Merck announced its 2007 financial results, reporting:
1) Full-year non-GAAP EPS of $3.20 and fourth-quarter non-GAAP EPS of $0.80, excluding certain previously disclosed items.
2) Worldwide product revenue growth driven by drugs like Singulair, Januvia, Gardasil, and Varivax.
3) Reaffirmation of its 2008 non-GAAP EPS forecast range despite charges related to legal issues including a VIOXX settlement.
Merck announced financial results for Q4 and full-year 2008. Q4 non-GAAP EPS was $0.87 excluding restructuring charges, and GAAP EPS was $0.78. Full-year 2008 non-GAAP EPS was $3.42 excluding certain items, and GAAP EPS was $3.64. Worldwide sales for Q4 2008 decreased 3% to $6 billion, and decreased 1% to $23.9 billion for full-year 2008. Merck reaffirmed its 2009 non-GAAP EPS guidance of $3.15-$3.30 excluding certain items, and GAAP EPS guidance of $2.95-$3.17. Newer products like J
Raytheon reported strong financial results for the fourth quarter and full year of 2007. Quarterly sales increased 8% to $6 billion and income from continuing operations was up 84% to $634 million. For the full year, sales rose 8% to $21.3 billion while income from continuing operations grew 43% to $1.7 billion. Raytheon also increased its bookings guidance for 2008 based on record backlog of $36.6 billion in the fourth quarter.
pepsi bottling Non Gaap Investor Day121307finance19
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group to GAAP measures for 2005-2007 and 2008 guidance. It summarizes adjustments made for items affecting comparability between years, including restructuring charges, tax law changes, and accounting rule changes. Operating profit growth, EPS, and cash flow are reconciled for these periods. Non-GAAP measures are used to evaluate underlying business performance by excluding certain non-recurring or variable items.
1) AES reported higher revenues, operating cash flow, and free cash flow in Q4 2007 and full year 2007 compared to the same periods in 2006. Full year 2007 results met or exceeded guidance targets.
2) Key drivers of the improved financial performance were higher prices and volumes in Chile, increased sales in Brazil, and contributions from new projects. However, this was partially offset by weaker results in Argentina.
3) AES continued progress on its portfolio optimization plans through asset sales in Chile and debt refinancing. The company also secured new projects in the Philippines and South Africa totaling 1,762 MW.
Merck reported third quarter 2008 non-GAAP EPS of $0.80 excluding restructuring charges, and GAAP EPS of $0.51. Merck announced a global restructuring plan to eliminate approximately 7,200 positions by the end of 2011 and expects $3.8-4.2 billion in cumulative pretax savings from 2008-2013. Merck anticipates full-year 2008 non-GAAP EPS of $3.28-$3.32 excluding items, and GAAP EPS of $3.45-$3.55.
Spectra Energy reported a 56% increase in first quarter 2008 net income compared to first quarter 2007. The company announced a $600 million share repurchase program and a proposed $0.02 per share quarterly dividend increase. All business segments performed strongly in the quarter with higher earnings driven by factors such as higher commodity prices and a stronger Canadian dollar.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others such as ACT II and Knott's Berry Farm saw declines.
2) Consumer Foods volume was flat excluding divested businesses, while Food and Ingredients volume increased 3%.
3) Capital expenditures increased significantly both for the quarter and full fiscal year compared to the previous year.
Merck reported first quarter 2008 financial results, including non-GAAP EPS of $0.89, excluding certain items, and GAAP EPS of $1.52. Worldwide sales increased 1% to $5.8 billion. Key products like SINGULAIR, COZAAR/HYZAAR and VARIVAX saw solid year-over-year revenue growth. Merck reaffirmed its full-year 2008 non-GAAP EPS guidance range of $3.28-$3.38, excluding certain items, and revised its GAAP EPS range to $3.84-$4.00. Merck continued international launches of products including JANUVIA, JANUMET, GARD
Merck announced financial results for Q4 and full-year 2008. Q4 non-GAAP EPS was $0.87 excluding restructuring charges, and GAAP EPS was $0.78. Full-year 2008 non-GAAP EPS was $3.42 excluding certain items, and GAAP EPS was $3.64. Worldwide sales for Q4 2008 decreased 3% to $6 billion, and decreased 1% to $23.9 billion for full-year 2008. Merck reaffirmed its 2009 non-GAAP EPS guidance of $3.15-$3.30 excluding certain items, and GAAP EPS guidance of $2.95-$3.17. Newer products like J
Raytheon reported strong financial results for the fourth quarter and full year of 2007. Quarterly sales increased 8% to $6 billion and income from continuing operations was up 84% to $634 million. For the full year, sales rose 8% to $21.3 billion while income from continuing operations grew 43% to $1.7 billion. Raytheon also increased its bookings guidance for 2008 based on record backlog of $36.6 billion in the fourth quarter.
pepsi bottling Non Gaap Investor Day121307finance19
The document provides reconciliations of non-GAAP financial measures reported by The Pepsi Bottling Group to GAAP measures for 2005-2007 and 2008 guidance. It summarizes adjustments made for items affecting comparability between years, including restructuring charges, tax law changes, and accounting rule changes. Operating profit growth, EPS, and cash flow are reconciled for these periods. Non-GAAP measures are used to evaluate underlying business performance by excluding certain non-recurring or variable items.
1) AES reported higher revenues, operating cash flow, and free cash flow in Q4 2007 and full year 2007 compared to the same periods in 2006. Full year 2007 results met or exceeded guidance targets.
2) Key drivers of the improved financial performance were higher prices and volumes in Chile, increased sales in Brazil, and contributions from new projects. However, this was partially offset by weaker results in Argentina.
3) AES continued progress on its portfolio optimization plans through asset sales in Chile and debt refinancing. The company also secured new projects in the Philippines and South Africa totaling 1,762 MW.
Merck reported third quarter 2008 non-GAAP EPS of $0.80 excluding restructuring charges, and GAAP EPS of $0.51. Merck announced a global restructuring plan to eliminate approximately 7,200 positions by the end of 2011 and expects $3.8-4.2 billion in cumulative pretax savings from 2008-2013. Merck anticipates full-year 2008 non-GAAP EPS of $3.28-$3.32 excluding items, and GAAP EPS of $3.45-$3.55.
Spectra Energy reported a 56% increase in first quarter 2008 net income compared to first quarter 2007. The company announced a $600 million share repurchase program and a proposed $0.02 per share quarterly dividend increase. All business segments performed strongly in the quarter with higher earnings driven by factors such as higher commodity prices and a stronger Canadian dollar.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others such as ACT II and Knott's Berry Farm saw declines.
2) Consumer Foods volume was flat excluding divested businesses, while Food and Ingredients volume increased 3%.
3) Capital expenditures increased significantly both for the quarter and full fiscal year compared to the previous year.
Merck reported first quarter 2008 financial results, including non-GAAP EPS of $0.89, excluding certain items, and GAAP EPS of $1.52. Worldwide sales increased 1% to $5.8 billion. Key products like SINGULAIR, COZAAR/HYZAAR and VARIVAX saw solid year-over-year revenue growth. Merck reaffirmed its full-year 2008 non-GAAP EPS guidance range of $3.28-$3.38, excluding certain items, and revised its GAAP EPS range to $3.84-$4.00. Merck continued international launches of products including JANUVIA, JANUMET, GARD
- Major brands in the Consumer Foods segment that posted sales growth in Q4 FY06 included Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Hebrew National, and Hunt's. Brands that posted sales declines included ACT II, Banquet, Healthy Choice, Peter Pan, Slim Jim, Snack Pack, and Van Camp's.
- Consumer Foods volume declined 2% in Q4 while Food and Ingredients volume increased 1%.
- Total depreciation and amortization for Q4 was approximately $85 million and approximately $353 million for all of FY06. Capital expenditures were approximately $92 million for Q4 and $288 million for FY
Exelon Corporation reported strong financial results for Q4 and full year 2007. Key highlights included record-setting nuclear output and fleet capacity factors. Adjusted operating earnings for Q4 2007 were $677 million compared to $487 million in 2006, driven by higher energy margins and favorable weather. For 2008, Exelon expects adjusted operating earnings per share of $4.00-$4.40 and GAAP earnings of $3.70-$4.10 per share. The company also announced a dividend increase and new $500 million share repurchase program.
