Merck KGaA 1Q26 Results Update

Merck KGaA delivered a strong 1Q26 beat on all key metrics, leading to a modest upgrade in FY26 guidance. While supported by one-offs, the results suggest further upside potential to current consensus estimates.

Key Takeaways

• 1.Merck reported a strong 1Q26 with beats across all divisions on EBITDA (pre), though results were supported by several one-offs in Electronics and phasing in Life Science.
• 2.FY26 guidance was upgraded at the group level, primarily driven by stronger-than-expected Process Solutions performance and delayed Mavenclad generic entry.
• 3.The new CEO is shifting strategic focus toward integrated end-to-end solutions and high-growth value drivers like Process Solutions and Semiconductors.

Table of Contents

• Strategy update
• FY26 guidance
• Results summary
• Key beats and misses
• Key focus areas for the call
• Pipeline
• Pipeline updates
• Valuation and Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Price target and rating history chart(s)
• Target price history table(s)

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