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Merck sees €85.9m loss for Q2

German pharmaceutical firm Merck KGaA has recorded a second quarter loss of €85.9m in its financial results for 2011 and has cut its profit forecast for the year

German pharmaceutical firm Merck KGaA (known as EMD Chemicals in the US and Canada) has recorded a second quarter loss of €85.9m in its financial results for 2011 and has cut its profit forecast for the year.

Merck's performance was affected by one-time costs related to the company's acquisitions of Serono and Millipore.

The Millipore acquisition also contributed to greater operating expenses, which more than doubled in the second quarter of 2011 to €270m from €109m in 2010.

According to Merck's chairman, Dr Karl-Ludwig Kley, these costs meant the company expected operating profit for 2011 to be around $1bn. In its Q1 report, the company said it was aiming for a 35-45 per cent rise on last year's €1.1bn profit.

Kley also suggested the company would begin cost cutting measures: "We are striving for leaner processes and we are reviewing our cost structures. Generating attractive returns on invested capital and cost management continue to be the top priorities on our agenda."

He continued: "The first steps have already been taken this year. These include the changes in the Merck Executive Board, in Merck Serono and Consumer Health Care as well as decisions resulting from our pipeline review."

27th July 2011

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