Merck reported financial results for the second quarter of 2008, with non-GAAP EPS of $0.86 excluding restructuring charges, and GAAP EPS of $0.82. Worldwide sales were $6.1 billion, a 1% decrease from the previous year. Key drugs like Januvia and Isentress saw strong growth, while the FDA closed a warning letter regarding Merck's vaccine manufacturing. However, Merck did not provide full-year guidance due to the impact of new data on its cholesterol joint venture with Schering-Plough.
Raytheon reported strong financial results for the fourth quarter and full year 2006. Quarterly sales increased 12% to $5.7 billion due to growth at Integrated Defense Systems, Missile Systems, and Network Centric Systems. Earnings per share from continuing operations increased 27% to $0.65 for the quarter. For the full year, sales increased 7% to $20.3 billion and earnings per share from continuing operations increased 37% to $2.46. Raytheon also provided guidance for 2007, forecasting earnings per share from continuing operations between $2.85 to $3.00 on sales between $21.4 to $21.9 billion.
TRW Automotive reported first quarter 2007 financial results with sales of $3.6 billion, up 5% from the previous year. However, the company reported a net loss of $86 million compared to net earnings of $47 million in the prior year. Both periods included charges related to debt retirement. Excluding these charges, net earnings were $61 million in 2007 and $104 million in 2006. The company issued $1.5 billion in senior notes and used the proceeds to retire existing debt, resulting in $147 million in charges. For the full year, the company expects sales between $13.8-14.2 billion and net earnings per share of $0.62-0.92.
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
- Consumer Foods volume increased 1% and Food and Ingredients volume increased 2% in Q1.
- Gross margin was 24.7% and operating margin was 11.7% for the quarter.
- Net debt decreased to $2.88 billion from $3.97 billion in Q1 FY06.
- Restructuring charges totaled $39 million pre-tax, impacting costs in Consumer Foods and corporate expenses.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
Avery Dennison reported second quarter 2007 earnings. While net income per share decreased from the previous year, adjusted earnings per share increased 3% after excluding certain items. Net sales increased 8.1% driven by the acquisition of Paxar, although organic sales growth was only 2%. The company completed the acquisition of Paxar and expects higher cost synergies than initially estimated, but lowered full year earnings guidance due to lower than expected second quarter results.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
Duke Energy reported first quarter 2006 results, with ongoing diluted EPS of 48 cents, up from 43 cents in the prior year. Reported diluted EPS was 37 cents compared to 88 cents last year. Results improved at Franchised Electric, Natural Gas Transmission, and International Energy segments due to factors like customer growth, currency impacts, and improved prices and volumes. Duke Energy is on track to achieve its 2006 target of $1.90 in ongoing diluted EPS and remains comfortable after merging with Cinergy that it can achieve this target for the combined company.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
This document summarizes Trinseo's performance in the first quarter of 2016. It notes that Adjusted EBITDA excluding inventory revaluation reached a record $153 million. Full year 2016 guidance for Adjusted EBITDA excluding inventory revaluation is provided as $570-590 million. Additionally, free cash flow for Q1 2016 was $63 million and full year 2016 free cash flow guidance is $290 million excluding changes in working capital. The document also provides an overview of Trinseo's financial performance and guidance for the second quarter of 2016.
This document summarizes Spectra Energy's fourth quarter 2007 earnings review. It discusses 2007 financial accomplishments including $1.53 EPS and $1 billion in expansion capex. Segment earnings for Q4 2007 and full year 2007 are presented for U.S. Transmission, Distribution, Western Canada Transmission & Processing and Field Services. Forecasts for 2008 EPS and segment EBIT are provided. The outlook discusses an $1.56 EPS target for 2008 and plans for continued capex spending and project development through 2010 and beyond.
GE reported preliminary unaudited results for its 2008 fourth quarter. Revenues were $183 billion, in line with expectations. Continuing earnings per share were $1.78, also meeting expectations. Industrial cash flow from operating activities was $16.7 billion, slightly higher than expected. The results demonstrate that GE executed on its plan and prepared for a difficult 2009. GE is focused on intensifying management processes, increasing cash focus, repositioning its Financial Services business, and lowering costs through $1.5 billion in restructuring and other charges.
- Sprint Nextel reported financial results for Q4 and full-year 2007, with consolidated revenues of $9.8 billion for Q4 and $40.1 billion for the year.
- A non-cash goodwill impairment charge of $29.7 billion was recorded in Q4, resulting in a net loss of $29.5 billion for the quarter.
- Wireless profitability declined in Q4 due to lower service revenues and higher expenses, though data revenues grew. Wireline profitability increased.
- The company is taking actions to increase financial flexibility, including borrowing funds and discontinuing dividend payments for the foreseeable future.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
Este guia fornece informações sobre como funciona o plano de saúde Multicare, incluindo:
- Os serviços cobertos e não cobertos pelo plano;
- Como utilizar a rede médica e os pagamentos associados;
- Como solicitar autorizações e reembolsos para serviços fora da rede.
IJERA (International journal of Engineering Research and Applications) is International online, ... peer reviewed journal. For more detail or submit your article, please visit www.ijera.com
The Pratt family all attend Candy's retirement party at the Art Institute, along with numerous family and friends. Candy looks forward to having an opportunity to get to the bottom of the mystery regarding her uncle Braydon, but is disappointed when the plan falls through.
This document provides information on offers and promotions for The Chemists India Trusts for the month of April 2013. It outlines discount offers on various Guardian and GNC brand products ranging from 10-50% off. It also details loyalty programs for senior citizens and special discounts available through partnerships with companies like Jet Airways, Citibank, ICICI Bank, Amity Card, FreeCharge and American Express. Visual merchandising and product placement recommendations are provided for Guardian stands and Choose & Save sections in stores. The focus category for the month is highlighted as Vigor and Vitality products.
- Major brands in the Consumer Foods segment that posted sales growth in Q4 FY06 included Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Hebrew National, and Hunt's. Brands that posted sales declines included ACT II, Banquet, Healthy Choice, Peter Pan, Slim Jim, Snack Pack, and Van Camp's.
- Consumer Foods volume declined 2% in Q4 while Food and Ingredients volume increased 1%.
- Total depreciation and amortization for Q4 was approximately $85 million and approximately $353 million for all of FY06. Capital expenditures were approximately $92 million for Q4 and $288 million for FY
Exelon Corporation reported strong financial results for Q4 and full year 2007. Key highlights included record-setting nuclear output and fleet capacity factors. Adjusted operating earnings for Q4 2007 were $677 million compared to $487 million in 2006, driven by higher energy margins and favorable weather. For 2008, Exelon expects adjusted operating earnings per share of $4.00-$4.40 and GAAP earnings of $3.70-$4.10 per share. The company also announced a dividend increase and new $500 million share repurchase program.
Merck reported financial results for the second quarter of 2008, with non-GAAP EPS of $0.86 excluding restructuring charges, and GAAP EPS of $0.82. Worldwide sales were $6.1 billion, a 1% decrease from the previous year. Key drugs like Januvia and Isentress saw strong growth, while the FDA closed a warning letter regarding Merck's vaccine manufacturing. However, Merck did not provide full-year guidance due to the impact of new data on its cholesterol joint venture with Schering-Plough.
Raytheon reported strong financial results for the fourth quarter and full year 2006. Quarterly sales increased 12% to $5.7 billion due to growth at Integrated Defense Systems, Missile Systems, and Network Centric Systems. Earnings per share from continuing operations increased 27% to $0.65 for the quarter. For the full year, sales increased 7% to $20.3 billion and earnings per share from continuing operations increased 37% to $2.46. Raytheon also provided guidance for 2007, forecasting earnings per share from continuing operations between $2.85 to $3.00 on sales between $21.4 to $21.9 billion.
TRW Automotive reported first quarter 2007 financial results with sales of $3.6 billion, up 5% from the previous year. However, the company reported a net loss of $86 million compared to net earnings of $47 million in the prior year. Both periods included charges related to debt retirement. Excluding these charges, net earnings were $61 million in 2007 and $104 million in 2006. The company issued $1.5 billion in senior notes and used the proceeds to retire existing debt, resulting in $147 million in charges. For the full year, the company expects sales between $13.8-14.2 billion and net earnings per share of $0.62-0.92.
