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1、20251st QuarterQuarterly Statement 003b Merck Header XX Merck Group Key figures million Q1 2025 Q1 2024 Change Net sales 5,280 5,120 3.1%Operating result(EBIT)1 1,006 931 8.0%Margin(%of net sales)1 19.0%18.2%EBITDA2 1,479 1,385 6.8%Margin(%of net sales)1 28.0%27.0%EBITDA pre1 1,535 1,454 5.6%Margin(

2、%of net sales)1 29.1%28.4%Profit after income tax 738 699 5.5%Earnings per share()1.69 1.60 5.6%Earnings per share pre()1 2.12 2.06 2.9%Operating cash flow 556 1,035 -46.3%Net financial debt1,3 7,121 7,155 -0.5%Number of employees4 62,604 62,345 0.4%1 Not defined by International Financial Reporting

3、 Standards(IFRS).2 Not defined by International Financial Reporting Standards(IFRS);EBITDA corresponds to operating result(EBIT)adjusted by depreciation,amortization,impairment losses,and reversals of impairment losses.3 Figures for the reporting period ending on March 31,2025,prior-year figures as

4、of December 31,2024.4 Figures for the reporting period ending on March 31,2025,prior-year figures as of March 31,2024.This figure refers to all employees at sites of fully consolidated entities.Merck Group Net sales by quarter Merck Group EBITDA pre by quarter *This document is a quarterly statement

5、 pursuant to section 53 of the Exchange Rules for the Frankfurt Stock Exchange.It is not an interim report as defined in International Accounting Standard 34.The accounting and measurement policies applied to this quarterly statement generally derive from the same accounting and measurement policies

6、 as used in the preparation of the consolidated financial statements for fiscal 2024,except for new amendments to standards required to be applied.However,those amendments to standards had no material impact on the financial statements.This quarterly statement contains certain financial indicators s

7、uch as operating result(EBIT),EBITDA,EBITDA pre,net financial debt and earnings per share pre,which are not defined by International Financial Reporting Standards(IFRS).These financial indicators should not be taken into account in order to assess the performance of Merck in isolation or used as an

8、alternative to the financial indicators presented in the consolidated financial statements and determined in accordance with IFRS.The figures presented in this quarterly statement have been rounded.This may lead to individual values not adding up to the totals presented.It is our aim to ensure that

9、our communication is inclusive,and so we strive to use language that is both non-discriminatory and easy to read.This report attempts to use gender-neutral language,which may not yet be consistent in all instances.Even if masculine forms are used,all genders are explicitly meant.The Annual Report fo

10、r 2024 has been optimized for mobile devices and is available at https:/ Quarterly Statement as of March 31,2025 _ Significant events during the reporting period Significant events during the reporting period Repayment of the US dollar bond issued in 2015 On March 19,2025,Merck repaid the last tranc

11、he,amounting to a nominal volume of US$1,600 million,of a US dollar bond issued in 2015.The cash outflow on the maturity date amounted to 1,469 million.The carrying amount of the bond was 1,537 million on December 31,2024.Merck exercises option for global commercialization rights for Abbiskos pimico

12、tinib On March 28,2025,Merck announced that it had exercised the option agreed with Abbisko Therapeutics Co.Ltd.,China(Abbisko)to commercialize pimicotinib in the United States and the rest of the world.In accordance with the agreement entered into with Abbisko in fiscal 2023,Merck already had an ex

13、clusive license to commercialize pimicotinib in mainland China,Hong Kong,Macau,and Taiwan.Developed by Abbisko,pimicotinib is an investigational,orally administered,highly selective,and potent small-molecule inhibitor of the colony-stimulating factor 1 receptor.The decision to exercise this option r

14、esulted from pimicotinib meeting its primary endpoint in the pivotal Phase III clinical trial MANEUVER,in which the objective response rate in patients with tenosynovial giant cell tumors improved significantly.To exercise the option to acquire the global commercialization rights for pimicotinib,Mer

15、ck has committed to paying US$85 million(79 million);the payment is expected to be made in the second quarter of 2025.The acquisition of the rights led to the recognition of an intangible asset of the same value that is not yet ready for use.4 Quarterly Statement as of March 31,2025 _ Course of Busi

16、ness and Economic Position _ Merck Merck Development of net sales The development of Group net sales across the individual business sectors in the first quarter of 2025(quarter under review)was as follows:Merck Group Net sales by business sector million Q1 2025 Share Organic growth1 Exchange rate ef

17、fects1 Acquisitions/divestments1 Total change Q1 2024 Share Life Science 2,218 42%2.5%0.6%0.3%3.5%2,144 42%Healthcare 2,114 40%3.4%-0.2%3.2%2,048 40%Electronics 948 18%0.6%0.9%0.6%2.1%928 18%Merck Group 5,280 100%2.5%0.4%0.2%3.1%5,120 100%1 Not defined by International Financial Reporting Standards(

18、IFRS).In the first quarter of 2025,the regional breakdown of Group net sales was as follows:Merck Group Net sales by region million Q1 2025 Share Organic growth1 Exchange rate effects1 Acquisitions/divestments1 Total change Q1 2024 Share Europe 1,606 30%5.6%0.2%0.2%6.0%1,515 30%North America 1,363 2

