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Merck KGaA MRK

Rating as of

Morningstar’s Analysis

Valuation
Currency in EUR
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Merck KGaA Highlights 2025 Goals Roughly in Line With Our Expectations; Shares Remain Rich

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Narrow-moat Merck KGaA held an investor day highlighting 2025 goals roughly in line with our expectations. While we have tinkered with our assumptions a bit, we maintain our fair value estimate and continue to view shares as rich when considering long-term cash flow prospects.

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Company Profile

Business Description

Merck KGaA operates in three main segments: life sciences, performance materials, and healthcare. The life sciences segment (43% of 2020 sales) provides laboratory consumables and instruments to researchers in academia and applied fields, including the biopharmaceutical industry. In the healthcare segment (38%), Merck develops, manufactures, and sells branded pharmaceuticals with significant therapeutic concentrations in oncology, multiple sclerosis, and fertility. In its electronics segment (19%), the company offers specialty materials to manufacture a variety of products, such as semiconductors, flat-screen televisions, automobiles, and cosmetics. In 1995, the E. Merck KG family publicly sold part of the company, resulting in the current 30% public ownership of the firm.

Contact
Frankfurter Strasse 250
Darmstadt, 64293, Germany
T +49 6151720
Sector Healthcare
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2017
Stock Type
Employees 58,408