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
- Consumer Foods volume increased 1% and Food and Ingredients volume increased 2% in Q1.
- Gross margin was 24.7% and operating margin was 11.7% for the quarter.
- Net debt decreased to $2.88 billion from $3.97 billion in Q1 FY06.
- Restructuring charges totaled $39 million pre-tax, impacting costs in Consumer Foods and corporate expenses.
- Goodrich Corporation reported fourth quarter 2006 results with sales growth of 10% and segment operating margin increase from 11.2% to 12.5% compared to fourth quarter 2005.
- Net income per diluted share was $0.78, reflecting 39% growth including tax adjustments and stock-based compensation expenses.
- For full year 2006, sales grew 9% and segment operating margin increased from 11.5% to 13.0% compared to full year 2005. Net income per diluted share grew 79%.
Avery Dennison reported second quarter 2007 earnings. While net income per share decreased from the previous year, adjusted earnings per share increased 3% after excluding certain items. Net sales increased 8.1% driven by the acquisition of Paxar, although organic sales growth was only 2%. The company completed the acquisition of Paxar and expects higher cost synergies than initially estimated, but lowered full year earnings guidance due to lower than expected second quarter results.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
Duke Energy reported first quarter 2006 results, with ongoing diluted EPS of 48 cents, up from 43 cents in the prior year. Reported diluted EPS was 37 cents compared to 88 cents last year. Results improved at Franchised Electric, Natural Gas Transmission, and International Energy segments due to factors like customer growth, currency impacts, and improved prices and volumes. Duke Energy is on track to achieve its 2006 target of $1.90 in ongoing diluted EPS and remains comfortable after merging with Cinergy that it can achieve this target for the combined company.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
This document summarizes Trinseo's performance in the first quarter of 2016. It notes that Adjusted EBITDA excluding inventory revaluation reached a record $153 million. Full year 2016 guidance for Adjusted EBITDA excluding inventory revaluation is provided as $570-590 million. Additionally, free cash flow for Q1 2016 was $63 million and full year 2016 free cash flow guidance is $290 million excluding changes in working capital. The document also provides an overview of Trinseo's financial performance and guidance for the second quarter of 2016.
This document summarizes Spectra Energy's fourth quarter 2007 earnings review. It discusses 2007 financial accomplishments including $1.53 EPS and $1 billion in expansion capex. Segment earnings for Q4 2007 and full year 2007 are presented for U.S. Transmission, Distribution, Western Canada Transmission & Processing and Field Services. Forecasts for 2008 EPS and segment EBIT are provided. The outlook discusses an $1.56 EPS target for 2008 and plans for continued capex spending and project development through 2010 and beyond.
GE reported preliminary unaudited results for its 2008 fourth quarter. Revenues were $183 billion, in line with expectations. Continuing earnings per share were $1.78, also meeting expectations. Industrial cash flow from operating activities was $16.7 billion, slightly higher than expected. The results demonstrate that GE executed on its plan and prepared for a difficult 2009. GE is focused on intensifying management processes, increasing cash focus, repositioning its Financial Services business, and lowering costs through $1.5 billion in restructuring and other charges.
- Sprint Nextel reported financial results for Q4 and full-year 2007, with consolidated revenues of $9.8 billion for Q4 and $40.1 billion for the year.
- A non-cash goodwill impairment charge of $29.7 billion was recorded in Q4, resulting in a net loss of $29.5 billion for the quarter.
- Wireless profitability declined in Q4 due to lower service revenues and higher expenses, though data revenues grew. Wireline profitability increased.
- The company is taking actions to increase financial flexibility, including borrowing funds and discontinuing dividend payments for the foreseeable future.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
Este guia fornece informações sobre como funciona o plano de saúde Multicare, incluindo:
- Os serviços cobertos e não cobertos pelo plano;
- Como utilizar a rede médica e os pagamentos associados;
- Como solicitar autorizações e reembolsos para serviços fora da rede.
IJERA (International journal of Engineering Research and Applications) is International online, ... peer reviewed journal. For more detail or submit your article, please visit www.ijera.com
The Pratt family all attend Candy's retirement party at the Art Institute, along with numerous family and friends. Candy looks forward to having an opportunity to get to the bottom of the mystery regarding her uncle Braydon, but is disappointed when the plan falls through.
This document provides information on offers and promotions for The Chemists India Trusts for the month of April 2013. It outlines discount offers on various Guardian and GNC brand products ranging from 10-50% off. It also details loyalty programs for senior citizens and special discounts available through partnerships with companies like Jet Airways, Citibank, ICICI Bank, Amity Card, FreeCharge and American Express. Visual merchandising and product placement recommendations are provided for Guardian stands and Choose & Save sections in stores. The focus category for the month is highlighted as Vigor and Vitality products.
Dokumen tersebut merupakan cerita tentang seseorang yang mengalami kejadian di hari kiamat. Ia melihat banyak orang yang dikenalnya seperti anak yatim, pedagang kaki lima, dan orang miskin masuk surga meskipun ia sendiri belum dipanggil. Hal ini membuatnya merasa bersalah karena selama ini ia hanya mementingkan diri sendiri dalam beribadah dan belum melakukannya dengan tulus ikhlas untuk Allah.
The document appears to be a collection of personal messages and photos from an individual named Charm Palad. It includes photos of Charm with her father after church, scenic waterfalls, and flowers. The messages encourage visiting beautiful sites, expressing gratitude, and finding happiness through laughter.
Boehringer Ingelheim Cares Foundation's first online Giving Report. The Giving Report summarizes through short stories, pictures and videos the four primary ways the Foundation makes more health: the donation of our medicine, our support of and engagement in community programs, the time and skills employees donate in our employee volunteer program, and our advocacy of social enterprise as an innovative way to solve problems and forge lasting change in our communities and society at large. To view an interactive version of the report, please visit http://givingreport.us.boehringer-ingelheim.com.
La abuela le cuenta a su nieto sobre los cambios que ha habido desde que ella nació, mencionando tecnologías, costumbres sociales y otros aspectos de la vida que no existían o eran diferentes en su juventud. Esto incluye la ausencia de televisión, vacunas, comidas congeladas, fotocopiadoras, faxes y más. Finalmente, el nieto adivina que ella tiene más de 100 años, a lo que la abuela responde que sólo tiene 60 años y que los cambios han ocurrido en un período más corto de lo que
Medical therapy and health maintenance for transgender men - Buth, Gorton an...Unidade Temática T3 - blog
This document is a guide for healthcare providers on medical therapy and health maintenance for transgender men. It contains 5 chapters that discuss brief endocrinology and metabolism reviews, hormonal therapy options and risks/benefits, informed consent considerations, and surgical summary information. The guide was created by doctors and advocates to provide accurate medical information to help healthcare providers treat transgender male patients. It notes that while not FDA approved, hormonal therapies can safely and effectively help transgender men transition when used carefully under medical supervision.
Merck reported third quarter 2008 non-GAAP EPS of $0.80 excluding restructuring charges of $0.29 per share, and GAAP EPS of $0.51. Merck announced a global restructuring plan to eliminate approximately 7,200 positions by the end of 2011 and expects $3.8-4.2 billion in cumulative pretax savings from 2008-2013. Merck anticipates full-year 2008 non-GAAP EPS of $3.28-$3.32 excluding certain items, and GAAP EPS of $3.45-$3.55.
Merck announced financial results for Q4 and full-year 2008. Q4 non-GAAP EPS was $0.87 excluding restructuring charges, and GAAP EPS was $0.78. Full-year 2008 non-GAAP EPS was $3.42 excluding certain items, and GAAP EPS was $3.64. Worldwide sales for Q4 2008 decreased 3% to $6 billion, and decreased 1% to $23.9 billion for full-year 2008. Merck also reaffirmed its guidance for 2009, expecting non-GAAP EPS of $3.15-$3.30 excluding restructuring charges, and GAAP EPS of $2.95-$3.17.
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.
