Merck KGaA : Q3 review – strong performance in healthcare, electronics weaker
>Slight beat of expectations on group level - Q3 revenues of € 5,806m (+16.8% y-o-y) were 2% ahead of ODDO BHF/consensus. Organic growth was 7.1%, which compares to our 6.2%. The forex tailwind contributed 900bp. Adj. EBITDA of € 1,811m (+20.2% y-o-y, margin 31.2%) was 1%-2% better than ODDO BHF/consensus estimates. Adj. EPS of € 2.68 was also 1%-2% ahead of expectations. The beat was primarily driven by a strong quarter in healthcare. Healthcare with str...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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