Drug sales key to Merck KGaA progress as 'challenging year' nears end

German science and tech company Merck KGaA (MRK: DE) was trading nearly 4% higher late on Wednesday as markets digested its third-quarter2018 financial results.

Net sales across the group rose compared to the same period of 2017 by 6.6% to 3.75 billion euros ($4.2 billion), but unhelpful foreign exchange effects led to a 5.9% decline in earnings before interest, taxes, depreciation and amortization (EBITDA), which dropped to 919 million euros.

The EBITDA figure, when not defined by international financial reporting standards, was 963 million euros, a 5.9% fall but ahead of analysts’ expectations for 933 million euros.