Merck's life sciences division should help offset pharmaceutical and liquid crystal headwinds.
We plan to make a few adjustments to our model, but we don’t anticipate a material change to our fair value estimate for Merck KGaA even though our current forecast is at the high end of management’s updated outlook accounting for the recent consumer health segment sale to Procter & Gamble. We don’t envision any change to our narrow moat rating for the company.Negative currency effects remain a large headwind for the company, subtracting 7.9% off the top line, but underlying performance rem...
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