19、6%-4.2%2.7%0.4%-1.2%1,379 27%Asia-Pacific(APAC)1,769 34%3.3%0.4%0.3%4.0%1,701 33%Latin America 328 6%4.9%-10.0%-5.1%346 7%Middle East and Africa(MEA)214 4%17.0%3.1%20.1%178 3%Merck Group 5,280 100%2.5%0.4%0.2%3.1%5,120 100%1 Not defined by International Financial Reporting Standards(IFRS).5 Quarterl

20、y Statement as of March 31,2025 _ Course of Business and Economic Position _ Merck Results of operations The following table presents the composition of EBITDA pre for the first quarter of 2025 in comparison with the year-earlier quarter.The IFRS figures have been modified to reflect the elimination

21、 of adjustments included in the respective functional costs.Merck Group Reconciliation EBITDA pre1 Q1 2025 Q1 2024 Change million IFRS Elimination of adjustments Pre1 IFRS Elimination of adjustments Pre1 Pre1 Net sales 5,280 5,280 5,120 5,120 3.1%Cost of sales -2,135 4 -2,131 -2,111 4 -2,107 1.2%Gro

22、ss profit 3,145 4 3,149 3,009 4 3,013 4.5%Marketing and selling expenses -1,112 4 -1,108 -1,087 9 -1,078 2.8%Administration expenses -355 26 -329 -332 43 -289 13.8%Research and development costs -551 -1 -552 -581 5 -575 -4.0%Impairment losses and reversals of impairment losses on financial assets(ne

23、t)-1 -1 1 1 100.0%Other operating income and expenses -119 24 -95 -79 8 -71 33.0%Operating result(EBIT)1 1,006 931 Margin(in%of net sales)1 19.0%18.2%Depreciation/amortization/impairment losses/reversals of impairment losses 473 -2 471 454 453 4.0%EBITDA2 1,479 1,385 Margin(in%of net sales)1 28.0%27

24、.0%Restructuring expenses 31 -31 45 -45 Integration expenses/IT expenses 17 -17 17 -17 Gains()/losses(+)on the divestment of businesses 5 -5 -5 5 Acquisition-related adjustments 2 -2 3 -3 Other adjustments 1 -1 9 -9 EBITDA pre1 1,535 1,535 1,454 1,454 5.6%Margin(in%of net sales)1 29.1%28.4%thereof:o

25、rganic growth1 5.8%thereof:exchange rate effects 0.2%thereof:acquisitions/divestments -0.5%1 Not defined by International Financial Reporting Standards(IFRS).2 Not defined by International Financial Reporting Standards(IFRS);EBITDA corresponds to operating result(EBIT)adjusted by depreciation,amorti

26、zation,impairment losses,and reversals of impairment losses.The operating result(EBIT)saw strong growth in the first quarter of 2025 compared with the year-earlier period.The increase was mainly due to the positive business performance in the first quarter of 2025,which increased the gross profit an

27、d more than offset the higher operating expenses.As a result,the EBIT margin increased by just under one percentage point compared with the year-earlier quarter.The key financial indicator used to steer operating business,EBITDA pre,grew compared with the year-earlier quarter.This is mainly due to s

28、olid organic earnings growth.The EBITDA pre margin also grew slightly and amounted to 29.1%in the first quarter of 2025(Q1 2024:28.4%).Earnings per share pre(earnings per share after eliminating effects of adjustments and amortization on purchased intangible assets presented in the foregoing table a

29、fter income taxes)increased in the first quarter of 2025 compared with the year-earlier period,reaching 2.12(Q1 2024:2.06).6 Quarterly Statement as of March 31,2025 _ Course of Business and Economic Position _ Merck The following table presents the reconciliation of EBITDA pre of all operating busin

30、esses to the profit after tax of the Merck Group:Merck Group Reconciliation Profit after income tax million Q1 2025 Q1 2024 EBITDA pre of the operating businesses1 1,662 1,556 Corporate and Other -127 -102 EBITDA pre of the Merck Group1 1,535 1,454 Depreciation/amortization/impairment losses/reversa

31、ls of impairment losses -473 -454 Adjustments1 -56 -69 Operating result(EBIT)1 1,006 931 Financial result -50 -32 Profit before income tax 956 899 Income tax -218 -200 Profit after income tax 738 699 Earnings per share()1.69 1.60 1 Not defined by International Financial Reporting Standards(IFRS).Fin

32、ancial position The composition and development of net financial debt were as follows:Merck Group Net financial debt1 Change million March 31,2025 Dec.31,2024 million in%Bonds and commercial paper 6,158 7,693 -1,535 -20.0%Bank loans 323 327 -4 -1.4%Liabilities to related parties 1,428 1,429 -1 -0.1%

33、Loans from third parties and other financial liabilities 60 59 1 1.5%Liabilities from derivatives(financial transactions)8 31 -23 -73.8%Lease liabilities 721 761 -40 -5.3%Financial debt 8,698 10,301 -1,603 -15.6%less:Cash and cash equivalents 1,005 2,517 -1,512 -60.1%Current financial assets2 572 62

