Merck’s 2Q Results on Track as Firm Navigates Currency and Liquid Crystal Headwinds
We don’t anticipate a change to our fair value estimate for Merck KGaA following the company’s second-quarter results. As we mostly expected, currency headwinds and ongoing pricing pressure in the liquid crystals portion of the performance materials division led to a 13.7% decline in consolidated adjusted EBITDA. Overall, however, our forecast for EUR 14.3 billion in revenue and $3.85 billion in EBITDA for the year falls near the midpoint of management’s outlook. While we remain concerned about ...
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