Merck shares finished 2009 nearly at the previous year’s level but underperformed the DAX®. This was due primarily to the negative news on drug regulatory submissions.
The performance of Merck shares vs. the DAX®/Bloomberg Europe Pharmaceuticals Index in 2009
Improvement in the capital market arena
The year 2009 was marked by very dynamic developments in the international capital markets. Following a tailspin that lasted until around the end of the first quarter, the sentiment improved considerably as of April. The German share indices – first and foremost the DAX® blue chip index – climbed to unexpected highs up until the end of the year. The DAX®, which comprises the 30 largest publicly traded German companies by trading volume and market capitalization, closed on December 30 at 5,957 points, which represented an increase of 24% over the end of 2008. The index of European pharmaceutical companies represented by the Bloomberg Europe Pharmaceuticals Index (BEUPHRM) also increased significantly – but remained weaker than the DAX® for most of the year.