- First-Quarter 2015 Non-GAAP EPS of
$0.85, Excluding Certain Items; GAAP EPS of $0.33
- Company Narrows and Raises 2015
Full-Year Non-GAAP EPS Target to $3.35 to $3.48, Excluding Certain
Items; Lowers 2015 Full-Year GAAP EPS Target to $1.58 to $1.85
- First-Quarter 2015 Worldwide Sales Were
$9.4 Billion, a Decrease of 8 Percent, Reflecting Net Unfavorable
Impact of Acquisitions and Divestitures and a 5 Percent Negative
Impact from Foreign Exchange
- First-Quarter Results Reflect Sales
Growth in Diabetes, Vaccines, Hospital Acute Care, Oncology and
Animal Health and Sales Decline in Hepatitis C
- Company Submitted sBLA for KEYTRUDA for
Advanced Non-Small Cell Lung Cancer and Expects to Submit sBLA for
First-Line Indication in Advanced Melanoma in Mid-2015
- Multiple Data Sets Evaluating Chronic
Hepatitis C Combination Regimen Grazoprevir/Elbasvir Were Presented
at EASL; Company Reiterated Plans for NDA Submission in the First
Half of 2015
Merck (NYSE:MRK), known as MSD outside the United States and
Canada, today announced financial results for the first quarter of
2015.
First Quarter $ in millions, except EPS
amounts
2015 2014 Sales $9,425
$10,264 GAAP EPS 0.33 0.57
Non-GAAP EPS that excludes items listed
below1
0.85 0.88
GAAP Net Income2
953 1,705
Non-GAAP Net Income that excludes items
listed below1,2
2,426
2,601
Non-GAAP (generally accepted accounting principles) earnings per
share (EPS) of $0.85 for the first quarter exclude acquisition- and
divestiture-related costs and restructuring costs.
A reconciliation of GAAP to non-GAAP net income and EPS is
provided in the tables that follow.
$ in millions, except EPS amounts
First
Quarter 2015 2014 EPS
GAAP EPS $0.33 $0.57
Difference3
0.52
0.31
Non-GAAP EPS that excludes items listed
below1
$0.85
$0.88
Net Income GAAP net
income2 $953 $1,705 Difference 1,473
896 Non-GAAP net income that excludes items listed below1,2
$2,426 $2,601
Decrease (Increase) in Net Income
Due to Excluded Items: Acquisition-
and divestiture-related costs4 $1,526 $1,137
Restructuring costs 225 326 Net decrease (increase)
in income before taxes 1,751 1,463 Income tax
(benefit) expense5 (278) (567) Decrease (increase) in
net income $1,473 $896
Commentary from Chairman and Chief Executive Officer Kenneth
C. Frazier
“Our strong performance this quarter demonstrates that our
scientific and business strategies, together with our focused
investments, are paying off.”
“We remain focused on bringing forward the best scientific and
medical innovations.”
“By capitalizing on the exciting scientific and clinical
opportunities that lie ahead, Merck is poised to play a major role
in transforming health care for patients, as well as payers and
shareholders.”
Select Business Highlights
Worldwide sales were $9.4 billion for the first quarter of 2015,
a decrease of 8 percent compared with the first quarter of 2014,
including a 5 percent negative impact from foreign exchange and a 9
percent net unfavorable impact resulting from the divestiture of
the Consumer Care business and select products, partially offset by
the acquisition of Cubist Pharmaceuticals, Inc. (Cubist).
The following table reflects sales of the company’s top
pharmaceutical products, as well as total sales of Animal Health
and Consumer Care products.
