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  • Merck flags decline in...

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

Ruchika SharmaWritten by Ruchika Sharma Published On 2023-05-14T11:30:19+05:30  |  Updated On 14 May 2023 6:00 AM GMT
Merck flags decline in operating profit of up to 10 percent in 2023
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Germany: Germany's Merck KGaA on Thursday warned that adjusted operating earnings could decline by as much as 10% this year as the outlook for its specialty chemicals business darkened, offsetting an upswing in drug prescriptions.The company said it was expecting between 6.1 billion euros ($6.71 billion) and 6.7 billion euros in 2023 earnings before interest, taxes, depreciation...

Germany: Germany's Merck KGaA on Thursday warned that adjusted operating earnings could decline by as much as 10% this year as the outlook for its specialty chemicals business darkened, offsetting an upswing in drug prescriptions.

The company said it was expecting between 6.1 billion euros ($6.71 billion) and 6.7 billion euros in 2023 earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-offs. That is down from 6.8 billion last year.

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.

Read also: Merck beats first-quarter expectations on Keytruda, Gardasil strength

merckmerck newsoperating profit
Source : Reuters
Ruchika Sharma
Ruchika Sharma

    M.Com

    Ruchika joined Medical Dialogue as an Desk Editor for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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