<p>默克 KGaA 赞助的 ADR（(MKKGY)）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>默克 KGaA 最新的财报电话会议传达了谨慎乐观的基调，管理层庆祝有机增长的回归、利润率的改善和现金生成能力的增强，同时也承认外汇拖累、医疗保健压力以及电子产品的一次性提振。投资者听到了潜在动能和上调指引的故事，但也清楚地意识到关于货币、产品侵蚀和需求阶段的短期风险。</p>
<h2>集团有机增长和盈利能力改善</h2>
<p>尽管报告收入因外汇和投资组合效应下降，默克仍实现了约 2.9% 的有机销售增长和大约 5% 的有机 EBITDA 前增长。基础 EBITDA 前利润率提高了约 70 个基点，达到 29.8%，尽管面临外部逆风，但这表明了更好的经营杠杆。</p>
<h2>生命科学表现突出</h2>
<p>生命科学是亮点，录得 8.3% 的有机销售增长，主要得益于过程解决方案的 16% 的激增，该部门季度销售再次超过 10 亿欧元。该部门的 EBITDA 前有机增长约为 7.4%，利润率小幅扩张约 50 个基点，突显了这一高质量盈利引擎的韧性。</p>
<h2>电子产品在半导体材料中的增长</h2>
<p>电子产品恢复了有机增长，销售增长 4.2%，主要由半导体解决方案推动，后者在强劲的人工智能和先进节点需求下增长了约 7.5%。该部门的 EBITDA 前有机增长超过 30%，报告的利润率达到 34.6%，尽管管理层强调这一改善的一部分源于一次性项目。</p>
<h2>上调全年和 2026 年指引</h2>
<p>管理层提高了 2026 年的目标，现在预计销售额为 204 亿至 214 亿欧元，EBITDA 前为 57 亿至 61 亿欧元，暗示有机销售增长可达 3%。每股收益前指引上调至 7.50 至 8.20 欧元，描绘出温和的收入增长、稳定的盈利能力和相较于之前假设的外汇压力缓解的情景。</p>
<h2>强劲的现金流和去杠杆化</h2>
<p>经营现金流同比增长约 47%，达到约 8.18 亿欧元，反映出更健康的现金转换能力。净金融债务下降约 3.5%，至 83.18 亿欧元，得益于严格的资本支出和为未来投资提供更多的资产负债表灵活性。</p>
<h2>战略并购和能力扩展</h2>
<p>公司在 4 月初完成了对 JSR 的收购，扩展了其下游蛋白 A 色谱能力，增强了其生物处理产品。管理层重申了专注于高增长价值驱动因素、集成工作流程解决方案和严格交易的战略，旨在建立平台业务，而不是一次性收入流。</p>
<h2>股息获批</h2>
<p>股东批准每股 2.20 欧元的股息，表明对默克现金生成和资产负债表的信心。此次分红强调了集团在为投资者回报资本的同时，仍然支持其核心业务的增长。</p>
<h2>生命科学的订单动能和账单比</h2>
<p>生命科学的订单趋势依然强劲，订单收入使账单比保持在舒适的 1 以上，指向持续的需求。管理层预计过程解决方案将随着时间的推移接近其中期增长目标，约为 10%，即使一些第一季度的库存和阶段效应减弱。</p>
<h2>报告销售和外汇/投资组合逆风</h2>
<p>按报告计算，集团净销售额下降 2.8%，至 51.34 亿欧元，显著的货币逆风和投资组合变化掩盖了潜在增长。外汇对 EBITDA 前削减了约 5.7%，而表面解决方案的剥离单独使电子产品的报告销售下降超过 10%。</p>
<h2>医疗保健销售下降和业务压力</h2>
<p>医疗保健有机销售下降 3.4%，比之前的预期更糟，主要由于美国对 Mavenclad 的仿制药竞争。肿瘤学下降 4.9%，神经学与免疫学下降 9.2%，因干扰素侵蚀，生育业务因 Gonal-f 在美国的价格压力下降 5.2%，突显了特定业务的逆风。</p>
<h2>医疗保健盈利能力压缩</h2>
<p>医疗保健 EBITDA 前有机下降约 8%，管理层预计到 2026 年将进一步承压，因为高利润的美国销售减少，外汇压力加大。计划的推出投资，包括新疗法，将提升研发强度，指引今年有机 EBITDA 前下降 12% 至 8%。</p>
<h2>每股收益前同比大幅下降</h2>
<p>每股收益前从一年前的 3.12 欧元滑落至 2.11 欧元，尽管有机 EBITDA 增长，反映出不利的外汇、投资组合变化和不利的销售组合。下降突显了报告收益在短期内受到非运营因素的强烈影响，尽管基础表现有所改善。</p>
<h2>电子产品 EBITDA 因一次性收益而提升</h2>
<p>电子产品的强劲 EBITDA 前增长受到约 6700 万至 6800 万欧元的一次性收益的影响，包括来自 OLED 知识产权剥离的收益和与供应商错误标记相关的收益。尽管核心需求，特别是在半导体材料方面正在改善，但投资者在评估利润率趋势时应调整这些一次性项目。</p>
<h2>宏观和地缘政治不确定性</h2>
<p>管理层强调，外汇仍然是一个不成比例的逆风，地缘政治发展，尤其是在中东，可能会扰乱需求模式和阶段。第一季度过程解决方案的部分强劲反映了异常的库存，这可能不会重复，为短期轨迹增添了一定的谨慎。</p>
<h2>前瞻性指引和展望</h2>
<p>默克的升级指引假设集团层面有适度的有机增长，生命科学的贡献逐渐增加，外汇影响逐步正常化，而医疗保健面临持续的 Mavenclad 压力。各部门的指引现在显示生命科学将实现稳健的中个位数增长，医疗保健将出现下降但前景好于预期，电子产品保持稳定预期，中期目标得到重申。</p>
<p>默克的财报电话会议描绘了一幅依靠生命科学和半导体材料来抵消医疗保健和受外汇影响的报告数字压力的公司图景。随着现金流增强、指引上调和明确的战略优先事项，投资案例看起来更加积极，尽管投资者仍需关注医疗保健的侵蚀、宏观风险以及近期需求回升的持续性。</p>

默克(ADR)

