Merck Kgaa · XETR:MRK
Merck Kgaa — FY2025 Earnings Presentation
18 slides from Merck Kgaa's earnings presentation, Mar 5, 2026
Slide 1: Full-year Results 2025: Guidance Delivered, Growth Foundation in Place
Full-year Results 2025 Guidance for 2025 delivered, Growth Foundation in Place
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements and financial indicators This communication may include “forward-looking statements.” Statements that include words such as “anticipate,” “expect,” “should,” “would,” “intend,” “plan,” “project,” “seek,” “believe,” “will,” and other wor
Slide 3: Key messages: guidance delivered, diversification, mega trends
1 Delivered on our financial guidance 2 Diversification in businesses and regions pays off 3 Fuel for future growth: Merck serves robust mega trends health and AI
Slide 4: Life Science: Empowering Scientific Discoveries for a Healthier Future
Life Science: Empowering Scientific Discoveries for a Healthier Future What we do 2025 highlights Key growth driver We provide a broad − Acquisition Hub Process Solutions portfolio of products, Organoids announced solutions, and services − Opening of new for a wide range of climate-neutral filter cu
Slide 5: Healthcare: Pioneering Solutions to Enhance Lives
Healthcare: Pioneering Solutions to Enhance Lives What we do 2025 highlights Key growth driver We help to create, − SpringWorks acquisition Rare Diseases improve and prolong strengthens Merck’s rare lives across the diseases portfolio therapeutic areas of − Agreement with the oncology, neurology Whi
Slide 6: Electronics: Innovating Materials for the Future of Technology and AI
Electronics: Innovating Materials for the Future of Technology and AI What we do 2025 highlights Key growth driver We are an integral part − Strengthening pure-play Semiconductor of the semiconductor Electronics through Solutions ecosystem. We provide divestment of Surface innovation-critical Soluti
Slide 7: Merck delivers on future technologies
Merck delivers on future technologies Global mega trend Health - Partnership with imec: Organ-on-a-chip - Small computer chip that mimics the functions of an organ in the body - Scientist can see how the organ reacts to different medications on this chip - Merck contributes knowledge about cells and
Slide 8: Merck Group: Guidance Delivered
Merck Group: Guidance Delivered 2025 Guidance 2025 Results Net sales €20.8 – 21.4 bn €21.1 bn EBITDA pre €6.0 – 6.2 bn €6.1 bn EPS pre €8.20 – 8.60 €8.34 8 Merck Q4 2025 Results Presentation | March 5, 2026
Slide 9: Highlights: Growth Driven by Process Solutions and Rare Diseases
Highlights: Growth Driven by Process Solutions and Rare Diseases Operations Group Financials Q4 YoY organic sales growth1 Life Science: Q4 organic sales: +2.6% Continued PS growth (+10%) drives LS growth (+4%) Continued strong YoY order intake momentum in PS Q4 organic EBITDA pre: +3.1% SLS2 w
Slide 10: Financial Overview
FInanCial OVePrVICW -
Slide 11: FY 2025: Overview
FY 2025: Overview Key figures Comments [€m] FY 2024 FY 2025 Δ Sales around stable (0%); FX headwinds (-4%) dampen solid org. growth (+3%), Net sales 21,156 21,102 -0.3% with the portfolio effect around stable EBITDA pre 6,072 6,109 0.6% HC and LS contributing to organic sales Margin (in % of net
Slide 12: FY Life Science: Low-teens PS Growth, Consistent with Mid-Term Guidance
FY Life Science: Low-teens PS Growth, Consistent with Mid-Term Guidance Life Science P&L Net sales bridge [€m] IFRS Pre €8,916 m 4.0% 0.1% €8,980 m FY 2024 FY 2025 FY 2024 FY 2025 -3.4% Net sales 8,916 8,980 8,916 8,980 M&S -2,238 -2,199 -2,213 -2,193 FY 2024 Organic Currency Portfolio +0.0% FY 2025
Slide 13: FY Healthcare: CM&E, Mavenclad, and Erbitux Drive Profitable Growth
FY Healthcare: CM&E, Mavenclad®, and Erbitux® Drive Profitable Growth Healthcare P&L Net sales bridge [€m] IFRS Pre €8,455 m 3.7% 2.2% €8,607 m FY 2024 FY 2025 FY 2024 FY 2025 -4.1% Net sales 8,455 8,607 8,455 8,607 M&S -1,713 -1,832 -1,710 -1,770 FY 2024 Organic Currency Portfolio +0.0% FY 2025 Adm
Slide 14: FY Electronics: High-Single-Digit Semiconductor Materials Sales Growth
FY Electronics: High-Single-Digit Semiconductor Materials Sales Growth Electronics P&L Net sales bridge €3,785 m €3,515 m [€m] IFRS Pre -0.6% -3.3% -3.2% FY 2024 FY 2025 FY 2024 FY 2025 Net sales 3,785 3,515 3,785 3,515 M&S -568 -519 -566 -517 FY 2024 Organic Currency Portfolio +0.0% FY 2025 Admin -
Slide 15: Outlook & Guidance
OUTLOOK & GUIDAaNnTce * ali An
Slide 16: Merck Group Full-year 2026 guidance
Merck Group Full-year 2026 guidance1 Net sales: Organic: -1% to +2% YoY PF: ~0% (~-€50 m) YoY FX: -4% to -2% YoY ~€20.0 bn to €21.1 bn EBITDA pre: Organic: -4% to +1% YoY PF: ~0% (~-€10 m) YoY FX: -7% to -3% YoY ~€5.5 bn to €6.0 bn EPS pre: ~€7.10 to €8.00 1 ® Assuming no U.S. sales of Mavenclad fro
Slide 17: 2026 business sector guidance
2026 business sector guidance1 Net sales EBITDA pre Life Science Organic: +3% to +6% YoY Organic:+2% to +6% YoY FX: -4% to -1% YoY PF: ~1% (~€20 m) ~€8.9 bn to €9.3 bn FX: -4% to -1% YoY ~€2.5 bn to €2.7 bn Net sales EBITDA pre 2 Healthcare Organic: -7% to -4% YoY Organic: -14% to
Slide 18: Delivered on our guidance; diversification in businesses and regions pays off
1 Delivered on our guidance 2 Diversification in businesses and regions pays off 3 Fuel for future growth: Merck serves robust mega trends health and AI