$ in millions
First
Quarter Change Change
Ex-Exchange
2015 2014 Total
Sales $9,425 $10,264 -8% -3%
Pharmaceutical 8,266 8,451 -2% 5%
JANUVIA / JANUMET 1,393 1,334 4% 10%
ZETIA / VYTORIN 887 972 -9% -2%
REMICADE 501 604 -17% -3% ISENTRESS
385 390 -1% 6% GARDASIL / GARDASIL 9
359 383 -6% -5% PROQUAD, M-M-R II and
VARIVAX 348 280 24% 25% NASONEX
289 312 -7% 0% Animal Health 829
813 2% 13% Consumer Care* 2 546
** ** Other Revenues 328 454 -28%
-65% *divested on Oct. 1, 2014
**≥100%
Commercial and Pipeline Highlights
The company focused on important launches in the first quarter
of 2015, including KEYTRUDA (pembrolizumab) for the treatment of
advanced melanoma in patients whose disease has progressed after
other therapies, BELSOMRA (suvorexant) for the treatment of
insomnia and ZERBAXA (ceftolozane/tazobactam), a combination
product for the treatment of certain serious bacterial infections
in adults. ZERBAXA was acquired through the acquisition of Cubist,
which was completed in late January.
- Merck continued to accelerate its
KEYTRUDA clinical development program.
- The company has submitted a
supplemental Biologics License Application (sBLA) to the U.S. Food
and Drug Administration (FDA) for KEYTRUDA for the treatment of
patients with advanced non-small cell lung cancer (NSCLC) whose
disease has progressed on or after platinum-containing chemotherapy
and an FDA-approved therapy for EGFR or ALK genomic tumor
aberrations, if present. Under PDUFA, the FDA has 60 days from
submission of the sBLA to determine if the application will be
accepted for review. Data used to form the basis for the sBLA
submission, presented last week at the American Association for
Cancer Research (AACR) Annual Meeting and simultaneously published
in the New England Journal of Medicine, demonstrated robust
response rates and durable clinical benefit in naïve and previously
treated patients with NSCLC.
- Additionally, the company expects to
file a sBLA in mid-2015 for KEYTRUDA for the first-line treatment
of advanced melanoma based on data from the Phase 3 KEYNOTE-006
study, presented last week at AACR and simultaneously published in
the New England Journal of Medicine. These data demonstrated
KEYTRUDA was statistically superior to ipilimumab, the current
standard of care, for overall survival, progression-free survival
and overall response rate in patients with advanced melanoma. In
March, the company announced the study would be stopped early based
on the recommendation of the study’s independent Data Monitoring
Committee.
- The company also recently submitted
data from the KEYNOTE-002 study in ipilimumab-refractory melanoma
as part of a supplemental application to the FDA.
- Early findings with KEYTRUDA in
patients with malignant pleural mesothelioma presented last week at
AACR demonstrated encouraging overall response and disease control
rates in the difficult-to-treat cancer of the lining of the lungs,
abdomen and other organs.
- Merck announced collaborations with Eli
Lilly and Company, Eisai Co., Ltd., Syndax Pharmaceuticals, Inc.
and TetraLogic Pharmaceuticals Corporation to evaluate KEYTRUDA in
combination settings. Merck is advancing a broad and fast-growing
clinical development program for KEYTRUDA with more than 85
clinical trials – across more than 30 tumor types and more than
14,000 patients – both as a monotherapy and in combination with
other therapies.
- In March, KEYTRUDA became the first
treatment to be accepted under the U.K.’s new Early Access to
Medicines Scheme for the treatment of advanced melanoma.
- The company also advanced its clinical
development program for the treatment of chronic hepatitis C virus
(HCV) infection.
- The first data presentations of the
pivotal Phase 3 C-EDGE program evaluating grazoprevir/elbasvir, an
investigational oral once-daily regimen for the treatment of
chronic HCV infection, presented last week at The International
Liver Congress 2015 – the 50th annual congress of the European
Association for the Study of the Liver (EASL), showed high rates of
sustained virologic response 12 weeks after completion of treatment
(SVR12) across a broad range of patients with genotypes 1, 4 and 6
infection in a number of trials.
