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Merck Serono | Key figures |
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€ million |
2009 |
2008 |
Δ in % |
|
Total revenues |
5,345 |
5,014 |
6.6 |
|
Gross margin |
4,485 |
4,218 |
6.3 |
|
R&D |
1,184 |
1,074 |
10 |
|
Operating result |
355 |
594 |
–40 |
|
Exceptional items |
–40 |
–354 |
– |
|
Free cash flow |
864 |
554 |
56 |
|
Underlying free cash flow |
867 |
559 |
55 |
|
ROS in % |
6.6 |
11.8 |
|
In 2009, the Merck Serono division increased total revenues by 6.6% to € 5,345 million. This growth was mainly attributable to the good performance of biopharmaceuticals such as Rebif® and Erbitux® as well as classic products such as the medicines of the Glucophage® family. We generated 60% of our sales, or € 2,980 million, with our five top-selling biopharmaceuticals. Rebif®, a treatment for relapsing-remitting multiple sclerosis, was once again the top-selling product. Global sales of this product increased in 2009 to € 1,537 million, representing growth of 15%. The targeted cancer therapy Erbitux® again saw double-digit growth in 2009, with sales increasing by 23% to € 697 million. Our recombinant hormone Gonal-f® was approved for the treatment of infertile women in the key Japanese market in July.
Top five medicines by sales in 2009
Royalty and commission income declined by 3.5% to € 351 million. Gross margin rose to € 4,485 million, 6.3% more than in 2008. Marketing and selling expenses increased by 7.5% owing to product launches and significantly higher commission expenses. Research and development spending rose by 10% to € 1,184 million owing to the high costs of many trials in the final stage of clinical development. The operating result was also affected by high one-time expenses. We increased provisions for litigation by € 163 million. Moreover, impairment losses of € 28 million relating mainly to intangible assets were recorded for the termination of research projects. As a result of altered estimates of the future amount of royalty income for certain partner products, we partly wrote down the corresponding rights by € 72 million. Owing to the growing and clearly emerging currency risk in Venezuela, we recorded currency losses of € 59 million in the operating result of the Merck Serono division. These were partly offset by exchange rate gains from currency hedging transactions. Overall, the operating result declined by 40% to € 355 million. Return on sales (ROS) decreased in 2009 to 6.6%. At € 867 million, underlying free cash flow was 55% higher than in 2008.
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