Merck & Co., Inc.

2008 Annual Report

2008 Chairman's Letter 2008 Form 10-K
Chairman's Letter Financials Board of Directors Corporate Information

FINANCIAL HIGHLIGHTS


Merck & Co., Inc. and Subsidiaries
Years Ended December 31
                 
($ in millions except per share amounts)   2008(1)     2007(2)     2006(3)  
Sales $ 23,850.3   $ 24,197.7   $ 22,636.0  
Net income   7,808.4     3,275.4     4,433.8  
Earnings per common share assuming dilution $ 3.64   $ 1.49   $ 2.03  
Cash dividends paid per common share $ 1.52   $ 1.52   $ 1.52  
Average common shares outstanding assuming dilution (millions)   2,145.3     2,192.9     2,187.7  
Total assets   47,195.7     48,350.7     44,569.8  
Net cash flows provided by operating activities   6,571.7     6,999.2     6,765.2  
Capital expenditures   1,298.3     1,011.0     980.2  
Net income as a % of average total assets   16.3 %   7.0 %   9.9 %
Number of stockholders of record   165,700     173,000     184,200  
Number of employees   55,200     59,800     60,000  

(1) Amounts for 2008 include a gain on distribution from AstraZeneca LP, a gain related to the sale of the Company's remaining worldwide rights to Aggrastat, the favorable impact of certain tax items, the impact of restructuring actions, additional legal defense costs and an expense for a contribution to the Merck Company Foundation.

(2) Amounts for 2007 include the impact of the U.S. Vioxx Settlement Agreement charge, restructuring actions, a civil governmental investigations charge, an insurance arbitration settlement gain, acquired research expense resulting from an acquisition, additional Vioxx legal defense costs, gains on sales of assets and product divestitures, as well as a net gain on the settlements of certain patent disputes.

(3) Amounts for 2006 include the impact of restructuring actions, acquired research expenses resulting from acquisitions, additional Vioxx legal defense costs and the adoption of a new accounting standard requiring the expensing of stock options.

FINANCIAL HIGHLIGHTS


Financial Graphs

(1) Amount for 2004 includes the impact of the withdrawal of Vioxx.

(2) Amount for 2008 includes a gain on distribution from AstraZeneca LP, a gain related to the sale of the Company's remaining worldwide rights to Aggrastat, the favorable impact of certain tax items, the impact of restructuring actions, additional legal defense costs and an expense for a contribution to the Merck Company Foundation.

(3) Amount for 2007 includes the impact of the U.S. Vioxx Settlement Agreement charge, restructuring actions, a civil governmental investigations charge, an insurance arbitration settlement gain, acquired research expense resulting from an acquisition, additional Vioxx legal defense costs, gains on sales of assets and product divestitures, as well as a net gain on the settlements of certain patent disputes.

(4) Amount for 2006 includes the impact of restructuring actions, acquired research expenses resulting from acquisitions, additional Vioxx legal defense costs and the adoption of a new accounting standard requiring the expensing of stock options.

(5) Amount for 2005 includes the impact of the net tax charge primarily associated with the American Jobs Creation Act repatriation, restructuring actions and additional Vioxx legal defense costs.

(6) Amount for 2004 includes the impact of the withdrawal of Vioxx, Vioxx legal defense costs and restructuring actions.

 

 

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