30, 2014. Under the amended agreement, the agreed-upon valuation for Merck's interest in Nexium and Prilosec for the 2014 exercise is a fixed sum of $327 million, subject to a true-up in 2018, based on actual sales from closing in 2014 to June 2018. Also, the exercise price will include an additional amount equal to a multiple of ten times Merck's average one percent annual profit allocation in the partnership for the three-years prior to exercise.
Merck & Co Inc, Four Others Weigh Amylin Pharmaceuticals Inc Final Bids Jun 26, 2012
reported that five pharmaceutical giants including Novartis AG and Sanofi SA remain in the running for Amylin Pharmaceuticals Inc, as the auction of the diabetes drug maker with a market value of $4.5 billion enters the last leg, according to people familiar with the matter. Bristol-Myers Squibb Co, AstraZeneca Plc, Merck & Co Inc also remain involved, the people said. Final bids are expected starting the end of this week, they said. All of the potential acquirers declined to comment. Amylin was not immediately available for comment.
Merck & Co Inc Recalls Vaccine After Accidental Release Jun 21, 2012 reported that Merck & Co Inc has recalled a batch of vaccines for measles, mumps, and rubella after it accidentally shipped doses to its U.S. customers before internal company approval for market release. An investigation by Merck concluded that there were no product safety, quality, or efficacy concerns associated with the batch.
Merck & Co Inc In Talks To Buy Micro Labs Ltd.-DJ Jun 21, 2012
Dow Jones reported that Merck & Co Inc is in talks to acquire Indian active pharmaceutical ingredients maker Micro Labs Ltd. Micro Labs is a privately held company, founded and run by the Surana family. Merck & Co Inc Loses Nasonex Patent Case Jun 15, 2012 reported that Merck & Co Inc lost a patent infringement lawsuit against Apotex Inc on Friday over Apotex's plans to market a generic version of the nasal allergy spray Nasonex. U.S. District Judge Peter Sheridan in Trenton, New Jersey, dismissed Merck's complaint for patent infringement after finding it had failed to present sufficient evidence during a trial in April. The judge separately dismissed Apotex's counterclaim that Merck's patent was invalid.
US FDA Rejects Merck & Co Inc And Ariad Pharmaceuticals Inc's Sarcoma Drug Jun 06, 2012 reported that U.S. drugs regulators rejected an experimental sarcoma medicine from Merck and Ariad Pharmaceuticals Inc, asking for more clinical trials, Merck said. The Food and Drug Administration issued a "complete response letter" for the injectable therapy, known generically as ridaforolimus, after an advisory panel recommended against approval earlier this year. The drug, which would have been sold as Taltorvic, is meant as a maintenance treatment for soft-tissue and bone sarcoma or tumors arising from the connective tissue for people who have already had at least four successful rounds of chemotherapy. An advisory panel of outside experts to the FDA recommended rejecting the medicine in March by a vote of 13 to one after data linked the drug with serious side effects like hospitalization or death, but showed it produced only small improvements in the amount of time before cancer worsened. Merck, which licensed all development and marketing rights to the drug from Ariad, said it would work with the FDA to figure out next steps. Merck said it is still working on getting approval in Europe, and is testing the drug in other cancers, including lung, breast, endometrial and ovarian cancer.
Merck & Co Inc Announces Third-Quarter 2012 Dividend May 22, 2012
Merck & Co Inc announced that its Board of Directors declared a quarterly dividend of $0.42 per share on the Company`s common stock for the third quarter of 2012. Payment will be made on July 9, 2012 to stockholders of record at the close of business on June 15, 2012.
Microsoft Corp, Google Inc, McDonald's Corp, JPMorgan Chase & Co and Merck & Co Inc to Be Listed on Bucharest Stock Exchange Starting May 10, 2012-Rompres May 07, 2012
Rompres reported that five new United States companies will be listed on the Alternative Trading System of the Bucharest Stock Exchange International Department, starting on May 10, 2012. Microsoft Corp, Google Inc, McDonald's Corp, JPMorgan Chase & Co, and Merck & Co Inc are the five United States companies to be listed on the Bucharest Stock Exchange. The trading block holds one stock and its maximum price variation amounts to +/- 25% compared to the average reference price of the previous session. It is the companies' market maker SSIF Tradeville that informs about the reference prices of the United States stocks in the first transaction session.
Merck & Co Inc Wins U.S. ZETIA And VYTORIN Patent Infringement Lawsuit Apr 27, 2012
Merck & Co Inc announced that the U.S. District Court for the District of New Jersey has ruled in Merck's favor in two jointly related patent infringement suits against Mylan Pharmaceuticals Inc. In its decision, the court upheld Merck's patent on ZETIA and VYTORIN and ruled that the patent was valid and enforceable. Mylan had admitted that its product would infringe the patent. The court also issued an injunction blocking the approval of Mylan's generic versions until the expiration of the patent. Mylan had been seeking U.S. Food and Drug Administration (FDA) approval to sell generic versions of ZETIA and VYTORIN. In December 2009, Merck filed the lawsuit against Mylan in respect of Mylan`s application to the FDA seeking pre-patent expiry approval to sell a generic version of VYTORIN and in June 2010, Merck filed a separate lawsuit against Mylan in respect of Mylan's application seeking pre-patent approval to sell a generic version of ZETIA. Judge Jose Linares presided over the trial. Merck was represented by Sidley Austin LLP, Lowenstein Sandler PC and Robinson, Wettre & Miller LLC.
Merck & Co Inc Reaffirms FY 2012 Guidance Apr 27, 2012
Merck & Co Inc reiterated fiscal 2012 guidance and expects non-GAAP EPS to be between $3.75 and $3.85. The Company expects fiscal 2012 GAAP EPS range to be $2.04 to $2.30. The fiscal 2012 non-GAAP range excludes acquisition-related costs and costs related to restructuring programs. The Company continues to expect fiscal 2012 revenues to be at or near fiscal 2011 levels on a constant currency basis. The Company reported revenue of $48.047 billion in fiscal 2011. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $3.80 and revenue of $47.36 billion for fiscal 2012.
Merck & Co Inc Ordered To Pay $321 Million In Criminal Vioxx Probe Apr 19, 2012 reported that a Boston federal judge on April 19, 2012, sentenced Merck & Co Inc to pay a $321 million criminal fine for improperly marketing its Vioxx painkiller a decade ago. Merck & Co pleaded guilty in recent months to having illegally promoted Vioxx for treatment of rheumatoid arthritis before it was approved for that use in 2002. The pill, approved in 1999 as a painkiller, was withdrawn from the market in 2004 after it was linked to risk of heart attack and stroke. Federal prosecutors in Boston said Merck illegally promoted Vioxx for rheumatoid arthritis for three years, continuing to do so after being reprimanded in September 2001 by the U.S. Food and Drug Administration.
Merck & Co Inc Reports Phase III Study Results Evaluating Anaemia Management Strategies Used With VICTRELIS (boceprevir) Combination Therapy Apr 19, 2012
Merck & Co Inc announced final results from a Phase III, open-label study designed to compare the impact of two anaemia management strategies on sustained virologic response (SVR)1 in patients with chronic hepatitis C virus (HCV) genotype 1 infection treated with VICTRELIS (boceprevir) in combination with PEGINTRON (known as VIRAFERONPEG in some countries) (peginterferon alfa-2b) and ribavirin (P/R). The rates of SVR were 71% for both groups: those patients whose anaemia was managed by ribavirin dose reduction (178/249) and those patients whose anaemia was managed by the addition of erythropoietin (EPO) (178/251). The rates of relapse were identical at 10% in both groups. These results were presented for the first time as part of a late breaker poster session [poster #1419] at The International Liver Congress / 47th European Association for the Study of the Liver (EASL) annual meeting. The results of this study show there was no difference in SVR rates among these anaemia management strategies and that ribavirin dose reduction should be the primary strategy for managing anaemia in patients taking boceprevir combination therapy.
Merck & Co Inc And Endocyte Inc. Announces Worldwide Agreement To Develop And Commercialize Phase III Cancer Candidate Vintafolide Apr 16, 2012
Merck & Co Inc and Endocyte Inc.announced that they have entered into an agreement to develop and commercialize Endocyte's investigational therapeutic candidate vintafolide (EC145). Under the agreement, Merck, through a subsidiary, will gain worldwide rights to develop and commercialize vintafolide. Endocyte will receive a $120 million upfront payment and is eligible for payments of up to $880 million based on the achievement of development, regulatory and commercialization goals for vintafolide for a total of six cancer indications. In addition, if vintafolide receives regulatory approval, Endocyte will receive an equal share of the profit in the United States (U.S.) as well as a double digit percentage royalty on sales of the product in the rest of the world. Endocyte has retained the right to co-promote vintafolide with Merck in the U.S. and Merck has the exclusive right to promote vintafolide in the rest of world. Endocyte will be responsible for the majority of funding and completion of the PROCEED trial. Merck will be responsible for all other development activities and costs and have all decision rights for vintafolide. Endocyte remains responsible for the development, manufacture and commercialization worldwide of etarfolatide, a non-invasive companion diagnostic imaging agent that is used to identify folate receptor positive tumor cells.
