- Merck reported first quarter 2005 earnings per share of $0.62, down from $0.73 in the first quarter of 2004. However, sales of newer products grew and cost management led expenses to be lower than expected.
- For 2005, Merck anticipates EPS between $2.44-$2.52 and second quarter EPS of $0.60-$0.64. Several new product approvals and indications were announced in the first quarter.
- Merck's major product franchises like Singulair, Cozaar, Fosamax, and Zocor remain top sellers. Late-stage vaccines and other pipeline candidates are progressing on schedule.
Merck announced third quarter 2005 earnings per share of $0.65. Merck anticipates full-year 2005 EPS to be between $2.47 to $2.51, excluding a tax charge, or $2.18 to $2.22 including the charge. Key drug franchises like Singulair, Cozaar/Hyzaar, and Fosamax maintained sales leadership. Merck's pipeline progressed with positive Phase III data for the HPV vaccine Gardasil and Phase II data for the diabetes drug sitagliptin. Merck formed new partnerships including one with Agensys to develop a prostate cancer antibody.
Merck announced strong financial results for the first quarter of 2006, with earnings per share of $0.78 excluding restructuring charges. Solid performance of key drugs like ZOCOR, SINGULAIR and vaccines, along with partnerships, drove earnings. Merck raised full-year 2006 guidance, now anticipating EPS between $2.32-$2.40 excluding charges. Performance of major franchises like SINGULAIR, COZAAR/HYZAAR and FOSAMAX was mixed, with US sales remaining strong but international sales declining due to generics.
The document provides an overview of the global and Indian pharmaceutical industries. It discusses key metrics like global sales, R&D spending, mergers and acquisitions, and future projections. The global pharmaceutical market experienced slow growth in 2012 due to many blockbuster drug patents expiring, but sales are expected to steadily increase to $895 billion by 2018. The Indian pharmaceutical market is also growing, driven by factors like increasing demand from emerging markets, greater acceptance of medical treatment, and a growing elderly population in India.
Merck announced strong financial results for the second quarter of 2006, with earnings per share of $0.73 excluding restructuring charges. Revenue increased 6% to $5.8 billion driven by strong sales of drugs like ZOCOR, SINGULAIR, and vaccines. Merck also gained FDA approval for new vaccines GARDASIL and ZOSTAVAX, and raised full-year 2006 guidance. In addition, the company reported progress on drugs in development like JANUVIA and ZOLINZA.
Pharmaceutical Industry Financial Analysisjpotts89
This is a presentation that was completed for my Corporate Finance class my senior year with a team of three other students. I did my valuation of Eli Lilly.
Merck announced its earnings per share guidance for 2005 of $2.42 to $2.52 per share, anticipating continued growth of newer products like ZETIA and VYTORIN. It also reaffirmed its 2004 EPS guidance of $2.59 to $2.64 per share, despite a $0.50 to $0.55 per share negative impact from withdrawing VIOXX. Merck expects to file several vaccine candidates and a new diabetes drug in 2005 and continue stock buybacks while growing sales of major products like ZOCOR, FOSAMAX, COZAAR/HYZAAR, and SINGULAIR.
This document summarizes changes in the global pharmaceutical market, including upcoming drug patent expirations and new drug launches. It finds that blockbuster drug sales make up a large portion of major pharmaceutical company revenues. It predicts that Roche will benefit the most from upcoming drug patent expirations at other companies. The largest growth areas for new drug development are seen as cancer, diabetes, hepatitis C, HIV, and multiple sclerosis. Companies with promising drug pipelines include Roche, GlaxoSmithKline, Biogen, Gilead, and some smaller firms.
COVID-19 and its Impact on the Biopharma Financing and Deal EnvironmentTim Opler
The document provides an overview of the impact of the COVID-19 pandemic on the biopharmaceutical sector. It discusses the direct impact on the pharmaceutical industry, including decreased healthcare utilization, clinical trial delays, supply chain issues, and decreased drug usage and revenue. It also covers the indirect effects, such as potential government budget constraints, drug price pressures, increased social division, and response from regulators to encourage testing and device approvals during the pandemic.
Merck announced third quarter 2005 earnings per share of $0.65. Merck anticipates full-year 2005 EPS to be between $2.47 to $2.51, excluding a tax charge, or $2.18 to $2.22 including the charge. Key drug franchises like Singulair, Cozaar/Hyzaar, and Fosamax maintained sales leadership. Merck's pipeline progressed with positive Phase III data for the HPV vaccine Gardasil and Phase II data for the diabetes drug sitagliptin. Merck formed new partnerships including one with Agensys to develop a prostate cancer antibody.
Merck announced strong financial results for the first quarter of 2006, with earnings per share of $0.78 excluding restructuring charges. Solid performance of key drugs like ZOCOR, SINGULAIR and vaccines, along with partnerships, drove earnings. Merck raised full-year 2006 guidance, now anticipating EPS between $2.32-$2.40 excluding charges. Performance of major franchises like SINGULAIR, COZAAR/HYZAAR and FOSAMAX was mixed, with US sales remaining strong but international sales declining due to generics.
The document provides an overview of the global and Indian pharmaceutical industries. It discusses key metrics like global sales, R&D spending, mergers and acquisitions, and future projections. The global pharmaceutical market experienced slow growth in 2012 due to many blockbuster drug patents expiring, but sales are expected to steadily increase to $895 billion by 2018. The Indian pharmaceutical market is also growing, driven by factors like increasing demand from emerging markets, greater acceptance of medical treatment, and a growing elderly population in India.
Merck announced strong financial results for the second quarter of 2006, with earnings per share of $0.73 excluding restructuring charges. Revenue increased 6% to $5.8 billion driven by strong sales of drugs like ZOCOR, SINGULAIR, and vaccines. Merck also gained FDA approval for new vaccines GARDASIL and ZOSTAVAX, and raised full-year 2006 guidance. In addition, the company reported progress on drugs in development like JANUVIA and ZOLINZA.
Pharmaceutical Industry Financial Analysisjpotts89
This is a presentation that was completed for my Corporate Finance class my senior year with a team of three other students. I did my valuation of Eli Lilly.
Merck announced its earnings per share guidance for 2005 of $2.42 to $2.52 per share, anticipating continued growth of newer products like ZETIA and VYTORIN. It also reaffirmed its 2004 EPS guidance of $2.59 to $2.64 per share, despite a $0.50 to $0.55 per share negative impact from withdrawing VIOXX. Merck expects to file several vaccine candidates and a new diabetes drug in 2005 and continue stock buybacks while growing sales of major products like ZOCOR, FOSAMAX, COZAAR/HYZAAR, and SINGULAIR.
This document summarizes changes in the global pharmaceutical market, including upcoming drug patent expirations and new drug launches. It finds that blockbuster drug sales make up a large portion of major pharmaceutical company revenues. It predicts that Roche will benefit the most from upcoming drug patent expirations at other companies. The largest growth areas for new drug development are seen as cancer, diabetes, hepatitis C, HIV, and multiple sclerosis. Companies with promising drug pipelines include Roche, GlaxoSmithKline, Biogen, Gilead, and some smaller firms.
COVID-19 and its Impact on the Biopharma Financing and Deal EnvironmentTim Opler
The document provides an overview of the impact of the COVID-19 pandemic on the biopharmaceutical sector. It discusses the direct impact on the pharmaceutical industry, including decreased healthcare utilization, clinical trial delays, supply chain issues, and decreased drug usage and revenue. It also covers the indirect effects, such as potential government budget constraints, drug price pressures, increased social division, and response from regulators to encourage testing and device approvals during the pandemic.
Trends in Oncology Pharmaceuticals Business DevelopmentTim Opler
This presentation provides an overview of the evolving marketplace for oncology transactions and is a summary of discussion materials shared by Torreya at the Sachs Conference on September 26, 2019 in Basel, Switzerland.
Merck announced second-quarter 2004 earnings per share of 79 cents, level with the prior year. Worldwide sales grew 9% to $6 billion for the quarter. Merck reaffirmed its full-year 2004 EPS guidance of $3.11 to $3.17 and anticipated third-quarter EPS of 80 to 84 cents. Key pipeline developments included MK-431 entering Phase III trials for diabetes and positive data for ROTATEQ, Merck's investigational rotavirus vaccine. Merck continued strategic licensing deals, including collaborations for diabetes compound muraglitazar and cancer compound VX-680.
Weekly News Wrap-up on Health Care Industry (Europe, North America, Asia/Pacific) showing the latest development of most striking fundamental economic and financial news
The report contains the following four chapters:
Chapter 1: Global Pharmaceutical Market
Chapter 2: Solutions to Challenges
Chapter 3: Global Players
Chapter 4: Overview of Industry Trends
You may follow my blog: biostrategyanalytics.wordpress.com for further posts related to financial and strategic issues in the Pharmaceutical / Biotechnology sector.
