Merck 2008 Annual Report Download - page 12
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7
LETTER FROM KARL-LUDWIG KLEY
… make us confident in difficult times as well.
In spite of everything: A global economic crisis is something that Merck too
cannot ignore. While we have a robust business model and an entrepreneurial
culture, this doesn’t protect us against declining customer demand. We too
must tighten our belts and respond to this situation by reducing costs and
capital spending. Yet the concrete impact on Merck cannot be expressed in
figures. At least not yet. The Executive Board of Merck considers it irrespon-
sible to make forecasts today that might need to be adjusted in two months’
time. Therefore, we will refrain from providing an outlook this year. The
reactions to this decision by our capital providers confirm our stance.
We will continue with our strategy of profitable growth. Here we are focus-
ing on three main elements:
– We continue to concentrate on research-oriented specialty businesses and
on driving innovations forward.
– We will exploit our potential for organic growth more strongly in order to
improve our market position. To this end, we will invest further in regional
markets, particularly China, India, Japan and the United States.
– External growth through alliances and acquisitions is also part of our strategy.
Even in difficult times, our values help us to do the right thing. Especially
now, our two core values of courage and achievement have special meaning.
In this spirit, we want to continue the 340-year Merck success story. My
Executive Board colleagues and I would like to thank you for your trust and
support as we continue along the chosen course.