Merck Kgaa · XETR:MRK
Merck Kgaa — Q3 2025 Earnings Presentation
42 slides from Merck Kgaa's earnings presentation, Nov 14, 2025
Slide 1: Solid organic Growth Across All Sectors
Solid organic Growth Across All Sectors Merck KGaA, Darmstadt, Germany Q3 2025 results Belén Garijo, CEO Helene von Roeder, CFO November 13, 2025
Slide 2: Disclaimer
Disclaimer Publication of Merck KGaA, Darmstadt, Germany. In the United States and Canada the group of companies affiliated with Merck KGaA, Darmstadt, Germany operates under individual business names (EMD Serono, Millipore Sigma, EMD Performance Materials). To reflect such fact and to avoid any mis
Slide 3: Agenda
Agenda Executive Summary Financial Overview Outlook & Guidance 3 Merck KGaA, Darmstadt, Germany Q3 2025 Results Presentation | November 13, 2025
Slide 4: Executive summary
Executive summary 01
Slide 5: Highlights: Solid Organic Growth Across All Three Sectors
Highlights: Solid Organic Growth Across All Three Sectors Operations Group Financials Q3 YoY organic sales growth1 Life Science: Q3 organic sales: +5.2% Sustained PS growth (+10%) drives LS growth (+6%) Very strong PS order growth YoY as momentum continues Q3 organic EBITDA pre: +8.8% SLS retu
Slide 6: Delivering Solid Organic Sales Growth amid Strong Currency Headwinds
Delivering Solid Organic Sales Growth amid Strong Currency Headwinds Q3 YoY Net Sales Q3 YoY EBITDA pre Organic Currency Portfolio Total 8.8% 0.9% €1,669 m €1,618 m Life Science 5.9% -4.6% 0.1% 1.4% -6.5% Healthcare 4.6% -5.4% 4.0% 3.2% Electronics 4.8% -4.3% -5.7% -5.2% Group 5.2% -4.9% 0.7% 1.0% Q
Slide 7: Financial overview
Financial overview 02
Slide 8: Q3 2025: Overview
Q3 2025: Overview Key figures Comments [€m] Q3 2024 Q3 2025 Δ Sales up slightly (+1%); FX headwinds (-5%) dampen solid org. growth (+5%), Net sales 5,266 5,318 1.0% with slight portfolio effect (+1%) EBITDA pre 1,618 1,669 3.1% All 3 business sectors contributed to org. Margin (in % of net sales
Slide 9: Q3 2025: Reported Figures
Q3 2025: Reported Figures Reported results Comments EBIT up, primarily due to the gain on [€m] Q3 2024 Q3 2025 Δ the sale of the PRV and changes in local EBIT 1,097 1,221 11.3% legislations in Latin America Adverse change to financial result due Financial result -54 -99 83.1% to higher interest
Slide 10: Life Science Q3: Sustaining ~10% PS Growth, SLS Returns to Growth
Life Science Q3: Sustaining ~10% PS Growth, SLS Returns to Growth Life Science P&L Net sales bridge [€m] IFRS Pre €2,210 m 5.9% 0.1% €2,241 m Q3 2024 Q3 2025 Q3 2024 Q3 2025 -4.6% Net sales 2,210 2,241 2,210 2,241 M&S -543 -545 -544 -542 +0.0% Q3 2024 Organic Currency Portfolio Q3 2025 Admin -104 -1
Slide 11: Healthcare Q3: Growing Across All Franchises, SpringWorks Contributing
Healthcare Q3: Growing Across All Franchises, SpringWorks Contributing Healthcare P&L Net sales bridge [€m] IFRS Pre €2,133 m 4.6% 4.0% €2,203 m Q3 2024 Q3 2025 Q3 2024 Q3 2025 -5.4% Net sales 2,133 2,203 2,133 2,203 M&S -416 -464 -416 -448 Q3 2024 Organic Currency Portfolio Q3 2025 Admin -73 -99 -6
Slide 12: Electronics Q3: Continuously Strong Semiconductor Materials Growth
Electronics Q3: Continuously Strong Semiconductor Materials Growth Electronics P&L Net sales bridge [€m] IFRS Pre €923 m 4.8% €875 m Q3 2024 Q3 2025 Q3 2024 Q3 2025 -4.3% -5.7% Net sales 923 875 923 875 M&S -140 -120 -141 -127 Admin -43 -14 -32 -31 Q3 2024 Organic Currency Portfolio Q3 2025 R&D -74
