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Merck KGaA (ETR: MRCG) strengthened its full-year 2025 outlook after posting higher third-quarter earnings, supported by strong momentum in its Healthcare and Life Science divisions despite ongoing softness in the Electronics segment. The German science and technology company now expects net sales between €20.8 billion and €21.4 billion and EBITDA pre of €6 billion to €6.2 billion, reflecting organic growth of 3% and 5–7%, respectively.
The updated forecast also factors in portfolio changes, including the July 2025 acquisition of SpringWorks Therapeutics and the divestment of the Surface Solutions business. Merck projects earnings per share pre of €8.20 to €8.60, based on a 22% tax rate, and anticipates operating cash flow between €3.6 billion and €4 billion.
Merck said organic sales growth will be led primarily by its Life Science and Healthcare sectors, with Electronics expected to decline. Within Healthcare, the company foresees continued strength from its Cardiovascular, Metabolism & Endocrinology franchise. Meanwhile, multiple sclerosis treatment Mavenclad is set to remain a growth driver, although its contribution may soften after a recent U.S. court ruling that enables competing products.
In the third quarter, Merck’s net sales rose 1% to €5.32 billion, while EBIT increased 11.3% to €1.22 billion, lifting the margin to 23%. EBITDA pre climbed 3.1% to €1.67 billion, and profit after tax advanced 10.6% to €898 million. These gains were supported by divestment-related income, including a €113 million disposal gain from the Surface Solutions sale and proceeds from a $175 million FDA priority review voucher transaction.
Healthcare sales reached €2.2 billion, driven by strong performances from Mavenclad and oncology therapy Erbitux. Life Science revenue increased to €2.24 billion, supported by robust demand in Process Solutions. Electronics revenue declined 5.2% to €875 million following the divestment.
Merck ended the quarter with €1.52 billion in operating cash flow and net financial debt of €9.29 billion, reflecting new bond issuances and the SpringWorks acquisition. The company expects 2025 to remain volatile due to macroeconomic and currency factors, with the euro–U.S. dollar exchange rate likely staying between 1.11 and 1.15.
