Merck KGaA

MRK: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€499.00	Qcktj	Lcmclgzlj

Merck KGaA Earnings: Healthcare Strength Offsets Weak Life Sciences and Electronics in 2023 Outlook

Julie Utterback

Nov 9, 2023

With help primarily from its biopharmaceutical products in the healthcare segment, narrow-moat Merck KGaA delivered slightly better-than-expected third-quarter results and kept its 2023 outlook intact. Management also reiterated its goal of returning to organic growth in 2024, suggesting that the 2023 declines in its life science and electronics segments will start reversing next year. We are keeping our fair value estimates for the firm (EUR 171/$38) intact, and shares continue to look moderately undervalued.

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