Slide 13: Balance Sheet
Balance Sheet Assets [€bn] Liabilities [€bn] 51.6 50.9 50.9 51.6 Cash & cash equivalents 2.5 2.3 3.9 4.2 Receivables 4.5 4.5 Inventories 29.0 30.0 Net equity Intangible assets 25.5 25.6 12.1 10.3 Financial debt Property, plant Payables/refund liabilities 10.0 9.8 3.1 & equipment 3.0 2.0 1.8 Provisio
Slide 14: Cash Flow Statement
Cash Flow Statement Q3 2025 – cash flow statement Cash flow drivers [€m] Q3 2024 Q3 2025 Δ Profit after tax primarily due to the gain Profit after tax 812 898 86 on the sale of the PRV and changes in D&A 449 458 8 local legislations in Latin America Increased provisions due to taxes and Changes
Slide 15: Outlook & Guidance
Outlook & Guidance 03
Slide 16: Group Full-year 2025 guidance
Group Full-year 2025 guidance Net sales: Organic: ~+3% YoY PF: ~+0.5% (~€60 m) FX: -5% to -3% YoY ~€20.8 – €21.4 bn EBITDA pre: Organic: +5% to +7% YoY PF: ~-0.5% (~€0m to ~€-30 m) FX: -6% to -4% YoY ~€6.0 – €6.2 bn EPS pre: ~ €8.20– €8.60 16 Merck KGaA, Darmstadt, Germany Q3 2025 Results Presentati
Slide 17: 2025 business sector guidance
2025 business sector guidance1 Net sales EBITDA pre Life Science Organic: +4% to +5% YoY Organic:+4% to +6% YoY FX: -5% to -3% YoY FX: -5% to -3% YoY ~€8.90 bn to €9.10 bn ~€2.55 bn to €2.65 bn Net sales EBITDA pre Healthcare Organic: ~+3% YoY Organic:+9% to +11% YoY PF: ~+2% (~€18
Slide 18: Appendix
Appendix
Slide 19: Geographical Diversification Drives Resilient Organic Sales Growth
Geographical Diversification Drives Resilient Organic Sales Growth Regional breakdown of net sales [€m] Regional organic development Europe +7.8% org. N. America: LS growth (PS) dampened 30% by HC despite low-20s Mavenclad® growth Europe: strong growth in both LS North America (PS) and HC (broad
Slide 20: Additional Financial Guidance 2025
Additional Financial Guidance 2025 Further financial details Corporate & Other EBITDA pre4 ~ -€350 m to -€400 m Interest result2 ~ -€200 m to -€250 m Effective tax rate ~ 21% to 23% Capex on PPE1 ~ €1.5 to 1.7 bn FY 2025 overall hedge ratio ~ 70% Hedging at Corporate & Other line3 EUR/USD hedging @
Slide 21: Credit Details
Credit Details Bond maturity profile as of September 30, 2025 Credit rating information Coupon [EUR m/USD m] 4.125% 4.375% 0.500% 3.875% 2.375% Last LT 2.875% LT ST 1.625% Rating Outlook 1.875% Rating Rating Change 5.000% 750 4.625% 800 A3 21.10.21 Stable P-2 1,000 842 0.875% 0.375% 1,250 A 29.05.13
Slide 22: Profitable Organic Growth, Driven by Healthcare and Life Science
Profitable Organic Growth, Driven by Healthcare and Life Science 9M YoY Net Sales 9M YoY EBITDA pre Organic Currency Portfolio Total €4,581 m 6.5% 0.0% €4,666 m Life Science 4.1% -2.6% 0.2% 1.7% -4.6% Healthcare 3.9% -3.6% 1.4% 1.6% Electronics -0.1% -2.3% -1.1% -3.5% Group 3.2% -2.9% 0.4% 0.7% 9M 2
Slide 23: 9M 2025: Overview
9M 2025: Overview Key figures Comments [€m] 9M 2024 9M 2025 Δ Sales up +1% as moderate organic growth is dampened by FX Net sales 15,738 15,853 0.7% Low-teens growth in HC EBITDA drives EBITDA pre 4,581 4,666 1.9% slight growth in EBTIDA pre, offset by FX Margin (in % of net sales) 29.1% 29.4% 0
Slide 24: 9M 2025: Reported Figures
