Financials Merck KGaA

Equities

MRK

DE0006599905

Pharmaceuticals

Market Closed - Xetra Other stock markets 16:35:23 10/07/2025 BST			5-day change	1st Jan Change
114.45 ^EUR	+2.83%		+1.55%	-18.19%

07-09	Merck KGAA and preparations for the post-Keytruda era
07-07	European share rise on tech, banks boost with focus on US trade negotiations	RE

Projected Income Statement: Merck KGaA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	17,534	19,687	22,232	20,993	21,156	21,588	22,379	23,111
Change	-	12.27%	12.93%	-5.57%	0.78%	2.04%	3.66%	3.27%
EBITDA ¹	5,201	6,103	6,849	5,879	6,072	6,124	6,465	6,814
Change	-	17.33%	12.23%	-14.16%	3.28%	0.86%	5.58%	5.39%
EBIT ¹	2,985	4,179	4,474	3,609	3,645	4,066	4,515	4,741
Change	-	40%	7.07%	-19.34%	0.99%	11.55%	11.05%	5%
Interest Paid ¹	-354.4	-255	-186.9	-125.2	-108.5	-165.6	-161.8	-139.6
Earnings before Tax (EBT) ¹	2,630	3,924	4,287	3,484	3,536	3,847	4,346	4,617
Change	-	49.17%	9.27%	-18.74%	1.51%	8.78%	12.96%	6.24%
Net income ¹	1,987	3,055	3,326	2,824	2,777	3,081	3,406	3,598
Change	-	53.72%	8.87%	-15.09%	-1.68%	10.97%	10.54%	5.65%
Announcement Date	04/03/21	03/03/22	02/03/23	07/03/24	06/03/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	4,119	4,447	4,598	4,631	4,870	4,973	5,213	5,198	5,568	5,806	5,660	5,293	5,302	5,173	5,225	5,120	5,352	5,266	5,418	5,280	5,344	5,417	5,528
Change	-	7.96%	3.41%	0.71%	5.16%	2.11%	4.83%	-0.29%	7.13%	4.26%	-2.5%	-6.49%	0.17%	-2.43%	1.01%	-2.01%	4.53%	-1.61%	2.88%	-2.54%	1.21%	1.37%	2.05%
EBITDA ¹	1,074	1,701	1,245	1,511	1,576	1,552	1,464	1,629	1,782	1,810	1,628	1,587	1,553	1,446	1,293	1,454	1,509	1,618	1,491	1,535	1,478	1,480	1,609
Change	-	58.38%	-26.8%	21.35%	4.3%	-1.52%	-5.66%	11.24%	9.41%	1.6%	-10.09%	-2.51%	-2.14%	-6.89%	-10.58%	12.45%	3.78%	7.22%	-7.84%	2.94%	-3.71%	0.1%	8.73%
EBIT	491	1,167	611.1	1,043	1,049	1,047	1,039	1,173	1,177	1,234	889.6	1,035	969	983	621	931	792	1,097	824.2	1,006	-	-	-
Change	-	137.68%	-47.63%	70.68%	0.58%	-0.19%	-0.79%	12.97%	0.31%	4.86%	-27.92%	16.34%	-6.38%	1.44%	-36.83%	49.92%	-14.93%	38.51%	-24.87%	22.06%	-	-	-
Charge d'intérêts	-102	-109	-52	-59.1	-95	-54.2	-47	-34.3	-55	-47	-50.5	-65	-75.7	-46	-	-	-	-54.1	-	-50	-	-	-
Earnings before Tax (EBT)	389	1,065	559	984	955	993	991.9	1,139	1,122	1,187	839.1	1,012	894	937	641	899	785	1,043	-	-	-	-	-
Change	-	173.78%	-47.51%	76.03%	-2.95%	3.98%	-0.11%	14.84%	-1.5%	5.81%	-29.32%	20.61%	-11.66%	4.81%	-31.59%	40.25%	-12.68%	32.87%	-	-	-	-	-
Net income ¹	290	805	435.8	747	745	761	802.1	880.4	867.1	923.2	655	796	704	739	586	694	607	812	666.2	735	844.2	865.6	759.9
Change	-	177.59%	-45.86%	71.41%	-0.27%	2.15%	5.4%	9.76%	-1.51%	6.47%	-29.05%	21.53%	-11.56%	4.97%	-20.7%	18.43%	-12.54%	33.77%	-17.96%	10.33%	14.86%	2.53%	-12.21%