- Additional Phase 2/3 data for
grazoprevir/elbasvir presented last week at EASL showed a high rate
of SVR12 in treatment-naïve and treatment-experienced patients with
advanced chronic kidney disease infected with chronic HCV genotype
1.
- The company reiterated its plans to
submit a New Drug Application (NDA) to the FDA for
grazoprevir/elbasvir in the first half of 2015.
- The company received two Breakthrough
Therapy Designations from the FDA for grazoprevir/elbasvir for the
treatment of patients with chronic HCV genotype 4 infection, and
for the treatment of chronic HCV genotype 1 infection in patients
with end stage renal disease on hemodialysis.
- At this week’s European Congress of
Clinical Microbiology and Infectious Diseases, more than 30
abstracts are being presented on the company’s portfolio of
marketed and investigational anti-infective medicines.
- The company announced the Trial
Evaluating Cardiovascular Outcomes with Sitagliptin (TECOS) of
JANUVIA (sitagliptin), a medicine that helps lower blood sugar
levels in adults with type 2 diabetes, achieved its primary
endpoint of non-inferiority for the composite cardiovascular
endpoint. Among secondary endpoints, there was no increase in
hospitalization for heart failure in the sitagliptin group versus
placebo.
- The company received a Complete
Response Letter (CRL) from the FDA for sugammadex injection, an
investigational medicine for the reversal of neuromuscular blockade
induced by rocuronium or vecuronium. Merck is evaluating the
information provided in the CRL. Sugammadex injection is marketed
as BRIDION in more than 60 countries.
- The company submitted data from the
IMPROVE-IT study to the FDA to support a new indication for
reduction of cardiovascular events for ZETIA (ezetimibe) and
VYTORIN (ezetimibe/simvastatin), medicines for lowering LDL
cholesterol.
Pharmaceutical Revenue Performance
First-quarter pharmaceutical sales declined 2 percent to $8.3
billion, including a 7 percent negative impact from foreign
exchange. Excluding the impact of exchange, growth was driven by
the four core therapeutic areas – diabetes, vaccines, hospital
acute care and oncology. The increase in hospital acute care was
driven by strong sales growth of inline brands, as well as the
addition of $208 million of Cubist product sales following Merck’s
acquisition of Cubist in late January, including $182 million in
sales of CUBICIN (daptomycin for injection), an I.V. antibiotic.
Sales of CUBICIN in 2015 prior to Merck’s acquisition of Cubist
were $74 million. Oncology growth was due to $83 million in sales
from the continued launch of KEYTRUDA. Pharmaceutical sales also
reflect the continued decline in the HCV portfolio of VICTRELIS
(boceprevir) and PEGINTRON (peginterferon alfa-2b).
Animal Health Revenue Performance
Animal Health sales totaled $829 million for the first quarter
of 2015, an increase of 2 percent compared with the first quarter
of 2014, including an 11 percent negative impact from foreign
exchange. Growth was primarily driven by an increase in sales of
companion animal products mainly from the continued launch of
BRAVECTO (fluralaner), a chewable tablet that kills fleas and ticks
in dogs for up to 12 weeks.
Other Revenue Performance
Other revenues – primarily comprising alliance revenue,
miscellaneous corporate revenues and third-party manufacturing
sales – decreased 28 percent to $328 million compared to the first
quarter of 2014. The decrease was driven primarily by $232 million
in proceeds from the sale of marketing rights for SAPHRIS
(asenapine) in the United States recognized in the first quarter of
2014, as well as the loss of revenue from AstraZeneca recorded by
Merck, which was $147 million in the first quarter of 2014.
First-Quarter 2015 Expense and Other Information
The costs detailed below totaled $8.0 billion on a GAAP basis
during the first quarter of 2015 and include $1.8 billion of
acquisition- and divestiture-related costs and restructuring
costs.
