MERCK KGAA: FY19 guidance implies a steep ramp-up of US Mavenclad | BUY | EUR109 vs. EUR113 (+18%)
MERCK KGAA - BUY | EUR109 vs. EUR113 (+18%)FY19 guidance implies a steep ramp-up of US Mavenclad
Healthcare needs a dynamic US launch of Mavenclad
Life Science continues to deliver
Perf. Mat. margin hurt despite temporary volume gains
FV down from EUR113 to EUR109
Merck is a global science and technology company based in Germany. Co. diversifies its activities into four business divisions: Merck Serono, Consumer Health, Performance Materials and Merck Millipore. The Merck Serono develops, manufactures and markets prescription drugs to treat cancer, multiple sclerosis, infertility, growth disorders, and selected cardiovascular and metabolic diseases. The Consumer Health manufactures and markets over-the-counter drugs addressing health themes such as mobility, women's and children's health, cough and cold. Performance Materials is a specialty chemicals business. The Merck Millipore is the supplier of products and services for the life science industry.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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