Merck KGaA

MRK: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€748.00	Bytmtmz	Sjqcwvwyrx

Merck KGaA Earnings: New Drug Launches Help Offset Life Science Reset

Julie Utterback

May 11, 2023

Narrow-moat Merck KGaA delivered solid first-quarter results, and its 2023 guidance looks in line with our expectations. To reflect cash flow generated in recent quarters, a slight increase in our long-term margin outlook for the firm, and currency movements since our last valuation change, we moderately raise our fair value estimate (EUR 171/$38 from EUR 158/$33). Shares still trade near fair value after these changes.

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