MERCK KGAA: Mixed Q1’19 results. FY19 detailed EPSpre guidance implies 4% cut in the mid-range | BUY | EUR113(+17%)
MERCK KGAA - BUY | EUR113(+17%)Mixed Q1’19 results. FY19 detailed EPSpre guidance implies 4% cut in the mid-range
Q1 weak on profitability: comp basis in HC and weak PM
Healthcare impacted by one-time
Life Sciences driving growth, slightly ahead of ests.
PM still benefiting from China
FY’19 detailed guidance suggests 4% EPSpre cut
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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