34、9 -57 -9.0%Net financial debt1 7,121 7,155 -34 -0.5%1 Not defined by International Financial Reporting Standards(IFRS).2 Excluding current derivatives(operational)and contingent considerations,which are recognized in the context of business combinations according to IFRS 3.7 Quarterly Statement as o

35、f March 31,2025 _ Course of Business and Economic Position _ Merck As one of the three key performance indicators alongside net sales and EBITDA pre,operating cash flow developed as follows:Merck Group Operating cash flow million Q1 2025 Q1 2024 Change EBITDA pre1 1,535 1,454 5.6%Adjustments1 -56 -6

36、9 -18.9%Financial income and expenses2 -50 -32 54.4%Income tax2 -218 -200 9.2%Changes in working capital1 -397 -177 100.0%thereof:changes in inventories3 -114 -41 100.0%thereof:changes in trade accounts receivable3 -297 -64 100.0%thereof:changes in trade accounts payable/refund liabilities3 14 -72 1

37、00.0%Changes in provisions3 -45 40 100.0%Changes in other assets and liabilities3 -224 33 100.0%Neutralization of gains/losses on disposals of fixed assets and other disposals3 10 -8 100.0%Other non-cash income and expenses3 1 -5 100.0%Operating cash flow 556 1,035 -46.3%1 Not defined by Internation

38、al Financial Reporting Standards(IFRS).2 In accordance with the Consolidated Income Statement.3 In accordance with the Consolidated Cash Flow Statement.8 Quarterly Statement as of March 31,2025 _ Course of Business and Economic Position _ Life Science Life Science Development of net sales and result

39、s of operations In the first quarter of 2025,the net sales of the Life Science business sector developed as follows:Life Science Net sales by business unit million Q1 2025 Share Organic growth1 Exchange rate effects1 Acquisitions/divestments1 Total change Q1 20242 Share Science&Lab Solutions 1,149 5

40、2%-2.5%0.5%0.2%-1.8%1,170 55%Process Solutions 919 41%11.4%0.5%0.5%12.4%817 38%Life Science Services 151 7%-6.2%2.2%-4.0%157 7%Life Science 2,218 100%2.5%0.6%0.3%3.5%2,144 100%1 Not defined by International Financial Reporting Standards(IFRS).2 Prior-year figures have been adjusted owing to an inter

41、nal realignment.The Science&Lab Solutions business unit,which provides products and services to support life science research for pharmaceutical,biotechnology and academic research laboratories and researchers as well as scientific and industrial laboratories,saw a moderate organic sales decrease in

42、 the first quarter of 2025.This was mainly driven by spending policies in the United States implemented by the new administration,an overall challenging market environment and positive one-time effects in the year-earlier period.The decrease in sales was mainly attributable to North America.The Proc

43、ess Solutions business unit,which markets products and services for the entire pharmaceutical production value chain,saw organic growth in the region of 11%in the first quarter of 2025,thanks mainly to a recovery following the end of customer destocking.The increase in net sales was driven by the co

44、re regions(North America,Europe and Asia-Pacific).The Life Science Services business unit,which offers fully integrated contract testing,development and manufacturing services,recorded a significant organic sales decline in the first quarter of 2025.This was mainly driven by the organic decline from

45、 our activities as a contract development and manufacturing organization(CDMO)due to a high base from non-repeat projects in the year-earlier period.The decrease in sales was mainly attributable to North America and Latin America.9 Quarterly Statement as of March 31,2025 _ Course of Business and Eco

46、nomic Position _ Life Science The following table presents the composition of EBITDA pre for the first quarter of 2025 in comparison with the year-earlier quarter.The IFRS figures have been modified to reflect the elimination of adjustments included in the respective functional costs.Life Science Re

47、conciliation EBITDA pre1 Q1 2025 Q1 2024 Change million IFRS Elimination of adjustments Pre1 IFRS Elimination of adjustments Pre1 Pre1 Net sales 2,218 2,218 2,144 2,144 3.5%Cost of sales -1,040 -1,040 -988 1 -987 5.4%Gross profit 1,178 1,178 1,156 1 1,157 1.8%Marketing and selling expenses -555 1 -5

48、54 -551 5 -545 1.5%Administration expenses -107 8 -99 -112 17 -95 4.0%Research and development costs -99 -99 -95 1 -95 4.6%Impairment losses and reversals of impairment losses on financial assets(net)-2 -2 -1 -1 96.0%Other operating income and expenses -46 23 -23 -20 3 -17 33.6%Operating result(EBIT

49、)1 369 377 Margin(in%of net sales)1 16.6%17.6%Depreciation/amortization/impairment losses/reversals of impairment losses 221 221 207 207 6.5%EBITDA2 590 585 Margin(in%of net sales)1 26.6%27.3%Restructuring expenses 23 -23 18 -18 Integration expenses/IT expenses 8 -8 7 -7 Gains(-)/losses(+)on the div

50、estment of businesses Acquisition-related adjustments 1 -1 1 -1 Other adjustments EBITDA pre1 622 622 611 611 1.8%Margin(in%of net sales)1 28.1%28.5%thereof:organic growth1 3.1%thereof:exchange rate effects -0.6%thereof:acquisitions/divestments -0.7%1 Not defined by International Financial Reporting

