Merck flags decline in operating profit of up to 10 percent in 2023

It had previously predicted a "moderate decline to an about stable development", before any currency swings.

Demand for Merck's semiconductor materials "is expected to recover in the second half of 2023, but at a later point and from a lower base than previously assumed", it said.

Merck also said that first-quarter adjusted EBITDA declined 2.6% to 1.6 billion euros, slightly above the average estimate of 1.54 billion euros in an analyst poll on the company's website.

It highlighted as a particularly good performance the currency-adjusted sales growth of 30.6% of cancer immunotherapy Bavencio and 23% sales growth of multiple sclerosis drug Mavenclad.

CEO Belen Garijo said higher prescriptions of its new drugs were tempering the overall decline during 2023, which he described as a "transition year".

"This proves the resilience of our diversified, multi-industry portfolio," she said.