Merck reported financial results for the second quarter of 2008, with non-GAAP EPS of $0.86 excluding restructuring charges, and GAAP EPS of $0.82. Worldwide sales were $6.1 billion, a 1% decrease from the previous year. Key drugs like JANUVIA, ISENTRESS and COZAAR/HYZAAR saw strong growth. At this time, Merck is not providing full-year 2008 or long-term guidance due to needing to assess results of the SEAS study on its cholesterol joint venture.
This document summarizes Raytheon's financial results for the fourth quarter and full year of 2008. Key points include: Raytheon reported solid financial results for Q4 and full year 2008, with record backlog of $38.9 billion; Q4 sales were $6.1 billion and adjusted EPS was $1.13; Full year sales grew 9% to $23.2 billion and adjusted EPS grew 23% to $4.06; Raytheon reaffirmed its financial guidance for 2009 and expects continued growth.
U.S. Bancorp reported net income of $1,130 million for the first quarter of 2007, down slightly from $1,153 million in the first quarter of 2006. Diluted earnings per share were $0.63, equal to the prior year. The net interest margin declined to 3.51% from 3.80% a year ago due to competitive pressures and changes in the yield curve. Noninterest income grew 5.1% driven by fee businesses, but this growth was offset by increased credit costs and the impact of items in the year-ago period. Overall results were solid given the challenging environment, and credit quality remained strong.
The document provides reconciliation of non-GAAP financial measures for The Pepsi Bottling Group for 2008. It summarizes items affecting comparability between years such as impairment charges, restructuring charges, and accounting standard changes. Tables show the impact of these items on operating income, net revenues, operating profit, and earnings per share for 2008 compared to 2005, 2007, and 2003. The document also provides 2009 guidance forecasts for revenue growth, operating income growth, earnings per share, and operating free cash flow.
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.
bristol myerd squibb Financial Results for the Fourth Quarter and Twelve Mont...finance13
Bristol-Myers Squibb reported strong financial results for the fourth quarter and full year 2008, driven by growth of key franchises and products. Fourth quarter sales increased 4% year-over-year to $5.2 billion. Gross profit margins improved due to cost improvements and favorable product mix. The company provided 2009 GAAP EPS guidance of $1.58 to $1.73 and non-GAAP EPS guidance of $1.85 to $2.00, expecting revenue and earnings growth. Bristol-Myers Squibb continued progress on productivity initiatives and business development deals to supplement its pipeline.
The document summarizes Conagra Foods' Q2 FY08 earnings results. Major brands in the Consumer Foods segment that posted sales growth included Blue Bonnet, Chef Boyardee, and Egg Beaters. Brands that posted sales declines included ACT II, Knott's Berry Farm, and Orville Redenbacher's. Consumer Foods volume decreased 1% but excluding items increased 3%, while Food and Ingredients volume was flat. Depreciation and amortization was $77 million, capital expenditures were $111 million, and net interest expense was $64 million. The company's net debt ratio increased to 43% from 37% a year ago.
TRW reported its financial results for the 4th quarter and full year of 2007. Key highlights include:
- Record sales of $14.7 billion for the full year, an increase of 11.9% over 2006.
- 4th quarter sales were $3.9 billion, an increase of 18.8% over the same period in 2006.
- Net earnings for the full year were $90 million, or $0.88 per share. Excluding one-time items, earnings were $2.28 per share.
- Guidance for 2008 expects sales between $15.6-16 billion and earnings per share between $2.15-2.45.
U.S. Bancorp reported net income of $942 million for Q4 2007, down from $1,194 million in Q4 2006. Earnings per share were $.53 compared to $.66 in Q4 2006. Results were impacted by $215 million in charges related to Visa litigation and $107 million in losses from money market securities. Excluding these charges, earnings were comparable to Q3 2007. Loan and deposit growth was strong, driven by fee businesses. Credit quality remained sound with manageable expected increases in charge-offs and nonperforming assets. The company remains well-capitalized and increased its dividend.
- Northrop Grumman reported a 7% increase in second quarter 2007 net income compared to the same period in 2006. Diluted earnings per share increased to $1.31.
- Operating margin increased 9% to $744 million, or 9.4% of sales, up from 9% in 2006. Sales increased 4% to $7.9 billion.
- Cash from operations increased 16% to $741 million, driven by higher net income and less cash spent on discontinued operations.
Northrop Grumman reported a 7% increase in second quarter 2007 net income compared to the same period in 2006. Diluted earnings per share increased to $1.31 from $1.26 the previous year. Operating margin rose 9% to $744 million, or 9.4% of sales, up from 9% of sales in 2006. Cash from operations also increased, rising to $741 million from $638 million in the prior year. For 2007, the company expects sales of approximately $31.5 billion, segment operating margin in the mid-9% range, diluted EPS from continuing operations between $4.90-$5.05, and cash from operations and free cash flow to be at the upper end
allstate Quarterly Investor Information 2001 4thfinance7
- Allstate reported lower operating income for Q4 2001 and full year 2001 compared to the same periods in 2000, due to increased loss costs, restructuring expenses, and lower investment income, partly offset by higher premiums.
- For Q4 2001, operating income was $309 million compared to $584 million in Q4 2000. For full year 2001, operating income was $1.49 billion compared to $2 billion in 2000.
- Allstate provided guidance for 2002 operating income per share of $2.50-$2.70, expecting improvement in results later in 2002 as pricing and underwriting actions take effect.
Merck reported first-quarter 2008 financial results, with non-GAAP EPS of $0.89 excluding certain items, and GAAP EPS of $1.52. Worldwide sales increased 1% to $5.8 billion, helped by 4% favorable foreign exchange. Key products like Singulair and Cozaar saw solid growth. Merck reaffirmed full-year 2008 non-GAAP EPS guidance of $3.28-$3.38, and revised GAAP EPS guidance to $3.84-$4.00.
Goodrich Corporation reported first quarter 2008 results with sales growth of 13% and segment operating income margin increasing from 14.9% to 17.3%. Net income per diluted share increased 59% to $1.24, including $0.03 from discontinued operations. For full-year 2008, Goodrich increased its sales outlook to $7.2-7.3 billion (13-14% growth) and net income per diluted share outlook to $4.30-$4.45 (14-18% growth). Key drivers included strong commercial aircraft production and aftermarket demand as well as positions on new defense platforms.
Goodrich Corporation reported first quarter 2008 results with sales growth of 13% and segment operating income margin increasing from 14.9% to 17.3%. Net income per diluted share increased 59% to $1.24, which includes $0.03 from discontinued operations. For full-year 2008, Goodrich increased its sales outlook to $7.2-7.3 billion (13-14% growth) and net income per diluted share outlook to $4.30-$4.45 (14-18% growth). Key drivers include strong demand for commercial aircraft and aftermarket services as well as defense programs.
allstate Quarter Information 2007 4th Earnings Press Releasefinance7
Allstate reported its fourth quarter and full year 2007 results. Net income for Q4 2007 was $760 million, down from $1.2 billion in Q4 2006 due to higher catastrophe losses and a worse underlying combined ratio. For the full year, net income was $4.6 billion, down slightly from 2006. Allstate's consumer-focused strategy helped grow new auto and home insurance products while maintaining pricing discipline. The Property-Liability combined ratio for 2007 was 89.8%, within guidance. Allstate will continue its focus on consumers, risk and return optimization, operational excellence, and capital management in 2008.
allstate Quarterly Investor Information 2002 1stfinance7
The Allstate Corporation reported financial results for the first quarter of 2002, with net income of $426 million, down from $500 million in the same period the previous year. Operating income was $488 million compared to $552 million in 2001. While revenues grew slightly by 2.3%, increased loss costs and decreased investment income contributed to the decline in profits. The company remains on track to meet its full-year earnings guidance despite challenges from higher claims in areas like Texas and ongoing cost pressures.
