Royalty, license and commission expenses, mainly stemming from third-party sales of Rebif® and Erbitux®, climbed with increased sales of these products, rising 16% to € 134 million in the third quarter.
Administration expenses decreased by 2.7% to € 124 million in the third quarter of 2011. Other operating expenses and income declined by 1.3% to € 90 million from € 91 million in the year-ago quarter.
Research and development spending increased 6.4% to € 371 million in the third quarter of 2011 mainly due to expensive late-stage clinical trials of Merck Serono and a strong Swiss franc during the quarter.
Amortization of intangible assets rose 7.4% to € 213 million from € 198 million in the year-ago quarter. This includes amortization of intangible assets from the Millipore purchase price allocation amounting to € 47 million and € 164 million from Merck Serono. The latter figure includes an incremental € 17 million as a result of shortening the amortization period for Rebif®.
back
