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Merck (MRK) investor relations material
Merck Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Strategic portfolio moves included the acquisition of SpringWorks and divestiture of Surface Solutions, sharpening focus on high-tech electronics and healthcare growth.
Life Science and Healthcare segments led organic growth in Q2 2025, with Process Solutions up 11% and strong specialty pharma performance; Electronics declined due to DS&S downcycle.
Group organic sales grew 2% year-over-year, but FX headwinds led to a reported sales decline of 1.8%.
EBITDA pre grew 4.6% organically, but fell 3.1% reported; EPS pre declined 8.2% due to tax and lower interest income.
Operating cash flow declined sharply, mainly due to higher tax and bonus payments.
Financial highlights
Q2 2025 net sales: €5,255m (-1.8% YoY); EBITDA pre: €1,462m (-3.1% YoY); EPS pre: €2.02 (-8.2% YoY); reported EPS up 7.1% to €1.50.
H1 2025: Net sales €10,535m (+0.6% YoY); EBITDA pre €2,998m (+1.2% YoY); EPS pre €4.14 (-2.8% YoY).
Net financial debt increased to €7,973m as of June 30, 2025, mainly due to bond repayment and acquisitions.
Equity ratio rose to 60% at Q2 end.
Operating cash flow for H1 2025 was €1,123m, down 40.8% year-over-year.
Outlook and guidance
FY 2025 net sales forecast at €20.5–21.7bn, with organic growth of 2–5% and negative FX impact.
EBITDA pre expected at €5.9–6.3bn, with organic growth of 4–8% and negative FX/portfolio effects.
EPS pre guidance for 2025 set at €8.0–8.7.
Life Science organic sales growth guidance upgraded to +3% to +6%; Healthcare narrowed to +3% to +5%; Electronics revised down to –5% to –1%.
Portfolio effects from SpringWorks and Surface Solutions factored into guidance; full impact of tariffs and FX included.
How will SpringWorks acquisition affect sales?
What's driving the decline in Electronics EBITDA?
Assess Mavenclad's market position in MS.
Electronics DS&S project delay recovery path
Process Solutions growth sustainability, tariff impact
Mavenclad profitability post-LOE strategy
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CMD 202516 Oct, 2025
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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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