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.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
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1. News Release
______________________________________________________________________________
Media Contacts: Christopher Garland Investor Contact: Graeme Bell
(908) 423-3461 (908) 423-5185
Amy Rose
(908) 423-6537
Merck Announces 2007 Financial Results
Reflecting Revenue Growth from Key Products
• Company Announces Full-Year 2007 Non-GAAP EPS of $3.20 and Fourth-Quarter Non-
GAAP EPS of $0.80, Excluding Certain Previously Disclosed Items; Full-Year GAAP
EPS of $1.49 and Fourth-Quarter GAAP EPS of $(0.75)
• Worldwide Product Revenue Growth Driven by Performance of SINGULAIR, JANUVIA,
GARDASIL and VARIVAX
• Merck Reaffirms Full-Year 2008 Non-GAAP EPS Range of $3.28 to $3.38, Excluding
Certain Items; Revised 2008 GAAP EPS Range of $3.80 to $4.00
WHITEHOUSE STATION, N.J., Jan. 30, 2008 – Merck & Co., Inc. today announced financial
results for the full-year and fourth-quarter 2007.
The Company reported full-year 2007 non-GAAP (generally accepted accounting
principles) earnings per share (EPS) of $3.20, which excludes fourth-quarter charges related to
the U.S. VIOXX Settlement Agreement and civil governmental investigations, restructuring
charges and an insurance arbitration gain, and full-year GAAP EPS of $1.49. Merck also
announced fourth-quarter non-GAAP EPS of $0.80, excluding the previously disclosed items
noted above, and fourth-quarter GAAP EPS of $(0.75). Worldwide sales were $24.2 billion for
full-year 2007, an increase of 7 percent over full-year 2006. For the fourth quarter of 2007,
worldwide sales were $6.2 billion, an increase of 3 percent over the fourth quarter of 2006.
Foreign exchange provided a favorable effect to global sales performance of 2 percent for the
year and 4 percent for the quarter. Net income for full-year 2007 was $3,275.4 million
compared with $4,433.8 million in the full year of 2006. The Company reported a net loss in the
fourth quarter of $1,630.9 million, reflecting an aggregate reduction in net earnings of $3,392
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2. 2
million resulting from the charges and gain noted above. Merck reported $473.9 million in net
income during the same quarter in 2006. A reconciliation of EPS as reported in accordance
with GAAP to EPS, adjusted for certain previously disclosed items, is provided in the table that
follows.
Fourth-Quarter Full-Year 2007
2007
GAAP EPS $ (0.75) $ 1.49
EPS impact of items* $ 1.55 $ 1.71
Non-GAAP EPS that adjusts for items listed
below 1 $ 0.80 $ 3.20
Fourth-Quarter Full-Year 2007
* Amount calculated as follows (In millions 2007
except per share amounts):
U.S. VIOXX Settlement Agreement charge $4,850 $4,850
Costs related to the global restructuring program 274 810
Civil governmental investigations charge 671 671
Insurance arbitration gain (455) (455)
Net reduction before income taxes 5,340 5,876
Income tax benefits on above items (1,948) (2,133)
Reduction in net income $3,392 $3,743
EPS impact of items $ 1.55 $ 1.71
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1
Merck is providing information on 2007 non-GAAP earnings per share that adjusts for certain items because of the
nature of these items and the impact they have on the analysis of underlying business performance and trends.
Management believes that providing this information enhances investors' understanding of the Company's
performance. This information should be considered in addition to, but not in lieu of, earnings per share prepared in
accordance with GAAP.
3. 3
quot;Our performance in 2007 shows that the customer-focused, more efficient business
model we began implementing more than two years ago is working,quot; said Richard T. Clark,
chairman, president and chief executive officer. quot;We have a strong portfolio of products, a
robust pipeline of potential new therapies and a leadership team focused daily on improving
operational performance. This positions us to build on our record of delivering essential
breakthrough medicines and vaccines like JANUVIA, ISENTRESS and GARDASIL to the global
marketplace.quot;
Materials and production costs were $1.5 billion for the quarter and $6.1 billion for the
year. These costs were $1.7 billion for the quarter and $6.0 billion for the year in 2006. The
fourth-quarter 2007 and full-year 2007 costs include $118 million and $483 million, respectively,
for costs associated with the global restructuring program. The costs for the fourth quarter and
full year of 2006 include $164 million and $736 million, respectively, for costs associated with
the global restructuring program. The gross margin was 75.3 percent for the fourth quarter of
2007 and 74.6 percent for the full year of 2007, reflecting 1.9 and 2.0 percentage point
unfavorable impacts, respectively, relating to the restructuring costs noted above.
Marketing and administrative expenses were $1.7 billion for the fourth quarter and $7.6
billion for the full year of 2007. In 2006, these costs were $2.3 billion for the fourth quarter and
$8.2 billion for the full year. Included in the full-year marketing and administrative expenses in
2007 is $280 million in reserves for future legal defense costs for the VIOXX litigation. Also
included in the full year and fourth quarter of 2007 is a pretax gain of $455 million from an
insurance arbitration award related to VIOXX product liability litigation coverage. Marketing and
administrative expenses recorded in 2006 include $673 million in reserves for future legal
defense costs for the VIOXX litigation and a $48 million charge related to FOSAMAX legal
defense costs. The previously disclosed $4.85 billion pretax charge recorded in the fourth
quarter related to the U.S. VIOXX Settlement Agreement is reflected as a separate line item in
the consolidated statement of income.
Research and development expenses were $1.4 billion for the quarter and $4.9 billion
for the year. These expenses were $1.7 billion for the fourth quarter and $4.8 billion for the year
in 2006. Full-year 2007 expenses include a $325 million acquired research charge associated
with the purchase of NovaCardia, Inc. Expenses for full-year 2006 include a $466 million
acquired research charge related to the acquisition of Sirna Therapeutics, Inc., a $296 million
acquired research expense related to the acquisition of GlycoFi, Inc. and $57 million in costs
associated with the global restructuring program.
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4. 4
Restructuring costs were $156 million and $327 million for the fourth quarter of 2007 and
full year of 2007, respectively. In 2006, restructuring costs were $56 million in the fourth quarter
and $142 million for the full year. These costs primarily represent separation costs associated
with the Company's global restructuring program. As of Dec. 31, 2007, the Company has
eliminated approximately 7,200 positions since the inception of the program. The Company,
however, continues to hire new employees as the business requires it. Total costs associated
with the Company's global restructuring program included in materials and production, research
and development, and restructuring costs were $274 million for the fourth quarter of 2007 and
$810 million for the year, primarily related to separations, accelerated depreciation and asset
impairment costs.
Other (income) expense includes the fourth-quarter 2007 charge of $671 million in
connection with the anticipated resolution of investigations of civil claims by federal and state
authorities relating to certain past sales and marketing activities, including nominal pricing
programs and samples. The resolution of these matters still is subject to execution of definitive
agreements. The Company has been working with federal and state authorities and has been
making progress toward definitive agreements. For the full year, other (income) expense also
includes the favorable impact of gains on sales of assets and product divestitures, as well as a
net gain on the settlements of certain patent disputes.
The fourth-quarter 2007 effective tax rate of 48.7 percent, which resulted in a tax benefit
to the Company, and the full year 2007 effective tax rate of 2.8 percent reflect the impacts of the
U.S. VIOXX Settlement Agreement charge, the civil governmental investigations charge and the
gain relating to the insurance arbitration settlement previously referenced. The effective tax
rates excluding the impact of these items were 18.4 percent and 24.1 percent for the fourth
quarter and full year of 2007, respectively. These rates reflect the favorable impacts of fourth-
quarter adjustments relating to certain federal and state tax items.
Financial Guidance
Merck anticipates a full-year 2008 non-GAAP EPS range of $3.28 to $3.38 that adjusts for
certain items and a 2008 GAAP EPS range of $3.80 to $4.00. The 2008 GAAP guidance
includes:
• A pretax charge of approximately $100 million to $300 million associated with the
Company's global restructuring program.
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5. 5
• An estimated minimum gain from distributions associated with the AstraZeneca limited
partnership. As previously disclosed, pursuant to the provisions of the Company's
agreements with AstraZeneca, the Company expects to receive certain payments from
AstraZeneca in the first half of 2008. The resulting pretax minimum gain from those
payments currently is estimated to be $2.1 billion to $2.3 billion. The resulting minimum
gain does not reflect the potential gain associated with the non-proton pump inhibitor (non-
PPI) asset option that Merck holds. The Company intends to make a decision on the non-
PPI asset option in February 2008.