Merck & Co Inc Announces Efficacy And Safety Data For ZOSTAVAX Apr 02, 2012
Merck & Co Inc announced that data from the pivotal Phase III study with ZOSTAVAX (Zoster Vaccine Live) in adults ages 50 to 59 were published in the April 1 issue of Clinical Infectious Diseases. In this study, ZOSTAVAX, Merck's vaccine for the prevention of herpes zoster, commonly known as shingles, significantly reduced the risk of developing shingles by nearly 70% in adults ages 50 to 59, compared with placebo. The results from this study provided the data that supported the U.S. Food and Drug Administration's (FDA) expanded indication for ZOSTAVAX in March 2011 in this age group. ZOSTAVAX is the only shingles vaccine licensed for use in the United States. According to the U.S. Centers for Disease Control and Prevention (CDC), in the United States approximately one in three people will experience shingles in their lifetime, and nearly one million cases of shingles occur each year. The incidence and severity of shingles increase with age, with an estimated 70% of annual cases occurring in people 50 years of age or older. Once a person has had chickenpox, the varicella-zoster virus stays inside the body and can resurface later as shingles. The CDC currently recommends a single dose of ZOSTAVAX for all appropriate people 60 years of age and older, regardless of whether they have had a prior case of shingles, noting that persons with chronic medical conditions may be vaccinated unless their condition constitutes a contraindication.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
47,267.0 |
48,047.0 |
45,987.0 |
27,428.0 |
23,850.0 |
|
Revenue |
47,267.0 |
48,047.0 |
45,987.0 |
27,428.0 |
23,850.0 |
|
Total Revenue |
47,267.0 |
48,047.0 |
45,987.0 |
27,428.0 |
23,850.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
16,446.0 |
16,871.0 |
18,396.0 |
9,019.0 |
5,583.0 |
|
Cost of Revenue, Total |
16,446.0 |
16,871.0 |
18,396.0 |
9,019.0 |
5,583.0 |
|
Gross Profit |
30,821.0 |
31,176.0 |
27,591.0 |
18,409.0 |
18,267.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
12,414.0 |
13,336.0 |
12,603.0 |
8,097.0 |
7,377.0 |
|
Total Selling/General/Administrative Expenses |
12,414.0 |
13,336.0 |
12,603.0 |
8,097.0 |
7,377.0 |
|
Research & Development |
7,911.0 |
7,742.0 |
8,242.0 |
5,613.0 |
4,677.0 |
|
Interest Expense -
Operating |
714.0 |
695.0 |
715.0 |
460.0 |
251.0 |
|
Interest Expense - Net Operating |
714.0 |
695.0 |
715.0 |
460.0 |
251.0 |
|
Interest Income -
Operating |
-232.0 |
-145.0 |
-83.0 |
-210.0 |
-631.0 |
|
Investment Income -
Operating |
-457.0 |
-467.0 |
-373.0 |
-2,247.0 |
-2,414.0 |
|
Interest/Investment Income - Operating |
-689.0 |
-612.0 |
-456.0 |
-2,457.0 |
-3,045.0 |
|
Interest Expense (Income) - Net Operating Total |
25.0 |
83.0 |
259.0 |
-1,997.0 |
-2,794.0 |
|
Restructuring Charge |
811.0 |
1,563.0 |
1,556.0 |
1,866.0 |
1,161.0 |
|
Litigation |
- |
- |
- |
75.0 |
- |
|
Other Unusual Expense (Income) |
472.0 |
865.0 |
2,820.0 |
371.0 |
- |
|
Unusual Expense (Income) |
1,283.0 |
2,428.0 |
4,376.0 |
2,312.0 |
1,161.0 |
|
Other, Net |
449.0 |
253.0 |
458.0 |
-10,906.0 |
-2,085.0 |
|
Other Operating Expenses, Total |
449.0 |
253.0 |
458.0 |
-10,906.0 |
-2,085.0 |
|
Total Operating Expense |
38,528.0 |
40,713.0 |
44,334.0 |
12,138.0 |
13,919.0 |
|
|
|
|
|
|
|
|
Operating Income |
8,739.0 |
7,334.0 |
1,653.0 |
15,290.0 |
9,931.0 |
|
|
|
|
|
|
|
|
Income Before Tax |
8,739.0 |
7,334.0 |
1,653.0 |
15,290.0 |
9,931.0 |
|
|
|
|
|
|
|
|
Total Income Tax |
2,440.0 |
942.0 |
671.0 |
2,268.0 |
1,999.0 |
|
Income After Tax |
6,299.0 |
6,392.0 |
982.0 |
13,022.0 |
7,932.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-131.0 |
-120.0 |
-121.0 |
-123.0 |
-124.0 |
|
Net Income Before Extraord Items |
6,168.0 |
6,272.0 |
861.0 |
12,899.0 |
7,808.0 |
|
Net Income |
6,168.0 |
6,272.0 |
861.0 |
12,899.0 |
7,808.0 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
-3.0 |
-15.0 |
-2.0 |
-46.0 |
-20.0 |
|
Total Adjustments to Net Income |
-3.0 |
-15.0 |
-2.0 |
-46.0 |
-20.0 |
|
Income Available to Common Excl Extraord Items |
6,165.0 |
6,257.0 |
859.0 |
12,853.0 |
7,788.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
6,165.0 |
6,257.0 |
859.0 |
12,853.0 |
7,788.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
3,041.0 |
3,071.0 |
3,095.0 |
2,268.0 |
2,136.0 |
|
Basic EPS Excl Extraord Items |
2.03 |
2.04 |
0.28 |
5.67 |
3.65 |
|
Basic/Primary EPS Incl Extraord Items |
2.03 |
2.04 |
0.28 |
5.67 |
3.65 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
6,165.0 |
6,257.0 |
859.0 |
12,853.0 |
7,788.0 |
|
Diluted Weighted Average Shares |
3,076.0 |
3,094.0 |
3,120.0 |
2,273.0 |
2,143.0 |
|
Diluted EPS Excl Extraord Items |
2.00 |
2.02 |
0.28 |
5.65 |
3.63 |
|
Diluted EPS Incl Extraord Items |
2.00 |
2.02 |
0.28 |
5.65 |
3.63 |
|
Dividends per Share - Common Stock Primary Issue |
1.68 |
1.52 |
1.52 |
1.52 |
1.52 |
|
Gross Dividends - Common Stock |
5,173.0 |
4,818.0 |
4,730.0 |
3,598.0 |
3,250.0 |
|
Interest Expense, Supplemental |
714.0 |
695.0 |
715.0 |
460.0 |
251.0 |
|
Depreciation, Supplemental |
1,764.0 |
1,762.0 |
1,789.0 |
1,306.0 |
1,445.0 |
|
Total Special Items |
6,343.0 |
7,913.0 |
11,372.0 |
2,312.0 |
1,161.0 |
|
Normalized Income Before Tax |
15,082.0 |
15,247.0 |
13,025.0 |
17,602.0 |
11,092.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1,771.0 |
1,016.4 |
4,616.2 |
342.9 |
233.7 |
|
Inc Tax Ex Impact of Sp Items |
4,211.0 |
1,958.4 |
5,287.2 |
2,610.9 |
2,232.7 |
|
Normalized Income After Tax |
10,871.0 |
13,288.6 |
7,737.8 |
14,991.1 |
8,859.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
10,737.0 |
13,153.6 |
7,614.8 |
14,822.1 |
8,715.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.53 |
4.28 |
2.46 |
6.54 |
4.08 |
|
Diluted Normalized EPS |
3.49 |
4.25 |
2.44 |
6.52 |
4.07 |
|
Amort of Intangibles, Supplemental |
4,979.0 |
5,076.0 |
4,743.0 |
922.0 |
186.0 |
|
Rental Expenses |
396.0 |
411.0 |
431.0 |
237.0 |
222.0 |
|
Research & Development Exp, Supplemental |
7,911.0 |
7,742.0 |
8,242.0 |
5,613.0 |
4,677.0 |
|
Normalized EBIT |
15,107.0 |
15,330.0 |
13,284.0 |
15,605.0 |
8,298.0 |
|
Normalized EBITDA |
21,850.0 |
22,168.0 |
19,816.0 |
17,833.0 |
9,929.0 |
|
Current Tax - Domestic |
1,346.0 |
859.0 |
399.0 |
-55.0 |
1,054.0 |
|
Current Tax - Foreign |
651.0 |
1,568.0 |
1,446.0 |
495.0 |
292.0 |
|
Current Tax - Local |
-226.0 |
52.0 |
-82.0 |
7.0 |
123.0 |
|
