Merck KGaA: 2Q‘26 Preview: Expect a strong quarter with JPMe 6% ahead on EPS (pre) and a guidance raise that could deliver 3% upside to FY‘26 Cons. EPS(pre)

Research evidence excerpt

Merck KGaA: 2Q‘26 Preview: Expect a strong quarter with JPMe 6% ahead on EPS (pre) and a guidance raise that could deliver 3% upside to FY‘26 Cons. EPS(pre)

would imply c.3% upside to FY’26 BBG Consensus (91-22) 6157-4103

EPS(pre). khushi.bihani@jpmorgan.com

J.P. Morgan India Private Limited

• JPM forecasts 2Q’26 Group EBITDA (pre) of €1,552m (+6% y-o-y), c.4% Dhitee Goel

ahead of BBG Consensus, and EPS (pre) of €2.12, c.6% above BBG (44-20) 7742-2591

dhitee.goel@jpmorgan.com

Consensus: We forecast 2Q'26 Group EBITDA (pre) of €1,552m (c. 4% ahead J.P. Morgan Securities plc

of BBG consensus of €1,487m), primarily driven by our forecast for c. 8%

James D Wantling

higher EBITDA (pre) in Healthcare, where we forecast €743m vs. BBG (44-20) 3493-0019

consensus of €690m. This is further supported by our c. 3% higher Electronics james.wantling@jpmorgan.com

EBITDA (pre) forecast of €231m (vs. consensus of €224m) and our c. 1% J.P. Morgan Securities plc

higher Life Science EBITDA (pre) forecast of €687m (vs. consensus of

Specialist Sales contact details: €682m). We forecast EPS (pre) of €2.12, c. 6% ahead of BBG consensus of

€2.01, driven by the drop-through of our higher EBITDA (pre) forecasts. Marjan Daeipour - Specialist Sales -

European Healthcare

2026 Guidance (44 20) 7134-1329

marjan.daeipour@jpmorgan.com

• Expect Group FY'26 guidance to be raised on EBITDA (pre) and EPS

(pre), which points to c. 1%/3% upside to Consensus at the midpoint: We

expect Group FY'26 guidance to be raised on EBITDA (pre) and EPS (pre),

which could drive c. 1-3% upside to Consensus at the midpoint. For 2026, we

expect Merck to reiterate its guidance for +0% to +3% organic Group sales

growth at CER, with the positive acquisition effect of SpringWorks offset by