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Major events of 2008
Objectives were largely achieved
Operating result rose by 16%
Pharmaceuticals increased contribution
Financial indicators remain very solid
Three new approvals for Erbitux
Strengthened biotech research
Slowdown hits Liquid Crystals
Solid balance sheet
Good development of net equity
Total revenues
Operating result
Free cash flow
by business sector
€ million
by business sector
€ million
Free cash flow and underlying free cash flow
€ million
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Important key figures
“Our balanced business model proves its worth, especially in times of crisis.“
Letter from
Karl-Ludwig Kley
Merck 2009 at a glance
Letter from
Karl-Ludwig Kley
Corporate governance
Merck shares
Management Report
Pharmaceuticals
Chemicals
Financial Statements
Notes
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