Current Tax - Total |
1,771.0 |
2,479.0 |
1,763.0 |
447.0 |
1,469.0 |
|
Deferred Tax - Domestic |
749.0 |
-584.0 |
764.0 |
2,095.0 |
419.0 |
|
Deferred Tax - Foreign |
-323.0 |
-683.0 |
-1,777.0 |
-437.0 |
56.0 |
|
Deferred Tax - Local |
243.0 |
-270.0 |
-79.0 |
163.0 |
55.0 |
|
Deferred Tax - Total |
669.0 |
-1,537.0 |
-1,092.0 |
1,821.0 |
530.0 |
|
Income Tax - Total |
2,440.0 |
942.0 |
671.0 |
2,268.0 |
1,999.0 |
|
Interest Cost - Domestic |
661.0 |
718.0 |
688.0 |
450.0 |
414.0 |
|
Service Cost - Domestic |
555.0 |
619.0 |
584.0 |
397.0 |
344.0 |
|
Expected Return on Assets - Domestic |
-970.0 |
-972.0 |
-891.0 |
-649.0 |
-559.0 |
|
Curtailments & Settlements - Domestic |
35.0 |
-23.0 |
3.0 |
86.0 |
77.0 |
|
Other Pension, Net - Domestic |
185.0 |
201.0 |
148.0 |
123.0 |
70.0 |
|
Domestic Pension Plan Expense |
466.0 |
543.0 |
532.0 |
407.0 |
346.0 |
|
Interest Cost - Post-Retirement |
121.0 |
141.0 |
148.0 |
108.0 |
114.0 |
|
Service Cost - Post-Retirement |
82.0 |
110.0 |
108.0 |
75.0 |
74.0 |
|
Expected Return on Assets - Post-Retir. |
-136.0 |
-142.0 |
-132.0 |
-98.0 |
-129.0 |
|
Curtailments & Settlements - Post-Retir. |
11.0 |
30.0 |
32.0 |
0.0 |
-5.0 |
|
Other Post-Retirement, Net |
-35.0 |
-17.0 |
8.0 |
19.0 |
-23.0 |
|
Post-Retirement Plan Expense |
43.0 |
122.0 |
164.0 |
104.0 |
31.0 |
|
Total Pension Expense |
509.0 |
665.0 |
696.0 |
511.0 |
377.0 |
|
Discount Rate - Domestic |
4.70% |
5.20% |
5.50% |
5.80% |
5.90% |
|
Discount Rate - Post-Retirement |
4.80% |
5.40% |
5.90% |
6.15% |
6.50% |
|
Compensation Rate - Domestic |
4.00% |
4.20% |
4.15% |
4.30% |
4.30% |
|
Compensation Rate - Post-Retirement |
4.50% |
4.50% |
4.50% |
4.50% |
4.50% |
|
Total Plan Interest Cost |
782.0 |
859.0 |
836.0 |
558.0 |
528.0 |
|
Total Plan Service Cost |
637.0 |
729.0 |
692.0 |
472.0 |
418.0 |
|
Total Plan Expected Return |
-1,106.0 |
-1,114.0 |
-1,023.0 |
-747.0 |
-688.0 |
|
Total Plan Other Expense |
150.0 |
184.0 |
156.0 |
142.0 |
47.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
13,451.0 |
13,531.0 |
10,900.0 |
9,311.0 |
4,368.3 |
|
Short Term Investments |
2,690.0 |
1,441.0 |
1,301.0 |
293.0 |
1,118.1 |
|
Cash and Short Term Investments |
16,141.0 |
14,972.0 |
12,201.0 |
9,604.0 |
5,486.4 |
|
Accounts Receivable -
Trade, Gross |
7,835.0 |
8,392.0 |
7,448.0 |
6,716.0 |
2,966.2 |
|
Provision for Doubtful
Accounts |
-163.0 |
-131.0 |
-104.0 |
-113.0 |
-58.5 |
|
Trade Accounts Receivable - Net |
7,974.0 |
8,537.0 |
7,692.0 |
6,942.0 |
3,531.1 |
|
Total Receivables, Net |
7,974.0 |
8,537.0 |
7,692.0 |
6,942.0 |
3,531.1 |
|
Inventories - Finished Goods |
1,924.0 |
1,983.0 |
1,484.0 |
2,466.0 |
432.6 |
|
Inventories - Raw Materials |
5,921.0 |
5,396.0 |
5,449.0 |
6,583.0 |
2,147.1 |
|
Inventories - Other |
-1,310.0 |
-1,125.0 |
-1,065.0 |
-1,001.0 |
-488.7 |
|
Total Inventory |
6,535.0 |
6,254.0 |
5,868.0 |
8,048.0 |
2,091.0 |
|
Deferred Income Tax - Current Asset |
4,207.0 |
3,418.0 |
3,303.0 |
3,838.0 |
8,004.1 |
|
Other Current Assets, Total |
4,207.0 |
3,418.0 |
3,303.0 |
3,838.0 |
8,004.1 |
|
Total Current Assets |
34,857.0 |
33,181.0 |
29,064.0 |
28,432.0 |
19,112.6 |
|
|
|
|
|
|
|
|
Buildings |
13,196.0 |
12,733.0 |
11,945.0 |
12,231.0 |
9,767.4 |
|
Land/Improvements |
591.0 |
623.0 |
658.0 |
667.0 |
386.1 |
|
Machinery/Equipment |
17,188.0 |
16,919.0 |
15,894.0 |
16,158.0 |
13,103.7 |
|
Construction in Progress |
2,440.0 |
2,198.0 |
2,066.0 |
1,818.0 |
871.0 |
|
Property/Plant/Equipment - Gross |
33,415.0 |
32,473.0 |
30,563.0 |
30,874.0 |
24,128.2 |
|
Accumulated Depreciation |
-17,385.0 |
-16,176.0 |
-13,481.0 |
-12,595.0 |
-12,128.6 |
|
Property/Plant/Equipment - Net |
16,030.0 |
16,297.0 |
17,082.0 |
18,279.0 |
11,999.6 |
|
Goodwill, Net |
12,134.0 |
12,155.0 |
12,378.0 |
12,038.0 |
1,438.7 |
|
Intangibles - Gross |
46,742.0 |
47,026.0 |
47,105.0 |
50,582.0 |
2,435.6 |
|
Accumulated Intangible Amortization |
-17,659.0 |
-12,724.0 |
-7,649.0 |
-2,825.0 |
-1,910.2 |
|
Intangibles, Net |
29,083.0 |
34,302.0 |
39,456.0 |
47,757.0 |
525.4 |
|
LT Investment - Affiliate Companies |
1,300.0 |
886.0 |
494.0 |
881.0 |
1,400.0 |
|
LT Investments - Other |
7,305.0 |
3,458.0 |
2,175.0 |
432.0 |
6,491.3 |
|
Long Term Investments |
8,605.0 |
4,344.0 |
2,669.0 |
1,313.0 |
7,891.3 |
|
Other Long Term Assets |
5,423.0 |
4,849.0 |
5,132.0 |
4,495.0 |
6,228.1 |
|
Other Long Term Assets, Total |
5,423.0 |
4,849.0 |
5,132.0 |
4,495.0 |
6,228.1 |
|
Total Assets |
106,132.0 |
105,128.0 |
105,781.0 |
112,314.0 |
47,195.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,753.0 |
2,023.0 |
2,308.0 |
2,244.0 |
617.6 |
|
Accrued Expenses |
9,737.0 |
10,170.0 |
8,514.0 |
9,455.0 |
9,174.1 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
207.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
4,315.0 |
1,990.0 |
2,400.0 |
1,379.0 |
2,297.1 |
|
Dividends Payable |
1,343.0 |
1,281.0 |
1,176.0 |
1,189.0 |
803.5 |
|
Income Taxes Payable |
1,200.0 |
781.0 |
1,243.0 |
1,167.0 |
1,426.4 |
|
Other Current liabilities, Total |
2,543.0 |
2,062.0 |
2,419.0 |
2,356.0 |
2,229.9 |
|
Total Current Liabilities |
18,348.0 |
16,245.0 |
15,641.0 |
15,641.0 |
14,318.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
16,254.0 |
15,525.0 |
15,482.0 |
16,095.0 |
3,943.3 |
|
Total Long Term Debt |
16,254.0 |
15,525.0 |
15,482.0 |
16,095.0 |
3,943.3 |
|
Total Debt |
20,569.0 |
17,515.0 |
17,882.0 |
17,681.0 |
6,240.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
16,067.0 |
16,415.0 |
17,853.0 |
19,093.0 |
7,766.6 |
|
Deferred Income Tax |
16,067.0 |
16,415.0 |
17,853.0 |
19,093.0 |
7,766.6 |
|
Minority Interest |
2,443.0 |
2,426.0 |
2,429.0 |
2,427.0 |
2,408.8 |
|
Total Liabilities |
53,112.0 |
50,611.0 |
51,405.0 |
53,256.0 |
28,437.4 |
|
|
|
|
|
|
|
|
Common Stock |
1,788.0 |
1,788.0 |
1,788.0 |
1,781.0 |
29.8 |
|
Common Stock |
1,788.0 |
1,788.0 |
1,788.0 |
1,781.0 |
29.8 |
|
Additional Paid-In Capital |
40,646.0 |
40,663.0 |
40,701.0 |
39,683.0 |
8,319.1 |
|
Retained Earnings (Accumulated Deficit) |
39,985.0 |
38,990.0 |
37,536.0 |
41,405.0 |
43,698.8 |
|
Treasury Stock - Common |
-24,717.0 |
-23,792.0 |
-22,433.0 |
-21,044.0 |
-30,735.5 |
|
Unrealized Gain (Loss) |
-24.0 |
25.0 |
72.0 |
-9.0 |
- |
|
Translation Adjustment |
-991.0 |
-811.0 |
-1,245.0 |
-289.0 |
- |
|
Minimum Pension Liability Adjustment |
-3,667.0 |
-2,346.0 |
-2,043.0 |
-2,469.0 |
- |
|
Other Comprehensive Income |
- |
- |
- |
- |
-2,553.9 |
|
Other Equity, Total |
