Merck KGaA : Life science strong, electronics with surprise potential
>Q4 adj. EBITDA guided to be largely as strong as Q3 - The upgraded FY 2021 guidance implies that Q4 adj. EBITDA will be as strong as Q3, by our calculations. This is significant in our view as: 1/ healthcare will no longer benefit from one-time milestones, 2/ life science margins will likely continue to deteriorate, and 3/ electronics already benefited from a strong Q3 on both sales and adj. EBITDA. Our Q4 forecast now implies c. 3% y-o-y organic sales growth in heal...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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