<p>默克（Merck KGaA）第一季度的财报电话会议强调了谨慎的乐观情绪，尽管面临货币和医疗保健压力，仍实现了 2.9% 的有机销售增长和改善的 EBITDA 利润率。生命科学部门表现出色，增长了 8.3%，而电子部门则增长了 4.2%。管理层提高了 2026 年的销售和 EBITDA 指引，反映出强劲的现金流和对战略性并购的承诺。然而，医疗保健销售下降了 3.4%，影响了盈利能力。每股收益预期降至 2.11 欧元，受到非运营因素的影响。每股 2.20 欧元的股息获得批准，表明对现金生成的信心</p>

<p>Merck KGaA Sponsored ADR ((MKKGY)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>默克 KGaA 赞助的 ADR（(MKKGY)）已举行其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Merck KGaA’s latest earnings call struck a cautiously upbeat tone as management celebrated a return to organic growth, improving margins and stronger cash generation, while acknowledging FX drag, healthcare pressures and one‑off boosts in Electronics. Investors heard a story of underlying momentum and upgraded guidance, but also clear near‑term risks around currencies, product erosion and demand phasing.</p>
<div class="lb-trans"><p>默克 KGaA 最新的财报电话会议传达了谨慎乐观的基调，管理层庆祝有机增长的回归、利润率的改善和现金生成能力的增强，同时也承认外汇拖累、医疗保健压力以及电子产品的一次性提振。投资者听到了潜在动能和上调指引的故事，但也清楚地意识到关于货币、产品侵蚀和需求阶段的短期风险。</p>
</div><h2>Group Organic Growth and Profitability Improvement</h2>
<div class="lb-trans"><h2>集团有机增长和盈利能力改善</h2>
</div><p>Merck delivered around 2.9% organic sales growth and roughly 5% organic EBITDA pre growth, even though reported revenue declined on FX and portfolio effects. The underlying EBITDA pre margin improved by about 70 basis points to 29.8%, signaling better operating leverage despite the external headwinds.</p>
<div class="lb-trans"><p>尽管报告收入因外汇和投资组合效应下降，默克仍实现了约 2.9% 的有机销售增长和大约 5% 的有机 EBITDA 前增长。基础 EBITDA 前利润率提高了约 70 个基点，达到 29.8%，尽管面临外部逆风，但这表明了更好的经营杠杆。</p>
</div><h2>Life Science Outperformance</h2>
<div class="lb-trans"><h2>生命科学表现突出</h2>
</div><p>Life Science was the standout, posting 8.3% organic sales growth, driven by a 16% surge in Process Solutions, which again topped EUR 1 billion in quarterly sales. Segment EBITDA pre grew about 7.4% organically with modest margin expansion of around 50 basis points, underscoring the resilience of this high‑quality earnings engine.</p>
<div class="lb-trans"><p>生命科学是亮点，录得 8.3% 的有机销售增长，主要得益于过程解决方案的 16% 的激增，该部门季度销售再次超过 10 亿欧元。该部门的 EBITDA 前有机增长约为 7.4%，利润率小幅扩张约 50 个基点，突显了这一高质量盈利引擎的韧性。</p>
</div><h2>Electronics Growth in Semiconductor Materials</h2>
<div class="lb-trans"><h2>电子产品在半导体材料中的增长</h2>
</div><p>Electronics returned to organic growth with sales up 4.2%, led by Semiconductor Solutions, which grew roughly 7.5% on strong AI and advanced‑node demand. Segment EBITDA pre jumped more than 30% organically and the reported margin reached 34.6%, though management stressed that a portion of this improvement stems from non‑recurring items.</p>