51、 Standards(IFRS).2 Not defined by International Financial Reporting Standards(IFRS);EBITDA corresponds to operating result(EBIT)adjusted by depreciation,amortization,impairment losses,and reversals of impairment losses.Adjusted gross profit for the Life Science business sector was slightly higher in

52、 the first quarter of 2025 compared with the year-earlier period.This was mainly attributable to organic sales growth,which in turn was mainly due to a recovery following the end of customer destocking in Process Solutions as well as strict management of production expenses.The increase in gross pro

53、fit was partially offset by higher operational and administration expenses,which mainly resulted from annual wage and salary increases;these were only partially offset by cost-saving measures.In the first quarter of 2025,the increase in marketing and selling expenses was predominantly driven by incr

54、eased personnel costs and higher logistics costs following sales growth,while the increase in research and development costs was mainly related to the acquisition of Mirus Bio LLC,USA and Hub Organoids Holding B.V.,Netherlands.The negative net balance of other operating income and expenses increased

55、,which was largely due to a one-time disposal of an asset in 2024.EBITDA pre saw a moderate organic increase,resulting in an EBITDA pre margin of 28.1%in the first quarter of 2025(Q1 2024:28.5%).10 Quarterly Statement as of March 31,2025 _ Course of Business and Economic Position _ Healthcare Health

56、care Development of net sales and results of operations In the first quarter of 2025,sales of the key product lines and products developed as follows:Healthcare Net sales by major product lines/products million Q1 2025 Share Organic growth1 Exchange rate effects1 Total change Q1 2024 Share Oncology

57、491 23%-1.9%0.1%-1.8%500 24%thereof:Erbitux 305 14%6.2%6.2%287 14%thereof:Bavencio 157 7%-15.4%-0.1%-15.6%186 9%Neurology&Immunology 407 19%-3.7%0.9%-2.8%419 20%thereof:Mavenclad 287 14%9.2%0.8%10.1%261 13%thereof:Rebif 120 6%-25.1%1.1%-24.0%158 8%Fertility 382 18%-0.4%0.2%-0.2%383 19%thereof:Gonal-

58、f 206 10%0.3%0.7%1.0%204 10%thereof:Pergoveris 78 4%13.6%-1.3%12.2%70 3%Cardiovascular,Metabolism and Endocrinology 757 36%10.6%-0.7%9.9%689 34%thereof:Glucophage 242 11%10.4%-0.9%9.5%221 11%thereof:Concor 157 7%12.2%0.3%12.5%140 7%thereof:Euthyrox 155 7%12.7%-0.9%11.9%139 7%thereof:Saizen 103 5%18.

59、6%-2.4%16.1%89 4%Other 77 4%57 3%Healthcare 2,114 100%3.4%-0.2%3.2%2,048 100%1 Not defined by International Financial Reporting Standards(IFRS).In the first quarter of 2025,the oncology drug Erbitux(cetuximab)recorded solid organic sales growth to which every region contributed.This positive develop

60、ment was driven by both higher demand in Europe and favorable market growth in China.In immuno-oncology,the oncology drug Bavencio(avelumab)declined organically in the mid-teens percentage range in the reporting period.This development was driven mainly by the North America region due to lower deman

61、d as a result of alternative treatment methods for patients with locally advanced or metastatic urothelial carcinoma.Mavenclad,our oral short-course treatment for highly active relapsing multiple sclerosis(MS),again delivered strong organic sales growth in the first quarter of 2025.Higher demand in

62、North America and Europe in particular contributed to this positive development.Sales of the drug Rebif,which is used to treat relapsing forms of multiple sclerosis(MS),registered a significant organic decline in the mid-twenties percentage range in the first quarter of 2025.This was due to the ongo

63、ing difficult competitive situation in the interferon market as a result of competition from oral dosage forms and high-efficacy MS therapies,which are expected to cause further sales declines in the future.The Fertility product line recorded roughly stable sales in the quarter under review compared

64、 with the year-earlier period.Sales of Gonal-f,the leading recombinant hormone for the treatment of infertility,also remained roughly stable organically compared with the year-earlier period.The favorable organic growth of Pergoveris in the mid-teens percentage range had a positive effect on the fra

65、nchise,while the other products from the Fertility product line remained roughly at the level of the year-earlier quarter.The Cardiovascular,Metabolism and Endocrinology franchise,which commercializes products to treat cardiovascular diseases,thyroid disorders,diabetes,and growth disorders,among oth

66、er things,delivered organic sales growth of around 11%in the first quarter of 2025 as a result of increased demand.Sales of the diabetes medicine Glucophage saw favorable growth of around 10%,driven primarily by the Asia-Pacific and 11 Quarterly Statement as of March 31,2025 _ Course of Business and

67、 Economic Position _ Healthcare Middle East and Africa regions.The beta-blocker Concor also grew organically by around 12%.In addition,the thyroid medicine Euthyrox and the product Saizen for the treatment of various growth hormone disorders grew organically in the low-and high-teens percentage rang

