Merck 2010 Annual Report Download - page 99


For 2011 and 2012, the Executive Board assumes that the sales and the
operating result of the Merck Group will show growth. Overall, we expect
business developments to be good, however we cannot rule out setbacks
due to economic cycles in individual countries, also as a result of high
national debt levels.

The deviations of actual business developments from the guidance given for 2010 are as follows,
broken down by division and for the Group as a whole:
Deviations
Forecast
2010
adjusted actual
values
2010 *

Merck Group 3% – 7% 12%
Merck Serono 2% – 5% 8%
Consumer Health Care 5% – 10% 1%
Liquid Crystals * 5% – 10% 38%
Performance & Life Science Chemicals * 3% – 8% 17%

Merck Group 20% – 30% 88%
Merck Serono 30% – 40% 59%
Consumer Health Care –10% – 0% –71%
Liquid Crystals * 15% – 25% 132%
Performance & Life Science Chemicals * 15% – 20% 111%
* The Chemicals divisions have been restated on a comparable basis. Excluding Millipore.
Owing to the acquisition of Millipore, a new segment structure was adopted for the Chemicals
business sector in 2010. Therefore, the 2010 results are compared to the 2010 forecast based
on the former segment structure. The acquired Millipore business was excluded from the actual
values. All 2010 actual values for Liquid Crystals, Performance & Life Science Chemicals and the
Merck Group have therefore been adjusted.
In an improving economic environment, Merck overall exceeded the guidance provided for 2010.
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