The financial result for 2008 was € –156 million compared to € –311 million in 2007, which was mainly attributable to interest payments for the Serono acquisition. Proceeds from the sale of the Generics business, which were booked in the fourth quarter of 2007, were used to lower financial liabilites. As a result, Merck could considerably reduce its interest expenses in 2008. In 2008, exchange rate differences lowered the financial result by € –18 million, while in 2007, we had booked exchange rate gains of € 9 million.
In 2007, we sold the Generics business to Mylan Inc. and reported it under Discontinued operations in the Group financial statements. As part of the divestment agreement, Mylan received an option to purchase the rest of the business that remained with Merck after the transaction closed. To date, this business has not been transferred to Mylan. It is immaterial for Merck and is reported as part of the Merck Serono division since 2008.