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Merck (MRK) investor relations material
Merck CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Strategic priorities, capital allocation, and portfolio management
Focus on growth, innovation, and sustainable value creation, with disciplined portfolio management and capital allocation to areas with highest returns.
Active portfolio management includes recent acquisitions (SpringWorks Therapeutics, JSR's chromatography business) and divestments (Surface Solutions), prioritizing investments in attractive markets and divesting non-core assets.
Over 80% of business operates in attractive markets with strong competitive positions; ongoing disciplined review ensures adaptability and resource optimization.
M&A remains a priority, especially in Life Science, with strict financial criteria and significant firepower for both bolt-on and transformative deals.
Capital allocation and portfolio optimization are guided by systematic, data-driven prioritization, considering interdependencies, risk-adjusted returns, and a holistic approach to resource allocation.
Business sector strategies and growth drivers
Life Science introduces a new customer-centric structure with three business units: Process Solutions (bioprocessing), Discovery Solutions (digital catalog), and Advanced Solutions (specialized services), driving scalable growth and innovation.
Process Solutions is the main growth engine, targeting around 10% CAGR mid-term, supported by resilient manufacturing and regionalization.
Healthcare pivots to rare diseases as a new strategic pillar, supported by SpringWorks acquisition and launches of Ogsiveo, Gomekli, and Pimicotinib, aiming for upgraded mid-term growth.
Oncology and Neurology & Immunology are managed for cash and sustainability, with pipeline replenishment and risk diversification.
Electronics focuses on Semiconductor Solutions (80% of the segment), leveraging AI and advanced computing trends, with mid- to high-single-digit organic sales growth ambition.
Financial guidance and outlook
Group targets mid-single-digit organic growth over the midterm, with key growth drivers (process solutions, rare diseases, semiconductor solutions) expected to deliver low double-digit growth combined.
Margin improvement of about 100 basis points over the midterm, driven by higher capacity utilization, efficiency gains, and ramp-up in rare diseases, partially offset by lifecycle challenges in healthcare.
On track to meet 2025 guidance with organic sales growth of 2-5% and EBITDA pre margin around 29%; positive early indication for 2026 with stable margins.
Free cash flow to strengthen as operating cash flow improves and CAPEX-to-sales ratio gradually reduces after a period of overinvestment.
2026 guidance: Life Science and Electronics to improve, Healthcare to moderate temporarily; SpringWorks will be margin dilutive in 2026 but EPS pre-accretive in 2027.
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