- Solid organic sales growth unable to prevent slight decline in sales due to currency headwinds
- Rebif® achieves stable full-year organic growth despite increasing competition
- Erbitux® delivers good organic growth thanks to registration in Japan in head and neck cancer indication as well as healthy demand in Emerging Markets
- Restructuring program within the scope of “Fit for 2018“ successfully continued in 2013
- Significant increase of 2.4 percentage points in EBITDA pre margin despite negative foreign exchange effects and lower royalty income
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Merck Serono | Key figures |
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€ million |
2013 |
2012 |
Change in % |
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Total revenues |
6,325.8 |
6,405.2 |
–1.2 |
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Sales |
5,953.6 |
5,995.8 |
–0.7 |
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Operating result (EBIT) |
893.0 |
547.7 |
63.1 |
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Margin (% of sales) |
15.0 |
9.1 |
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EBITDA |
1,886.5 |
1,480.0 |
27.5 |
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Margin (% of sales) |
31.7 |
24.7 |
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EBITDA pre one-time items |
1,955.0 |
1,824.7 |
7.1 |
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Margin (% of sales) |
32.8 |
30.4 |
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Business free cash flow |
1,875.7 |
1,880.2 |
–0.2 |
Development of total revenues and sales as well as results of operations
In 2013, total revenues of the Merck Serono division grew organically by 3.2%. Owing to negative foreign exchange effects amounting to –4.5%, total revenues of the division nevertheless declined by –1.2% to € 6,326 million (2012: € 6,405 million). Despite solid organic growth of 3.9%, sales decreased by –0.7% to € 5,954 million (2012 : € 5,996 million). This slight decline was attributable to strong currency headwinds of –4.6%, which stemmed mainly from Latin American currencies, the Japanese yen as well as the U.S. dollar. All the division’s franchises contributed to the organic sales growth, with the highest absolute organic sales increases coming from the General Medicine franchise (including CardioMetabolic Care) and the oncology drug Erbitux®. In geographic terms, the Emerging Markets region and Japan fueled organic sales growth in 2013, posting increases of 12.2% and 16.9%, respectively. Royalty, license and commission income declined by –9.1% to € 372 million (2012: € 409 million). This was primarily the result of the termination of two licensing agreements owing to the expiration of a patent for Avonex® (as of May 2013) and one for Enbrel® (as of November 2013) and adverse foreign exchange effects. The agreement reached with Bristol-Myers Squibb on the co-promotion of Glucophage in China started to positively impact commission income in the third quarter of 2013.
The development of sales in the individual quarters in comparison with 2012 as well as the respective organic growth rates are presented in the following table:
Merck Serono | Sales and organic growth by quarter 1
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