For any questions or recommendations do not hesitate to contact me.
North America was the largest region in the ophthalmology drugs market in 2017, accounting for around 31% of the total market.
Read Report
https://www.thebusinessresearchcompany.com/report/ophthalmology-drugs-global-market-report-2018
Pfizer is a large pharmaceutical company founded in 1849 and headquartered in New York. It has annual sales of $44.4 billion and focuses on areas like cardiovascular, infectious diseases, and oncology. While Pfizer has significant market share and resources, it also faces threats such as expiring patents, increased competition from generics, and a reliance on blockbuster drugs.
This document provides an analysis of Valeant Pharmaceuticals International (VRX) and Endo International (ENDP). It summarizes that both companies operate in the growing global pharmaceutical industry. Macroeconomic factors like increasing employment, private health insurance coverage, and an aging population positively impact industry demand. The document evaluates the companies' financial performance, valuations, and technical indicators to conclude that both stocks currently present a buy opportunity, though VRX has outperformed in recent years.
Briefing based on the key findings of my research on the Global Generic Pharmaceuticals Market 2010, covering the developed markets like the U.S, Germany, UK, France, Italy and Spain as well as the emerging markets such as India and China.
This document analyzes several major pharmaceutical companies: Roche, Novartis, GlaxoSmithKline, Sanofi-Aventis, and Teva. It provides key financial figures for each company, including market cap, revenue, geographic sales breakdown, products, and cost of capital calculations. An analysis of earnings per share, asset turnover, leverage, and current vs. calculated stock price is also presented. Roche appears to be the strongest performer based on the financial analysis, while Teva is currently the weakest.
This document provides a business plan for a new pharmaceutical company called NEWTech Advant. The plan includes a situation analysis of the pharmaceutical market, noting trends like an aging population and increased regulation. It outlines NEWTech Advant's goals of improving existing drugs and discovering new ones. The marketing strategy discusses targeting physicians and patients aged 45+, and increasing market share through advertising. Financial objectives include achieving profitability in three years. The plan also analyzes strengths, weaknesses, opportunities and threats for the new company.
Genzyme reported solid financial results for the first quarter of 2009, with revenue rising 4% to $1.15 billion compared to the same period last year. Net income increased 35% and non-GAAP net income grew 10%. Genzyme reaffirmed its revenue and earnings guidance for 2009. The company expects continued growth driven by new product launches and approvals over the coming months.
The document summarizes the top 10 global pharmaceutical companies in 2014, led by Pfizer, Novartis, and Hoffmann-La Roche. It also provides statistics on the growth of the global pharmaceutical market, which is expected to reach $1,200 billion by 2016, with generics accounting for 70% of the market outside developed countries. The highest growth is seen in Asia-Pacific countries, with emerging markets expected to account for 28% of global spending on pharmaceuticals by 2015. The document also briefly outlines the history and growth of the pharmaceutical industry in Bangladesh, which now has over 300 companies and manufactured over 5,600 medicine brands as of the time of writing.
This document provides an overview and analysis of financialization in the pharmaceutical industry, using Pfizer's attempted takeover of AstraZeneca as a case study. It finds that the erosion of the blockbuster drug model due to patent expirations, increasing costs, and regulatory pressures has reduced profitability and led pharmaceutical companies to pursue mergers and acquisitions to meet shareholder demands for returns. While M&As provide short-term growth, they may undermine long-term R&D productivity and threaten high-skilled jobs in the UK, as demonstrated by the Pfizer-AstraZeneca deal. The UK government has an obligation to consider the impact on domestic employment.
The global PAH market is expected to reach $XX billion by 2019, growing at a CAGR of XX% from 2015-2019. Key drivers of growth include the launch of new drugs like Uptravi in 2016 and the increasing popularity of combination therapies. Over the next five years, market revenue is forecast to remain stable due to patent expiries and new drug launches. The report profiles major players like Actelion, United Therapeutics, and SteadyMed and provides an analysis of the PAH market size, trends, opportunities, and competitive landscape.
Merck reported double-digit revenue and earnings-per-share growth for Q3 2007. Revenue grew 12% to $6.1 billion driven by strong sales of key products like SINGULAIR, JANUVIA, GARDASIL and VARIVAX. EPS for Q3 2007 was $0.75 excluding restructuring charges. Merck also gained FDA approval for its HIV treatment ISENTRESS and raised full-year 2007 EPS guidance to a range of $3.08 to $3.14 excluding restructuring charges.
- Q3 2017 company sales grew 4.7% at CER to €9.1 billion, driven by specialty care and vaccines franchises. Diabetes sales declined 14.8% due to losses of exclusivity.
- Specialty care grew 13.9% led by strong Dupixent sales in the US and Kevzara gaining 15% of the IL-6 market share. Vaccines grew 7.2% with strong pediatric combination vaccine sales.
- Consumer healthcare grew 1% with emerging markets up 6.7% offsetting declines in developed markets due to increased competition.
The document provides an analysis of the Indian pharmaceutical sector, including background information, current trends, and performance of major players. It discusses key growth drivers for the industry like rising incomes and improved healthcare infrastructure. Major players are achieving steady profits, though pricing pressures have kept margins mostly flat recently. Companies with higher earnings efficiencies like Sun Pharma and Divis Lab command higher valuation multiples, while Elder Pharma has the lowest multiples due to lower profitability. The analysis also examines relationships between valuation metrics like EV/Sales and EBITDA margins for different firms.
Pfizer is facing significant challenges as many of its blockbuster drug patents expire in the coming years. This will open the door for cheaper generic competition that will eat into Pfizer's revenues. As CEO, I would [1] focus R&D on developing new blockbuster drugs to replace revenue losses, [2] look for strategic acquisitions of companies with promising drug pipelines, and [3] strengthen Pfizer's portfolio of treatments for chronic diseases to take advantage of demographic trends. With successful execution of these strategies, Pfizer could remain the world's most valued pharmaceutical company.
Merck announced second-quarter 2005 earnings per share of 33 cents, down from 79 cents in 2004 due to a $640 million net tax charge. Excluding this charge, EPS were 62 cents. Worldwide sales were $5.5 billion, down 9% from 2004 due to the Vioxx withdrawal. Merck anticipates third-quarter EPS of 61-65 cents and full-year 2005 EPS of $2.44-$2.52 excluding the tax charge. Major drug franchises like Singulair, Fosamax, Cozaar, and Zocor maintained or grew market share. Merck's vaccine and diabetes drug pipelines progressed with regulatory submissions.
Merck announced earnings per share of $2.92 for full-year 2003 and $0.62 for the fourth quarter of 2003. Sales increased 5% for the full year but decreased 7% for the fourth quarter due to Merck's new US distribution program. Merck reaffirmed its 2004 EPS guidance of $3.11 to $3.17. Key products like Zocor, Fosamax, Cozaar, Singulair and Vioxx remained top sellers, though some faced increased competition or effects from the new distribution program. Merck's research pipeline includes potential new vaccines and treatments for conditions like diabetes and Alzheimer's.
Merck announced strong financial results for Q3 2006, with EPS of $0.51 including additional legal defense costs for VYTORIN lawsuits. Key drugs like SINGULAIR, VYTORIN, and vaccines performed well. Full-year 2006 EPS guidance was raised to a range of $2.48-$2.52 excluding restructuring charges. The FDA approved two new drugs, JANUVIA for diabetes and ZOLINZA for skin cancer treatment. Pipeline programs for HIV and insomnia treatments were updated.
Trends in Oncology Pharmaceuticals Business DevelopmentTim Opler
This presentation provides an overview of the evolving marketplace for oncology transactions and is a summary of discussion materials shared by Torreya at the Sachs Conference on September 26, 2019 in Basel, Switzerland.
Merck announced second-quarter 2004 earnings per share of 79 cents, level with the prior year. Worldwide sales grew 9% to $6 billion for the quarter. Merck reaffirmed its full-year 2004 EPS guidance of $3.11 to $3.17 and anticipated third-quarter EPS of 80 to 84 cents. Key pipeline developments included MK-431 entering Phase III trials for diabetes and positive data for ROTATEQ, Merck's investigational rotavirus vaccine. Merck continued strategic licensing deals, including collaborations for diabetes compound muraglitazar and cancer compound VX-680.
Weekly News Wrap-up on Health Care Industry (Europe, North America, Asia/Pacific) showing the latest development of most striking fundamental economic and financial news
The report contains the following four chapters:
Chapter 1: Global Pharmaceutical Market
Chapter 2: Solutions to Challenges
Chapter 3: Global Players
Chapter 4: Overview of Industry Trends
You may follow my blog: biostrategyanalytics.wordpress.com for further posts related to financial and strategic issues in the Pharmaceutical / Biotechnology sector.
