Ajustement de la guidance à la hausse grâce à S.A - ACHAT - OC 103€
La société publie ce matin ses résultats du T3 2015 qui s’avèrent bien au-dessus des attentes en BNA 1,32€ vs 1,22€ att. Avec des ventes globalement en ligne (Performance Materials et Life Science compensent la franchise HealthCare), c’est un travail au niveau de la marge HealthCare qui conduit notamment à une hausse de l’EBITA de +10%. Au final, Merck ajuste marginalement à la hausse sa guidance annuelle qui passe d’un BNA initialement anticipé entre 4,60-4,80€ à 4,80-4,95€ après intégration de Sigma Aldrich (S.A) (+0,10-0,15€). Avec un objectif de cours de 103€, nous maintenons notre recommandation à ACHAT avec en ligne de mire les résultats de phase III d’evofosfamide en fin d’année.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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