The free cash flow of the Merck Group was € 253 million in the second quarter of 2011 as compared with € 356 million in the year-ago quarter. Free cash flow for the first half of 2011 improved from € 551 million to € 899 million. Underlying free cash flow (free cash flow excluding acquisitions and divestments) was € 258 million in the second quarter compared to € 360 million in the year-ago quarter. Free cash flow on revenues (FCR: underlying free cash flow/total revenues) declined to 10.1% in the quarter under review from 16.3% in the year-ago quarter. Underlying free cash flow amounted to € 444 million in the first half of 2011 compared to € 567 million in the first half of 2010.
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