Merck's 1Q Reflects Some Life Science and Performance Materials Weakness
We don’t expect to change our fair value estimate for Merck KGaA as we make a few adjustments to our model following the firm’s first-quarter results, which benefited partially from a number of royalty- and milestone-related payments in the healthcare segment and a strong currency tailwind. Management’s year-end outlook mostly matches our expectations, although revenue should come in a bit higher than our forecast while profitability lags. We’re leaving our narrow moat rating in place.Merck’s h...
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