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Visual21 Nov 2025
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Merck (MRK) investor relations material
Merck Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved solid organic growth across all three sectors in Q3 2025, with group revenues up 5.2% and EBITDA pre up 8.8% year-over-year, despite significant currency headwinds.
Life Science and Healthcare led growth, with Life Science organic sales up 6% and Healthcare benefiting from the SpringWorks acquisition.
SpringWorks acquisition consolidated for the first time, contributing to Healthcare growth and portfolio effects.
Major portfolio changes included the acquisition of SpringWorks Therapeutics and the divestment of the Surface Solutions business.
Full-year 2025 guidance confirmed and narrowed for net sales, EBITDA pre, and EPS pre, with midpoints maintained or slightly increased.
Financial highlights
Q3 2025 net sales rose 1% to €5,318 million; organic growth of €273 million offset by FX headwinds of €-256 million.
EBITDA pre increased 3.1% to €1,669 million, margin up to 31.4% year-over-year.
EPS pre up 0.9% to €2.32; reported EPS up 11.3% to €2.07.
Operating cash flow for Q3 2025 grew 4.1% to €1,518 million; net financial debt increased 29.8% to €9,288 million, mainly due to the SpringWorks acquisition.
EBIT up 11.3% year-over-year; financial result declined due to higher interest costs from new bond issuance.
Outlook and guidance
Full-year 2025 group sales guidance narrowed to €20.8–21.4 billion, midpoint €21.1 billion; organic net sales growth guidance at ~3%.
EBITDA pre guidance narrowed to €6–6.2 billion, midpoint €6.1 billion; organic EBITDA pre growth now 5–10%.
EPS pre guidance raised to €8.20–8.60.
Healthcare organic sales growth expected at ~3%, with SpringWorks portfolio effect raised to €180 million in sales.
Electronics organic sales development forecast at -3% to -1%.
For 2026, group sales expected at lower end of prior range; group margin targeted at ~28% to mitigate Mavenclad US erosion.
What drove the 29.8% net debt increase in Q3 2025?
Why is Electronics forecasting an organic sales decline?
What drives Healthcare's strong EBITDA pre forecast?
Explain SpringWorks' improved profitability outlook
Review of mRNA/viral vector activities impact?
What drives DS&S stabilization in 2026?
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Frequently asked questions
MERCK Kommanditgesellschaft auf Aktien operates in the healthcare, life science, and electronics sectors worldwide. The company's Life Science business segment focuses on the development, manufacture, marketing and distribution of pharmaceutical products. It offers drugs for a range of therapeutic indications from central nervous system diseases to cardiovascular and metabolic disorders. In addition to its own pharmaceutical activities, MERCK helps develop medicines for customers. The company also participates in the development of active substances with partners.
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