-4,658.0 |
-3,157.0 |
-3,288.0 |
-2,758.0 |
-2,553.9 |
|
Total Equity |
53,020.0 |
54,517.0 |
54,376.0 |
59,058.0 |
18,758.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
106,132.0 |
105,128.0 |
105,781.0 |
112,314.0 |
47,195.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
3,026.6 |
3,040.8 |
3,082.1 |
3,108.2 |
2,107.7 |
|
Total Common Shares Outstanding |
3,026.6 |
3,040.8 |
3,082.1 |
3,108.2 |
2,107.7 |
|
Treasury Shares - Common Stock Primary Issue |
550.5 |
536.1 |
494.8 |
454.3 |
875.8 |
|
Employees |
83,000 |
86,000 |
94,000 |
100,000 |
55,200 |
|
Number of Common Shareholders |
156,850 |
165,500 |
170,300 |
175,600 |
165,700 |
|
Accumulated Intangible Amort, Suppl. |
17,659.0 |
12,724.0 |
7,649.0 |
2,825.0 |
1,910.2 |
|
Total Long Term Debt, Supplemental |
20,091.0 |
16,950.0 |
17,232.0 |
16,691.4 |
3,943.3 |
|
Long Term Debt Maturing within 1 Year |
4,288.0 |
1,990.0 |
2,400.0 |
1,362.3 |
0.0 |
|
Long Term Debt Maturing in Year 2 |
2,064.5 |
1,933.5 |
905.5 |
1,189.3 |
276.8 |
|
Long Term Debt Maturing in Year 3 |
2,064.5 |
1,933.5 |
905.5 |
1,189.3 |
276.8 |
|
Long Term Debt Maturing in Year 4 |
968.0 |
1,468.0 |
2,050.5 |
1,983.3 |
270.6 |
|
Long Term Debt Maturing in Year 5 |
968.0 |
1,468.0 |
2,050.5 |
1,983.3 |
270.6 |
|
Long Term Debt Maturing in 2-3 Years |
4,129.0 |
3,867.0 |
1,811.0 |
2,378.5 |
553.6 |
|
Long Term Debt Maturing in 4-5 Years |
1,936.0 |
2,936.0 |
4,101.0 |
3,966.5 |
541.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
9,738.0 |
8,157.0 |
8,920.0 |
8,984.1 |
2,848.6 |
|
Total Operating Leases, Supplemental |
835.0 |
772.0 |
879.0 |
944.7 |
376.2 |
|
Operating Lease Payments Due in Year 1 |
203.0 |
215.0 |
247.0 |
281.6 |
103.0 |
|
Operating Lease Payments Due in Year 2 |
172.0 |
157.0 |
187.0 |
231.0 |
79.4 |
|
Operating Lease Payments Due in Year 3 |
146.0 |
119.0 |
142.0 |
162.4 |
59.9 |
|
Operating Lease Payments Due in Year 4 |
97.0 |
98.0 |
93.0 |
114.3 |
44.4 |
|
Operating Lease Payments Due in Year 5 |
72.0 |
68.0 |
85.0 |
- |
33.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
318.0 |
276.0 |
329.0 |
393.4 |
139.3 |
|
Operating Lease Pymts. Due in 4-5 Years |
169.0 |
166.0 |
178.0 |
114.3 |
77.7 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
145.0 |
115.0 |
125.0 |
155.4 |
56.2 |
|
Pension Obligation - Domestic |
17,646.0 |
14,416.0 |
13,978.0 |
13,183.3 |
7,140.1 |
|
Post-Retirement Obligation |
2,650.0 |
2,529.0 |
2,745.0 |
2,614.1 |
1,747.3 |
|
Plan Assets - Domestic |
15,349.0 |
12,481.0 |
12,705.0 |
10,834.7 |
5,887.6 |
|
Plan Assets - Post-Retirement |
1,760.0 |
1,628.0 |
1,685.0 |
1,522.6 |
1,088.4 |
|
Funded Status - Domestic |
-2,297.0 |
-1,935.0 |
-1,273.0 |
-2,348.6 |
-1,252.5 |
|
Funded Status - Post-Retirement |
-890.0 |
-901.0 |
-1,060.0 |
-1,091.5 |
-658.9 |
|
Accumulated Obligation - Domestic |
15,900.0 |
12,900.0 |
11,800.0 |
10,700.0 |
5,700.0 |
|
Accumulated Obligation - Post-Retirement |
2,650.0 |
2,529.0 |
2,745.0 |
2,614.1 |
1,747.3 |
|
Total Funded Status |
-3,187.0 |
-2,836.0 |
-2,333.0 |
-3,440.1 |
-1,911.4 |
|
Discount Rate - Domestic |
3.90% |
4.70% |
5.20% |
5.50% |
5.75% |
|
Discount Rate - Post-Retirement |
4.10% |
4.80% |
5.40% |
5.90% |
6.20% |
|
Compensation Rate - Domestic |
4.20% |
4.00% |
4.20% |
4.15% |
4.25% |
|
Compensation Rate - Post-Retirement |
4.50% |
4.50% |
4.50% |
4.50% |
4.50% |
|
Prepaid Benefits - Domestic |
355.0 |
669.0 |
812.0 |
402.0 |
142.4 |
|
Prepaid Benefits - Post-Retirement |
506.0 |
391.0 |
346.0 |
220.1 |
147.7 |
|
Accrued Liabilities - Domestic |
-2,652.0 |
-2,604.0 |
-2,085.0 |
-2,750.6 |
-1,394.9 |
|
Accrued Liabilities - Post-Retirement |
-1,396.0 |
-1,292.0 |
-1,406.0 |
-1,311.6 |
-806.6 |
|
Net Assets Recognized on Balance Sheet |
-3,187.0 |
-2,836.0 |
-2,333.0 |
-3,440.1 |
-1,911.4 |
|
Debt Securities % - Domestic |
- |
- |
- |
25.85% |
32.00% |
|
Debt Securities % - Post-Retirement |
- |
- |
- |
15.61% |
23.00% |
|
Real Estate % - Domestic |
- |
- |
- |
1.79% |
4.00% |
|
Real Estate % - Post-Retirement |
- |
- |
- |
- |
0.00% |
|
Other Investments % - Domestic |
- |
- |
- |
13.55% |
3.00% |
|
Other Investments % - Post-Retirement |
- |
- |
- |
7.87% |
3.00% |
|
Total Plan Obligations |
20,296.0 |
16,945.0 |
16,723.0 |
15,797.4 |
8,887.4 |
|
Total Plan Assets |
17,109.0 |
14,109.0 |
14,390.0 |
12,357.3 |
6,976.0 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
6,299.0 |
6,392.0 |
982.0 |
13,024.2 |
7,932.3 |
|
Depreciation |
6,978.0 |
7,427.0 |
7,381.0 |
2,576.0 |
1,631.2 |
|
Depreciation/Depletion |
6,978.0 |
7,427.0 |
7,381.0 |
2,576.0 |
1,631.2 |
|
Deferred Taxes |
669.0 |
-1,537.0 |
-1,092.0 |
1,820.2 |
530.1 |
|
Unusual Items |
200.0 |
569.0 |
1,998.0 |
-10,692.1 |
-2,222.7 |
|
Equity in Net Earnings (Loss) |
-351.0 |
-394.0 |
-263.0 |
-510.7 |
1,729.0 |
|
Other Non-Cash Items |
363.0 |
692.0 |
886.0 |
-118.7 |
955.8 |
|
Non-Cash Items |
212.0 |
867.0 |
2,621.0 |
-11,321.5 |
462.1 |
|
Accounts Receivable |
349.0 |
-1,168.0 |
-1,089.0 |
165.2 |
-889.4 |
|
Inventories |
-482.0 |
-678.0 |
1,990.0 |
1,211.3 |
-452.1 |
|
Accounts Payable |
-302.0 |
182.0 |
124.0 |
-45.2 |
0.0 |
|
Accrued Expenses |
-717.0 |
1,444.0 |
35.0 |
-4,003.5 |
-1,710.9 |
|
Taxes Payable |
-34.0 |
-277.0 |
128.0 |
-364.8 |
-465.3 |
|
Other Liabilities |
-1,747.0 |
-7.0 |
-98.0 |
231.3 |
-108.0 |
|
Other Operating Cash Flow |
-1,203.0 |
-262.0 |
-160.0 |
98.8 |
-358.3 |
|
Changes in Working Capital |
-4,136.0 |
-766.0 |
930.0 |
-2,706.9 |
-3,984.0 |
|
Cash from Operating Activities |
10,022.0 |
12,383.0 |
10,822.0 |
3,392.0 |
6,571.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1,954.0 |
-1,723.0 |
-1,678.0 |
-1,460.6 |
-1,298.3 |
|
Capital Expenditures |
-1,954.0 |
-1,723.0 |
-1,678.0 |
-1,460.6 |
-1,298.3 |
|
Acquisition of Business |
0.0 |
-373.0 |
-256.0 |
-130.0 |
0.0 |
|
Sale of Business |
0.0 |
323.0 |
0.0 |
0.0 |
- |
|
Sale/Maturity of Investment |
7,783.0 |
6,324.0 |
4,561.0 |
14,941.9 |
11,065.8 |
|
Purchase of Investments |
-12,841.0 |
-7,325.0 |
-7,197.0 |
-3,070.8 |
-11,967.3 |
|
Other Investing Cash Flow |
207.0 |
-116.0 |
1,073.0 |
-7,124.5 |
365.4 |
|
Other Investing Cash Flow Items, Total |
-4,851.0 |
-1,167.0 |
-1,819.0 |
4,616.6 |
-536.1 |
|
Cash from Investing Activities |
-6,805.0 |
-2,890.0 |
-3,497.0 |
3,156.0 |
-1,834.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-34.0 |
-142.0 |
-225.0 |
-390.4 |
-89.2 |
|
Financing Cash Flow Items |
