Merck KGaA Raises Adjusted Earnings Guidance for Year

   By Pietro Lombardi 
 

Merck KGaA struck a more positive tone on its expected earnings for this year after its third-quarter profit more than doubled.

The German pharmaceuticals and chemicals company said Thursday that it now expects a higher adjusted Ebitda for this year. The closely watched company metric Ebitda pre--or earnings before interest, taxes, depreciation and amortization before one-time items--is now seen in a range between 5.05 billion euros ($5.95 billion) and EUR5.25 billion.

Adjusted Ebitda rose 53% from a year earlier to EUR1.70 billion in the third quarter.

After-tax profit rose to EUR806 million from EUR342 million.

Net sales increased 9.7% to EUR4.45 billion.

Analysts had expected net sales of EUR4.41 billion and adjusted Ebitda of EUR1.60 billion, according to consensus expectations provided by Vara Research.

The company said it expects sales for the year in a range of between EUR17.1 billion and EUR17.5 billion, narrowing its previous guidance.

Write to Pietro Lombardi at [e-mail]; @pietrolombard10

(END) Dow Jones Newswires

November 12, 2020 01:43 ET (06:43 GMT)

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