A reconciliation of 2008 EPS as reported in accordance with GAAP to non-GAAP EPS that
adjusts for certain items is provided in the table that follows.
Full-Year 2008
GAAP EPS $3.80 to $4.00
EPS impact of items* $(0.52) to $(0.62)
Non-GAAP EPS that adjusts for items listed
below $3.28 to $3.38
* Amount calculated as follows (In millions except Full-Year 2008
per share amounts):
Costs related to the global restructuring program $300 to $100
Minimum gain on distributions from AstraZeneca (2,100) to (2,300)
Net increase before income taxes (1,800) to (2,200)
Income tax expense on above items 670 to 840
Increase in net income $(1,130) to $(1,360)
EPS impact of items $(0.52) to $(0.62)
Details on Merck's full-year 2008 financial guidance can be found on pages 13-14 of this
news release.
Product Performance Highlights
Worldwide sales of SINGULAIR, a once-a-day oral medicine indicated for the chronic
treatment of asthma and the relief of symptoms of allergic rhinitis, were $1.2 billion for the
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6. 6
fourth quarter of 2007, representing 20 percent growth compared with the fourth quarter of
2006. Full-year worldwide sales for 2007 of SINGULAIR were $4.3 billion, a 19 percent
increase compared with the prior year. SINGULAIR continues to be the No. 1 prescribed
product in the U.S. respiratory market.
Combined global sales of ZETIA and VYTORIN, as reported by the Merck/Schering-
Plough partnership, reached $1.5 billion for the fourth quarter of 2007, representing 34 percent
growth compared with the fourth quarter of 2006. Combined annual worldwide sales during
2007 were $5.2 billion, an increase of 34 percent compared with the prior year. Global sales of
ZETIA, marketed as EZETROL outside the United States, reached $679 million in the fourth
quarter, an increase of 27 percent compared with the fourth quarter of 2006. Sales for the year
were $2.4 billion, an increase of 25 percent over full-year 2006. Fourth-quarter and full-year
2007 global sales of VYTORIN, marketed outside the United States as INEGY, reached $776
million and $2.8 billion, an increase of 40 percent and 42 percent, respectively, compared with
similar periods in 2006. The Company records the results from its interest in the
Merck/Schering-Plough partnership, which totaled $538 million and $1.8 billion in the fourth
quarter and full year of 2007, respectively, in equity income from affiliates.
On Jan. 14, 2008, Merck/Schering-Plough announced the results of the ENHANCE
clinical trial, a trial involving Merck/Schering-Plough Pharmaceuticals' drug VYTORIN. The
Company continues to monitor prescription data in the cholesterol market following that
announcement.
During December 2007 and January 2008, the Company and its joint-venture partner,
Schering-Plough Corporation, received four joint letters from the House Committee on Energy
and Commerce and the House Subcommittee on Oversight and Investigations and one letter
from the Senate Finance Committee seeking witness interviews, documents and information on
a variety of issues related to the ENHANCE clinical trial and the companies' sale and promotion
of VYTORIN. On Jan. 25, 2008, the companies and Merck/Schering-Plough each received two
subpoenas from the New York State Attorney General's Office seeking similar information and
documents. The Company is cooperating with these investigations and is working with
Schering-Plough to respond to the inquiries. In addition, since mid-January 2008, the Company
has become aware of or been served with approximately 50 civil class action lawsuits alleging
common law and state consumer fraud claims in connection with the sale and promotion of the
joint-venture products VYTORIN and ZETIA.
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7. 7
Global sales of Merck's antihypertensive medicines, COZAAR and HYZAAR 2 , were
$891 million for the fourth quarter of 2007, a 3 percent increase compared with the fourth
quarter of 2006. Annual sales were $3.4 billion during 2007, a 6 percent increase compared with
full-year 2006. COZAAR and HYZAAR are among the leading members of the angiotensin
receptor blocker class of medicines.
Worldwide sales of FOSAMAX and FOSAMAX PLUS D (marketed as FOSAVANCE
throughout the European Union) were $796 million for the fourth quarter of 2007, representing
an increase of 1 percent compared with the fourth quarter of 2006. Worldwide sales for the year
were $3.0 billion, a 3 percent decrease compared with the prior year. FOSAMAX will lose U.S.
marketing exclusivity in February 2008. FOSAMAX PLUS D 70 mg/2800 IU formulation will lose
U.S. market exclusivity in April 2008. The Company anticipates a significant decline in sales in
the United States of FOSAMAX and FOSAMAX PLUS D after each product's loss of market
exclusivity.
Total sales of Merck's other promoted medicines, which include among others JANUVIA,
JANUMET and ISENTRESS, were $1.6 billion for the fourth quarter, representing 27 percent
growth compared with the fourth quarter of 2006. Worldwide sales during 2007 were $5.9
billion, 19 percent more than the Company recorded in 2006. These products treat or prevent a
broad range of medical conditions, including glaucoma, migraine, pain, diabetes, HIV/AIDS and
infectious diseases.
Merck's treatment for type 2 diabetes, JANUVIA, is the first DPP-4 inhibitor approved in
the United States. JANUVIA recorded worldwide sales of $252 million during the fourth quarter,
while JANUMET, Merck's oral antihyperglycemic agent that combines sitagliptin with metformin
in a single tablet to address all three key defects of type 2 diabetes, achieved worldwide sales of
$44 million during the quarter. JANUVIA reached $668 million in worldwide sales in 2007, while
JANUMET reported $86 million in global sales for the year. JANUVIA currently is approved in
69 countries and territories, is launched in more than 40 of those and is under review in more
than a dozen others. Since the October 2006 U.S. approval, managed care formularies have
made JANUVIA widely available. JANUMET, Merck's other treatment option for patients with
type 2 diabetes, is approved in seven countries. The Company is seeking the necessary
approvals to make the medicine available for use in other countries around the world.
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2
COZAAR and HYZAAR are registered trademarks of E.I. duPont de Nemours and Company, Wilmington, Del.
8. 8
ISENTRESS, Merck's first-in-class HIV integrase inhibitor for use in combination with
other antiretroviral agents for the treatment of HIV-1 infection in treatment-experienced adult
patients, reported full-year worldwide sales of $41 million, including $29 million in sales
recorded during the fourth quarter when the Company launched the medicine in the United
States. The medicine also is approved for use in the European Union, Canada and Mexico.
Total vaccine sales, as recorded by Merck, were $1.1 billion for the quarter compared
with $683 million in the fourth quarter of 2006. Sales for the year were $4.3 billion compared
with $1.9 billion in 2006. Vaccines in most major European markets are sold through the
Company’s joint venture, Sanofi Pasteur MSD, and the results from its interest in the joint
venture are recorded in equity income from affiliates.
The Company's cervical cancer vaccine, GARDASIL, posted total sales as recorded by
Merck of $339 million for the fourth quarter and $1.5 billion for the year. As of the fourth quarter,
GARDASIL has been approved in 93 countries, many under fast track or expedited review, with
launches under way in 76 of those countries. The vaccine remains under review in
approximately 40 other countries and territories.
ROTATEQ, Merck's vaccine to help protect children against rotavirus gastroenteritis,
achieved worldwide sales, as recorded by Merck, of $149 million for the quarter and $525
million for the year. As of the fourth quarter, ROTATEQ has been approved in 70 countries, and
it has launched in 42.
Merck's other pediatric vaccines, which include VARIVAX, PROQUAD and M-M-R II,
posted total sales, as recorded by Merck, of $329 million for the fourth quarter and $1.3 billion
for the year. Merck sales of VARIVAX, a vaccine for the prevention of chickenpox, were $270
million for the quarter and $855 million for the year as the Advisory Committee on Immunization
Practices' second-dose recommendation continued to be implemented. As previously
announced, PROQUAD, the Company's combination vaccine against measles, mumps, rubella
and chickenpox currently is not available for ordering; however, orders have been transitioned
to M-M-R II and VARIVAX. Merck recorded PROQUAD sales of $264 million in 2007.
ZOSTAVAX, the Company’s vaccine to help prevent shingles (herpes zoster), recorded
sales of $85 million for the fourth quarter and $236 million for the year. The vaccine is the first
and only medical option for the prevention of shingles.
