Merck KGaA’s 3Q Meets Our Expectations as Currency Weighs on Results
We don’t anticipate any change to our fair value estimate as Merck KGaA’s third-quarter results came in line with our expectations. Sales remained roughly unchanged from last year, but sales climbed 4.2% when excluding negative currency effects. Currency headwinds should persist placing year-end performance near the low point of management’s outlook, which remains unchanged. Regardless, Merck’s underlying performance remains consistent with previous quarters this year, especially higher R&D ...
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