Sustain. Change. Grow.

Specialty businesses within Pharmaceuticals and Chemicals will remain our fields of endeavor.

In both business sectors we will grow by means of our own resources as well as through acquisitions. We want to be among the fastest growing companies in our markets and strive for “quality growth” with revenue growth exceeding cost increases.

We diversify our risks within an integrated company operating in two business sectors. A portfolio of emerging businesses, highly successful products and cash cows as well as our global presence balances the risks of our businesses.

Our core competencies are a culture of innovation, awareness for highquality products, customer focus and reliability.

Our business is global. Therefore, the divisions, as units with operating responsibility, run their businesses globally. However, the countries retain a degree of independence that facilitates local entrepreneurship.

We measure financial success by operating result and free cash flow as a percentage of total revenues. Maintaining an investment-grade rating is a defining factor for our financing framework. Our strong balance sheet enables us to finance growth while maintaining a risk buffer.

We enable our employees to share in the company’s success.

Our claims regarding Corporate Responsibility and Compliance do not stop at country borders as they are derived from the Merck values.

Pharmaceuticals consists of Merck Serono and Consumer Health Care. We want to expand both businesses.

Within Merck Serono we will achieve the key competitive edge by innovating for the benefit of patients. Our focus in research and development is on oncology, neurodegenerative diseases and on autoimmune and inflammatory diseases.

We want to strengthen our position as leading biotech innovator.  We will obtain a further competitive edge through our expertise in chemistry and through the cross-fertilization of biotechnology and chemical know-how.

We will improve our market position through targeted acquisitions and an active licensing policy. Regionally, we will focus on expanding our businesses in the United States and Japan as well as China and India.

Consumer Health Care will be expanded further organically and via acquisitions. Our focus is on four health themes: Mobility, Everyday Health Protection, Women’s and Children’s Health as well as Cough and Cold. We will extensively invest into our strategic brands in scale markets with growth potential, predominantly in Latin America and Asia.

With a portfolio of dynamically growing businesses in strongly expanding markets and a stable business in mature market segments, Chemicals contributes essentially to balancing entrepreneurial risk.

In the liquid crystals market, our goal is to maintain our leading position in the long term. We want to play a similarly active role in related and new display technologies in order to translate our technological competence and our customers’ expertise into new businesses.

Merck Millipore will continue focussing on profitable sub-segments in markets where - due to governmental regulations or highquality standards - safety and quality outperform low-cost alternatives. Customer-centric innovative solutions are the key factors for the continuously profitable growth of this business. Special attention will be given to expand our market presence in biosciences and biomanufacturing tools.

We want to acquire businesses that are complementary to existing customer relations or technology platforms. Our regional focus is on China, India and the United States.

To address future growth fields, we are developing new businesses and technology platforms within Advanced Technologies. Our focus is on technologies such as solid state lighting, organic electronics, mobile energy and photovoltaics.