9M 2025: Reported Figures Reported results Comments EBIT up, mainly due to the absence of [€m] 9M 2024 9M 2025 Δ prior year HC R&D impairment, gain on EBIT 2,821 3,118 10.5% the HC PRV and LatAm legislative effect Adverse change to financial result Financial result -93 -211 125.3% reflects tax i
Slide 25: Life Science 9M: Low-teens PS Growth, Confirming Ongoing Recovery
Life Science 9M: Low-teens PS Growth, Confirming Ongoing Recovery Life Science P&L Net sales bridge [€m] IFRS Pre €6,611 m 4.1% 0.2% €6,725 m 9M 2024 9M 2025 9M 2024 9M 2025 -2.6% Net sales 6,611 6,725 6,611 6,725 M&S -1,661 -1,644 -1,652 -1,639 9M 2024 Organic Currency Portfolio +0.0%9M 2025 Admin
Slide 26: Process Solutions: Maintaining Strong Growth Momentum
Process Solutions: Maintaining Strong Growth Momentum Sales development [€m] - org. growth [%] YoY 945 949 938 Organic sales up ~10% year-over-year; 919 sequential reported sales growth continues 896 despite FX headwinds 11% 11% 10% Order intake remains very strong year-over- year 4% 4% Book-t
Slide 27: Science & Lab Solutions: Returning to Growth
Science & Lab Solutions: Returning to Growth Sales development [€m] - org. growth [%] YoY 1,143 1,167 1,149 1,150 1,122 Slight organic sales growth year-over-year amid government spending policies in the US impacting academia & government Pharma research spending cautious; seeing some green shoo
Slide 28: Life Science Services: Stabilizing, While Funding Volatility Still a Factor
Life Science Services: Stabilizing, While Funding Volatility Still a Factor Sales development [€m] - org. growth [%] YoY 199 Sales up solidly, qoq, amid continuously challenging funding environment for early- 171 172 170 stage novel modalities 151 Contract testing down mid-single-digit % on dema
Slide 29: Healthcare 9M: CM&E, Mavenclad, and Erbitux Drive Profitable Growth
Healthcare 9M: CM&E, Mavenclad®, and Erbitux® Drive Profitable Growth Healthcare P&L Net sales bridge [€m] IFRS Pre €6,318 m 3.9% 1.4% €6,418 m 9M 2024 9M 2025 9M 2024 9M 2025 -3.6% Net sales 6,318 6,418 6,318 6,418 M&S -1,251 -1,307 -1,250 -1,291 9M 2024 Organic Currency Portfolio +0.0%9M 2025 Admi
Slide 30: SpringWorks Assets Contribute Record Sales in First Quarter of Consolidation
SpringWorks Assets Contribute Record Sales in First Quarter of Consolidation ® Sales development SpringWorks, Ogsiveo net sales, [€m] [€m] YoY ® 80 Ogsiveo +38% YoY with [$m] 60 58 59 62 strongest quarter since launch 45 42 40 European launch started with 90 85 Germany in October Not Consolidate
Slide 31: CM&E: Strong Organic Growth of 7% Supported by All Therapeutic Areas
CM&E: Strong Organic Growth of 7% Supported by All Therapeutic Areas ® Sales development CM&E, [€m] YoY Glucophage net sales, [€m] Glucophage® sales +4% org. org. org. org. org. org. [€m] 7.8% 8.4% 10.6% 4.7% 7.2% 247 248 247 Approved in more than 80 242 YoY 250 235 200 countries for the treatme
Slide 32: Fertility: Driven by Pergoveris Double-Digit Organic Growth
Fertility: Driven by Pergoveris ® Double-Digit Organic Growth ® Sales development Fertility, [€m] YoY Gonal-f net sales, [€m] 209 206 192 org. org. org. org. org. 186 179 Sales -8% org. amid negative [€m] 1.1% -4.7% -0.4% -3.4% 2.4% net price effects in US and muted APAC market; other 400 377 382
Slide 33: Oncology: Organic Erbitux Growth Underpins the Franchise
