Merck 2010 Annual Report Download - page 102
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Our forecasts for Merck take into account the company’s weighing up of risks and opportunities
in accordance with our operational plans and medium-term assumptions. However, possible
acquisitions, divestments and exceptional items are not included. The forecasts assume a
moderate development of energy and raw material prices, as well as increasing personnel costs.
Since we produce specialty chemicals, we are largely independent of oil price developments.
Overall, we expect our businesses to see stable prices or market-oriented price increases. We
only see ourselves exposed to significant price pressure in the Performance Materials division.
We also see continued price pressure in the pharmaceutical sector, especially due to structural
problems of health care systems.
The forecast development for total revenues of the entire Merck Group is presented in the
following table:
Total revenues
EUR million
adjusted actual
values
2010 * Forecast 2011
Merck Serono 5,754 5% – 10%
Consumer Health Care 472 7% – 12%
Merck Millipore* 1,613 51% – 56%
Performance Materials* 1,452 2% – 7%
Merck Group 9,291 13% – 18%
* The Chemicals divisions have been restated on a comparable basis.
As of 2011, the Cosmetics Actives business became part of the Performance Materials division.
By contrast, in 2010 this was still part of the Merck Millipore division. The growth rates forecasted
for these divisions in this report are therefore based on adjusted actual figures for 2010.
Against the background of expected overall economic development and based on total revenues
of EUR 9,291 million in 2010, the Executive Board assumes an increase in total revenues between
13% and 18% in 2011, and further growth for 2012. Furthermore, the Executive Board expects
the Group operating result of EUR 1,113 million in 2010 to increase between 35% and 45%
in 2011 and to increase as well in 2012. Profit after tax, irrespective of potential exceptional
items, will likewise improve during this period.
Merck Annual Report 2010 98