<div class="lb-trans"><p>电子产品恢复了有机增长，销售增长 4.2%，主要由半导体解决方案推动，后者在强劲的人工智能和先进节点需求下增长了约 7.5%。该部门的 EBITDA 前有机增长超过 30%，报告的利润率达到 34.6%，尽管管理层强调这一改善的一部分源于一次性项目。</p>
</div><h2>Upgraded Full‑Year and 2026 Guidance</h2>
<div class="lb-trans"><h2>上调全年和 2026 年指引</h2>
</div><p>Management raised its 2026 ambition, now targeting EUR 20.4–21.4 billion in sales and EUR 5.7–6.1 billion in EBITDA pre, implying organic sales growth of up to 3%. EPS pre guidance moved up to EUR 7.50–8.20, framing a scenario of modest top‑line growth, stable profitability and easing FX pressure versus prior assumptions.</p>
<div class="lb-trans"><p>管理层提高了 2026 年的目标，现在预计销售额为 204 亿至 214 亿欧元，EBITDA 前为 57 亿至 61 亿欧元，暗示有机销售增长可达 3%。每股收益前指引上调至 7.50 至 8.20 欧元，描绘出温和的收入增长、稳定的盈利能力和相较于之前假设的外汇压力缓解的情景。</p>
</div><h2>Strong Cash Flow and Deleveraging</h2>
<div class="lb-trans"><h2>强劲的现金流和去杠杆化</h2>
</div><p>Operating cash flow climbed about 47% year on year to roughly EUR 818 million, reflecting a healthier cash conversion profile. Net financial debt edged down by around 3.5% to EUR 8.318 billion, helped by disciplined capex and setting up more balance‑sheet flexibility for future investment.</p>
<div class="lb-trans"><p>经营现金流同比增长约 47%，达到约 8.18 亿欧元，反映出更健康的现金转换能力。净金融债务下降约 3.5%，至 83.18 亿欧元，得益于严格的资本支出和为未来投资提供更多的资产负债表灵活性。</p>
</div><h2>Strategic M&amp;A and Capability Expansion</h2>
<div class="lb-trans"><h2>战略并购和能力扩展</h2>
</div><p>The company closed the JSR acquisition in early April, expanding its downstream protein A chromatography capabilities and strengthening its bioprocess offering. Management reiterated a strategy focused on high‑growth value drivers, integrated workflow solutions and disciplined deal‑making, aiming to build platform businesses rather than one‑off revenue streams.</p>
<div class="lb-trans"><p>公司在 4 月初完成了对 JSR 的收购，扩展了其下游蛋白 A 色谱能力，增强了其生物处理产品。管理层重申了专注于高增长价值驱动因素、集成工作流程解决方案和严格交易的战略，旨在建立平台业务，而不是一次性收入流。</p>
</div><h2>Dividend Approved</h2>
<div class="lb-trans"><h2>股息获批</h2>
</div><p>Shareholders approved a dividend of EUR 2.20 per share, signaling confidence in Merck’s cash generation and balance sheet. The payout underlines the group’s commitment to returning capital to investors while still funding growth in its core franchises.</p>
<div class="lb-trans"><p>股东批准每股 2.20 欧元的股息，表明对默克现金生成和资产负债表的信心。此次分红强调了集团在为投资者回报资本的同时，仍然支持其核心业务的增长。</p>
</div><h2>Order Momentum and Book‑to‑Bill in Life Science</h2>
<div class="lb-trans"><h2>生命科学的订单动能和账单比</h2>