68、e respectively compared with the year-earlier period.This was attributable to higher demand.The following table presents the composition of EBITDA pre for the first quarter of 2025 in comparison with the year-earlier quarter.The IFRS figures have been modified to reflect the elimination of adjustmen

69、ts included in the respective functional costs.Healthcare Reconciliation EBITDA pre1 Q1 2025 Q1 2024 Change million IFRS Elimination of adjustments Pre1 IFRS Elimination of adjustments Pre1 Pre1 Net sales 2,114 2,114 2,048 2,048 3.2%Cost of sales -527 -527 -543 -543 -3.0%Gross profit 1,587 1,587 1,5

70、04 1,505 5.5%Marketing and selling expenses -411 -411 -398 4 -395 4.2%Administration expenses -73 2 -71 -75 1 -74 -4.8%Research and development costs -357 -1 -358 -397 5 -393 -8.8%Impairment losses and reversals of impairment losses on financial assets(net)1 1 2 2 -42.7%Other operating income and ex

71、penses -45 -6 -51 -17 -8 -25 99.1%Operating result(EBIT)1 703 618 Margin(in%of net sales)1 33.2%30.2%Depreciation/amortization/impairment losses/reversals of impairment losses 98 98 88 88 11.0%EBITDA2 801 706 Margin(in%of net sales)1 37.9%34.5%Restructuring expenses 5 -5 Integration expenses/IT expe

72、nses 2 -2 1 -1 Gains(-)/losses(+)on the divestment of businesses -6 6 -5 5 Acquisition-related adjustments Other adjustments EBITDA pre1 796 796 708 708 12.4%Margin(in%of net sales)1 37.6%34.6%thereof:organic growth1 11.7%thereof:exchange rate effects 0.7%thereof:acquisitions/divestments 1 Not defin

73、ed by International Financial Reporting Standards(IFRS).2 Not defined by International Financial Reporting Standards(IFRS);EBITDA corresponds to operating result(EBIT)adjusted by depreciation,amortization,impairment losses,and reversals of impairment losses.Gross profit after the elimination of adju

74、stments saw a solid increase in the first quarter of 2025.This was reflected in a gross margin of 75.1%,which was higher than in the year-earlier period(Q1 2024:73.5%).Among other things,this was driven by improved capacity utilization and lower expenses for royalties in connection with the multiple

75、 sclerosis medicine Mavenclad.Research and development costs after eliminating adjustments dropped significantly in the first quarter of 2025,which was due to the decline in development activities after the xevinapant development program was discontinued in the second quarter of 2024.The negative ba

76、lance of other operating income and expenses after eliminating adjustments increased in the first quarter of 2025 compared with the year-earlier period due to factors including the impairment loss on an intangible asset in the Oncology franchise and slightly lower income from royalties compared with

77、 the year-earlier period.Driven mainly by lower research and development costs,EBITDA pre saw an organic increase in the region of 11%in the first quarter of 2025,which resulted in an EBITDA pre margin of 37.6%(Q1 2024:34.6%).12 Quarterly Statement as of March 31,2025 _ Course of Business and Econom

78、ic Position _ Electronics Electronics Development of net sales and results of operations In the first quarter of 2025,net sales of the Electronics business sector developed as follows:Electronics Net sales by business unit million Q1 2025 Share Organic growth1 Exchange rate effects1 Acquisitions/div

79、estments1 Total change Q1 2024 Share Semiconductor Solutions 649 68%2.0%0.9%-0.3%2.6%633 68%Optronics 198 21%-0.1%1.6%4.3%5.8%187 20%Surface Solutions 101 11%-6.9%-0.1%-7.0%109 12%Electronics 948 100%0.6%0.9%0.6%2.1%928 100%1 Not defined by International Financial Reporting Standards(IFRS).The Semic

80、onductor Solutions business unit,which comprises two businesses,namely Semiconductor Materials and Delivery Systems&Services(DS&S),delivered slight organic sales growth in the first quarter.Semiconductor Materials achieved strong growth with increased demand for advanced nodes enabling artificial in

81、telligence applications continuing to fuel the increase.Mature nodes in China also contributed to the increase.The growth was tempered by lower sales in DS&S due to a decrease in large project sales.Large projects had a very strong first quarter in 2024 as multiple projects were running concurrently

82、.Net sales of the Optronics business unit,consisting mainly of the business with liquid crystals,photoresists for display applications,OLED materials,and metrology and inspection equipment,were organically approximately stable in the first quarter of 2025.Volume growth in Liquid Crystals compensated

83、 for continued pricing pressure.The acquisition of Unity-SC SAS,France,contributed a solid portfolio effect,in turn leading to net sales growth through metrology and inspection equipment.Sales of the Surface Solutions business declined organically in the first quarter of 2025,which was mostly due to

84、 weaker demand for the Cosmetics Actives portfolio,especially in Europe.13 Quarterly Statement as of March 31,2025 _ Course of Business and Economic Position _ Electronics The following table presents the composition of EBITDA pre for the first quarter of 2025 in comparison with the year-earlier qua

85、rter.The IFRS figures have been modified to reflect the elimination of adjustments included in the respective functional costs.Electronics Reconciliation EBITDA pre1 Q1 2025 Q1 2024 Change million IFRS Elimination of adjustments Pre1 IFRS Elimination of adjustments Pre1 Pre1 Net sales 948 948 928 92