For any questions or recommendations do not hesitate to contact me.
North America was the largest region in the ophthalmology drugs market in 2017, accounting for around 31% of the total market.
Read Report
https://www.thebusinessresearchcompany.com/report/ophthalmology-drugs-global-market-report-2018
Pfizer is a large pharmaceutical company founded in 1849 and headquartered in New York. It has annual sales of $44.4 billion and focuses on areas like cardiovascular, infectious diseases, and oncology. While Pfizer has significant market share and resources, it also faces threats such as expiring patents, increased competition from generics, and a reliance on blockbuster drugs.
This document provides an analysis of Valeant Pharmaceuticals International (VRX) and Endo International (ENDP). It summarizes that both companies operate in the growing global pharmaceutical industry. Macroeconomic factors like increasing employment, private health insurance coverage, and an aging population positively impact industry demand. The document evaluates the companies' financial performance, valuations, and technical indicators to conclude that both stocks currently present a buy opportunity, though VRX has outperformed in recent years.
Briefing based on the key findings of my research on the Global Generic Pharmaceuticals Market 2010, covering the developed markets like the U.S, Germany, UK, France, Italy and Spain as well as the emerging markets such as India and China.
This document analyzes several major pharmaceutical companies: Roche, Novartis, GlaxoSmithKline, Sanofi-Aventis, and Teva. It provides key financial figures for each company, including market cap, revenue, geographic sales breakdown, products, and cost of capital calculations. An analysis of earnings per share, asset turnover, leverage, and current vs. calculated stock price is also presented. Roche appears to be the strongest performer based on the financial analysis, while Teva is currently the weakest.
This document provides a business plan for a new pharmaceutical company called NEWTech Advant. The plan includes a situation analysis of the pharmaceutical market, noting trends like an aging population and increased regulation. It outlines NEWTech Advant's goals of improving existing drugs and discovering new ones. The marketing strategy discusses targeting physicians and patients aged 45+, and increasing market share through advertising. Financial objectives include achieving profitability in three years. The plan also analyzes strengths, weaknesses, opportunities and threats for the new company.
Genzyme reported solid financial results for the first quarter of 2009, with revenue rising 4% to $1.15 billion compared to the same period last year. Net income increased 35% and non-GAAP net income grew 10%. Genzyme reaffirmed its revenue and earnings guidance for 2009. The company expects continued growth driven by new product launches and approvals over the coming months.
The document summarizes the top 10 global pharmaceutical companies in 2014, led by Pfizer, Novartis, and Hoffmann-La Roche. It also provides statistics on the growth of the global pharmaceutical market, which is expected to reach $1,200 billion by 2016, with generics accounting for 70% of the market outside developed countries. The highest growth is seen in Asia-Pacific countries, with emerging markets expected to account for 28% of global spending on pharmaceuticals by 2015. The document also briefly outlines the history and growth of the pharmaceutical industry in Bangladesh, which now has over 300 companies and manufactured over 5,600 medicine brands as of the time of writing.
This document provides an overview and analysis of financialization in the pharmaceutical industry, using Pfizer's attempted takeover of AstraZeneca as a case study. It finds that the erosion of the blockbuster drug model due to patent expirations, increasing costs, and regulatory pressures has reduced profitability and led pharmaceutical companies to pursue mergers and acquisitions to meet shareholder demands for returns. While M&As provide short-term growth, they may undermine long-term R&D productivity and threaten high-skilled jobs in the UK, as demonstrated by the Pfizer-AstraZeneca deal. The UK government has an obligation to consider the impact on domestic employment.
The global PAH market is expected to reach $XX billion by 2019, growing at a CAGR of XX% from 2015-2019. Key drivers of growth include the launch of new drugs like Uptravi in 2016 and the increasing popularity of combination therapies. Over the next five years, market revenue is forecast to remain stable due to patent expiries and new drug launches. The report profiles major players like Actelion, United Therapeutics, and SteadyMed and provides an analysis of the PAH market size, trends, opportunities, and competitive landscape.
Merck reported double-digit revenue and earnings-per-share growth for Q3 2007. Revenue grew 12% to $6.1 billion driven by strong sales of key products like SINGULAIR, JANUVIA, GARDASIL and VARIVAX. EPS for Q3 2007 was $0.75 excluding restructuring charges. Merck also gained FDA approval for its HIV treatment ISENTRESS and raised full-year 2007 EPS guidance to a range of $3.08 to $3.14 excluding restructuring charges.
- Q3 2017 company sales grew 4.7% at CER to €9.1 billion, driven by specialty care and vaccines franchises. Diabetes sales declined 14.8% due to losses of exclusivity.
- Specialty care grew 13.9% led by strong Dupixent sales in the US and Kevzara gaining 15% of the IL-6 market share. Vaccines grew 7.2% with strong pediatric combination vaccine sales.
- Consumer healthcare grew 1% with emerging markets up 6.7% offsetting declines in developed markets due to increased competition.
The document provides an analysis of the Indian pharmaceutical sector, including background information, current trends, and performance of major players. It discusses key growth drivers for the industry like rising incomes and improved healthcare infrastructure. Major players are achieving steady profits, though pricing pressures have kept margins mostly flat recently. Companies with higher earnings efficiencies like Sun Pharma and Divis Lab command higher valuation multiples, while Elder Pharma has the lowest multiples due to lower profitability. The analysis also examines relationships between valuation metrics like EV/Sales and EBITDA margins for different firms.
Pfizer is facing significant challenges as many of its blockbuster drug patents expire in the coming years. This will open the door for cheaper generic competition that will eat into Pfizer's revenues. As CEO, I would [1] focus R&D on developing new blockbuster drugs to replace revenue losses, [2] look for strategic acquisitions of companies with promising drug pipelines, and [3] strengthen Pfizer's portfolio of treatments for chronic diseases to take advantage of demographic trends. With successful execution of these strategies, Pfizer could remain the world's most valued pharmaceutical company.
Merck announced second-quarter 2005 earnings per share of 33 cents, down from 79 cents in 2004 due to a $640 million net tax charge. Excluding this charge, EPS were 62 cents. Worldwide sales were $5.5 billion, down 9% from 2004 due to the Vioxx withdrawal. Merck anticipates third-quarter EPS of 61-65 cents and full-year 2005 EPS of $2.44-$2.52 excluding the tax charge. Major drug franchises like Singulair, Fosamax, Cozaar, and Zocor maintained or grew market share. Merck's vaccine and diabetes drug pipelines progressed with regulatory submissions.
Merck announced earnings per share of $2.92 for full-year 2003 and $0.62 for the fourth quarter of 2003. Sales increased 5% for the full year but decreased 7% for the fourth quarter due to Merck's new US distribution program. Merck reaffirmed its 2004 EPS guidance of $3.11 to $3.17. Key products like Zocor, Fosamax, Cozaar, Singulair and Vioxx remained top sellers, though some faced increased competition or effects from the new distribution program. Merck's research pipeline includes potential new vaccines and treatments for conditions like diabetes and Alzheimer's.
Merck announced strong financial results for Q3 2006, with EPS of $0.51 including additional legal defense costs for VYTORIN lawsuits. Key drugs like SINGULAIR, VYTORIN, and vaccines performed well. Full-year 2006 EPS guidance was raised to a range of $2.48-$2.52 excluding restructuring charges. The FDA approved two new drugs, JANUVIA for diabetes and ZOLINZA for skin cancer treatment. Pipeline programs for HIV and insomnia treatments were updated.
Merck announced first-quarter 2004 earnings per share of $0.73, a 7% increase over the previous year. Worldwide sales were $5.6 billion for the quarter. Merck reaffirmed its full-year 2004 EPS guidance of $3.11 to $3.17. Key events in the quarter included acquiring Aton Pharma and completing the acquisition of Banyu Pharmaceutical, strengthening Merck's global position. Sales of major products like Zocor, Fosamax, Cozaar, and Singulair increased compared to the previous year.
Merck announced full-year 2004 earnings per share of $2.61, with fourth-quarter EPS of 50 cents. Merck reaffirmed its 2005 EPS guidance range of $2.42 to $2.52, and anticipated first-quarter 2005 EPS of 54 to 58 cents. Merck increased its reserve for future legal defense costs related to VIOXX litigation to $675 million. Merck's major product franchises, including Singulair, Fosamax, Cozaar/Hyzaar, Zocor, and the cholesterol-lowering drugs Zetia and Vytorin in partnership with Schering-Plough, remained market leaders.
