Merck got off to a moderate start in 2012 since in the first quarter the Performance Materials division faced a difficult year-on-year comparison. In the first quarter of 2011, this division generated organic sales growth of 15% due to unusually high customer demand for its liquid crystal materials. Group organic sales growth in the first quarter of 2012 was entirely driven by Merck Serono and Merck Millipore. During the following quarters of 2012, Group sales grew consistently between 5% and 6% organically compared to the year-ago-quarter due to healthy demand in the Merck Serono, Performance Materials and Merck Millipore divisions. All regions contributed to growth with the exception of Europe, where organic sales declined between 1% and 2% each quarter compared to 2011 mainly due to weakening economic conditions.
As of the second quarter of 2012, Merck started to focus primarily on organizational changes and optimizing its cost structure across all businesses. While the full amount of savings will be realized during 2014, growth in EPS pre one-time items was already realized in 2012 based on improved top-line performance and tighter cost management.
Merck Group | Sales and organic growth by quarter1
Merck Group | EPS pre one-time items and growth by quarter1
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