usiness year <strong>2012</strong>group management reportNet sales by region(in millions of EUR) <strong>2012</strong> 2011 ChangeAmericas 5,556 4,831 15.0%Europe 2,822 2,671 5.7%Asia, Australasia, Africa (AAA) 2,815 2,380 18.3%Consumer Health CareOur business with non-prescription drugs also developedpositively last year. With an encouraging 7.8% increaseon the previous year (4.7% after adjustment forexchange rate effects), sales of EUR 1,505 million weregenerated in <strong>2012</strong>.buscopan®, dulcolax®, mucosolvan® and pharmaton®were again our best-selling non-prescription productsin the last financial year, with revenues of more thanEUR 100 million each. buscopan® again posted thehighest revenues (EUR 212 million) and the highest growthrate (+ 17.8%) compared with the previous year. In addition,our products bisolvon® and zantac® broke theEUR 100 million sales barrier for the first time in <strong>2012</strong>.Net sales (in millions of EUR) <strong>2012</strong> 2011 Changebuscopan® 212 180 17.8%dulcolax® 193 171 12.9%mucosolvan® 166 160 3.8%pharmaton® 136 137 — 0.7%In regional terms, the Europe region accounted for thehighest proportion of total sales in the Consumer HealthCare business at EUR 557 million (+ 3.2% compared with2011). Germany, which is the most important sales marketin Europe, enjoyed a solid 3.7% increase in sales toEUR 139 million. The highest growth rate in the <strong>2012</strong>financial year was in the AAA region, where sales increasedby 14.1% to EUR 486 million, and the Americaswas the second strongest region in the Consumer HealthCare business. The positive development of this region isdominated by the key Japanese market, where we achievedsales of EUR 294 million (+ 7.3%). In the Americas region,sales were up 7.4% to EUR 462 million, mainly driven bysales growing by 11.6% to EUR 162 million in the mostimportant market, the USA, as well as high growth ratesin some South American countries.Industrial CustomersThe Industrial Customer business encompasses our thirdpartybusiness in the field of Pharmaceutical Productionand our contract manufacturing business for PharmaChemicals. The biopharmaceuticals contract manufacturingbusiness, allocated to the Industrial Customerssegment until 2011, was integrated into the new Biopharmaceuticalsbusiness unit at the start of <strong>2012</strong>.With revenues of EUR 162 million, the Industrial Customerbusiness continued to decline in a challenging marketenvironment (– 9.0% compared with the previous year).BiopharmaceuticalsSince the last financial year, <strong>Boehringer</strong> <strong>Ingelheim</strong>’s operatingactivities have been divided into Human Pharmaceuticals,Biopharmaceuticals and Animal Health.The new Biopharmaceuticals business unit consists ofthe contract manufacturing business, biosimilars and researchand development of new biological active ingredients.The contract manufacturing business has beengiven its own identity with the brand name <strong>Boehringer</strong><strong>Ingelheim</strong> BioXcellence. Revenues were only generatedfrom the contract manufacturing business in <strong>2012</strong>. TheBiopharmaceuticals business posted annual sales ofEUR 549 million, an increase of 5.8%.Animal HealthIn its worldwide business with animal health products,<strong>Boehringer</strong> <strong>Ingelheim</strong> significantly increased its revenuesagain last year. With growth of 8.8% comparedwith 2011 (3.8% after adjustment for exchange rate effects),we broke the EUR 1 billion sales barrier for thefirst time here (EUR 1,062 million). Porcine vaccineswere again the most important growth driver, performingstrongly in this highly contested market. The bestsellingand fastest-growing product, ingelvac circoflex®,generated revenues of EUR 279 million, up 8.6% on 2011.In addition to success in the livestock business, ourproducts in the companion animal segment also devel-Net assets, financial position and results from operations33
oped positively. The most important product in this area,metacam® for small animals, maintained its strong position,despite competition from generic drugs, attainingrevenues of EUR 72 million with sales growth of 5.9%.Overall, we strengthened and extended our position asone of the top companies in the animal health sector lastyear. With a market share of 6.0%, <strong>Boehringer</strong> <strong>Ingelheim</strong>is ranked 6th among companies in this market segment,according to the provisional figures of the market researchers.Net sales (in millions of EUR) <strong>2012</strong> 2011 Changeingelvac circoflex® 279 257 8.6%metacam® 99 96 3.1%ingelvac® prrs 68 57 19.3%vetmedin® 49 46 6.5%This is also borne out by an assessment of the sales developmentin the regions. The encouraging growth of justunder 21% in the AAA region underlines the innovativestrength and future potential of the Animal Health business.This region has the highest growth rate, and generatedsales of EUR 215 million in the last financial year,with notable contributions from Japan and the emergingmarket of China. The Americas region increased itsrevenues by 7.1% to EUR 511 million, mainly as a resultof 10% sales growth in the USA. While sales in Germanystagnated at the high previous year’s level of EUR 91 million,revenues in Europe as a whole were up 4.4% toEUR 329 million.The <strong>2012</strong> financial year saw the opening of the Europeanresearch centre for animal vaccines in Hanover, <strong>Boehringer</strong><strong>Ingelheim</strong>’s fourth German site. The <strong>Boehringer</strong> <strong>Ingelheim</strong>Veterinary Research Centre (BIVRC) develops innovativevaccines. Another major step in the long-termexpansion of our Animal Health segment was the constructionof our first Asian research and developmentcentre for veterinary medicine at the Zhangjiang High-Tech Park in Shanghai, China.Expenditure and incomeIn the <strong>2012</strong> financial year, <strong>Boehringer</strong> <strong>Ingelheim</strong>’s operatingexpenses rose to EUR 14,367 million, a change of+ 17.2% year-on-year. At EUR 1,878 million, materialexpenses were up 11.9% on the previous year (EUR1,679 million). As a result of the increase in sales, thematerial costs as a share of total sales remained unchangedat 12.8%. Personnel costs amounted to EUR 4,024 million(+ 9.8%). Consequently, the personnel expensesshare was 27.4%, down slightly on the previous year.Amortisation rose by EUR 260 million (+ 40.8%) toEUR 897 million. Other operating expenses increased by20.6% year-on-year to EUR 7,568 million. Among otherthings, this cost block includes commission and licencepayments, which are dependent on sales. As expected, atEUR 1,853 million, operating income was down on theprevious year (EUR 2,272 million), also due to the situationat our US subsidiary Ben Venue Laboratories, Inc. aswell as initiated cost-reduction measures, as was the returnon net sales of 12.6% (2011: 17.3%).In the reporting period, the financial result totalledEUR – 117 million, up EUR 81 million on the previousyear. This was largely attributable to higher income fromplan assets for pensions and similar obligations as a resultof positive market developments.Income before taxes developed in line with the resultfrom operating activities, falling to EUR 1,739 million.Tax expenses amounted to EUR 502 million. Here, it mustbe taken into consideration that, under the provisions ofGerman commercial law, shareholders’ personal taxesarising from group business activities may not be recognisedin tax expenses. Instead, these taxes are presentedas part of withdrawals from group equity. Taking this extraordinaryeffect into account, the actual tax ratio ismarkedly higher than the figure shown in the profit andloss statement.In the <strong>2012</strong> financial year, the net income of the <strong>Boehringer</strong><strong>Ingelheim</strong> Group totalled EUR 1,237 million,34<strong>Boehringer</strong> <strong>Ingelheim</strong> annual report <strong>2012</strong>
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