$ in millions
Included in expenses for the
period
First Quarter
2015
GAAP
Acquisition-
andDivestiture-Related Costs4
RestructuringCosts
Non-GAAP1
Materials and production $3,569 $1,250 $105
$2,214 Marketing and administrative 2,601 227
36 2,338 Research and development 1,737
63 2 1,672 Restructuring costs 82 –-
82 –-
First Quarter
2014
Materials
and production $3,903 $1,126 $119
$2,658 Marketing and administrative 2,734 11
31 2,692 Research and development 1,574 –-
51 1,523 Restructuring costs 125 –-
125 –-
The gross margin was 62.1 percent for the first quarter of 2015
compared to 62.0 percent for the first quarter of 2014, reflecting
14.4 and 12.1 unfavorable percentage point impacts, respectively,
from the acquisition- and divestiture-related costs and
restructuring costs noted above. The increase in non-GAAP gross
margin was driven by product mix, including the impact of
acquisitions and divestitures, and foreign exchange.
Marketing and administrative expenses, on a non-GAAP basis, were
$2.3 billion in the first quarter of 2015, a decrease from $2.7
billion in the same period of 2014, which was primarily driven by
the sale of the Consumer Care business and declines in direct
selling costs.
R&D expenses, on a non-GAAP basis, were $1.7 billion in the
first quarter of 2015, a 10 percent increase compared to the first
quarter of 2014, largely driven by an increase in licensing
expenses.
Other (income) expense, net, was $55 million of expense in the
first quarter of 2015 compared to $163 million of income in the
first quarter of 2014. The first quarter of 2014 included a $182
million gain on the divestiture of the company’s Sirna
Therapeutics, Inc. subsidiary.
The GAAP effective tax rate of 30.6 percent for the first
quarter of 2015 reflects the impacts of acquisition- and
divestiture-related costs and restructuring costs. The non-GAAP
effective tax rate, which excludes these items, was 22.4 percent
for the first quarter of 2015.
Financial Outlook
Merck has narrowed and raised its full-year 2015 non-GAAP EPS
range to be between $3.35 and $3.48, including a $0.27 negative
impact from foreign exchange. The range excludes acquisition- and
divestiture-related costs and costs related to restructuring
programs. The company has lowered its full-year 2015 GAAP EPS range
to be between $1.58 and $1.85. The change in the GAAP EPS range
primarily reflects the incorporation of updated estimated Cubist
intangible amortization expense.
At current exchange rates, the company continues to anticipate
full-year 2015 revenues to be between $38.3 billion and $39.8
billion, including a $2.8 billion negative impact from foreign
exchange and approximately $1 billion of net lost sales from
acquisitions and divestitures.
In addition, the company continues to expect full-year 2015
non-GAAP marketing and administrative expenses to be below 2014
levels and R&D expenses to be modestly above 2014 levels.
The company continues to anticipate its full-year 2015 non-GAAP
tax rate will be in the range of 22 to 23 percent, not including a
2015 R&D tax credit.
A reconciliation of anticipated 2015 EPS, as reported in
accordance with GAAP to non-GAAP EPS that excludes certain items,
is provided in the table below.
$ in millions, except EPS amounts
Full-Year
2015
GAAP EPS $1.58 to $1.85 Difference3 1.77 to 1.63
Non-GAAP EPS that excludes items listed below $3.35 to $3.48
Acquisition- and divestiture-related
costs
$5,400 to $5,100
Restructuring costs
950 to 750
Net decrease (increase) in income before
taxes
6,350 to 5,850
Estimated income tax (benefit) expense
(1,300) to (1,200)
Decrease (increase) in net income
$5,050 to $4,650
Total Employees
As of March 31, 2015, Merck had approximately 70,000 employees
worldwide.
Earnings Conference Call
Investors, journalists and the general public may access a live
audio webcast of the call today at 8:00 a.m. EDT on Merck’s website
at
http://www.merck.com/investors/events-and-presentations/home.html.