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9. 9
Merck records ongoing revenue based on sales of products that are associated with
alliances, the most significant of which is AstraZeneca LP. Revenue from AstraZeneca LP
recorded by Merck was $248 million in the fourth quarter and $1.7 billion for the year.
Research and Development Update
In a decision issued on Jan. 25, 2008, the U.S. Food and Drug Administration (FDA)
approved the use of EMEND for Injection, an intravenous therapy for chemotherapy-induced
nausea and vomiting that also is known as IVEMEND in the European Union. Prior to the FDA
decision, the European Union on Jan. 11, 2008 granted marketing approval for IVEMEND, an
action that applies to all 27 European Union member countries as well as Norway and Iceland.
The FDA is reviewing Merck's New Drug Application (NDA) for CORDAPTIVE, the
proposed trademark for MK-0524A, an extended-release niacin/laropiprant investigational
compound for the treatment of elevated LDL cholesterol, low HDL cholesterol and elevated
triglyceride levels. Merck anticipates FDA action in April of 2008. The Company also is moving
forward as planned with filings in countries outside the United States.
The Company anticipates filing two additional NDAs with the FDA in 2008 for
MK-0524B, extended-release niacin with laropiprant combined with simvastatin, and MK-0364,
taranabant, an investigational medication for the treatment of obesity.
In November 2007, Merck presented data at the International Papillomavirus Conference
about the efficacy of GARDASIL in women through age 45. Merck has submitted a
supplemental application with the FDA seeking an expanded indication for the use of
GARDASIL, the Company's vaccine for the prevention of cervical cancer, through age 45. The
Company expects to file a supplemental application with the FDA later this year seeking an
expanded indication for the use of ISENTRESS, a first-in-class integrase inhibitor for the
treatment of HIV-1 infection, in treatment-naïve patients.
As previously announced, the Company anticipates initiating a sequenced Phase III
research program in 2008 for cardiovascular candidate MK-0859, anacetrapib, an inhibitor of
the cholesterol ester transfer protein commonly known as CETP.
The Company continues its strategy of bolstering Merck's substantial internal research
capabilities through targeted acquisitions and establishing strong external alliances, including
research collaborations, licensing preclinical and clinical candidates, and technology transfers to
drive both near- and long-term growth. During 2007, Merck signed 55 such agreements.
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10. 10
Merck's acquisition of NovaCardia, Inc. and late-stage research partnership agreements with
ARIAD Pharmaceuticals, Inc. and Dynavax Technologies Corporation are notable transactions
completed under this strategy in 2007.
VIOXX Update
This update supplements information previously provided by the Company. Merck
generally intends to provide updates on VIOXX litigation through its periodic filings with the
Securities and Exchange Commission. Information regarding scheduled product liability trials in
2008 can be found at www.merck.com/newsroom/vioxx.
As previously disclosed, individual and putative class actions have been filed against the
Company in federal and state 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 a multidistrict
litigation in the U.S. District Court for the Eastern District of Louisiana (the MDL), and in
separate coordinated proceedings in state courts in the states of New Jersey, California and
Texas and in the counties of Philadelphia, Pa.; Washoe County, Nev.; and Clark County, Nev.
As of Dec. 31, 2007, the Company had been served or was aware that it had been named as a
defendant in approximately 26,500 lawsuits, which include approximately 47,275 plaintiff groups
alleging personal injuries resulting from the use of VIOXX, and in approximately 262 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;). Of these
lawsuits, approximately 9,025 lawsuits representing approximately 26,275 plaintiff groups are or
are slated to be in the federal MDL, and approximately 15,575 lawsuits representing
approximately 15,575 plaintiff groups are included in a coordinated proceeding in New Jersey
Superior Court. In addition, as of Dec. 31, 2007, approximately 13,230 claimants had entered
into Tolling Agreements with the Company, which halt the running of applicable statutes of
limitations for those claimants who seek to toll claims alleging injuries resulting from a
thrombotic cardiovascular event that results in a myocardial infarction or ischemic stroke.
In addition to the VIOXX Product Liability Lawsuits discussed above, the claims of more
than 6,350 plaintiff groups have been dismissed as of Dec. 31, 2007. Of these, there have been
more than 1,850 plaintiff groups whose claims were dismissed with prejudice (i.e., they cannot
be brought again) either by plaintiffs themselves or by the courts. More than 4,500 additional
plaintiff groups have had their claims dismissed without prejudice (i.e., they can be brought
again).
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11. 11
On Nov. 9, 2007, Merck announced that it had entered into an agreement (the
quot;Settlement Agreementquot;) with the law firms that comprise the executive committee of the
Plaintiffs’ Steering Committee of the VIOXX MDL as well as representatives of plaintiffs’ counsel
in the New Jersey, California and Texas state coordinated proceedings to resolve state and
federal myocardial infarction and ischemic stroke claims filed as of that date in the United
States. After the Settlement Agreement was announced, judges in the federal MDL, California,
Texas and New Jersey State Coordinated Proceedings entered a series of orders, including
orders requiring plaintiffs to register their claims by Jan. 15, 2008. As of Jan. 17, 2008, more
than 57,000 plaintiffs had submitted registration materials, including more than 48,000 plaintiffs
who allege heart attack, sudden cardiac death or ischemic stroke. In addition, as of Jan. 22,
2008, more than 3,100 of those plaintiffs have started submitting enrollment materials. The
registration and enrollment materials currently are being evaluated for accuracy and
completeness. The Claims Administrator continues to receive new materials from plaintiffs.
In connection with the Settlement Agreement, the Company recorded a pretax charge of
$4.85 billion, which represents the fixed amount to be paid by the Company to settle qualifying
claims. In the fourth quarter, the Company spent approximately $200 million in VIOXX legal
defense costs, which resulted in a reserve, as of Dec. 31, 2007, of approximately $522 million
solely for its future legal defense costs related to the VIOXX litigation, of which approximately
$80 million now has been allocated to Merck's anticipated future costs to administer the
settlement. Consequently, as of Dec. 31, 2007, the Company had an aggregate reserve of
approximately $5.372 billion related to the VIOXX litigation.
Earnings Conference Call
Investors are invited to a live audio webcast of Merck's fourth-quarter earnings
conference call today at 9 a.m. EST by visiting the Newsroom section of Merck's Web site,
www.merck.com/newsroom/webcast/. Institutional investors and analysts can participate in the
call by dialing (706) 758-9927 or (877) 381-5782. Journalists are invited to listen in on the call
by dialing (706) 758-9928 or (800) 399-7917. A replay of the webcast will be available starting
at 12:30 p.m. EST today through 12 a.m. EST on Feb. 7. To listen to the replay, dial (706) 645-
9291 or (800) 642-1687 and enter ID No. 27513655.
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12. 12
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 to address unmet medical needs. 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, 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 are based on management's current expectations and 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 risk factors and cautionary statements set forth in Item 1A of
Merck's Form 10-K for the year ended Dec. 31, 2006, and in its periodic reports on Form 10-Q
and Form 8-K, which the Company incorporates by reference.
###
13. 13
Merck Financial Guidance for 2008
Worldwide sales will be driven by the Company’s major products, including the impact of
new studies and indications. Sales forecasts for those products for 2008 are as follows:
WORLDWIDE
PRODUCT 2008 SALES
SINGULAIR (respiratory) $4.6 billion to $4.8 billion
COZAAR/HYZAAR (hypertension) $3.2 billion to $3.4 billion
Vaccines (as recorded by Merck & Co., Inc.) $4.8 billion to $5.2 billion
FOSAMAX (osteoporosis) $1.1 billion to $1.4 billion
Other reported products* $7.5 billion to $7.9 billion
* Other reported products comprise: AGGRASTAT, ARCOXIA, CANCIDAS, COSOPT,
CRIXIVAN, EMEND, INVANZ, ISENTRESS, JANUVIA, JANUMET, MAXALT, PRIMAXIN,
PROPECIA, PROSCAR, STOCRIN, TIMOPTIC/TIMOPTIC XE, TRUSOPT,
VASOTEC/VASERETIC, ZOCOR and ZOLINZA.