-34.0 |
-142.0 |
-225.0 |
-390.4 |
-89.2 |
|
Cash Dividends Paid - Common |
-5,116.0 |
-4,691.0 |
-4,734.0 |
-3,215.0 |
-3,278.5 |
|
Total Cash Dividends Paid |
-5,116.0 |
-4,691.0 |
-4,734.0 |
-3,215.0 |
-3,278.5 |
|
Repurchase/Retirement
of Common |
-2,591.0 |
-1,921.0 |
-1,593.0 |
0.0 |
-2,725.0 |
|
Common Stock, Net |
-2,591.0 |
-1,921.0 |
-1,593.0 |
0.0 |
-2,725.0 |
|
Options Exercised |
1,310.0 |
321.0 |
363.0 |
186.4 |
102.3 |
|
Issuance (Retirement) of Stock, Net |
-1,281.0 |
-1,600.0 |
-1,230.0 |
186.4 |
-2,622.7 |
|
Short Term Debt, Net |
624.0 |
1,076.0 |
90.0 |
-2,422.0 |
1,859.9 |
|
Long Term Debt Issued |
2,562.0 |
0.0 |
1,999.0 |
4,228.0 |
0.0 |
|
Long Term Debt
Reduction |
-22.0 |
-1,547.0 |
-1,341.0 |
-25.3 |
-1,392.0 |
|
Long Term Debt, Net |
2,540.0 |
-1,547.0 |
658.0 |
4,202.7 |
-1,392.0 |
|
Issuance (Retirement) of Debt, Net |
3,164.0 |
-471.0 |
748.0 |
1,780.7 |
467.9 |
|
Cash from Financing Activities |
-3,267.0 |
-6,904.0 |
-5,441.0 |
-1,638.3 |
-5,522.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-30.0 |
42.0 |
-295.0 |
33.4 |
-182.6 |
|
Net Change in Cash |
-80.0 |
2,631.0 |
1,589.0 |
4,943.1 |
-967.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
13,531.0 |
10,900.0 |
9,311.0 |
4,368.3 |
5,336.1 |
|
Net Cash - Ending Balance |
13,451.0 |
13,531.0 |
10,900.0 |
9,311.4 |
4,368.3 |
|
Cash Interest Paid |
898.0 |
600.0 |
763.0 |
351.4 |
247.0 |
|
Cash Taxes Paid |
2,500.0 |
2,700.0 |
1,600.0 |
957.5 |
1,800.0 |
Annual Income Statement
Financials in: USD (mil),
Except for share items (millions) and per share items (actual units),
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Sales |
47,267.0 |
48,047.0 |
45,987.0 |
27,428.0 |
23,850.0 |
|
Total Revenue |
47,267.0 |
48,047.0 |
45,987.0 |
27,428.0 |
23,850.0 |
|
|
|
|
|
|
|
|
Materials and Production |
16,446.0 |
16,871.0 |
18,396.0 |
9,019.0 |
5,583.0 |
|
Restructuring |
57.0 |
138.0 |
428.0 |
232.0 |
128.0 |
|
Acquisition related costs |
200.0 |
587.0 |
2,441.0 |
0.0 |
- |
|
Research and development (1) / (2) |
7,911.0 |
7,742.0 |
8,242.0 |
5,613.0 |
4,677.0 |
|
Marketing and administrative (1) / (2) |
12,414.0 |
13,336.0 |
12,603.0 |
8,097.0 |
7,377.0 |
|
Merger-related costs (Marketing & Admini |
272.0 |
278.0 |
379.0 |
371.0 |
- |
|
Restructuring Costs (Marketing & Admini |
90.0 |
119.0 |
143.0 |
- |
- |
|
Litigation Charges |
- |
- |
- |
75.0 |
- |
|
Restructuring Charge |
664.0 |
1,306.0 |
985.0 |
1,634.0 |
1,033.0 |
|
Equity Income from Affiliates |
-642.0 |
-610.0 |
-587.0 |
-2,235.0 |
-2,561.0 |
|
Interest Income |
-232.0 |
-145.0 |
-83.0 |
-210.0 |
-631.0 |
|
Interest Expense |
714.0 |
695.0 |
715.0 |
460.0 |
251.0 |
|
Exchange Gains and Losses |
185.0 |
143.0 |
214.0 |
-12.0 |
147.0 |
|
Other Income and Expenses, Net |
449.0 |
253.0 |
458.0 |
-10,906.0 |
-2,085.0 |
|
Total Operating Expense |
38,528.0 |
40,713.0 |
44,334.0 |
12,138.0 |
13,919.0 |
|
|
|
|
|
|
|
|
Net Income Before Taxes |
8,739.0 |
7,334.0 |
1,653.0 |
15,290.0 |
9,931.0 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
2,440.0 |
942.0 |
671.0 |
2,268.0 |
1,999.0 |
|
Net Income After Taxes |
6,299.0 |
6,392.0 |
982.0 |
13,022.0 |
7,932.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-131.0 |
-120.0 |
-121.0 |
-123.0 |
-124.0 |
|
Net Income Before Extra. Items |
6,168.0 |
6,272.0 |
861.0 |
12,899.0 |
7,808.0 |
|
Net Income |
6,168.0 |
6,272.0 |
861.0 |
12,899.0 |
7,808.0 |
|
|
|
|
|
|
|
|
Income allocated to participating securi |
-3.0 |
-15.0 |
-2.0 |
-46.0 |
-20.0 |
|
Income Available to Com Excl ExtraOrd |
6,165.0 |
6,257.0 |
859.0 |
12,853.0 |
7,788.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
6,165.0 |
6,257.0 |
859.0 |
12,853.0 |
7,788.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
3,041.0 |
3,071.0 |
3,095.0 |
2,268.0 |
2,136.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.03 |
2.04 |
0.28 |
5.67 |
3.65 |
|
Basic EPS Including ExtraOrdinary Item |
2.03 |
2.04 |
0.28 |
5.67 |
3.65 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
6,165.0 |
6,257.0 |
859.0 |
12,853.0 |
7,788.0 |
|
Diluted Weighted Average Shares |
3,076.0 |
3,094.0 |
3,120.0 |
2,273.0 |
2,143.0 |
|
Diluted EPS Excluding ExtraOrd Items |
2.00 |
2.02 |
0.28 |
5.65 |
3.63 |
|
Diluted EPS Including ExtraOrd Items |
2.00 |
2.02 |
0.28 |
5.65 |
3.63 |
|
DPS-Common Stock |
1.68 |
1.52 |
1.52 |
1.52 |
1.52 |
|
Gross Dividends - Common Stock |
5,173.0 |
4,818.0 |
4,730.0 |
3,598.0 |
3,250.0 |
|
Normalized Income Before Taxes |
15,082.0 |
15,247.0 |
13,025.0 |
17,602.0 |
11,092.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
4,211.0 |
1,958.4 |
5,287.2 |
2,610.9 |
2,232.7 |
|
Normalized Income After Taxes |
10,871.0 |
13,288.6 |
7,737.8 |
14,991.1 |
8,859.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
10,737.0 |
13,153.6 |
7,614.8 |
14,822.1 |
8,715.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
3.53 |
4.28 |
2.46 |
6.54 |
4.08 |
|
Diluted Normalized EPS |
3.49 |
4.25 |
2.44 |
6.52 |
4.07 |
|
Research & Development Exp |
7,911.0 |
7,742.0 |
8,242.0 |
5,613.0 |
4,677.0 |
|
Interest Expense |
714.0 |
695.0 |
715.0 |
460.0 |
251.0 |
|
Amortization of Intangibles |
4,979.0 |
5,076.0 |
4,743.0 |
922.0 |
186.0 |
|
Depreciation |
1,764.0 |
1,762.0 |
1,789.0 |
1,306.0 |
1,445.0 |
|
Rental Expense |
396.0 |
411.0 |
431.0 |
237.0 |
222.0 |
|
Current Tax - Domestic |
1,346.0 |
859.0 |
399.0 |
-55.0 |
1,054.0 |
|
Current Tax - Foreign |
651.0 |
1,568.0 |
1,446.0 |
495.0 |
292.0 |
|
Current Tax - State |
-226.0 |
52.0 |
-82.0 |
7.0 |
123.0 |
|
Current Tax - Total |
1,771.0 |
2,479.0 |
1,763.0 |
447.0 |
1,469.0 |
|
Deferred Tax - Domestic |
749.0 |
-584.0 |
764.0 |
2,095.0 |
419.0 |
|
Defererd Tax - Foreign |
-323.0 |
-683.0 |
-1,777.0 |
-437.0 |
56.0 |
|
Deferred Tax - State |
243.0 |
-270.0 |
-79.0 |
163.0 |
55.0 |
|
Deferred Tax - Total |
669.0 |
-1,537.0 |
-1,092.0 |
1,821.0 |
530.0 |
|
Income Tax - Total |
2,440.0 |
942.0 |
671.0 |
2,268.0 |
1,999.0 |
|
Service Cost - Pension |
555.0 |
619.0 |
584.0 |
397.0 |
344.0 |
|
Interest Cost - Pension |
661.0 |
718.0 |
688.0 |
450.0 |
414.0 |
|
Expected Return on Assets - Pension |
-970.0 |
-972.0 |
-891.0 |
-649.0 |
-559.0 |
|
Net Amortization - Pension |
185.0 |
201.0 |
148.0 |
123.0 |
70.0 |
|
Termination Benefits - Pension |
27.0 |
59.0 |
54.0 |
89.0 |
62.0 |
|
Curtailments - Pension |
-10.0 |
-86.0 |
-50.0 |
-6.0 |
6.0 |
|
Settlements - Pension |
18.0 |
4.0 |
-1.0 |
3.0 |
9.0 |
|