Oncology: Organic Erbitux® Growth Underpins the Franchise ® Sales development Oncology, [€m] YoY Bavencio net sales, [€m] org. org. org. org. org. 200 180 184 Down -13% org., mainly due to [€m] 157 158 9.1% 13.8% -1.9% 3.9% 3.1% 150 149 increased competition in the 550 US, Japan and first European
Slide 34: N&I: Mavenclad Sales Up 20% YoY Organic, Across All Major Markets
N&I: Mavenclad® Sales Up 20% YoY Organic, Across All Major Markets ® Sales development N&I, [€m] YoY Mavenclad Y1+Y2 patients1 org. org. org. org. org. [€m] 6.7% 2.9% -3.7% 2.6% 5.6% +20% org. growth driven by both NA (+23%) and Europe (+19%) 450 419 416 425 423 LOE: not before 22 Nov ‘25 in US,
Slide 35: Group pipeline
Group pipeline November 13, 2025 Healthcare pipeline Phase 1 Phase 2 Phase 3 Registration pimicotinib (CSF-1R inhibitor) Tenosynovial giant cell tumor (TGCT)1,2 nirogacestat (Gamma Secretase Inhibitor) Ovarian granulosa cell tumors precemtabart tocentecan (anti-CEACAM5 Antibody drug conjugate) Ph1b
Slide 36: Healthcare catalysts
Healthcare catalysts Q1 2025 Q2 2025 Q3 2025 Q4 2025 Enpatoran Pimicotinib1 M0324 (Oral TLR7/8 inhibitor ) (CSF-1R antagonist) (MUC1xCD40) Read-out - Phase II study: Cohort B (SLE) Read-out of Part 2 of Phase III study in Initiation of Phase I study (Cohort A read out positively in Q3-2024) TGCT Pre
Slide 37: Electronics 9M: Strong Semiconductor Materials Growth
Electronics 9M: Strong Semiconductor Materials Growth Electronics P&L Net sales bridge €2,809 m €2,709 m [€m] IFRS Pre -0.1% -2.3% -1.1% 9M 2024 9M 2025 9M 2024 9M 2025 Net sales 2,809 2,709 2,809 2,709 M&S -420 -404 -420 -402 9M 2024 Organic Currency Portfolio +0.0%9M 2025 Admin -116 -113 -99 -104
Slide 38: Semiconductor Solutions Driven by Strong Semiconductor Materials Growth
Semiconductor Solutions Driven by Strong Semiconductor Materials Growth Sales development [€m] - org. growth [%] YoY 691 Overall, structural growth is intact with the 642 649 631 Semi Materials growth engine performing well 603 Semi Materials org. sales up high-single-digits YoY, with record qua
Slide 39: Cash flow statement
Cash flow statement 9M 2025 – cash flow statement Cash flow drivers [€m] 9M 2024 9M 2025 Δ Profit after tax strongly up on solid Profit after tax 2,117 2,291 174 operational performance, supported by D&A 1,583 1,388 -195 the gain on the sale of the PRV and changes in local legislations in LatAm Ch
Slide 40: Adjustments in Q3 2025
Adjustments in Q3 2025 Adjustments in EBIT [€m] Q3 2024 Q3 2025 Adjustments thereof D&A Adjustments thereof D&A Life Science 26 0 29 0 Healthcare 6 0 82 0 Electronics 19 2 -121 18 Corporate & Other 22 0 18 0 Total 73 2 9 19 40 Merck KGaA, Darmstadt, Germany Q3 2025 Results Presentation | November 13
Slide 41: Adjustments in 9M 2025
Adjustments in 9M 2025 Adjustments in EBIT [€m] 9M 2024 9M 2025 Adjustments thereof D&A Adjustments thereof D&A Life Science 124 56 129 19 Healthcare 134 155 104 4 Electronics 54 13 -61 25 Corporate & Other 89 1 36 0 Total 401 225 208 48 41 Merck KGaA, Darmstadt, Germany Q3 2025 Results Presentation
Slide 42: Meet the team
FLORIAN SCHRAEDER NADJA GROSSCHMIDT SUSAN KUEHN eet the team Head of Investor Relations Assistant Investor Relations Assistant Investor Relations +49 6151 72-5271 +49 6151 72-3321 +49 6151 72-3744 florian.schraeder@emdgroup.com nadja.grosschmidt@emdgroup.com susan.kuehn@emdgroup.com DATE EVENT Novem