• Under an agreement with AstraZeneca (AZN), Merck receives revenue at predetermined
percentages of the U.S. sales of certain products by AZN, most notably NEXIUM. In 2008,
Merck anticipates that these revenues will be approximately $1.5 billion to $1.7 billion. A
decision on the non-PPI asset option that Merck holds has not been made; however, it is not
anticipated that the decision will have a material impact on this AZN guidance. The Company
intends to make a decision in February 2008.
• Equity income from affiliates includes the results of the Merck/Schering-Plough collaboration
and Sanofi Pasteur MSD, combined with the results of Merck’s other joint-venture
relationships. Equity income from affiliates is expected to be approximately $3.0 billion to $3.3
billion for 2008. Based on recent events in the cholesterol market, we continue to monitor the
potential financial impact to the Merck/Schering-Plough partnership. Based on limited data, it
is too early to change our Equity income guidance. Note this Equity income guidance range
includes the impact of the reduction of the AZLP priority return and the buyout of the Astra
USA products that are anticipated to occur in the first half of 2008. There is a summary
document previously posted on www.merck.com/finance that provides additional details on the
Merck and AstraZeneca relationship.
• Product gross margin (PGM) percentage is estimated to be approximately 77 percent to 78
percent for the full-year 2008. This guidance excludes the portion of the restructuring costs that
will be included in product costs and will affect reported PGM in 2008.
• Marketing and administrative expense is anticipated to be approximately $7.8 billion to $8.0
billion.
• Research and development expense (which excludes joint ventures) is anticipated to be
approximately $4.7 billion to $4.9 billion.
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14. 14
• As part of the Company’s restructuring of its operations, additional costs related to site
closings, position eliminations and related costs will be incurred in 2008. The aggregate 2008
pretax expense related to these activities is estimated to be in the range of $100 million to
$300 million.
• The consolidated 2008 tax rate is estimated to be approximately 24 percent to 26 percent.
This guidance does not reflect the tax rate impact of the anticipated gain on distributions from
AstraZeneca or restructuring costs. The effective tax rate to be applied to the AstraZeneca
gain and the Company’s restructuring costs is at a higher level than the underlying effective
tax rate guidance.
• Merck plans to continue its stock buyback program in 2008. As of Dec. 31, 2007, $5.1 billion
remains under the current buyback authorizations approved by Merck’s Board of Directors.
Given these guidance elements, Merck anticipates full-year 2008 non-GAAP EPS of
$3.28 to $3.38, excluding certain items, and 2008 GAAP EPS in the range of $3.80 to $4.00.
###
15. 15
The following table shows the financial results for Merck & Co., Inc. and subsidiaries for the quarter ended
December 31, 2007, compared with the corresponding period of the prior year.
Merck & Co., Inc.
Consolidated Results
(In Millions Except Earnings per Common Share)
Quarter Ended December 31
(Unaudited)
%
2007 2006 Change
Sales $ 6,242.8 $6,044.2 3%
Costs, Expenses and Other
Materials and production (1) 1,544.8 1,669.1 (7)
Marketing and administrative (2) 1,719.5 2,345.8 (27)
Research and development (3) 1,381.7 1,722.9 (20)
Restructuring costs (4) 156.2 55.8 *
Equity (income) from affiliates (796.3) (584.2) 36
U.S. VIOXX Settlement Agreement charge (5) 4,850.0 --
Other (income) expense, net (6) 567.4 (77.1) *
(Loss) Income Before Taxes (3,180.5) 911.9 *
Income Tax (Benefit) Provision (7) (1,549.6) 438.0
Net (Loss) Income $(1,630.9) $473.9 *
Average Shares Outstanding
Assuming Dilution (8) 2,177.7 2,184.6
(Loss) Earnings per Common Share
Assuming Dilution (8) $(0.75) $0.22 *
* > 100%
(1) Includes restructuring costs of $117.5 million in the fourth quarter of 2007 and $164.3 million in the fourth quarter of 2006 primarily related to
accelerated depreciation and asset impairment costs associated with Merck’s global restructuring program announced in November 2005.
(2) Includes a gain of $454.6 million in the fourth quarter of 2007 relating to an insurance arbitration settlement. Marketing and administrative
expenses in the fourth quarter of 2006 include the impact of reserving an additional $75 million solely for future VIOXX legal defense costs
and reserving $48 million for FOSAMAX legal defense costs.
(3) Includes acquired research expense of $466.2 million in the fourth quarter of 2006 resulting from the acquisition of Sirna Therapeutics, Inc.
(4) Restructuring costs in 2007 and 2006 represent separation and other related costs associated with the global restructuring program.
(5) Represents a previously disclosed charge to fund the Company's obligation under the U.S. VIOXX Settlement Agreement entered into on
November 9, 2007.
(6) Other (income) expense, net reflects a civil governmental investigations charge of $671.1 million in the fourth quarter of 2007.
(7) The effective tax rate of 48.7% in the fourth quarter of 2007 reflects the impacts of the U.S. VIOXX Settlement Agreement charge, the civil
governmental investigations charge and the gain relating to an insurance arbitration settlement. In addition, the tax rate reflects the favorable
impacts of fourth quarter adjustments relating to certain federal and state tax items.
(8) Because the Company recorded a loss in the fourth quarter of 2007, no potential dilutive common shares were used in the computation of
loss per share assuming dilution as the effect would have been anti-dilutive.
16. 16
The following table shows the financial results for Merck & Co., Inc. and subsidiaries for the year ended
December 31, 2007, compared with the corresponding period of the prior year.
Merck & Co., Inc.
Consolidated Results
(In Millions Except Earnings per Common Share)
Year Ended December 31
(Unaudited)
%
2007 2006 Change
Sales $24,197.7 $22,636.0 7%
Costs, Expenses and Other
Materials and production (1) 6,140.7 6,001.1 2
Marketing and administrative (2) 7,556.7 8,165.4 (7)
Research and development (3) 4,882.8 4,782.9 2
Restructuring costs (4) 327.1 142.3 *
Equity (income) from affiliates (2,976.5) (2,294.4) 30
U.S. VIOXX Settlement Agreement charge (5) 4,850.0 --
Other (income) expense, net (6) 46.2 (382.7) *
Income Before Taxes 3,370.7 6,221.4 (46)
Taxes on Income (7) 95.3 1,787.6
Net Income $3,275.4 $4,433.8 (26)
Average Shares Outstanding
2,192.9 2,187.7
Assuming Dilution
Earnings per Common Share
$1.49 $2.03 (27)
Assuming Dilution
* > 100%
(1) Includes restructuring costs of $483.1 million in 2007 and $736.4 million in 2006 primarily related to accelerated depreciation and asset
impairment costs associated with Merck’s global restructuring program announced in November 2005.
(2) Includes a gain of $454.6 million in 2007 relating to an insurance arbitration settlement. In addition, marketing and administrative expenses
include the impact of reserving an additional $280 million in 2007 and $673 million in 2006 solely for future VIOXX legal defense costs. Also
included in 2006 is the impact of reserving $48 million for FOSAMAX legal defense costs.
(3) Included in 2007 is acquired research expense of $325.1 million resulting from the acquisition of NovaCardia, Inc. Included in 2006 is
acquired research expense of $762.5 million resulting from the acquisitions of Sirna Therapeutics, Inc. and GlycoFi, Inc. Research and
development expenses in 2006 also include restructuring costs of $56.8 million primarily related to accelerated depreciation associated with
the global restructuring program.
(4) Restructuring costs in 2007 and 2006 represent separation and other related costs, as well as gains on the sales of facilities in 2006,
associated with the global restructuring program.
(5) Represents a previously disclosed charge to fund the Company's obligation under the U.S. VIOXX Settlement Agreement entered into on
November 9, 2007.
(6) Other (income) expense, net in 2007 reflects a civil governmental investigations charge of $671.1 million partially offset by the favorable
impact of gains on sales of assets and product divestitures, as well as a net gain on the settlements of certain patent disputes.
(7) The effective tax rate of 2.8% in 2007 reflects the impacts of the U.S. VIOXX Settlement Agreement charge, the civil governmental
investigations charge and the gain relating to an insurance arbitration settlement. In addition, the tax rate reflects the favorable impacts of
fourth quarter adjustments relating to certain federal and state tax items.