</div><p>Life Science booking trends remained robust, with order intake keeping the book‑to‑bill comfortably above one, pointing to sustained demand. Management expects Process Solutions to track close to its midterm growth aspiration of around 10% over time, even if some Q1 stocking and phasing effects fade.</p>
<div class="lb-trans"><p>生命科学的订单趋势依然强劲，订单收入使账单比保持在舒适的 1 以上，指向持续的需求。管理层预计过程解决方案将随着时间的推移接近其中期增长目标，约为 10%，即使一些第一季度的库存和阶段效应减弱。</p>
</div><h2>Reported Sales and FX/Portfolio Headwinds</h2>
<div class="lb-trans"><h2>报告销售和外汇/投资组合逆风</h2>
</div><p>On a reported basis, group net sales fell 2.8% to EUR 5.134 billion, as significant currency headwinds and portfolio changes masked underlying growth. FX shaved about 5.7% off EBITDA pre, and the divestment of Surface Solutions alone reduced Electronics’ reported sales by more than 10%.</p>
<div class="lb-trans"><p>按报告计算，集团净销售额下降 2.8%，至 51.34 亿欧元，显著的货币逆风和投资组合变化掩盖了潜在增长。外汇对 EBITDA 前削减了约 5.7%，而表面解决方案的剥离单独使电子产品的报告销售下降超过 10%。</p>
</div><h2>Healthcare Sales Decline and Franchise Pressures</h2>
<div class="lb-trans"><h2>医疗保健销售下降和业务压力</h2>
</div><p>Healthcare organic sales dropped 3.4%, worse than previously hinted, mainly due to U.S. generic competition for Mavenclad. Oncology declined 4.9%, Neurology &amp; Immunology fell 9.2% amid interferon erosion and Fertility shrank 5.2% on Gonal‑f pricing pressure in the U.S., highlighting franchise‑specific headwinds.</p>
<div class="lb-trans"><p>医疗保健有机销售下降 3.4%，比之前的预期更糟，主要由于美国对 Mavenclad 的仿制药竞争。肿瘤学下降 4.9%，神经学与免疫学下降 9.2%，因干扰素侵蚀，生育业务因 Gonal-f 在美国的价格压力下降 5.2%，突显了特定业务的逆风。</p>
</div><h2>Healthcare Profitability Compression</h2>
<div class="lb-trans"><h2>医疗保健盈利能力压缩</h2>
</div><p>Healthcare EBITDA pre fell about 8% organically, and management expects further margin pressure through 2026 as high‑margin U.S. sales erode and FX weighs. Planned launch investments, including for new therapies, will lift R&amp;D intensity with guidance pointing to an organic EBITDA pre decline of 12% to 8% this year.</p>
<div class="lb-trans"><p>医疗保健 EBITDA 前有机下降约 8%，管理层预计到 2026 年将进一步承压，因为高利润的美国销售减少，外汇压力加大。计划的推出投资，包括新疗法，将提升研发强度，指引今年有机 EBITDA 前下降 12% 至 8%。</p>
</div><h2>EPS Pre Materially Lower Year on Year</h2>
<div class="lb-trans"><h2>每股收益前同比大幅下降</h2>
</div><p>EPS pre slid to EUR 2.11 from EUR 3.12 a year earlier, even though organic EBITDA grew, reflecting adverse FX, portfolio shifts and an unfavorable sales mix. The decline underscores how strongly reported earnings are being shaped by non‑operational factors in the near term, despite improving underlying performance.</p>