Domestic Pension Plan Expense |
466.0 |
543.0 |
532.0 |
407.0 |
346.0 |
|
Service Cost - Post-Retirement |
82.0 |
110.0 |
108.0 |
75.0 |
74.0 |
|
Interest Cost - Post-Retirement |
121.0 |
141.0 |
148.0 |
108.0 |
114.0 |
|
Expected Return on Assets - Post-Retir. |
-136.0 |
-142.0 |
-132.0 |
-98.0 |
-129.0 |
|
Net Amortization - Post-Retirement |
-35.0 |
-17.0 |
8.0 |
19.0 |
-23.0 |
|
Termination Benefits - Post-Ret. |
18.0 |
29.0 |
42.0 |
10.0 |
11.0 |
|
Curtailments - Post-Retirement |
-7.0 |
1.0 |
-10.0 |
-10.0 |
-16.0 |
|
Post-Retirement Plan Expense |
43.0 |
122.0 |
164.0 |
104.0 |
31.0 |
|
Total Pension Expense |
509.0 |
665.0 |
696.0 |
511.0 |
377.0 |
|
Discount Rate - Pension |
4.70% |
5.20% |
5.50% |
5.80% |
5.90% |
|
Expected Rate of Return - Pension |
7.50% |
7.50% |
7.60% |
7.90% |
7.65% |
|
Compensation Rate - Pension |
4.00% |
4.20% |
4.15% |
4.30% |
4.30% |
|
Discount Rate - Post-Retirement |
4.80% |
5.40% |
5.90% |
6.15% |
6.50% |
|
Expected Rate of Return - Post-Retir. |
8.70% |
8.70% |
8.70% |
8.75% |
8.75% |
|
Compensation Rate - Post-Retirement |
4.50% |
4.50% |
4.50% |
4.50% |
4.50% |
Annual Balance
Sheet
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
13,451.0 |
13,531.0 |
10,900.0 |
9,311.0 |
4,368.3 |
|
Short-Term Investments |
2,690.0 |
1,441.0 |
1,301.0 |
293.0 |
1,118.1 |
|
Accounts Receivable gross |
7,835.0 |
8,392.0 |
7,448.0 |
6,716.0 |
2,966.2 |
|
Allowance |
-163.0 |
-131.0 |
-104.0 |
-113.0 |
-58.5 |
|
Finished Goods |
1,924.0 |
1,983.0 |
1,484.0 |
2,466.0 |
432.6 |
|
Raw Materials and Work in Progress |
5,921.0 |
5,396.0 |
5,449.0 |
6,583.0 |
2,147.1 |
|
Supplies |
244.0 |
297.0 |
315.0 |
323.0 |
98.6 |
|
Reduction to LIFO Cost |
52.0 |
-43.0 |
-186.0 |
-167.0 |
0.0 |
|
Other |
-1,606.0 |
-1,379.0 |
-1,194.0 |
-1,157.0 |
-587.3 |
|
Deferred income taxes and other current |
4,207.0 |
3,418.0 |
3,303.0 |
3,838.0 |
8,004.1 |
|
Joint ventures amt due |
302.0 |
276.0 |
348.0 |
339.0 |
623.4 |
|
Total Current Assets |
34,857.0 |
33,181.0 |
29,064.0 |
28,432.0 |
19,112.6 |
|
|
|
|
|
|
|
|
Investments |
7,305.0 |
3,458.0 |
2,175.0 |
432.0 |
6,491.3 |
|
Land |
591.0 |
623.0 |
658.0 |
667.0 |
386.1 |
|
Buildings |
13,196.0 |
12,733.0 |
11,945.0 |
12,231.0 |
9,767.4 |
|
Machinery and Equipment |
17,188.0 |
16,919.0 |
15,894.0 |
16,158.0 |
13,103.7 |
|
Construction in Progress |
2,440.0 |
2,198.0 |
2,066.0 |
1,818.0 |
871.0 |
|
Depreciation |
-17,385.0 |
-16,176.0 |
-13,481.0 |
-12,595.0 |
-12,128.6 |
|
Goodwill |
12,134.0 |
12,155.0 |
12,378.0 |
12,038.0 |
1,438.7 |
|
Patents and Product Rights |
41,932.0 |
41,937.0 |
40,797.0 |
41,504.0 |
1,629.1 |
|
In-process research and development |
2,393.0 |
2,671.0 |
3,885.0 |
6,692.0 |
0.0 |
|
Tradenames |
1,521.0 |
1,523.0 |
1,565.0 |
1,570.0 |
64.0 |
|
Other Intangible Assets |
896.0 |
895.0 |
858.0 |
816.0 |
742.5 |
|
Amortisation of Intangibles |
-17,659.0 |
-12,724.0 |
-7,649.0 |
-2,825.0 |
-1,910.2 |
|
Investments in affiliates |
1,300.0 |
886.0 |
494.0 |
881.0 |
1,400.0 |
|
Other Assets |
5,423.0 |
4,849.0 |
5,132.0 |
4,495.0 |
6,228.1 |
|
Total Assets |
106,132.0 |
105,128.0 |
105,781.0 |
112,314.0 |
47,195.7 |
|
|
|
|
|
|
|
|
Trade Accounts Payable |
1,753.0 |
2,023.0 |
2,308.0 |
2,244.0 |
617.6 |
|
Loans and Current Portion of LT Debts |
4,315.0 |
1,990.0 |
2,400.0 |
1,379.0 |
2,297.1 |
|
Accrued and other current liabilities |
9,737.0 |
10,170.0 |
8,514.0 |
9,455.0 |
9,174.1 |
|
Income Taxes Payable |
1,200.0 |
781.0 |
1,243.0 |
1,167.0 |
1,426.4 |
|
Mandatory convertible preferred stock |
- |
- |
0.0 |
207.0 |
0.0 |
|
Dividends Payable |
1,343.0 |
1,281.0 |
1,176.0 |
1,189.0 |
803.5 |
|
Total Current Liabilities |
18,348.0 |
16,245.0 |
15,641.0 |
15,641.0 |
14,318.7 |
|
|
|
|
|
|
|
|
Long-Term Debt |
16,254.0 |
15,525.0 |
15,482.0 |
16,095.0 |
3,943.3 |
|
Total Long Term Debt |
16,254.0 |
15,525.0 |
15,482.0 |
16,095.0 |
3,943.3 |
|
|
|
|
|
|
|
|
Deferred Taxes |
16,067.0 |
16,415.0 |
17,853.0 |
19,093.0 |
7,766.6 |
|
Minority Interest |
2,443.0 |
2,426.0 |
2,429.0 |
2,427.0 |
2,408.8 |
|
Total Liabilities |
53,112.0 |
50,611.0 |
51,405.0 |
53,256.0 |
28,437.4 |
|
|
|
|
|
|
|
|
Common Stock |
1,788.0 |
1,788.0 |
1,788.0 |
1,781.0 |
29.8 |
|
Retained Earnings |
39,985.0 |
38,990.0 |
37,536.0 |
41,405.0 |
43,698.8 |
|
Treasury Stock |
-24,717.0 |
-23,792.0 |
-22,433.0 |
-21,044.0 |
-30,735.5 |
|
Paid- In Capital |
40,646.0 |
40,663.0 |
40,701.0 |
39,683.0 |
8,319.1 |
|
Net unrealized gain on derivatives |
-97.0 |
4.0 |
41.0 |
-42.0 |
- |
|
Net unrealized gain on investments |
73.0 |
21.0 |
31.0 |
33.0 |
- |
|
Pension plan net loss |
-4,056.0 |
-2,793.0 |
-1,837.0 |
-2,191.0 |
- |
|
Other postretirement benefit plan net lo |
-414.0 |
-402.0 |
-486.0 |
-521.0 |
- |
|
Pension plan prior service cost |
449.0 |
502.0 |
-15.0 |
-21.0 |
- |
|
Other postretirement benefit plan prior |
354.0 |
347.0 |
295.0 |
264.0 |
- |
|
Cumulative translation adjustment |
-991.0 |
-811.0 |
-1,245.0 |
-289.0 |
- |
|
Accumulated other comprehensive loss |
- |
- |
- |
- |
-2,553.9 |
|
Total Equity |
53,020.0 |
54,517.0 |
54,376.0 |
59,058.0 |
18,758.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
106,132.0 |
105,128.0 |
105,781.0 |
112,314.0 |
47,195.7 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
3,026.6 |
3,040.8 |
3,082.1 |
3,108.2 |
2,107.7 |
|
Total Common Shares Outstanding |
3,026.6 |
3,040.8 |
3,082.1 |
3,108.2 |
2,107.7 |
|
T/S-Common Stock |
550.5 |
536.1 |
494.8 |
454.3 |
875.8 |
|
Accumulated Intangible Amortization |
17,659.0 |
12,724.0 |
7,649.0 |
2,825.0 |
1,910.2 |
|
Full-Time Employees |
83,000 |
86,000 |
94,000 |
100,000 |
55,200 |
|
Number of Common Shareholders |
156,850 |
165,500 |
170,300 |
175,600 |
165,700 |
|
LT Debt Maturing within 1 Year |
4,288.0 |
1,990.0 |
2,400.0 |
1,362.3 |
0.0 |
|
LT Debt Maturing within 3 Years |
4,129.0 |
3,867.0 |
1,811.0 |
2,378.5 |
553.6 |
|
LT Debt Maturing within 5 Years |
1,936.0 |
2,936.0 |
4,101.0 |
3,966.5 |
541.1 |
|
LT Debt Maturing after 5 Years |
9,738.0 |
8,157.0 |
8,920.0 |
8,984.1 |
2,848.6 |
|
Total Long Term Debt, Supplemental |
20,091.0 |
16,950.0 |
17,232.0 |
16,691.4 |
3,943.3 |
|
Operating Lease due within 1 Year |
203.0 |
215.0 |
247.0 |
281.6 |
103.0 |
|
Operating Lease due within 2 Years |
172.0 |
157.0 |
187.0 |
231.0 |
79.4 |
|
Operating Lease due within 3 Years |
146.0 |
119.0 |
142.0 |
162.4 |
59.9 |
|
Operating Lease due within 4 Years |
97.0 |
98.0 |
