Profit before and after tax
Profit after tax from continuing operations was € 379 million. This was considerably better than the negative value of € – 88 million in 2007, which stemmed from high exceptional items due to the Serono acquisition. Adjusted for exceptional items, the tax rate was 25.8%, compared to 28.2% in 2007. In 2007, profit after tax including discontinued operations included the earnings contribution as well as the gain on the disposal of the Generics business.