Merck, a leading science and technology company, reported strong third-quarter 2025 results, exhibiting notable operational strength in spite of difficult geopolitical and currency-related challenges.
Group net sales for the company were €5.3 billion, up 1.0% from the same quarter last year. A strong 5.2% increase in organic sales was responsible for this growth, effectively offsetting significant negative currency headwinds of -4.9%.
EBITDA pre (a crucial earnings indicator) increased 3.1% to €1.7 billion, indicating a robust increase in profitability. A remarkable 8.8% organic growth, which outpaced a -6.5% foreign exchange impact, was the main driver of this. In Q3 2024, earnings per share pre (EPS pre) was €2.30; however, it stayed steady at €2.32.
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We delivered solid organic growth across all three business sectors, illustrating the resilience of our diversified portfolio against significant external headwinds,
Belén Garijo
Performance by Business Sector
All three divisions contributed to the organic growth, demonstrating the effectiveness of Merck’s diversified business model.
Life Science
- Net Sales: €2.2 billion (growth of 5.9% organically and 1.4% overall).
- Key Driver: Strong demand from the pharmaceutical production value chain drove the 10.3% organic growth reported by the Process Solutions business unit, which served as the main engine.
Healthcare
- €2.2 billion in net sales (3.2% total growth / 4.6% organic growth)
- Key Drivers: The Cardiovascular, Metabolism & Endocrinology (CM&E) franchise drove growth, with Euthyrox and Saizen putting in impressive showings (9.6% and 21.4% organic growth, respectively). With 20.4% organic growth, the multiple sclerosis medication Mavenclad also maintained its impressive trajectory.
- The sector experienced a 4.0% portfolio effect as a result of the acquisition of SpringWorks Therapeutics, which closed on July 1, 2025, creating a new Rare Diseases franchise.
Electronics
- Net Sales: €875 million (organic growth of 4.8% / total decline of -5.2%)
- Key Driver: The Semiconductor Materials business, which experienced high single-digit organic growth, was the main driver of the sector’s strong organic performance. The “AI boom” and the requirement for materials for cutting-edge chips were directly related to this demand.
- Impact on the Portfolio: The divestiture of the Surface Solutions business, which shut down on July 31, 2025, resulted in a decrease in the sector’s overall net sales.
Strategic Developments & Full-Year Outlook
The business announced a number of strategic initiatives, such as a recent deal with the US government to increase access to its IVF treatments. Additionally, the business will submit an accelerated review request to the U.S. FDA for its medication Pergoveris, which saw a 36.5% increase in organic sales during the quarter.
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Reflecting the solid year-to-date performance, Merck confirmed and narrowed its guidance for the full year 2025. The company anticipates:
- Net Sales: €20.8 billion to €21.4 billion
- EBITDA pre: €6.0 billion to €6.2 billion
- EPS pre: €8.20 to €8.60
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