Merck reported double-digit earnings per share growth for the second quarter of 2007, driven by strong performance of key products. EPS excluding restructuring charges were $0.82, up 12% from the prior year. Sales increased 6% to $6.1 billion for the quarter. Merck raised its full-year 2007 EPS guidance to a range of $3.00 to $3.10 excluding restructuring charges. Best-selling products like Singulair, Januvia, and vaccines contributed significantly to revenue growth.
Merck announced strong financial results for full-year and fourth-quarter 2005. Full-year earnings per share were $2.53 including a $295 million reserve for VIOXX legal defense costs, while reported EPS were $2.10. Fourth-quarter EPS were $0.64 including the VIOXX reserve. Merck reaffirmed its 2006 EPS guidance range despite eliminating 1,100 positions through a global restructuring involving site closures. Key products like Singulair and the cholesterol franchise performed well.
Merck announced third-quarter 2004 earnings per share of 60 cents, including a 25 cent unfavorable impact from withdrawing Vioxx worldwide. Merck anticipates fourth-quarter EPS of 48-53 cents and full-year 2004 EPS of $2.59-$2.64 due to withdrawing Vioxx. Several drug trials showed positive results and new products like Vytorin were launched, but Vioxx sales of $2.5 billion last year will significantly impact finances. Merck is redeploying resources and finding other growth areas.
Merck announced third quarter 2003 earnings per share of $0.83, a 6% increase over 2002. Net income was $1.865 billion. Merck will reduce costs by eliminating 4,400 positions and implementing a new U.S. wholesaler distribution program. As a result of these actions, full year 2003 EPS is expected to be $2.90 to $2.95. Major products like Zocor, Fosamax, Cozaar, and Singulair saw sales increases, but did not meet targets. Merck completed the spin-off of Medco and increased ownership of Banyu to 99%.
Merck reported strong financial results for the first quarter of 2007. Worldwide sales increased 7% compared to the first quarter of 2006. Key products such as SINGULAIR, vaccines including GARDASIL, and the cholesterol drugs ZETIA and VYTORIN drove company growth. Merck anticipates second quarter EPS between $0.67-$0.71 and reaffirmed its full-year 2007 EPS guidance range.
The document discusses the growth of the global generics market from 1998-2008. It notes that major pharmaceutical companies are increasingly entering the generics market as the patents on many brand-name drugs expire. This has led to consolidation in the generics industry as large companies acquire smaller generics producers. The generics market is also shifting production to countries like India and Southeast Asia to take advantage of lower manufacturing costs.
The document discusses the growth of the global generics market from 1998-2008. It notes that major pharmaceutical companies are increasingly entering the generics market as the patents on many brand-name drugs expire. This has led to consolidation in the generics industry as large companies acquire smaller generics producers. The generics market is also shifting production to countries like India and Southeast Asia to take advantage of lower manufacturing costs.
BASIC INFORMATIONEli Lilly and Company is one of the largest glo.docxgarnerangelika
Eli Lilly and Company is one of the largest global pharmaceutical companies founded in 1876. It has offices in 18 countries and sells products in 125 countries. The company generates billions in annual revenue and earnings growth. The document discusses Eli Lilly's major products, financial performance, acquisitions, partnerships, and competitive positioning in the pharmaceutical industry. It also provides an overview of the company's management, governance, and the broader industry environment.
BASIC INFORMATIONEli Lilly and Company is one of the largest glo.docxjasoninnes20
BASIC INFORMATION
Eli Lilly and Company is one of the largest global pharmaceutical companies in the world. Eli Lilly also has offices in Puerto Rico and 17 other countries, and its products are sold to about 125 countries. It was founded by Eli Lilly, a pharmacist, in 1876. Eli Lilly ’s main products include Ractopamine, Prozac, the antipsychotic drug, Zyprexa, and ADHD drugs Strattera, etc. The company’s ticker symbol is NYSE:LLY, the S&P 500 Index is the primary exchange upon which its shares are traded. In 2019, the company achieved revenue of US $ 22.319 billion, a year-on-year increase of 3.8%. Achieve continuous net operating profit was US $ 4.638 billion, a year-on-year increase of 47.2%. The current EPS (GAAP) reached 8.89 USD. I think it is time to invest and overweight stocks. Now the current stock price is 161.29 and the target stock price is 184.29 with the increasing market share and development of the pharmaceutical industry due to Covid-19.
INVESTMENT SUMMARY
"Lilly is in the early phase of an exciting period of growth for the company. The combination of strong revenue growth from our newer medicines and prudent expense control across our business enabled Lilly to invest more in our R&D pipeline and still deliver impressive earnings growth in the fourth quarter and full-year 2019," said David A. Ricks, Lilly's chairman, and CEO.
According to the DCF model, it displays the stock price can be reached 184.29. However, the stock price is 161.29 now. Our stock price estimate is higher than the S&P 500 market price(161.29), indicating that we believe that the stock is slightly undervalued. Lilly announced a definitive agreement to acquire Dermira, Inc. for approximately $1.1 billion in 2020. The acquisition will expand Lilly's immunology pipeline with the addition of lebrikizumab, a novel, investigational, monoclonal antibody. At the same time, Lilly's first lower-priced insulin, Insulin Lispro Injection, was made available in May 2019 at a 50 percent lower list price than Humalog. Lily also announced a global commercialization agreement to integrate DexCom, Inc. products into Lilly's personalized diabetes management system, currently in development to advance the treatment of diabetes. Under the terms of the non-exclusive agreement, Lilly will use Dexcom's continuous glucose monitoring (CGM) devices in both the pen- and pump-based platforms of the system being designed to help improve diabetes management. And Lilly and Boehringer Ingelheim modernized their alliance to focus their combined expertise and investment on the continued development and commercialization of Jardiance in type 2 diabetes, heart failure, and chronic kidney disease. The development prospects bring the company higher market space and competitiveness.
BUSINESS DESCRIPTION
The company's core product lines include: Basaglar (Insulin Glargine), Jardiance (Engligliflozin), Trulicity (Duraglutide), Cyramza (ramucirumab), Emgality (galcanezumab), Olumiant (baricit ...
Merck has undergone several strategic changes over the last 10 years driven by external factors. Competitive pressures from other major pharmaceutical companies like Pfizer and GlaxoSmithKline prompted Merck to pursue acquisitions and diversify into new business areas. Regulations from government agencies also impacted Merck's marketing strategies and product liability costs. Economic conditions negatively affected revenue, requiring cost cutting measures and layoffs. Merck adapted by shifting research focus, pursuing partnerships and licenses, and targeting emerging international markets through acquisitions and new facilities.
This document discusses Sanofi's Q4 and full year 2018 results. It provides an agenda for the presentation and highlights key metrics:
- Q4 sales grew 4.7% at CER to €8.997 billion and EPS grew to €1.10. Full year sales grew 2.5% at CER to €34.463 billion.
- Specialty care sales grew 16.1% in Q4 driven by rare disease, MS, immunology and oncology franchises. Vaccines sales grew 9.7% in Q4.
- Dupixent sales accelerated in Q4 with a 25% increase in prescriptions in the US market due to direct-to-consumer campaigns
This document provides an agenda and key highlights from Sanofi's Q1 2019 results presentation:
- The presentation reviews Sanofi's Q1 2019 financial results, with sales increasing 4.2% and EPS growth of 9.4% driven by launches and diminishing LoEs in the US.
- Several business units saw double-digit growth including Genzyme, Vaccines, and China/Emerging Markets, partially offset by lower sales of Diabetes and Established Products.
- The pipeline highlights potential approvals over the next year including Dupixent in additional indications and geographies as well as Zynquista and Cemiplimab.
Merck announced its 2006 financial results, reporting solid revenue growth. Key points:
- Vaccines, SINGULAIR, ZETIA and VYTORIN drove full-year revenue increases. Launches of GARDASIL and JANUVIA provide a platform for continued growth in 2007.
- Full-year 2006 earnings per share were $2.52 excluding certain charges, and $2.03 as reported. Fourth-quarter earnings per share were $0.50 and $0.22, respectively.
- Merck reaffirmed its guidance for 2007 earnings per share between $2.51-$2.59 excluding charges, and $2.36-$2.49 as reported.
- Sanofi reported strong Q3 2018 results, with company sales increasing 6.3% at CER to €9.4 billion, driven by performance in Specialty Care, Vaccines, and Consumer Healthcare.
- Specialty Care sales grew 16.4% at CER to €2.2 billion due to solid contributions from Eloctate, Dupixent, oncology, and multiple sclerosis franchises.
- Vaccines sales increased 8.2% at CER to €2.1 billion as supply constraints on Pentaxim in China were resolved and flu vaccine sales grew.
- Consumer Healthcare sales rose 4.1% at CER to €1.1 billion on
This document provides an analysis of GlaxoSmithKline's (GSK) financial statements and business strategy. It first examines the pharmaceutical industry and GSK's competitive strategy of differentiation through heavy investment in research and development. It then reviews GSK's annual reports and accounting practices. Finally, it analyzes GSK's profitability ratios from 2009-2013, finding generally declining gross profit margins but increasing net profit margins over time.
