We are still puzzled about Merck’s high-flying performance. The name has – again – outpaced our strong view, beating us at the top line (+4.5%; consensus: +2.2%) and at the EBITDA pre level (+10.5%; consensus: +7.7%). All three (!) divisions reported stronger than expected figures, driving profitability exceptionally high from low comparables. Sales stood at the highest watermark ever and EBITDA pre was only higher in Q3 20 (including a provision revision).
Nevertheless, these figures confirm ....
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We are still puzzled about Merck’s high-flying performance. The name has – again – outpaced our strong view, beating us at the top line (+4.5%; consensus: +2.2%) and at the EBITDA pre level (+10.5%; consensus: +7.7%). All three (!) divisions reported stronger than expected figures, driving profitability exceptionally high from low comparables. Sales stood at the highest watermark ever and EBITDA pre was only higher in Q3 20 (including a provision revision).
Nevertheless, these figures confirm ....