86、8 2.1%Cost of sales -572 4 -567 -580 3 -577 -1.7%Gross profit 377 4 381 348 3 352 8.4%Marketing and selling expenses -142 3 -139 -138 -138 1.1%Administration expenses -48 12 -36 -37 5 -32 10.0%Research and development costs -76 -76 -73 -73 3.8%Impairment losses and reversals of impairment losses on

87、financial assets(net)-1 -1 100.0%Other operating income and expenses -13 6 -7 -5 4 -1 100.0%Operating result(EBIT)1 97 95 Margin(in%of net sales)1 10.2%10.3%Depreciation/amortization/impairment losses/reversals of impairment losses 124 -2 122 130 129 -5.9%EBITDA2 220 225 Margin(in%of net sales)1 23.

88、2%24.2%Restructuring expenses 7 -7 4 -4 Integration expenses/IT expenses 5 -5 6 -6 Gains(-)/losses(+)on the divestment of businesses 11 -11 Acquisition-related adjustments 1 -1 1 -1 Other adjustments EBITDA pre1 244 244 237 237 3.2%Margin(in%of net sales)1 25.8%25.5%thereof:organic growth1 2.0%there

89、of:exchange rate effects 2.2%thereof:acquisitions/divestments -0.9%1 Not defined by International Financial Reporting Standards(IFRS).2 Not defined by International Financial Reporting Standards(IFRS);EBITDA corresponds to operating result(EBIT)adjusted by depreciation,amortization,impairment losses

90、,and reversals of impairment losses.Adjusted gross profit for the Electronics business sector increased in the first quarter of 2025 compared with the year-earlier period,thanks to efficiency initiatives across our supply chain,a favorable product mix and positive foreign exchange effects.As a resul

91、t,the gross profit margin increased to 40.2%(Q1 2024:37.9%).Marketing and selling expenses remained at the same level as the year-earlier period as cost-efficiency measures across marketing,selling and logistics in particular balanced the effects of foreign exchange and inflation.Administration expe

92、nses and research and development costs increased,which was largely due to unfavorable foreign exchange and inflation effects.EBITDA pre increased in comparison with the year-earlier quarter.The EBITDA pre margin also grew slightly by 0.3 percentage points to 25.8%(Q1 2024:25.5%),due mostly to the g

93、ross profit effects mentioned above.14 Quarterly Statement as of March 31,2025 _ Course of Business and Economic Position _ Corporate and Other Corporate and Other Corporate and Other comprises administration expenses for Group functions that cannot be directly allocated to the business sectors.Corp

94、orate and Other Key figures million Q1 2025 Q1 2024 Change Operating result(EBIT)1 -163 -159 2.1%EBITDA2 -132 -131 0.3%EBITDA pre1 -127 -102 24.9%1 Not defined by International Financial Reporting Standards(IFRS).2 Not defined by International Financial Reporting Standards(IFRS);EBITDA corresponds t

95、o operating result(EBIT)adjusted by depreciation,amortization,impairment losses,and reversals of impairment losses.The decline in EBITDA pre in the first quarter of 2025 was due especially to increased costs for projects conducted at a Group level and higher IT expenses,which more than offset the de

96、cline in expenses adjusted in the previous year in connection with a program to continuously improve processes and align the enabling Group functions more closely with the businesses.The operating result and EBITDA were relatively stable compared with the previous year due to the largely offsetting

97、expense effects.15 Quarterly Statement as of March 31,2025 _ Report on Expected Developments With the publication of the results of fiscal 2024,we provided a forecast for the development of net sales and EBITDA pre for the Merck Group and the individual business sectors Life Science,Healthcare and E

98、lectronics as well as guidance for Group operating cash flow in fiscal 2025.With the completion of the first quarter of 2025,we update this forecast as follows:Forecast for the Merck Group Forecast for FY 2025 million Net sales EBITDA pre1 Operating cash flow Merck Group 20,900 to 22,400 Organic+2%t

99、o+6%Foreign exchange effect-3%to 0%5,800 to 6,400 Organic+2%to+7%Foreign exchange effect-5%to-2%3,700 to 4,300 Life Science 8,800 to 9,400 Organic+2%to+6%Foreign exchange effect-3%to 0%2,500 to 2,700 Organic+1%to+7%Foreign exchange effect-4%to-1%Healthcare 8,300 to 8,900 Organic+2%to+6%Foreign excha

100、nge effect-4%to-1%2,900 to 3,200 Organic+4%to+10%Foreign exchange effect-6%to-3%Electronics 3,700 to 4,100 Organic+1%to+6%Foreign exchange effect-3%to 0%900 to 1,100 Organic-3%to+8%Foreign exchange effect-3%to 0%Corporate and Other n/a -500 to-550 1 Not defined by International Financial Reporting S

101、tandards(IFRS);EBITDA corresponds to operating result(EBIT)adjusted by depreciation,amortization,impairment losses,and reversals of impairment losses.EPS pre 7.90 to 9.00,based on an underlying tax rate of 22%.Fundamental assumptions Against the backdrop of the ongoing highly dynamic development of