This document contains slides from an American Airlines presentation given by Gerard Arpey, Chairman & CEO. It discusses several topics:
1) Safe harbor statements noting forward-looking statements are subject to risk factors.
2) Rising oil prices, showing a graph of prices rising from $58 in 2007 to over $134 in mid-2008, offsetting the company's $6 billion in cost reductions.
3) New baggage and change fees announced to offset rising fuel costs, expected to generate several hundred million dollars.
This document contains a presentation by Beverly Goulet, Vice President of Corporate Development and Treasurer of an unnamed company, covering various topics:
1) It includes statements regarding forward-looking comments being subject to risk factors that could affect actual results.
2) Slide 3 discusses the company's fuel hedging for 3Q08 and full year 2008.
3) Slide 20 shows the company's net debt levels from 2002-2008, which have increased significantly.
The presentation provides an overview of the company's financial performance, fuel costs and hedging, debt levels, and other key metrics.
Credit Suisse Group Global Airline Conference Presentationfinance11
This document contains a presentation by Beverly Goulet, Vice President of Corporate Development and Treasurer of an unnamed company. The presentation includes slides on the company's 3Q08 results showing a net loss compared to earnings in the prior year. Additional slides provide details on oil prices, the company's hedging strategy, total debt levels, planned 2009 capacity reductions, new and modified fees, investments in the future, and alliances. The presentation contains forward-looking statements and refers readers to SEC filings and a webcast for further information.
- The document is a letter informing stockholders about AMR Corporation's 2004 Annual Meeting of Stockholders to be held on May 19, 2004 at the American Airlines Training & Conference Center in Fort Worth, Texas.
- Stockholders are invited to attend and vote on items of business including electing 12 directors, ratifying the selection of Ernst & Young LLP as independent auditors, and considering two stockholder proposals.
- Instructions are provided for stockholders on how to vote, including voting online, by telephone, or by returning a proxy card, and details on admission to the annual meeting by ticket.
The document is a notice from AMR Corporation inviting stockholders to attend its 2005 Annual Meeting of Stockholders on May 18, 2005 at 8:00am at the American Airlines Training & Conference Center in Fort Worth, Texas. It provides information on the items of business to be voted on, including the election of directors, ratification of auditors, and a stockholder proposal. Stockholders of record as of March 21, 2005 are entitled to vote. Admission to the meeting will require an admission ticket or proof of stock ownership.
The document is a notice from AMR Corporation inviting shareholders to attend its 2006 Annual Meeting of Stockholders on May 17, 2006. It provides information on voting procedures and requirements for attendance. Shareholders as of March 20, 2006 are entitled to vote. The meeting will be held at the American Airlines Training & Conference Center in Fort Worth, Texas, where admission will require a ticket or proof of stock ownership.
AMR 2006 Shareholders’ Meeting Voting Resultsfinance11
All 13 nominees for Director were elected at American Airlines' 2006 stockholders meeting on May 17, 2006. Over 93% of shares were voted, with 176 million shares represented. Ernst & Young was ratified as the independent auditor with over 99% of votes in favor. Proposals relating to term limits for outside directors, majority vote requirements, separation of CEO/Chairman roles, and cumulative voting all failed to pass, receiving only around 30% support or less.
The document is a letter inviting stockholders to attend AMR Corporation's annual meeting on May 16, 2007. It provides details on the meeting location, eligibility to vote, and how to submit a proxy vote by internet, phone, or mail. Stockholders are encouraged to vote as their input is important. Management will provide updates and answer questions at the meeting.
AMR 2007 Shareholders’ Meeting Voting Resultsfinance11
At the American Airlines 2007 stockholders meeting on May 16, 2007:
- All 12 nominees for the board of directors were elected, with over 90% of shares voted.
- Stockholders ratified the selection of Ernst & Young LLP as independent auditors for 2007 with over 98% of votes for.
- Stockholder proposals relating to cumulative voting, special shareholder meetings, performance based stock options, and advisory resolution to ratify executive compensation all failed to pass, receiving less than 55% of votes.
The document is a notice for the annual stockholder meeting of AMR Corporation to be held on May 21, 2008. It provides details on the meeting such as time, location, items of business to be addressed which include electing directors, ratifying auditors, and considering four stockholder proposals. It also covers eligibility to attend, requirements to vote, and quorum details. Stockholders are encouraged to vote by proxy in advance of the meeting.
AMR 2008 Shareholders’ Meeting Voting Resultsfinance11
1. All 13 nominees for Director were elected at the 2008 Stockholders Meeting with a minimum of 181,494,763 votes for.
2. The ratification of Ernst & Young LLP as independent auditors for 2008 was approved with 98.45% of votes for and 1.55% against.
3. A stockholder proposal relating to cumulative voting for election of directors was rejected with 30.80% of votes for and 69.20% against.
AMR Corporation had a very successful 1998 financially. The company reported record net earnings of $1.3 billion, a 33.4% increase over 1997. AMR's strong performance was driven by robust demand for air travel and lower fuel prices, enabling the airline businesses to increase revenues without significant fare discounting. AMR also made progress across its key strategic objectives - growing its airline networks, improving customer service, and expanding The Sabre Group's technology solutions business.
This document is the annual report for AMR Corporation for the year 2000. It discusses the company's improved financial performance for the year, including net earnings of $752 million compared to $543 million in 1999. It summarizes strategic initiatives undertaken in 2000 related to safety, service, product, technology, culture, and network - the six areas of the company's Airline Leadership Plan. These initiatives include fleet expansion, onboard comfort enhancements, technology investments, employee programs, and network growth through regional jets and international partnerships. The report also outlines major acquisitions announced in 2001 that will significantly expand American Airlines' fleet and network by acquiring assets from TWA, US Airways, and a stake in DC Air.
The document discusses the challenges American Airlines faced in 2001, including a slowing economy before September 11th and the devastating impacts of the terrorist attacks on September 11th and the loss of Flight 587 in November. It describes the cost-cutting measures American took, such as reducing capacity, retiring aircraft, cutting capital and operating expenses. It highlights that despite the difficulties, American completed the acquisition and integration of TWA and continued its More Room Throughout Coach campaign. The letter closes by stating that while 2001 brought great challenges, American's values and principles will guide it going forward.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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South Dakota State University degree offer diploma Transcript
merck 1Q05 Earnings Release
1. News Release
____________________________________________________________________
Media Contact: Janet Skidmore Investor Contact: Graeme Bell
(908) 423-3046 (908) 423-5185
Merck Announces First-Quarter 2005 Earnings Per Share (EPS) of 62 Cents
• Merck Anticipates Full-Year 2005 Earnings Per Share Range of $2.44 to $2.52
• Merck Anticipates Second-Quarter EPS of 60 to 64 Cents
• U.S. Food & Drug Administration Approves HYZAAR Indication for Reduction
of Stroke Risk in Hypertensive Patients with Left Ventricular Hypertrophy
(LVH)
• FDA Accepts Supplemental NDA for Use of SINGULAIR in Prevention of
Exercise-Induced Bronchospasm in Patients Aged 15 and Older
• FDA Approves FOSAMAX PLUS D in April
• Merck Submits License Application to FDA for ROTATEQ in April
• Merck Remains on Track to Submit License Applications to FDA for
ZOSTAVAX and GARDASIL
WHITEHOUSE STATION, N.J., April 21, 2005 – Merck & Co., Inc. today announced that
earnings per share (EPS) for the first quarter of 2005 were $0.62, compared to $0.73 for the first
quarter of 2004. Net income was $1,370.1 million, compared to $1,618.6 million in the first
quarter of last year. Worldwide sales were $5.4 billion for the quarter, compared to $5.6 billion
in the first quarter of 2004.
Total sales decreased 5% for the quarter. Excluding VIOXX sales in the first quarter of
2004, sales increased 8% during the period, reflecting growth in Merck’s newer franchises and
higher alliance revenues. Global sales performance includes a 2-point favorable effect from
foreign exchange for the quarter.
“Our first-quarter performance was driven by a number of factors, including ongoing cost
management, the favorable impact of foreign exchange and overall revenue performance,” said
Merck Chairman, President and Chief Executive Officer Raymond V. Gilmartin. “Sales of Merck
products were consistent with the Company’s expectations.”
Marketing and administrative expenses were at the same level as the first quarter of
2004. Excluding the impact of $34 million recorded in the first quarter of 2004 for restructuring
costs related to position eliminations, marketing and administrative expenses increased 2% for
the quarter.