93.0 |
114.3 |
44.4 |
|
Operating Lease due within 5 Years |
72.0 |
68.0 |
85.0 |
- |
33.3 |
|
Operating Lease due after 5 Years |
145.0 |
115.0 |
125.0 |
155.4 |
56.2 |
|
Total Operating Leases |
835.0 |
772.0 |
879.0 |
944.7 |
376.2 |
|
Plan Assets - Pension |
15,349.0 |
12,481.0 |
12,705.0 |
10,834.7 |
5,887.6 |
|
Projected Benefit Obligation - Pension |
17,646.0 |
14,416.0 |
13,978.0 |
13,183.3 |
7,140.1 |
|
Funded Status - Pension |
-2,297.0 |
-1,935.0 |
-1,273.0 |
-2,348.6 |
-1,252.5 |
|
Plan Assets - Post-Retirement |
1,760.0 |
1,628.0 |
1,685.0 |
1,522.6 |
1,088.4 |
|
Post-Retirement Obligation |
2,650.0 |
2,529.0 |
2,745.0 |
2,614.1 |
1,747.3 |
|
Funded Status - Post-Retirement |
-890.0 |
-901.0 |
-1,060.0 |
-1,091.5 |
-658.9 |
|
Accumulated Obligation - Pension |
15,900.0 |
12,900.0 |
11,800.0 |
10,700.0 |
5,700.0 |
|
Accumulated Obligation - Post-Retirement |
2,650.0 |
2,529.0 |
2,745.0 |
2,614.1 |
1,747.3 |
|
Total Funded Status |
-3,187.0 |
-2,836.0 |
-2,333.0 |
-3,440.1 |
-1,911.4 |
|
Discount Rate - Pension |
3.90% |
4.70% |
5.20% |
5.50% |
5.75% |
|
Compensation Rate - Pension |
4.20% |
4.00% |
4.20% |
4.15% |
4.25% |
|
Discount Rate - Post-Retirement |
4.10% |
4.80% |
5.40% |
5.90% |
6.20% |
|
Compensation Rate - Post-Retirement |
4.50% |
4.50% |
4.50% |
4.50% |
4.50% |
|
Other Assets - Pension |
355.0 |
669.0 |
812.0 |
402.0 |
142.4 |
|
Accrd. & Curr. Liabilities - Pension |
-50.0 |
-81.0 |
-67.0 |
-248.7 |
-46.8 |
|
Dfrd.Taxes & NonCurrent Liabs. - Pension |
-2,602.0 |
-2,523.0 |
-2,018.0 |
-2,501.9 |
-1,348.1 |
|
Other Assets - Post-Retirement |
506.0 |
391.0 |
346.0 |
220.1 |
147.7 |
|
Accrd. & Curr. Liabs. - Post-Retirement |
-9.0 |
-10.0 |
-10.0 |
-9.2 |
-3.4 |
|
Dfrd.Taxes & NonCurren - P-Ret. |
-1,387.0 |
-1,282.0 |
-1,396.0 |
-1,302.4 |
-803.2 |
|
Net Assets Recognized on Balance Sheet |
-3,187.0 |
-2,836.0 |
-2,333.0 |
-3,440.1 |
-1,911.4 |
|
U.S. Equities % - Pension |
- |
- |
- |
37.66% |
36.00% |
|
International Equities % - Pension |
- |
- |
- |
21.15% |
25.00% |
|
Fixed-Income Investments % - Pension |
- |
- |
- |
25.85% |
32.00% |
|
Real Estate & Other Investments % - Pen. |
- |
- |
- |
1.79% |
4.00% |
|
Other Investment % - Pension |
- |
- |
- |
13.55% |
3.00% |
|
U.S. Equities % - Post-Retirement |
- |
- |
- |
58.69% |
53.00% |
|
International Equities% -Post-Retirement |
- |
- |
- |
17.83% |
21.00% |
|
Fixed-Income Invest. % - Post-Retirement |
- |
- |
- |
15.61% |
23.00% |
|
Real Estate & Other Investments %- P-Re. |
- |
- |
- |
- |
0.00% |
|
Other Investment % - Post-Ret. |
- |
- |
- |
7.87% |
3.00% |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
6,299.0 |
6,392.0 |
982.0 |
13,024.2 |
7,932.3 |
|
Depreciation |
6,978.0 |
7,427.0 |
7,381.0 |
2,576.0 |
1,631.2 |
|
U.S. Vioxx Settlement Agreement charge |
- |
- |
- |
0.0 |
0.0 |
|
Gain related to Merck/Schering-Plough pa |
- |
0.0 |
0.0 |
-7,529.6 |
0.0 |
|
Gain on distribution from AstraZeneca LP |
0.0 |
0.0 |
-443.0 |
0.0 |
-2,222.7 |
|
Gain on disposition of interest in equit |
0.0 |
-136.0 |
0.0 |
-3,162.5 |
0.0 |
|
Deferred Taxes |
669.0 |
-1,537.0 |
-1,092.0 |
1,820.2 |
530.1 |
|
Equity Income from Affiliates |
-642.0 |
-610.0 |
-587.0 |
-2,235.0 |
-2,560.6 |
|
Other |
28.0 |
323.0 |
377.0 |
-534.2 |
607.8 |
|
In-process research and development impa |
200.0 |
705.0 |
2,441.0 |
0.0 |
0.0 |
|
Share based compensation |
335.0 |
369.0 |
509.0 |
415.5 |
348.0 |
|
Taxes paid for Internal Revenue Service |
- |
- |
- |
0.0 |
0.0 |
|
Dividends & Dist. form Equity Affiliates |
291.0 |
216.0 |
324.0 |
1,724.3 |
4,289.6 |
|
Accounts Receivable |
349.0 |
-1,168.0 |
-1,089.0 |
165.2 |
-889.4 |
|
Inventories |
-482.0 |
-678.0 |
1,990.0 |
1,211.3 |
-452.1 |
|
Accounts Payable |
-302.0 |
182.0 |
124.0 |
-45.2 |
0.0 |
|
Accrued Liabilities |
-717.0 |
1,444.0 |
35.0 |
-4,003.5 |
-1,710.9 |
|
Income Taxes Paid |
-34.0 |
-277.0 |
128.0 |
-364.8 |
-465.3 |
|
Noncurrent Liabilities |
-1,747.0 |
-7.0 |
-98.0 |
231.3 |
-108.0 |
|
Other |
-1,203.0 |
-262.0 |
-160.0 |
98.8 |
-358.3 |
|
Cash from Operating Activities |
10,022.0 |
12,383.0 |
10,822.0 |
3,392.0 |
6,571.7 |
|
|
|
|
|
|
|
|
Distributions from AstraZeneca LP |
0.0 |
0.0 |
647.0 |
0.0 |
1,899.3 |
|
Dispositions of businesses, net of cash |
0.0 |
323.0 |
0.0 |
0.0 |
- |
|
Acquisitions of businesses, net of cash |
0.0 |
-373.0 |
-256.0 |
-130.0 |
0.0 |
|
Capital Expenditures |
-1,954.0 |
-1,723.0 |
-1,678.0 |
-1,460.6 |
-1,298.3 |
|
Purchases of securities and other invest |
-12,841.0 |
-7,325.0 |
-7,197.0 |
-3,070.8 |
-11,967.3 |
|
Increase in restricted cash |
34.0 |
0.0 |
276.0 |
5,547.6 |
-1,629.7 |
|
Schering-Plough merger, net of cash acqu |
- |
0.0 |
0.0 |
-12,842.6 |
0.0 |
|
Proceeds from sale of interest in equity |
0.0 |
175.0 |
0.0 |
4,000.0 |
0.0 |
|
Proceeds from sales of securities subsi |
7,783.0 |
6,149.0 |
4,561.0 |
10,941.9 |
11,065.8 |
|
Other Investing Cash Flow |
173.0 |
-116.0 |
150.0 |
170.5 |
95.8 |
|
Cash from Investing Activities |
-6,805.0 |
-2,890.0 |
-3,497.0 |
3,156.0 |
-1,834.4 |
|
|
|
|
|
|
|
|
Net Change in Short-Term Borrowings |
624.0 |
1,076.0 |
90.0 |
-2,422.0 |
1,859.9 |
|
Issuance of Debt |
2,562.0 |
0.0 |
1,999.0 |
4,228.0 |
0.0 |
|
Payments On Debt |
-22.0 |
-1,547.0 |
-1,341.0 |
-25.3 |
-1,392.0 |
|
Purchase of Treasury Stock |
-2,591.0 |
-1,921.0 |
-1,593.0 |
0.0 |
-2,725.0 |
|
Other dividends paid |
-120.0 |
-120.0 |
-119.0 |
-264.1 |
-121.8 |
|
Dividends Paid to Stockholders |
-5,116.0 |
-4,691.0 |
-4,734.0 |
-3,215.0 |
-3,278.5 |
|
Exercise of Stock Options |
1,310.0 |
321.0 |
363.0 |
186.4 |
102.3 |
|
Other |
86.0 |
-22.0 |
-106.0 |
-126.3 |
32.6 |
|
Cash from Financing Activities |
-3,267.0 |
-6,904.0 |
-5,441.0 |
-1,638.3 |
-5,522.5 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-30.0 |
42.0 |
-295.0 |
33.4 |
-182.6 |
|
Net Change in Cash |
-80.0 |
2,631.0 |
1,589.0 |
4,943.1 |
-967.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
13,531.0 |
10,900.0 |
9,311.0 |
4,368.3 |
5,336.1 |
|
Net Cash - Ending Balance |
13,451.0 |
13,531.0 |
10,900.0 |
9,311.4 |
4,368.3 |
|
Cash Interest Paid |
898.0 |
600.0 |
763.0 |
351.4 |
247.0 |
|
Cash Taxes Paid |
2,500.0 |
2,700.0 |
1,600.0 |
957.5 |
1,800.0 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Ratio
Comparisons
|
Traded: New York Stock
Exchange: MRK |
Financials in:
USD (actual units) |
|
|
Industry: Major Drugs |
As of
15-Mar-2013 |
|
|
||
|
|
Company |
Industry |