102、macroeconomic,geopolitical and industry-specific conditions,for example due to decisions of the U.S.administration,the forecast is subject to a high degree of uncertainty and volatility in fiscal 2025.In particular,this concerns the volatility and effects of U.S.tariff policy as well as potential co

103、untermeasures by trade partners or settlements to tariff conflicts.Merck is carefully observing corresponding developments and is evaluating potential scenarios and countermeasures.Our Surface Solutions business unit will remain part of the forecast for fiscal 2025 until the divestment is closed in

104、full.The effect of the planned acquisition of SpringWorks Therapeutics,Inc.,USA,is not included in this forecast.We also expect a persistently volatile environment as regards the development of foreign exchange rates.For 2025,we now expect negative foreign exchange effects compared with the previous

105、 year after a strong decline in the value of the U.S.dollar.In addition to the U.S.dollar,negative foreign exchange effects will be driven by individual Asian currencies and the foreign exchange development of some emerging and developing economies.While the average euro-U.S.dollar exchange rate was

106、 within the previously forecast range of 1.03 to 1.07 in the first quarter of 2025,we now expect an average euro-U.S.dollar exchange rate in a corridor of 1.07 to 1.11 for 2025 as a whole due to the strong decline in value of the U.S.dollar.16 Quarterly Statement as of March 31,2025 _ Report on Expe

107、cted Developments Net sales For fiscal 2025,we expect organic sales growth for the Group of between+2%and+6%(previously+3%to+6%);all our business sectors are expected to contribute to this.We expect Life Science in particular to return to organic growth,reflecting the gradual recovery of the market.

108、Above all,the Process Solutions business unit is likely to drive this development.For Healthcare,we assume that organic growth will be driven primarily by products from the Cardiovascular,Metabolism&Endocrinology franchise.In addition,Mavenclad as well as products from the Oncology franchise and for

109、 the treatment of infertility are expected to contribute to this development.Organic growth in Electronics is likely to be mainly driven by our semiconductor materials business,reflecting the ongoing and extensive recovery of the semiconductor market.The declining project business of the Semiconduct

110、or Solutions business unit is typically subject to stronger fluctuations owing to the dependency on major individual orders.For our Optronics business unit,we expect stable development.Based on updated exchange rate assumptions,we expect negative exchange rate effects of-3%to 0%(previously -1%to+2%)

111、and we therefore forecast net sales for the Merck Group of between 20.9 billion and 22.4 billion(previously 21.5 billion to 22.9 billion/2024:21.2 billion).EBITDA pre1 For EBITDA pre,we anticipate organic growth of between+2%and+7%(previously+3%to+8%),which is expected to be driven primarily by our

112、Healthcare business sector,followed by Life Science.The development is essentially in line with the organic sales growth of all business sectors.The impacts of the U.S.tariff policy are expected to have a dampening effect,especially on the Life Science business sector.Conversely,positive effects fro

113、m further cost discipline are forecast in Life Science.In Healthcare,strictly prioritized growth investments,e.g.in preparation for the market launch of pimicotinib,are especially reflected in research and development as well as marketing and sales expenses.We are also continuing to pursue active co

114、st management in Electronics.The lower costs under Corporate and Other compared with the previous forecast are primarily attributable to now smaller negative effects from currency hedging transactions as a result of the changed exchange rate situation.Including foreign exchange effects of-5%to-2%(pr

115、eviously-2%to+1%),we anticipate EBITDA pre for the Merck Group of between 5.8 billion and 6.4 billion(previously 6.1 billion to 6.6 billion/2024:6.1 billion).Operating cash flow The forecast for operating cash flow is generally subject to a higher fluctuation corridor than the forecast for EBITDA pr

116、e.We provide an estimate of the development of operating cash flow only for the Group as a whole.The development of operating cash flow will largely be in line with the operating performance.Effects from the buildup of working capital will have an opposing effect,which reflects the favorable busines

117、s performance.Nevertheless,among other things,assumptions regarding the U.S.tariff policy and changed exchange rate assumptions compared with the previous forecast will impact negatively on operating cash flow.Against a strong comparative basis in the previous year,for fiscal 2025 we forecast operat

118、ing cash flow in a corridor of 3.7 billion to 4.3 billion(previously slight growth/2024:4.6 billion).As regards the composition of operating cash flow,we refer to the“Consolidated Cash Flow Statement”in this report.1 Not defined by International Financial Reporting Standards(IFRS);EBITDA corresponds

119、 to operating result(EBIT)adjusted by depreciation,amortization,impairment losses,and reversals of impairment losses.17 Quarterly Statement ss of March 31,2023 _ Supplemental Financial Information 18 Quarterly Statement as of March 31,2025 _ Supplemental Financial Information _ Consolidated Income S

120、tatement Consolidated Income Statement million Q1 2025 Q1 2024 Net sales 5,280 5,120 Cost of sales -2,135 -2,111 Gross profit 3,145 3,009 Marketing and selling expenses -1,112 -1,087 Administration expenses -355 -332 Research and development costs -551 -581 Impairment losses and reversals of impairm

