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14 | Merck Annual Report 2008
Economic development of Merck
Merck largely met the guidance it provided at the beginning of the year in an environ-
ment that continually worsened.
With the publication of the Annual Report for 2007, we forecast an increase in total
Group revenues in a range between 5% and 9%. We met this objective in 2008: Total
revenues increased by 7.1% to € 7,558 million.
We predicted that total revenues of the Pharmaceuticals business sector would rise
by between 7% and 11%. In 2008, the business sector achieved an 11% increase in total
revenues to € 5,428 million.
In February 2008, Merck expected that total revenues in the Chemicals business sector
would grow in a range between 5% and 7%. Owing to negative currency effects and
the worsening economic situation, we could not achieve this objective: Total revenues
declined by 1.3% to € 2,123 million; on a currency-adjusted basis they increased by 4.7%.
The operating result rose by 16%, matching our forecast of double-digit growth. For
the Pharmaceuticals business sector, we expected a high double-digit rise in the oper-
ating result. Here we achieved an increase of 57%. In February 2008, we assumed that
the earnings contribution from the Chemicals business sector would remain stable.
Since we supply our specialty chemicals to some extent to sectors that are sensitive to
economic cycles, we sustained a decline of 12%.
Comparison of target and actual values
Forecast for 2008 Actual values in 2008
Growth of total revenues 5% – 9% 7.1%
Pharmaceuticals 7% – 11% 11%
Chemicals 5% – 7% –1.3%
Growth of operating result double-digit 16%
Pharmaceuticals high double-digit 57%
Chemicals stable –12%