Merck 2008 Annual Report Download - page 10
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5
LETTER FROM KARL-LUDWIG KLEY
We have just ended a year that was increasingly characterized by turmoil in
the financial and business markets. Nevertheless, we largely achieved the
objectives for Merck as communicated at the beginning of 2008. On the whole,
you can therefore be satisfied with Merck’s performance in 2008.
At € 1.1 billion, the operating result reached a new record high for Merck.
Total revenues increased by 7.1% to € 7.6 billion. We plan to propose a divi-
dend of € 1.50 per share to the Annual General Meeting.
Although nearly all our divisions were impacted by negative currency effects,
return on sales grew to 15.0%. The Pharmaceuticals business sector increased
total revenues by 11% to € 5.4 billion. The Chemicals business sector recorded
a slight decline of 1.3% in total revenues to € 2.1 billion due to the impact of
the economic downturn, which affected the liquid crystals business at the end
of the year. The division just missed its objectives. Although a disappointment,
we remain confident in the future viability and success of this business.
A well-balanced business model …
We have good market positions and a strong balance sheet. And we are
known for our cautious financial policy. This protects us in times of crisis.
We are solidly positioned as a pharmaceutical and chemical company with
promising growth opportunities.
We are the market leader in high-tech sectors: In red, or medical, biotechnology,
we are the leader in Europe. Since we want to not only maintain but also
expand this position, in November we placed the cornerstone for Europe’s
most modern biotechnology manufacturing facility, located in Switzerland.
We are proud of having obtained three new approvals for our oncology drug
in 2008, which we often refer to as the Year of Erbitux®’.