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2. 2
Research and development expenses were $847 million during the first quarter, a 15%
decrease from the corresponding period last year. Excluding the first-quarter 2004 impact of
$125 million of acquired research from the acquisition of Aton Pharma and $70 million of
licensing expense resulting from the collaboration with H. Lundbeck A/S for gaboxadol, research
and development expenses increased 6% for the quarter.
As previously announced, first quarter EPS of 62 cents was higher than the Company
expected as a result of several factors. Marketing and administrative expenses were lower than
anticipated, reflecting ongoing cost management. The effect of foreign exchange resulting from
the weakening of the U.S. dollar during the period had a higher than expected favorable impact
on results. Also, while overall sales of Merck products were consistent with the Company’s
expectations, revenue from the Company’s relationship with AstraZeneca LP was higher than
initially anticipated.
Second-Quarter and Full-Year 2005 EPS Guidance
Merck anticipates second-quarter EPS of $0.60 to $0.64. Merck anticipates full-year
2005 EPS of $2.44 to $2.52. Please see pages 11-12 of this news release for a breakdown of
Merck’s full-year 2005 financial guidance.
Merck’s Major Franchises Remain Among the Market Leaders
Merck’s largest products, which continue to benefit from ongoing clinical studies and
new treatment options, remain among the market leaders. Each of Merck’s major franchises
ranks either No. 1 or 2 in its class, in terms of sales, worldwide. Merck’s performance was
driven by new and established products, new indications and formulations, and clinical trials that
bolster its products’ safety and efficacy profiles.
Worldwide sales of SINGULAIR, a once-daily oral medicine indicated for the treatment of
chronic asthma and the relief of symptoms of seasonal allergic rhinitis, reached $735 million in
the first quarter, representing growth of 18% as compared to the first quarter of 2004. U.S. mail-
order-adjusted prescription levels for SINGULAIR increased by approximately 12% for the first
quarter, as compared to the first quarter of 2004. SINGULAIR continues to be the most-
prescribed product in the overall respiratory market in the United States.
A new indication in the European Union for SINGULAIR to treat symptoms of seasonal
allergic rhinitis in asthmatic patients was launched in Germany, France, the UK, Spain, Belgium,
Portugal, Scandinavia, The Netherlands and Ireland in the first quarter. The U.S. Food & Drug
Administration (FDA) recently accepted the supplemental New Drug Application (NDA) for
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3. 3
SINGULAIR for use in the prevention of exercise-induced bronchospasm in patients 15 years of
age and older.
Global sales of Merck’s antihypertensive medicines, COZAAR and HYZAAR**, were
strong, reaching $719 million for the first quarter, representing growth of 14% as compared to
the first quarter of 2004. U.S. mail-order-adjusted prescription levels for COZAAR and HYZAAR
were in line with first-quarter 2004 levels.
In April, the FDA approved a new indication for HYZAAR, based on the LIFE trial, for
reduction in the risk of stroke in patients with hypertension and left ventricular hypertrophy
(LVH), but there is evidence that this benefit does not apply to black patients.
COZAAR and HYZAAR compete in the fastest-growing class in the antihypertensive
market, angiotensin II antagonists (AIIA). COZAAR and HYZAAR continue to be the second-
most-frequently prescribed AIIAs in the United States and the largest-selling branded AIIAs in
Europe.
FOSAMAX continued to be the most-prescribed medicine worldwide for the treatment of
postmenopausal, male and glucocorticoid-induced osteoporosis. Global sales reached $772
million during the first quarter, representing growth of 2% as compared to the first quarter of
2004. U.S. mail-order-adjusted prescription levels for FOSAMAX increased by approximately
3% for the first quarter, as compared to the first quarter of 2004. FOSAMAX is available on 97%
of formularies in the United States.
In late February, Merck filed a brief with the U.S. Court of Appeals for the Federal Circuit
in Washington, D.C., requesting reconsideration of the Court’s decision, which found Merck’s
patent claims for once-weekly administration of FOSAMAX to be invalid. Merck is awaiting the
Court’s decision related to its request for reconsideration.
Merck’s basic U.S. patent for the administration of FOSAMAX, which covers both once-
weekly and once-daily administration of FOSAMAX, is set to expire in August 2007. Because
Merck is entitled to an additional six months of marketing exclusivity following patent expiration,
the earliest date for marketing of any generic alendronate in the United States is February 2008.
Merck will enhance its osteoporosis franchise with the addition of FOSAMAX PLUS D, a
product which builds on the proven power of FOSAMAX to reduce the risk of both hip and spine
fractures with the benefit of a weekly dose of vitamin D. FOSAMAX PLUS D has been
approved by the FDA and is expected to become available in late April. FOSAMAX PLUS D
was approved and launched in Mexico during the first quarter. The approval of FOSAMAX
PLUS D will not extend the patent for FOSAMAX. FOSAMAX PLUS D is an important
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** COZAAR and HYZAAR are registered trademarks of E.I. DuPont de Nemours & Company, Wilmington, Del.
4. 4
innovation in osteoporosis treatment that will help satisfy an unmet medical need. An estimated
70% of women aged 51-70 and almost 90% of women over age 70 are not getting adequate
intake of vitamin D from food and supplements. Vitamin D insufficiency is associated with
reduced calcium absorption, bone loss and increased risk of fracture.
ZOCOR, Merck’s statin for modifying cholesterol, achieved worldwide sales of $1.1
billion in the first quarter, representing a decrease of 15% as compared with the first quarter of
2004 and reflecting increased competition in the U.S. statin market. U.S. mail-order-adjusted
prescription levels for ZOCOR declined by 5% for the first quarter, as compared to the first
quarter of 2004. At the end of the first quarter, approximately 80% of managed care contracts
had been renewed through June 2006.
Sales of Merck’s other promoted medicines and vaccines were $1.4 billion during the
first quarter, representing growth of 12% as compared to the first quarter of 2004. These
products treat or prevent a broad range of conditions, such as infectious disease, glaucoma,
benign prostate enlargement, migraine, arthritis and pain.
An important contributor to the growth of sales of Merck’s other promoted medicines was
CANCIDAS, with worldwide sales of $130 million for the first quarter, an increase of 48% as
compared to the first quarter of 2004. CANCIDAS is now the leading IV antifungal agent
worldwide. Strong performance for CANCIDAS is being driven by the sequenced launch of the
new empirical therapy indication.
Also included in other promoted medicines were global sales of Merck’s coxib,
ARCOXIA, which reached $57 million in the first quarter, compared with $30 million in the first
quarter of 2004. To date, ARCOXIA has been launched in 54 countries in Europe, Latin
America and Asia. Merck has incorporated revised labeling for ARCOXIA to reflect revisions to
the prescribing information, which have been requested by various regulatory agencies in
countries where ARCOXIA is currently marketed. Merck continues to work with regulatory
agencies in those countries to revise product labeling for ARCOXIA based on the latest
scientific data.
In April, the Centers for Medicare & Medicaid Services (CMS) approved reimbursement
for EMEND when co-administered with other oral therapies for the prevention of nausea and
vomiting in patients who are receiving specified chemotherapy agents. The availability of
EMEND for Medicare beneficiaries will provide additional treatment options for many of these
patients who suffer from nausea and vomiting as a side effect of chemotherapy.
Merck earns ongoing revenue based on sales of current products associated with
alliances, primarily AstraZeneca LP. In the first quarter, revenue from AstraZeneca LP was
$435 million.
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5. 5
Global sales of ZETIA (marketed as EZETROL outside the United States), the
cholesterol-absorption inhibitor developed and marketed by Merck and Schering-Plough,
reached $332 million in the first quarter, an increase of 75% compared with the first quarter of
2004. U.S. prescription levels for ZETIA increased by approximately 44% for the quarter. In
March, ZETIA accounted for approximately 6% of total prescriptions in the U.S. lipid-lowering
market and is now reimbursed for nearly 90% of all patients in managed care plans in the
United States. To date, EZETROL has been approved in more than 70 countries outside the
United States and continues to achieve solid sales and market share growth. In January,
EZETROL was launched in France and Austria.
Global sales of VYTORIN (marketed as INEGY in many countries outside the United
States), also developed and marketed by Merck and Schering-Plough, reached $179 million in
the first quarter. VYTORIN, approved in the United States in July 2004, accounted for
approximately 5% of new prescriptions in the U.S. lipid-lowering market in March. VYTORIN is
currently reimbursed for approximately 96% of all patients in managed care plans in the U.S. In
addition to the U.S., VYTORIN (INEGY) has been approved in more than 30 countries.
