Merck KGaA shares slip on cautious outlook
Germany’s Merck KGaA (MRK: DE) was trading 5% lower as Thursday’s activity neared its end, after the company announced its third-quarter 2024 financial results and outlook for the rest of the year.
Net sales rose by 1.8% to 5.27 billion euros ($5.57) compared to the same period in 2023, while earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for special items, were 1.62 billion euros, a jump of 11.8% and ahead of an average analyst estimate of 1.55 billion euros in a consensus posted on the company’s website.
Merck, which previously predicted 2024 sales of between 20.7 billion euros and 22.1 billion euros, said it now expects its revenue to be in the lower half of that range. Full-year adjusted EBITDA is now predicted to be around the mid-point of its target range of 5.8 billion to 6.4 billion euros.
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