Institutional investors and analysts can participate in the call by
dialing (706) 758-9927 or (877) 381-5782 and using ID code number
96680253. Members of the media are invited to monitor the call by
dialing (706) 758-9928 or (800) 399-7917 and using ID code number
96680253. Journalists who wish to ask questions are requested to
contact a member of Merck’s Media Relations team at the conclusion
of the call.
About Merck
Today’s Merck is a global health care leader working to help the
world be well. Merck is known as MSD outside the United States and
Canada. Through our prescription medicines, vaccines, biologic
therapies and animal health products, we work with customers and
operate in more than 140 countries to deliver innovative health
solutions. We also demonstrate our commitment to increasing access
to health care through far-reaching policies, programs and
partnerships. For more information, visit www.merck.com and connect
with us on Twitter, Facebook and YouTube. You can also follow our
Twitter conversation at $MRK.
Forward-Looking Statement
This news release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These statements are
based upon the current beliefs and expectations of Merck’s
management and are subject to significant risks and uncertainties.
There can be no guarantees with respect to pipeline products that
the products will receive the necessary regulatory approvals or
that they will prove to be commercially successful. If underlying
assumptions prove inaccurate or risks or uncertainties materialize,
actual results may differ materially from those set forth in the
forward-looking statements.
Risks and uncertainties include but are not limited to, general
industry conditions and competition; general economic factors,
including interest rate and currency exchange rate fluctuations;
the impact of pharmaceutical industry regulation and health care
legislation in the United States and internationally; global trends
toward health care cost containment; technological advances, new
products and patents attained by competitors; challenges inherent
in new product development, including obtaining regulatory
approval; Merck’s ability to accurately predict future market
conditions; manufacturing difficulties or delays; financial
instability of international economies and sovereign risk;
dependence on the effectiveness of Merck’s patents and other
protections for innovative products; and the exposure to
litigation, including patent litigation, and/or regulatory
actions.
Merck undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise. Additional factors that could cause
results to differ materially from those described in the
forward-looking statements can be found in Merck’s 2014 Annual
Report on Form 10-K and the company’s other filings with the
Securities and Exchange Commission (SEC) available at the SEC’s
Internet site (www.sec.gov).
1 Merck is providing certain 2015 and 2014 non-GAAP information
that excludes certain items because of the nature of these items
and the impact they have on the analysis of underlying business
performance and trends. Management believes that providing this
information enhances investors’ understanding of the company’s
performance. This information should be considered in addition to,
but not in lieu of, information prepared in accordance with GAAP.
For description of the items, see Table 2a, including the related
footnotes, attached to this release.
2 Net income attributable to Merck & Co., Inc.
3 Represents the difference between calculated GAAP EPS and
calculated non-GAAP EPS, which may be different than the amount
calculated by dividing the impact of the excluded items by the
weighted-average shares for the period.
4 Includes expenses for the amortization of intangible assets
and purchase accounting adjustments to inventories recognized as a
result of acquisitions, intangible asset impairment charges and
expense or income related to changes in the fair value measurement
of contingent consideration. Also includes integration, transaction
and certain other costs related to business acquisitions and
divestitures.
5 Includes the estimated tax impact on the reconciling items. In
addition, amount for the first quarter of 2014 includes a benefit
of approximately $300 million associated with a capital loss
generated in the quarter.
MERCK & CO., INC. CONSOLIDATED STATEMENT OF
INCOME - GAAP (AMOUNTS IN MILLIONS, EXCEPT PER SHARE
FIGURES) (UNAUDITED) Table 1
GAAP % Change 1Q15 1Q14
Sales $ 9,425 $ 10,264 -8%
Costs, Expenses and Other Materials and production (1) 3,569 3,903
-9% Marketing and administrative (1) 2,601 2,734 -5% Research and
development (1) 1,737 1,574 10% Restructuring costs (2) 82 125 -34%
Other (income) expense, net (1) (3) 55 (163 ) * Income Before Taxes
1,381 2,091 -34% Income Tax Provision 423 360 Net Income 958 1,731
-45% Less: Net Income Attributable to Noncontrolling Interests 5 26
Net Income Attributable to Merck & Co., Inc. $ 953 $ 1,705 -44%
Earnings per Common Share Assuming Dilution $ 0.33 $ 0.57
-42% Average Shares Outstanding Assuming
Dilution 2,865 2,971 Tax Rate (4) 30.6 % 17.2 %
* 100% or greater
(1) Amounts include the impact of acquisition and
divestiture-related costs, restructuring costs and certain other
items. See accompanying tables for details.
