Merck’s Q3 figures confirmed our strong view by beating our expectations (+11% on EBITDA pre line) as well as consensus (+6% on EBITDA pre line). Stripping out the one-off in Healthcare, the organic performance was still very strong at the group level, driven by Life Science which was stronger than expected. However, Performance Materials did better organically, supported by the semiconductor business. Consequently, management added c.€400-600m including the one-off to EBITDA pre guidance.