In a study recently presented at the 54th Annual Scientific Session of the American
College of Cardiology, VYTORIN was shown to be superior to Lipitor at lowering LDL
cholesterol. This superior LDL cholesterol reduction resulted in greater goal attainment for
patients taking VYTORIN versus Lipitor at all doses. VYTORIN is the only single tablet to
provide powerful LDL cholesterol reduction through dual inhibition of the two sources of
cholesterol by inhibiting the production of cholesterol in the liver and blocking absorption of
cholesterol in the intestine, including cholesterol from food. Four major outcomes studies of
VYTORIN are now underway.
Merck’s Late-Stage Pipeline Progresses On Track
Merck's efforts to expand its pipeline by entering new therapeutic categories, increasing
its licensing activities and accelerating early- and late-stage development, continue to produce
positive results. With the exception of the delay in the approval of ARCOXIA, regulatory
submissions and late-stage programs for new product candidates are on track or ahead of
schedule.
Merck continued to make progress on the four investigational vaccines in late-stage
development. These vaccines represent significant new opportunities for Merck in the pediatric,
adolescent and adult vaccine markets. PROQUAD, a vaccine against measles, mumps, rubella
and varicella, is under FDA review following submission of a Biologics License Application
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6. 6
(BLA) in August 2004. In early April, Merck submitted a BLA to the FDA for ROTATEQ, a
vaccine to protect against rotavirus disease, and is awaiting the FDA’s acceptance of the
application for review as submitted. Merck is planning to submit BLAs to the FDA this year for
ZOSTAVAX, a vaccine for the prevention of shingles (herpes zoster) and the reduction of
shingles-related pain; and GARDASIL, a vaccine to prevent human papillomavirus (HPV)
infection and the associated development of cervical cancer and genital warts.
PROQUAD is an investigational vaccine for simultaneous vaccination against measles,
mumps, rubella and varicella in children 12 months to 12 years of age. PROQUAD combines
two established Merck vaccines, M-M-R II (Measles, Mumps, Rubella Virus Vaccine Live) and
VARIVAX. In March, the U.S. Centers for Disease Control (CDC) announced that rubella, or
German measles, was no longer a public health threat in the United States. At this time, Merck
is the sole manufacturer of vaccines that protect against rubella, as well as measles, mumps
and varicella, in the United States.
In addition to the FDA submission, Merck plans to submit applications for ROTATEQ in
Europe and Latin America in 2005. It is estimated that by age 5, virtually all children worldwide
are infected with rotavirus, a highly contagious virus. Rotavirus causes gastroenteritis and
results in approximately 50,000 hospitalizations and 20 to 40 deaths annually in the United
States. Worldwide, rotavirus is responsible for an estimated 500,000 deaths each year.
Merck also remains on track for the planned submission of ZOSTAVAX in the second
quarter of 2005. Shingles, the reactivation of the chickenpox virus in adults, affects an
estimated 800,000 people in the United States annually. People over age 50 are most
commonly affected. As the population continues to age, the occurrence of shingles is likely to
increase.
Merck expects to submit an application for GARDASIL to the FDA during the second half
of 2005 for the prevention of HPV, related cervical cancer and genital warts. In a Phase II study
published in April in The Lancet Oncology, GARDASIL significantly reduced the combined
incidence of persistent HPV 6, 11, 16 and 18 infection and related diseases, including new
cervical pre-cancers and genital warts compared to placebo over the two-and-a-half years of
follow-up after vaccination.
Almost all cases of cervical cancer are linked to HPV. Cervical cancer, the second
leading cancer among women, results in 288,000 deaths worldwide each year. There are an
estimated 86 million women in the United States and the European Union between the ages of
9 and 24, the expected age range for the initial indication of GARDASIL.
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7. 7
During the first quarter, the FDA accepted for standard review the NDA for muraglitazar,
an investigational dual alpha/gamma PPAR activator for the reduction of glucose in patients with
type 2 diabetes. In April 2004, Merck and Bristol-Myers Squibb Company entered into a
worldwide collaborative agreement to develop and market muraglitazar. An estimated 18 million
people in the United States suffer from type 2 diabetes.
Muraglitazar has the potential to be the first in a new class of drugs called glitazars to be
approved for marketing in the United States. In clinical trials, muraglitazar has reduced blood
glucose levels, decreased triglyceride levels, and increased high-density lipoprotein (HDL)
cholesterol levels in type 2 diabetes patients and has been generally well tolerated. Efficacy
and safety data from pivotal clinical studies with muraglitazar will be presented at medical
meetings during the next few months.
Merck continues its focus on augmenting internal research efforts by capitalizing on
external growth opportunities, including research collaborations, licensing pre-clinical and
clinical compounds and technology transactions that will drive both near- and long-term growth.
Merck is currently evaluating a significant number of opportunities and is actively monitoring the
landscape for a range of targeted acquisitions in addition to the Company's licensing efforts.
VIOXX Litigation Update
This update supplements information previously provided by the Company.
As previously disclosed, individual and putative class actions have been filed against the
Company in state and federal courts alleging personal injury and/or economic loss with respect
to the purchase or use of VIOXX. A number of these actions are coordinated in proceedings in
a multidistrict litigation in the U.S. District Court for the Eastern District of Louisiana, New Jersey
state court, and California state court. As of March 31, the Company has been served or is
aware that it has been named as a defendant in approximately 2,300 lawsuits, which include
approximately 4,600 plaintiff groups alleging personal injuries resulting from the use of VIOXX,
and in approximately 225 putative class actions alleging personal injuries and/or economic loss
(all of the actions discussed in this paragraph are collectively referred to as the quot;VIOXX Product
Liability Lawsuitsquot;).
Also as previously disclosed, there are putative class actions against the Company and
various current and former officers and directors asserting claims under the federal securities
laws (the “VIOXX Securities Lawsuits”) and under the Employee Retirement Income Security
Act (the “VIOXX ERISA Lawsuits”), as well as shareholder derivative lawsuits asserting
breaches of fiduciary duty under state corporation law (the “VIOXX Derivative Lawsuits”), with
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respect to the Company’s public statements regarding VIOXX (collectively, the “VIOXX
Shareholder Lawsuits”). Except for two VIOXX Shareholder Lawsuits pending in New Jersey
state court, all of the VIOXX Shareholder Lawsuits have been or will be coordinated or
consolidated in the U.S. District Court for the District of New Jersey.
Also as previously disclosed, there are investigations by the Securities and Exchange
Commission (SEC), the Department of Justice and other governmental entities regarding
VIOXX. The Company’s U.K. subsidiary has been notified by the Medicines and Healthcare
products Regulatory Agency in the United Kingdom (the “MHRA”) of an investigation by the
MHRA of compliance by the Company with EU adverse experience reporting requirements in
connection with VIOXX. The Company is cooperating with the MHRA and the other
governmental agencies in their respective investigations (the “VIOXX Investigations”).
As previously disclosed, in addition to the lawsuits discussed above, the Company has
been named as a defendant in litigation relating to VIOXX in various countries (collectively, the
“VIOXX Foreign Lawsuits”) in Europe, Canada, Brazil, Australia and Israel. In addition, litigation
has been commenced against the Company’s subsidiary in Turkey.
Based on media reports and other sources, the Company anticipates that additional
VIOXX Product Liability Lawsuits, VIOXX Shareholder Lawsuits and VIOXX Foreign Lawsuits
(collectively, the “VIOXX Lawsuits”) will be filed against it and/or certain of its current and former
officers and directors in the future.
Also as previously disclosed, the Company has product liability insurance for claims
brought in the VIOXX Product Liability Lawsuits with stated upper limits of approximately $630
million after deductibles and co-insurance. This insurance provides coverage for legal defense
costs and potential damage amounts that have been or will be incurred in connection with the
VIOXX Product Liability Lawsuits. The Company believes that this insurance coverage extends
to additional VIOXX Product Liability Lawsuits that may be filed in the future. The Company has
Directors and Officers insurance coverage applicable to the VIOXX Securities Lawsuits and
VIOXX Derivative Lawsuits with stated upper limits of approximately $190 million. The
Company has fiduciary and other insurance for the VIOXX ERISA Lawsuits with stated upper
limits of approximately $275 million. Additional insurance coverage for these claims may also
be available under upper-level excess policies that provide coverage for a variety of risks.
There are disputes with certain insurers about the availability of some or all of this insurance
coverage and there are likely to be additional disputes. At this time, the Company believes it is
reasonably possible that its insurance coverage with respect to the VIOXX Lawsuits will not be
adequate to cover its defense costs and any losses.
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9. 9
Recently, Merck received notice that the Company’s upper level excess insurers (which
provide excess insurance potentially applicable to all of the VIOXX Lawsuits) commenced an
arbitration seeking, among other things, to cancel those policies, to void all of their obligations
under those policies and to raise other coverage issues with respect to the VIOXX Lawsuits.
Merck intends to contest vigorously the insurers’ claims and will attempt to enforce its rights
under applicable insurance policies. The amounts actually recovered under the policies
discussed in this section may be less than the amounts specified in the preceding paragraph.