(2) Represents separation and other related costs associated
with restructuring activities under the company's formal
restructuring programs.
(3) Other (income) expense, net in the first quarter of 2014
includes a gain of $182 million on the divestiture of the company's
Sirna Therapeutics, Inc. subsidiary. Other (income) expense, net
includes equity income from affiliates. Prior period amounts have
been reclassified to conform to the current presentation.
(4) The effective income tax rate for the first quarter of 2014
includes a benefit of approximately $300 million associated with a
capital loss generated in the quarter.
MERCK & CO., INC. CONSOLIDATED STATEMENT OF
INCOME GAAP TO NON-GAAP RECONCILIATION FIRST QUARTER
2015 (AMOUNTS IN MILLIONS, EXCEPT PER SHARE FIGURES)
(UNAUDITED) Table 2a
GAAP
Acquisition
andDivestiture-Related Costs (1)
RestructuringCosts (2)
AdjustmentSubtotal
Non-GAAP
Sales
$ 9,425 $ 9,425 Costs,
Expenses and Other Materials and production
3,569 1,250 105
1,355 2,214 Marketing and administrative
2,601 227 36 263
2,338 Research and development
1,737 63 2 65 1,672
Restructuring costs
82 82 82 - Other (income) expense, net
(4)
55 (14 ) (14 ) 69 Income Before Taxes
1,381
(1,526 ) (225 ) (1,751 ) 3,132 Taxes on Income
423 (278
) (3)
701 Net Income
958 (1,473 ) 2,431 Less: Net Income
Attributable to Noncontrolling Interests
5 5 Net Income
Attributable to Merck & Co., Inc.
$ 953 (1,473 )
$ 2,426 Earnings per Common Share Assuming Dilution
$
0.33 $ 0.85 Average
Shares Outstanding Assuming Dilution
2,865 2,865 Tax Rate
30.6% 22.4%
Merck is providing non-GAAP information that excludes certain
items because of the nature of these items and the impact they have
on the analysis of underlying business performance and trends.
Management believes that providing this information enhances
investors' understanding of the company's performance. This
information should be considered in addition to, but not in lieu
of, information prepared in accordance with GAAP.
(1) Amounts included in materials and production costs reflect
$1.2 billion of expenses for the amortization of intangible assets
recognized as a result of acquisitions, as well as $20 million of
amortization of purchase accounting adjustments to inventories as a
result of the Cubist acquisition. Amounts included in marketing and
administrative expenses reflect integration, transaction and
certain other costs related to business acquisitions, including
severance costs which are not part of the company's formal
restructuring programs, as well as transaction and certain other
costs related to divestitures. Amounts included in research and
development expenses reflect $61 million of charges to increase the
fair value of liabilities for contingent consideration, as well as
$2 million of in-process research and development (“IPR&D”)
impairment charges.
(2) Amounts primarily include employee separation costs and
accelerated depreciation associated with facilities to be closed or
divested related to activities under the company's formal
restructuring programs.
(3) Represents the estimated tax impact on the reconciling
items.
(4) Other (income) expense, net includes equity income from
affiliates.
