Merck KGaA : Q2 18e preview: Revenue to decline by 1%, EBITDA pre by 12% due to tough comp in Healthcare and continued decline in Performance Materials
>Revenue down c.1% due to FX headwind; EBITDA pre -12% yoy due to milestone payment in Q2 17 and continued decline of PM - Merck will publish its Q2 2018 results on 09 August. We estimate Q2 18e group figures as follows: i/ revenue down c.1% yoy to € 3,657.3m (+2% organic in cc; Q2 17: € 3,694.8m), and ii/ adj. EBITDA pre (EBITDA pre one-offs) down 12% yoy to € 939.2m (Q2 17: € 1066.3m). We anticipate the EBITDA pre drop driven by the following reasons: i/ Sustained ...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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