The Company currently anticipates that one or more of the VIOXX Product Liability
Lawsuits may go to trial in the second quarter of 2005. The Company cannot predict the timing
of any trials with respect to the VIOXX Shareholder Lawsuits. The Company believes that it has
meritorious defenses to the VIOXX Lawsuits and will vigorously defend against them. In view of
the inherent difficulty of predicting the outcome of litigation, particularly where there are many
claimants and the claimants seek indeterminate damages, the Company is unable to predict the
outcome of these matters, and at this time cannot reasonably estimate the possible loss or
range of loss with respect to the VIOXX Lawsuits. As of December 31, 2004, the Company had
established a reserve of $675 million solely for its future legal defense costs related to the
VIOXX Lawsuits and the VIOXX Investigations. In the first quarter, the Company did not
increase the VIOXX legal defense reserve. The Company will continue to monitor its legal
defense costs and review the adequacy of the associated reserves. The Company has not
established any reserves for any potential liability relating to the VIOXX Lawsuits and the VIOXX
Investigations. Unfavorable outcomes in the VIOXX Lawsuits or resulting from the VIOXX
Investigations could have a material adverse effect on the Company's financial position, liquidity
and results of operations.
Earnings Conference Call
Investors are invited to a live Web cast of Merck’s first-quarter earnings conference call
today at 9 a.m. EDT, by visiting the Newsroom section of Merck’s Web site
(www.merck.com/newsroom). Institutional investors and analysts can participate in the call by
dialing (913) 981-4900. Journalists are invited to listen by calling (913) 981-5509. A replay of the
Web cast will be available through 5 p.m. EDT on April 27.
About Merck
Merck & Co., Inc. is a global research-driven pharmaceutical company dedicated to
putting patients first. Established in 1891, Merck discovers, develops, manufactures and
markets vaccines and medicines in more than 20 therapeutic categories. The Company
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10. 10
devotes extensive efforts to increase access to medicines through far-reaching programs that
not only donate Merck medicines but help deliver them to the people who need them. Merck
also publishes unbiased health information as a not-for-profit service. For more information,
visit www.merck.com.
Forward-Looking Statement
This press release, including the financial information that follows, contains
quot;forward-looking statementsquot; as that term is defined in the Private Securities
Litigation Reform Act of 1995. These statements involve risks and uncertainties,
which may cause results to differ materially from those set forth in the statements.
The forward-looking statements may include statements regarding product
development, product potential or financial performance. No forward-looking
statement can be guaranteed, and actual results may differ materially from those
projected. Merck undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events, or otherwise.
Forward-looking statements in this press release should be evaluated together with
the many uncertainties that affect Merck's business, particularly those mentioned in
the cautionary statements in Item 1 of Merck's Form 10-K for the year ended Dec.
31, 2004, and in its periodic reports on Form 10-Q and Form 8-K, which the
Company incorporates by reference.
###
11. 11
Merck Financial Guidance for 2005
Worldwide net sales will be driven by the Company’s major products, including the impact of
new studies and indications. Sales forecasts for those products for 2005 are as follows:
WORLDWIDE
PRODUCT 2005 NET SALES
ZOCOR (Cholesterol modifying) $4.2 to $4.5 billion
FOSAMAX (Osteoporosis) $3.3 to $3.6 billion
COZAAR/HYZAAR (Hypertension) $2.9 to $3.2 billion
SINGULAIR (Respiratory) $2.9 to $3.2 billion
Other reported products* $5.9 to $6.2 billion
*Other reported products comprise: AGGRASTAT, ARCOXIA, CANCIDAS, COSOPT,
CRIXIVAN, EMEND, INVANZ, MAXALT, PRIMAXIN, PROPECIA, PROSCAR, STOCRIN,
TIMOPTIC/TIMOPTIC XE, TRUSOPT, Vaccines and VASOTEC/VASERETIC.
• Under an agreement with AstraZeneca LP (AZLP), Merck receives revenue at predetermined
percentages of the U.S. sales of certain products by AZLP, most notably NEXIUM. In 2005,
Merck anticipates these revenues to be approximately $1.4 to $1.6 billion.
• The income contribution related to the Merck and Schering-Plough collaboration is expected to
be positive in 2005. Equity Income from Affiliates includes the results of the Merck and
Schering-Plough collaboration combined with the results of Merck’s other joint venture
relationships. Equity Income from Affiliates is expected to be approximately $1.3 to $1.5 billion
for 2005.
• Merck continues to expect that manufacturing productivity will offset inflation on product costs.
• Product gross margin percentage is estimated to be approximately 77 to 78 percent for the full
year 2005.
• Research and Development expense (which excludes joint ventures) is estimated to continue at
the same level as the full-year 2004 expense. The full-year 2004 level referred to includes
acquired R&D expenses in that year.
• Marketing and Administrative expense is anticipated to increase at a low single-digit percentage
growth rate over the full-year 2004 level. The full-year 2004 level referred to excludes the
following items: restructuring costs relating to previously announced position eliminations; costs
related to the withdrawal of VIOXX and the charge taken in the fourth quarter related solely to
future legal defense costs of VIOXX litigation.
• Current expectation is that the consolidated 2005 tax rate should approximate 27.5 to 28.5
percent.
• Merck plans to continue its stock buyback program in 2005. As of Mar. 31, $8.2 billion remains
under the current buyback authorizations approved by Merck’s Board of Directors.
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12. 12
This guidance does not reflect the possibility of the establishment of any reserves for any
potential liability relating to the VIOXX litigation or any one time impacts that may result from the
repatriation of permanently reinvested off-shore earnings under the American Jobs Creation Act. In
addition, on April 14, 2005, the SEC approved a delay in the effective date of the new FASB stock
option accounting rules from the third quarter of 2005 to the first quarter of 2006. Therefore, the
Company does not anticipate that current year results will reflect any impact of the new stock option
accounting rules.
Given these guidance elements, Merck anticipates full-year 2005 EPS of $2.44 to $2.52.
Merck anticipates second-quarter EPS of $0.60 to $0.64.
About Merck
Merck & Co., Inc. is a global research-driven pharmaceutical company dedicated to
putting patients first. Established in 1891, Merck discovers, develops, manufactures and
markets vaccines and medicines in more than 20 therapeutic categories. The Company
devotes extensive efforts to increase access to medicines through far-reaching programs that
not only donate Merck medicines but help deliver them to the people who need them. Merck
also publishes unbiased health information as a not-for-profit service. For more information,
visit www.merck.com.
Forward-Looking Statement
This press release contains quot;forward-looking statementsquot; as that term is
defined in the Private Securities Litigation Reform Act of 1995. These statements
involve risks and uncertainties, which may cause results to differ materially from
those set forth in the statements. The forward-looking statements may include
statements regarding product development, product potential or financial
performance. No forward-looking statement can be guaranteed, and actual results
may differ materially from those projected. Merck undertakes no obligation to
publicly update any forward-looking statement, whether as a result of new
information, future events, or otherwise. Forward-looking statements in this press
release should be evaluated together with the many uncertainties that affect
Merck's business, particularly those mentioned in the cautionary statements in Item
1 of Merck's Form 10-K for the year ended Dec. 31, 2004, and in its periodic reports
on Form 10-Q and Form 8-K, which the Company incorporates by reference.
###
13. 13
The following table shows the financial results for Merck & Co., Inc. and subsidiaries for the quarter
ended March 31, 2005, compared with the corresponding period of the prior year.
Merck & Co., Inc.
Consolidated Results
(In Millions Except Earnings per Common Share)
Quarter Ended March 31
(Unaudited)
%
2005 2004 Change
Sales $5,362.2 $5,630.8 -5%
Costs, Expenses and Other
Materials and production 1,271.4 1,148.2 11
Marketing and administrative (1) 1,613.3 1,611.4 --
Research and development (2) 846.6 996.3 -15
Equity income from affiliates (316.3) (194.7) 62
Other (income) expense, net 26.5 (273.3) *
Income Before Taxes 1,920.7 2,342.9 -18
Taxes on Income (3) 550.6 724.3
Net Income $1,370.1 $1,618.6 -15
Average Shares Outstanding
Assuming Dilution 2,210.4 2,232.5
Earnings per Common Share
Assuming Dilution $0.62 $0.73 -15
* > 100%
(1) 2004 Marketing and administrative expense includes $34 million for restructuring costs.
(2) 2004 Research and development expense includes acquired research expense of $125 million resulting from the acquisition
of Aton Pharma, Inc. and licensing expense for research collaborations, including the initial payment of $70 million to Lundbeck.
(3) The effective tax rate was 28.7% and 30.9% for the first quarter of 2005 and 2004, respectively.