In 2011, the Merck share price moved in a range of € 57 to € 78, clearly outperforming the DAX®, Germany’s blue chip index, and the Bloomberg Europe 500 Pharmaceuticals Index (BEPHARM). Merck shares finished the year as the DAX® stock with the highest growth rate. Merck shares had already performed in line with or better than these indices in the first quarter. After a decline in mid-March, the share price recovered and hit an annual high of € 78.47 on July 22, 2011. On July 27, the share price fell by nearly 5% from € 77.49 to € 73.76 following the publication of our second-quarter results, in which we recorded substantial one-time expenses and lowered our earnings guidance for the full year. Due to the financial crisis, share prices fell worldwide. Merck shares were not immune to this trend and therefore declined further in value, like many other shares as well. The share price hit an annual low of € 56.82 on September 12, 2011. Afterwards, our share price performance remained stable until the spike on October 26, 2011. This was the date on which Merck announced its results for the third quarter of 2011. The high share price level rose again slightly and was maintained until year-end, and Merck shares closed the year with a considerable gain. During the same period, the DAX® declined by 15%. The BEPHARM rose by 13%, whereas the BEUCHEM, the Bloomberg EMEA Chemicals Index, performed negatively, declining by 14%.
At nearly 500,000, the average number of Merck shares traded daily was 13% lower in 2011 than in 2010.