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Merck KGaA ADR - Stock Quote MKKGY

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Morningstar's Merck KGaA ADR Stock Analysis

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Merck KGaA Delivers Solid Q1 Results and 2022 Outlook; Shares Slightly Overvalued

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Narrow-moat Merck KGaA revealed solid first-quarter results and a slightly higher outlook than we had been incorporating in our model for 2022. With those solid trends and cash flows generated since our last valuation update, we have raised our EUR fair value estimate by 7%. However, because of recent strengthening of the U.S. dollar, we are actually trimming our U.S. ADR valuation by 3%. Overall, even after the recent pullback in Merck shares, we still see shares as trading slightly above fair value.

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Merck KGaA ADR's Company Profile

Business Description

Merck KGaA operates in three main segments: life sciences, performance materials, and healthcare. The life sciences segment (46% of 2021 sales) provides laboratory consumables and instruments to researchers in academia and applied fields, including the biopharmaceutical industry. In the healthcare segment (36%), Merck develops, manufactures, and sells branded pharmaceuticals with significant therapeutic concentrations in oncology, multiple sclerosis, and fertility. In its electronics segment (18%), 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.

Frankfurter Strasse 250
Darmstadt, 64293, Germany
T +49 6151720
Sector Healthcare
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2017
Stock Type
Employees 61,508