Europe was once again Merck Serono’s top-selling region in 2011, accounting for nearly half of the division’s sales, or € 2,545 million. The 3.3% decline was due mainly to the divestment of the Théramex women’s health business in 2010. Despite negative exchange rate movements, sales in North America increased by 2.6% to € 1,063 million, mainly thanks to the good performance of Rebif®. Sales in Latin America rose by 11% to € 897 million mainly as a result of the strong growth of our CardioMetabolic Care products and Erbitux®. Geographically, Asia accounted for the largest share of the division’s sales growth and recorded a 16% increase in sales to € 865 million. However, this rise was largely due to lower year-earlier sales in China resulting from a change in our local distribution strategy in the third quarter of 2010.