MERCK KGAA (+) : Toughest quarter navigated. FY26 guidance raised. New CEO steps up

研报英文原文证据摘录

MERCK KGAA (+) : Toughest quarter navigated. FY26 guidance raised. New CEO steps up

EQUITIES

PHARMACEUTICALS

MERCK KGAA OUTPERFORMPRICE* EUR113.0  TARGET PRICE EUR145 (UPSIDE 28%)

FLASH NOTE

Toughest quarter navigated. FY26 guidance raised. New CEO steps up

13 MAY 2026 Securities Research Report Production time: 07:15* (London time)

Research Analyst & Publishing Entities

Peter Verdult, CFA BNP Paribas London Branch (+44) 203 430 8683 peter.verdult@uk.bnpparibas.com

What happened?

Q1 beat (1/5/8% on sales/EBITDA/EPS) with organic sales/EBITDA CER growth of 3/5% offset by significant FX

headwinds (-6% on both). FY26 guidance raised 2-4% driven by Life Sciences (stronger market conditions), Healthcare

(Mavenclad generics pushed out) and easing FX. Guidance still conservatively assumes zero US Pergoveris sales or

Mavenclad from May. FY26 consensus has scope to rise by up to 5%. The CEO will lay out the Strategic Update on

the call, which we anticipate will be focused on faster decision making across the group and a step up in M&A.

BNPP View:

We like the setup for the remainder of the year and argue the shares can now rerate on an improving narrative across

the group and further scope for positive earnings revisions. Q1 highlights include 16% CER growth at Process Solutions

(underlying >10% once stocking benefits taken into account) and clear evidence of market conditions across Life

Sciences improving as well as clear evidence the commercial model changes implemented in January are having an

impact. Electronics benefited from two one-offs that had been flagged going into Q1 (€43m disposal gain from OLED

patents and a €25m supplier contract dispute resolution). At Healthcare Mavenclad sales and a strong performance

from Erbitux across EU helped drive a beat.