INVEST SECURITIES - Merck : Rien de véritablement nouveau - NEUTRE, OC 91€ vs 94€
La publication du T1 18, fidèle à nos attentes, a confirmé l'année de transition dans laquelle se situe MERCK. Les lancements de Mavenclad et Bavencio ne peuvent compenser pour l'heure la décroissance manifeste d'Erbitux et de Rebif ce qui se répercute sur la marge EBITDA de la franchise. La franchise Performance Materials devrait rester sous pression à CT. Seule la division Life Science sort son épingle du jeu ce qui compense en partie nos ajustements post publications. Suite à certains ajustements et à la mise à jour des devises, nous abaissons nos BNA de -0,5%/-3%/-6% en 2018/19/20e. Nous maintenons notre recommandation NEUTRE avec un OC abaissé à 91€.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.
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