Investing
Merck KGaA says FY profit to fall to lower half of target range
© Reuters. FILE PHOTO: A logo of drugs and chemicals group Merck KGaA is pictured in Darmstadt, Germany January 28, 2016. REUTERS/Ralph Orlowski/File Photo
By Ludwig Burger
FRANKFURT (Reuters) -Germany’s diversified group Merck KGaA flagged that full-year operating earnings would likely be in the lower half of its target range on weak demand for specialty materials that are used to make biotech drugs and semiconductors.
The maker of pharmaceuticals, lab gear and specialty chemicals confirmed that 2023 earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for one-offs, would come in between 5.8 billion euros ($6.21 billion) and 6.4 billion euros but would be “trending in the lower half of the absolute range”.
That would be down from 6.8 billion in 2022.
It also reported a 20% decline in quarterly adjusted EBITDA to 1.45 billion euros ($1.55 billion) in the third quarter, slightly ahead of an average analyst estimate of 1.39 billion posted on the company’s website.
Last month, Merck raised the prospect of returning to revenue growth next year, recovering from a slump in demand for its specialty materials to produce biotech drugs and semiconductors.
($1 = 0.9340 euros)
Read the full article here
-
Passive Income7 days ago
Are You Running Your Business, or Is Your Business Running You?
-
Side Hustles7 days ago
How Your Body Language Can Help Win a Disagreement
-
Side Hustles6 days ago
How to Be Unapologetically You and Why It Matters
-
Investing7 days ago
7 Marketing Strategies to Help Your Startup Grow and Scale
-
Investing5 days ago
Nvidia CEO Jensen Huang: Demand For Blackwell AI Is Insane
-
Side Hustles7 days ago
OpenAI Raises Record $6.6 Billion, Adds 50 Million New Users
-
Side Hustles6 days ago
With AI Magicx, It’s Like Getting an Entire Creative Team in One Money-Saving AI Tool
-
Side Hustles5 days ago
Mark Zuckerberg Is Now Second Richest Person in the World