Analysts expectations
The company is covered by various German and international financial analysts. The most recent analyst consensus provided
by Vara Research is given below. It is based on the estimates of up to 23 banks, prepared by Vara Research.
Consensus earnings estimates are based on earnings projections made by securities analysts who cover Merck. Any opinions,
forecasts, estimates, projections or predictions regarding Merck's performance made by the analysts (and, therefore, the Consensus
estimate numbers) are theirs alone and do not represent the opinions, forecasts, estimates, projections or predictions of
Merck or its management. Merck does not by providing these estimates imply its endorsement of or concurrence with such information,
conclusions or recommendations. Merck assumes no liability for the accuracy of such estimates and undertakes no obligation
to update or revise such estimates.
Expectations for 2nd Quarter 2010 (continuing operations) VARA Research - as of July 22, 2010
| in Euro Million | Average | High | Low |
| Total revenues | 2,066 | 2,156 | 1,946 |
| Operating Results (OR) | 272 | 325 | 220 |
| Core operating result (Core OR) 1) | 414 | 467 | 366 |
| Net income 2) | 169 | 209 | 121 |
| Core net income 3) | 299 | 344 | 259 |
| Core EPS | 1.37 € | 1.58 € | 1.17 € |
Expectations for Fiscal Year 2010 (continuing operations) VARA Research - as of August 27, 2010
| in Euro Million | Average | High | Low |
| Total revenues | 9,397 | 9,577 | 9,100 |
| Operating Results (OR) | 1,251 | 1,403 | 1,095 |
| Core operating result (Core OR) 1) | 1,988 | 2,078 | 1,908 |
| Net income 2) | 716 | 846 | 607 |
| Core net income 3) | 1,380 | 1,473 | 1,274 |
| Core EPS | 6.35 € | 6.77 € | 5.86 € |
1) Core OR = Operating result excl. amortization, restructuring costs and exceptionals
2) Net income = Net profit after tax and after minority interests
3) Core net income = Net profit after tax and after minority interests, excl. special items from the acquisition of Serono (amortization, restructuring costs, exceptionals and tax adjustments)
2) Net income = Net profit after tax and after minority interests
3) Core net income = Net profit after tax and after minority interests, excl. special items from the acquisition of Serono (amortization, restructuring costs, exceptionals and tax adjustments)
Merck-Share
| Average | High | Low | |
| Target share price | 80.12 | 160.00 | 67.70 |
Investment recommendations
Investor Relations continuously monitors the investment recommendations made by analysts and feeds them into an internal database
to provide an overview. Some of the Broker Houses listed have not supplied current research reports and are therefore not
included in the analysis below.
(As of: August 25, 2010)
Provided by
Disclaimer: The Vara Research documents have been issued by Vara Research GmbH for information purposes only and is not intended
to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and
business developments of the relevant company. Such estimates and forecasts cannot be independently verified by reason of
the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable
as to its accuracy and completeness.
The details otherwise specified above are no more than the results of analyses, reports, studies, recommendations and assessments
provided by third parties, particularly by analysts. The details are not based on research conducted by Merck KGaA itself.
Merck KGaA has merely collected this data and information and would like to bring it to your attention, though without making
its own recommendations or assessments. Note, in particular, that the above-mentioned details are not recommendations or offers
to purchase or sell Merck shares or other financial instruments. Merck KGaA does not necessarily share the conclusions, recommendations
or views expressed by the analysts providing the details and does not confirm the correctness or the suitability of the above-mentioned
details or of the underlying information. Merck KGaA accepts no liability for the selection, quality, completeness, up-to-dateness
or correctness of the assessments and recommendations specified therein. Merck KGaA accepts no liability for damage arising
from the information provided on this internet site.