<div class="lb-trans"><p>每股收益前从一年前的 3.12 欧元滑落至 2.11 欧元，尽管有机 EBITDA 增长，反映出不利的外汇、投资组合变化和不利的销售组合。下降突显了报告收益在短期内受到非运营因素的强烈影响，尽管基础表现有所改善。</p>
</div><h2>Electronics EBITDA Boosted by One‑Off Gains</h2>
<div class="lb-trans"><h2>电子产品 EBITDA 因一次性收益而提升</h2>
</div><p>Electronics’ strong EBITDA pre growth was flattered by roughly EUR 67–68 million in one‑time benefits, including proceeds from an OLED IP divestment and a gain linked to supplier mislabeling. While core demand, particularly in semiconductor materials, is improving, investors should adjust for these non‑recurring items when assessing margin trends.</p>
<div class="lb-trans"><p>电子产品的强劲 EBITDA 前增长受到约 6700 万至 6800 万欧元的一次性收益的影响，包括来自 OLED 知识产权剥离的收益和与供应商错误标记相关的收益。尽管核心需求，特别是在半导体材料方面正在改善，但投资者在评估利润率趋势时应调整这些一次性项目。</p>
</div><h2>Macro and Geopolitical Uncertainty</h2>
<div class="lb-trans"><h2>宏观和地缘政治不确定性</h2>
</div><p>Management emphasized that FX remains a disproportionate headwind and that geopolitical developments, especially in the Middle East, could disrupt demand patterns and phasing. Some of the Q1 strength in Process Solutions reflected exceptional stocking, which may not repeat, adding an element of caution to the near‑term trajectory.</p>
<div class="lb-trans"><p>管理层强调，外汇仍然是一个不成比例的逆风，地缘政治发展，尤其是在中东，可能会扰乱需求模式和阶段。第一季度过程解决方案的部分强劲反映了异常的库存，这可能不会重复，为短期轨迹增添了一定的谨慎。</p>
</div><h2>Forward‑Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指引和展望</h2>
</div><p>Merck’s upgraded guidance assumes modest organic growth at group level, rising contributions from Life Science and a gradual normalization in FX impact, while healthcare faces ongoing Mavenclad pressure. Segment guidance now points to solid mid‑single‑digit growth in Life Science, a decline but better‑than‑feared outlook in Healthcare and steady expectations in Electronics, with midterm targets reaffirmed.</p>
<div class="lb-trans"><p>默克的升级指引假设集团层面有适度的有机增长，生命科学的贡献逐渐增加，外汇影响逐步正常化，而医疗保健面临持续的 Mavenclad 压力。各部门的指引现在显示生命科学将实现稳健的中个位数增长，医疗保健将出现下降但前景好于预期，电子产品保持稳定预期，中期目标得到重申。</p>
</div><p>Merck’s earnings call painted a picture of a company leaning on Life Science and semiconductor materials to offset pressure in Healthcare and FX‑hit reported numbers. With stronger cash flow, higher guidance and clear strategic priorities, the investment case looks more constructive, though investors will need to monitor healthcare erosion, macro risks and the durability of the recent upturn in demand.</p>
<div class="lb-trans"><p>默克的财报电话会议描绘了一幅依靠生命科学和半导体材料来抵消医疗保健和受外汇影响的报告数字压力的公司图景。随着现金流增强、指引上调和明确的战略优先事项，投资案例看起来更加积极，尽管投资者仍需关注医疗保健的侵蚀、宏观风险以及近期需求回升的持续性。</p>
</div>

默克 KGaA 的财报电话会议显示出谨慎的上升趋势