Announcement Date	06/08/20	12/11/20	04/03/21	12/05/21	05/08/21	11/11/21	03/03/22	12/05/22	04/08/22	10/11/22	02/03/23	11/05/23	03/08/23	09/11/23	07/03/24	15/05/24	01/08/24	14/11/24	06/03/25	15/05/25	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Merck KGaA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	10,662	8,902	8,328	7,959	7,784	6,096	3,746	1,508
Change	-	-16.51%	-6.45%	-4.43%	-2.2%	-21.69%	-38.55%	-59.74%
Announcement Date	04/03/21	03/03/22	02/03/23	07/03/24	06/03/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Merck KGaA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,412	1,066	1,531	2,024	2,183	1,909	1,945	2,017
Change	-	-24.57%	43.73%	32.14%	7.88%	-12.56%	1.87%	3.74%
Free Cash Flow (FCF) ¹	2,065	3,550	2,728	1,915	2,884	3,209	3,404	3,270
Change	-	71.95%	-23.17%	-29.8%	50.64%	11.26%	6.08%	-3.94%
Announcement Date	04/03/21	03/03/22	02/03/23	07/03/24	06/03/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Merck KGaA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	29.66%	31%	30.81%	28%	28.7%	28.37%	28.89%	29.48%
EBIT Margin (%)	17.02%	21.23%	20.12%	17.19%	17.23%	18.83%	20.18%	20.51%
EBT Margin (%)	15%	19.93%	19.28%	16.6%	16.72%	17.82%	19.42%	19.98%
Net margin (%)	11.33%	15.52%	14.96%	13.45%	13.12%	14.27%	15.22%	15.57%
FCF margin (%)	11.78%	18.03%	12.27%	9.12%	13.63%	14.87%	15.21%	14.15%
FCF / Net Income (%)	103.9%	116.22%	82.02%	67.8%	103.89%	104.16%	99.96%	90.89%
Profitability
ROA	4.64%	8.7%	9.31%	7.61%	5.47%	6.39%	6.77%	6.88%
ROE	16.69%	19.81%	18.5%	14.03%	13.26%	12.11%	11.99%	11.76%
Financial Health
Leverage (Debt/EBITDA)	2.05x	1.46x	1.22x	1.35x	1.28x	1x	0.58x	0.22x
Debt / Free cash flow	5.16x	2.51x	3.05x	4.16x	2.7x	1.9x	1.1x	0.46x
Capital Intensity
CAPEX / Current Assets (%)	8.06%	5.41%	6.89%	9.64%	10.32%	8.84%	8.69%	8.73%
CAPEX / EBITDA (%)	27.16%	17.46%	22.36%	34.42%	35.96%	31.17%	30.08%	29.61%
CAPEX / FCF (%)	68.41%	30.01%	56.14%	105.68%	75.68%	59.48%	57.12%	61.69%
Items per share
Cash flow per share ¹	7.997	10.62	9.796	8.703	10.55	10.44	11.96	12.63
Change	-	32.75%	-7.73%	-11.15%	21.19%	-1.06%	14.59%	5.6%
Dividend per Share ¹	1.4	1.85	2.2	2.2	2.2	2.332	2.428	2.525
Change	-	32.14%	18.92%	0%	0%	6%	4.14%	3.96%
Book Value Per Share ¹	39.14	49.08	59.63	61.36	68.79	73.95	79.47	85.36
Change	-	25.41%	21.5%	2.9%	12.11%	7.5%	7.45%	7.42%
EPS ¹	4.57	7.03	7.65	6.49	6.39	7.126	7.904	8.438
Change	-	53.83%	8.82%	-15.16%	-1.54%	11.52%	10.92%	6.75%
Nbr of stocks (in thousands)	434,778	434,778	434,778	434,778	434,778	434,778	434,778	434,778
Announcement Date	04/03/21	03/03/22	02/03/23	07/03/24	06/03/25	-	-	-