Merck Kgaa (MKGAF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.419 Good morning everyone here in Darmstadt at the Merck Innovation Center and from Darmstadt 00:00:05.419 -- 00:00:09.806 into the world and a warm welcome to our annual Merck press conference. 00:00:09.806 -- 00:00:14.734 My name is Axel Wöber, I'm head of communications of Merck and I'm here today with our 00:00:14.734 -- 00:00:19.962 CEO Belen Garrigo and our CFO Helene von Röder and both will walk you through 00:00:19.962 -- 00:00:22.806 our results of 2025 00:00:22.806 -- 00:00:27.233 and of course talk about our outlook for 2026. 00:00:27.233 -- 00:00:32.546 So, as always, both Helene and Belen will give some insights 00:00:32.546 -- 00:00:37.156 first before we dive into our Q&A session a little bit later. 00:00:37.156 -- 00:00:41.467 And with that, already, I'd like to ask to the stage, Belen Gericho. 00:00:41.467 -- 00:00:44.669 Belen, the stage is yours. 00:00:49.677 -- 00:00:52.221 Thank you, Axel, and good morning, everyone. 00:00:52.221 -- 00:00:57.250 Thank you for taking part in our full-year press conference, whether you 00:00:57.250 -- 00:01:01.217 are here in Darmstadt or following us virtually. 00:01:01.217 -- 00:01:06.887 As Axel mentioned, Helene and I will provide an overview of our business performance 00:01:06.887 -- 00:01:12.056 for 2025, as well as an outlook for 26. After this, 00:01:12.056 -- 00:01:18.155 we look forward to your questions. So let me start by summarizing 2025 00:01:18.155 -- 00:01:20.155 in 00:01:20.240 -- 00:01:22.064 a few messages. 00:01:22.064 -- 00:01:26.353 First of all, we deliver on our financial guidance. 00:01:26.353 -- 00:01:31.024 Second, our diversified business and regions 00:01:31.024 -- 00:01:36.546 was a source of strength. And last but not least, we are positioned 00:01:36....