MERCK & CO., INC. FRANCHISE / KEY PRODUCT
SALES (AMOUNTS IN MILLIONS) Table 3
2015 2014 % Change 1Q 1Q
2Q 3Q 4Q Full
Year 1Q TOTAL SALES (1) $
9,425 $ 10,264 $ 10,934
$ 10,557 $ 10,482
$ 42,237 -8 PHARMACEUTICAL 8,266
8,451 9,087 9,134
9,370 36,042 -2 Primary Care &
Women's Health Cardiovascular Zetia 568 611 717 660 662 2,650
-7 Vytorin 320 361 417 369 370 1,516 -11 Diabetes Januvia 884 858
1,058 933 1,082 3,931 3 Janumet 509 476 519 505 570 2,071 7 General
Medicine & Women's Health NuvaRing 166 168 178 186 191 723 -1
Implanon / Nexplanon 137 102 119 158 123 502 35 Dulera 130 102 103
124 132 460 28 Follistim AQ 82 110 102 97 102 412 -26
Hospital
and Specialty Care Hepatitis PegIntron 56 112 103 84 81 381 -50
HIV Isentress 385 390 453 412 418 1,673 -1 Hospital Acute Care
Cubicin(2) 187 5 6 7 7 25 * Cancidas 163 166 156 183 175 681 -2
Invanz 132 114 134 141 139 529 15 Noxafil 111 74 98 107 122 402 50
Bridion 85 73 82 90 95 340 17 Primaxin 65 71 81 91 86 329 -8
Immunology Remicade 501 604 607 604 557 2,372 -17 Simponi 158 157
174 170 188 689 1
Oncology Emend 122 122 144 136 151 553 0
Keytruda 83 0 0 4 50 55 * Temodar 74 83 93 88 86 350 -10
Diversified Brands Respiratory Nasonex 289 312 258 261 268
1,099 -7 Singulair 245 271 284 218 319 1,092 -9 Clarinex 51 62 69
49 52 232 -18 Other Cozaar / Hyzaar 185 205 214 195 192 806 -10
Arcoxia 123 128 141 132 118 519 -4 Fosamax 94 123 121 114 112 470
-24 Propecia 53 74 58 66 67 264 -28 Zocor 49 64 69 61 64 258 -24
Vaccines Gardasil / Gardasil 9 359 383 409 590 356 1,738 -6
ProQuad, M-M-R II and Varivax 348 280 326 421 366 1,394 24 RotaTeq
192 169 147 174 169 659 14 Zostavax 175 142 156 181 285 765 23
Pneumovax 23 110 101 102 197 346 746 9
Other Pharmaceutical
(3) 1,075 1,378 1,389 1,326 1,269 5,356 -22
Animal
Health 829 813 872 885 885
3,454 2 Consumer Care (4)
2 546 583 401 16 1,547
* Other Revenues (5) 328
454 392 137
211 1,194 -28
* 100% or greater
Sum of quarterly amounts may not equal year-to-date amounts due
to rounding.
(1) Only select products are shown.
(2) Cubicin results for the first quarter 2015 represent sales
for the two months following Merck's acquisition of Cubist. Cubicin
sales for 2014 represent the previous licensing agreement in Japan
prior to the acquisition.
(3) Includes Pharmaceutical products not individually shown
above. Other Vaccines sales included in Other Pharmaceutical were
$78 million for the first quarter of 2015. Other Vaccines sales
included in Other Pharmaceutical were $98 million, $76 million,
$116 million and $88 million for the first, second, third and
fourth quarters of 2014, respectively.
(4) On October 1, 2014, the company divested the Consumer Care
business to Bayer.
(5) Other revenues are comprised primarily of alliance revenue,
third-party manufacturing sales and miscellaneous corporate
revenues, including revenue hedging activities. On June 30, 2014,
AstraZeneca exercised its option to buy Merck's interest in a
subsidiary and through it, Merck's interest in Nexium and Prilosec.
As a result, the company no longer records supply sales for these
products. Other revenues in the first quarter 2014 include $232
million of revenue recognized in connection with the sale of U.S.
Saphris rights.
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MerckMedia:Lainie Keller, 908-236-5036Steven Cragle,
908-740-1801orInvestors:Justin Holko, 908-740-1879Joe Romanelli,
908-740-1986
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