Merck KGaA reports downturn in 1st-qtr profits

German life sciences company Merck KGaA (MRK: DE) today posted first-quarter 2017 financial results, showing that profit was down year on year, though net sales were up 5.3% to 3.86 billion euros ($4.30 billion), leading to the firm’s shares falling 2.2% to 109.10 euros by late afternoon.

Growth was driven mainly by Healthcare and Life Science, but all three business segments contributed to the growth.

Profit after tax for the quarter dropped 11.8% to 523 million euros. Earnings per share were 1.20 euros, down 11.8% from 1.36 euros last year. Earnings per share pre-exceptionals were 1.80 euros, compared to 1.54 euros in 2016. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 1.24 billion euros, beating the 1.19 billion euros expected on average by analysts in a Reuters poll.