Merck today announced that it has increased its second quarter 2011 net income by approximately 200% to $2.02 billion. It should be noted by the way that Merck's accounts had been weighed down in the same period last year by the costs for the acquisition of Schering Plough. Adjusted earnings of the second largest pharmaceutical company in the US amounted to $0.95 per share last quarter. The figure corresponded to consensus estimates. Merck benefited from solid demand for its leading medicines and new product launches. Revenues grew last quarter by 7% to $12.15 billion. Analysts had forecast $11.78 billion. Merck slightly raised the low end of its earnings estimates for 2011 from $3.66 – $3.76 per share to $3.68 – $3.76 per share. Merck also announced today that it intends to cut between 12% and 13% of its workforce by 2015. The measure should allow Merck to save up to $4.6 billion
July 29, 2011 –
Kenneth C. Frazier, since November 2010 new CEO of Merck. Total Compensation for 2010: $9,439,632.00 [source Forbes – see detail below]
| Salary | $1,155,614.00 |
| Bonuses | $0.00 |
| Restricted stock awards | $2,351,323.00 |
| All other compensation | $58,836.00 |
| Option awards $ | $1,899,998.00 |
| Non-equity incentive plan compensation | $2,149,296.00 |
| Change in pension value and nonqualified deferred compensation earnings | $1,824,565.00 |
| Total Compensation | $9,439,632.00 |