Sector |
S&P 500 |
|
Valuation Ratios |
||||
|
P/E Excluding Extraordinary (TTM) |
21.99 |
15.54 |
19.06 |
19.68 |
|
P/E High Excluding Extraordinary - Last 5 Yrs |
130.90 |
30.72 |
32.55 |
32.79 |
|
P/E Low Excluding Extraordinary - Last 5 Yrs |
6.46 |
10.20 |
11.26 |
10.71 |
|
Beta |
0.58 |
0.63 |
0.76 |
1.00 |
|
Price/Revenue (TTM) |
2.82 |
2.41 |
4.02 |
2.57 |
|
Price/Book (MRQ) |
2.52 |
2.49 |
3.44 |
3.67 |
|
Price to Tangible Book (MRQ) |
11.29 |
3.35 |
5.81 |
5.21 |
|
Price to Cash Flow Per Share (TTM) |
10.04 |
9.32 |
14.76 |
14.22 |
|
Price to Free Cash Flow Per Share (TTM) |
45.14 |
28.85 |
24.30 |
26.26 |
|
|
|
|
|
|
|
Dividends |
||||
|
Dividend Yield |
3.90% |
4.22% |
3.40% |
2.26% |
|
Dividend Per Share - 5 Yr Avg |
1.55 |
3.67 |
1.80 |
1.99 |
|
Dividend 5 Yr Growth |
2.02% |
6.27% |
8.02% |
0.08% |
|
Payout Ratio (TTM) |
83.91% |
61.35% |
29.31% |
25.98% |
|
|
|
|
|
|
|
Growth Rates (%) |
||||
|
Revenue (MRQ) vs Qtr 1 Yr Ago |
-4.52% |
37.38% |
21.66% |
15.58% |
|
Revenue (TTM) vs TTM 1 Yr Ago |
-1.63% |
40.46% |
23.66% |
17.69% |
|
Revenue 5 Yr Growth |
14.33% |
4.13% |
11.06% |
8.97% |
|
EPS (MRQ) vs Qtr 1 Yr Ago |
-39.97% |
-50.96% |
-18.48% |
19.49% |
|
EPS (TTM) vs TTM 1 Yr Ago |
-0.90% |
-5.40% |
10.33% |
32.55% |
|
EPS 5 Yr Growth |
6.08% |
8.46% |
15.73% |
9.86% |
|
Capital Spending 5 Yr Growth |
14.09% |
-6.18% |
-6.72% |
-2.04% |
|
|
|
|
|
|
|
Financial Strength |
||||
|
Quick Ratio (MRQ) |
1.54 |
1.48 |
1.93 |
1.24 |
|
Current Ratio (MRQ) |
1.90 |
2.09 |
2.58 |
1.79 |
|
LT Debt/Equity (MRQ) |
0.31 |
0.35 |
0.39 |
0.64 |
|
Total Debt/Equity (MRQ) |
0.39 |
0.43 |
0.45 |
0.73 |
|
Interest Coverage (TTM) |
350.56 |
22.79 |
16.52 |
13.80 |
|
|
|
|
|
|
|
Profitability Ratios (%) |
||||
|
Gross Margin (TTM) |
75.91% |
68.54% |
62.24% |
45.21% |
|
Gross Margin - 5 Yr Avg |
65.56% |
72.92% |
63.86% |
44.91% |
|
EBITD Margin (TTM) |
33.30% |
30.50% |
23.23% |
24.43% |
|
EBITD Margin - 5 Yr Avg |
32.45% |
32.33% |
24.01% |
22.84% |
|
Operating Margin (TTM) |
18.49% |
21.45% |
17.64% |
20.63% |
|
Operating Margin - 5 Yr Avg |
22.30% |
24.30% |
16.41% |
18.28% |
|
Pretax Margin (TTM) |
18.49% |
21.32% |
17.73% |
17.95% |
|
Pretax Margin - 5 Yr Avg |
22.30% |
24.34% |
16.36% |
17.10% |
|
Net Profit Margin (TTM) |
13.33% |
17.06% |
13.04% |
13.65% |
|
Net Profit Margin - 5 Yr Avg |
17.98% |
19.07% |
11.79% |
12.10% |
|
Effective Tax Rate (TTM) |
27.92% |
20.52% |
24.27% |
28.45% |
|
Effective Tax rate - 5 Yr Avg |
19.37% |
21.06% |
25.73% |
29.92% |
|
|
|
|
|
|
|
Management Effectiveness (%) |
||||
|
Return on Assets (TTM) |
5.96% |
9.59% |
6.40% |
8.54% |
|
Return on Assets - 5 Yr Avg |
7.74% |
11.08% |
5.64% |
8.40% |
|
Return on Investment (TTM) |
7.33% |
6.58% |
5.33% |
7.90% |
|
Return on Investment - 5 Yr Avg |
9.66% |
8.91% |
5.83% |
8.27% |
|
Return on Equity (TTM) |
11.47% |
18.98% |
15.07% |
19.72% |
|
Return on Equity - 5 Yr Avg |
15.26% |
22.29% |
16.49% |
20.06% |
|
|
|
|
|
|
|
Efficiency |
||||
|
Revenue/Employee (TTM) |
569,481.90 |
527,722.62 |
728,942.74 |
927,613.77 |
|
Net Income/Employee (TTM) |
75,891.56 |
90,704.38 |
120,994.68 |
116,121.92 |
|
Receivables Turnover (TTM) |
5.93 |
5.86 |
7.34 |
13.25 |
|
Inventory Turnover (TTM) |
1.78 |
9.86 |
8.08 |
14.53 |
|
Asset Turnover (TTM) |
0.45 |
0.54 |
0.81 |
0.93 |
Annual
Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Standard &
Poors
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
We have also removed both the short- and long-term ratings
from CreditWatch negative.
The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the Administration recently agreed to
falls short of what, in our view, would be necessary to stabilize the
government's medium-term debt dynamics.
More broadly, the downgrade reflects our view that the
effectiveness, stability, and predictability of American policymaking and
political institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a negative
outlook to the rating on April 18, 2011.
Since then, we have changed our view of the difficulties in
bridging the gulf between the political parties over fiscal policy, which makes
us pessimistic about the capacity of Congress and the Administration to be able
to leverage their agreement this week into a broader fiscal consolidation plan
that stabilizes the government's debt dynamics any time soon.
The outlook on the long-term rating is negative. We could
lower the long-term rating to 'AA' within the next two years if we see that
less reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The
transfer and convertibility (T&C) assessment of the U.S.--our assessment of
the likelihood of official interference in the ability of U.S.-based public-
and private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S. federal
government's other economic, external, and monetary credit attributes, which form
the basis for the sovereign rating, as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The
political brinksmanship of recent months highlights what we see as America's
governance and policymaking becoming less stable, less effective, and less
predictable than what we previously believed. The statutory debt ceiling and
the threat of default have become political bargaining chips in the debate over
fiscal policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be extraordinarily
difficult to bridge, and, as we see it, the resulting agreement fell well short
of the comprehensive fiscal consolidation program that some proponents had
envisaged until quite recently. Republicans and Democrats have only been able
to agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive measures. It
appears that for now, new revenues have dropped down on the menu of policy
options. In addition, the plan envisions only minor policy changes on Medicare
and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and private-sector
deleveraging (ibid). A new political consensus might (or might not) emerge
after the 2012 elections, but we believe that by then, the government debt
burden will likely be higher, the needed medium-term fiscal adjustment
potentially greater, and the inflection point on the U.S. population's
demographics and other age-related spending drivers closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key reserve
currency confers a government funding advantage, one that could change only
slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.