Total revenues for 2011 were € 2,393 million, a 48% increase over 2010. Organic revenue growth was 4.3%. Foreign exchange rates reduced revenue growth by 1.2% and acquisitions added 45% growth for the year.
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Merck Millipore | Key figures |
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€ million |
2011 |
2010 |
Δ in % |
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Total revenues |
2,393 |
1,613 |
48 |
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Gross margin |
1,387 |
845 |
64 |
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R&D |
135 |
74 |
80 |
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Operating result |
226 |
48 |
– |
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Exceptional items |
– |
– |
– |
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Free cash flow |
141 |
–4,672 |
– |
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Underlying free cash flow |
309 |
263 |
17 |
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ROS in % |
9.4 |
3.0 |
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The gross margin of the division increased by 64% to € 1,387 million in 2011. Gross margin in 2010 included one-time charges of € 86 million for the step-up of inventories from Millipore as part of the purchase price allocation.
To support future growth, the division continued to increase operational spending, making investments in marketing and selling as well as in R&D. The operating result totaled € 226 million in 2011 compared to € 48 million in 2010. The operating result includes € 190 million of amortization of intangible assets.
Merck Millipore’s solid performance was led by sales growth in North America, Latin America and Asia. As a leader in the life science industry on the forefront of emerging technologies, all three business units of the Merck Millipore division continued to invest in innovation, which was reflected in R&D spending. The division’s long-term growth is tied to its ability to bring new, value-added products and services to the marketplace — to develop better, simpler and more effective solutions to customers’ productivity and safety challenges.
Merck Millipore | Sales by region