121、ent losses on financial assets(net)-1 1 Other operating income 44 54 Other operating expenses -163 -133 Operating result(EBIT)1 1,006 931 Finance income 28 42 Finance costs -78 -74 Profit before income tax 956 899 Income tax -218 -200 Profit after income tax 738 699 thereof:attributable to Merck KGa

122、A shareholders(net income)735 694 thereof:attributable to non-controlling interests 3 5 Earnings per share()Basic 1.69 1.60 Diluted 1.69 1.60 1 Not defined by International Financial Reporting Standard(IFRS).19 Quarterly Statement as of March 31,2025 _ Supplemental Financial Information _ Consolidat

123、ed Statement of Comprehensive Income Consolidated Statement of Comprehensive Income million Q1 2025 Q1 2024 Profit after income tax 738 699 Items of other comprehensive income that will not be reclassified to profit or loss in subsequent periods Net defined benefit liability Changes in remeasurement

124、 240 87 Tax effect -45 -15 Changes recognized in equity 195 72 Equity instruments Fair value adjustments -43 42 Tax effect 7 -5 Changes recognized in equity -36 37 159 109 Items of other comprehensive income that may be reclassified to profit or loss in subsequent periods Cash flow hedge reserve Fai

125、r value adjustments 123 -5 Reclassification to profit or loss -73 -17 Tax effect -12 2 Changes recognized in equity 38 -20 Cost of cash flow hedge reserve Fair value adjustments 8 Reclassification to profit or loss -1 4 Tax effect -2 -1 Changes recognized in equity 5 4 Currency translation differenc

126、e Changes taken directly to equity -1,030 524 Reclassification to profit or loss 4 Changes recognized in equity -1,030 528 -987 512 Other comprehensive income -828 621 Comprehensive income -90 1,320 thereof:attributable to Merck KGaA shareholders -89 1,316 thereof:attributable to non-controlling int

127、erests -1 4 20 Quarterly Statement as of March 31,2025 _ Supplemental Financial Information _ Consolidated Balance Sheet Consolidated Balance Sheet million March 31,2025 Dec.31,2024 Non-current assets Goodwill 18,575 19,152 Other intangible assets 5,981 6,282 Property,plant and equipment 9,854 10,02

128、5 Investments accounted for using the equity method 3 3 Non-current receivables 28 27 Other non-current financial assets 1,045 1,172 Other non-current non-financial assets 107 134 Non-current income tax receivables 8 9 Deferred tax assets 1,360 1,312 36,961 38,116 Current assets Inventories 4,513 4,

129、484 Trade and other current receivables 4,339 3,947 Contract assets 133 132 Other current financial assets 615 642 Other current non-financial assets 702 621 Current income tax receivables 506 512 Cash and cash equivalents 1,005 2,517 Assets held for sale 599 597 12,412 13,450 Total assets 49,373 51

130、,567 Total equity Equity capital 565 565 Capital reserves 3,814 3,814 Retained earnings 22,980 22,086 Gains/losses recognized in equity 2,464 3,448 Equity attributable to Merck KGaA shareholders 29,823 29,912 Non-controlling interests 75 75 29,897 29,988 Non-current liabilities Non-current provision

131、s for employee benefits 1,749 1,956 Other non-current provisions 243 257 Non-current financial debt 6,964 6,997 Other non-current financial liabilities 135 135 Other non-current non-financial liabilities 12 12 Non-current income tax liabilities 36 36 Deferred tax liabilities 835 892 9,973 10,285 Cur

132、rent liabilities Current provisions for employee benefits 57 66 Current provisions 453 505 Current financial debt 1,734 3,304 Other current financial liabilities 914 1,030 Trade and other current payables 2,092 2,275 Refund liabilities 914 869 Current income tax liabilities 1,606 1,527 Other current

133、 non-financial liabilities 1,579 1,562 Liabilities directly related to assets held for sale 152 157 9,502 11,294 Total equity and liabilities 49,373 51,567 21 Quarterly Statement as of March 31,2025 _ Supplemental Financial Information _ Consolidated Cash Flow Statement Consolidated Cash Flow Statem

134、ent million Q1 2025 Q1 2024 Profit after income tax 738 699 Depreciation/amortization/impairment losses/reversals of impairment losses 473 454 Changes in inventories -114 -41 Changes in trade accounts receivable -297 -64 Changes in trade accounts payable/refund liabilities 14 -72 Changes in provisio

135、ns -45 40 Changes in other assets and liabilities -224 33 Neutralization of gains/losses on disposal of fixed assets and other disposals 10 -8 Other non-cash income and expenses 1 -5 Operating cash flow 556 1,035 Payments for investments in intangible assets -37 -248 Payments from the disposal of in

136、tangible assets 2 6 Payments for investments in property,plant and equipment -487 -523 Payments from the disposal of property,plant and equipment 5 11 Payments for investments in other assets1 -330 -287 Payments from the disposal of other assets2 427 347 Payments for acquisitions less acquired cash

137、and cash equivalents(net)Payments from other divestments 6 Investing cash flow -419 -689 Dividend payments to Merck KGaA shareholders Dividend payments to non-controlling interests Profit withdrawal by E.Merck KG -46 -52 Proceeds from new borrowings of financial debt from E.Merck KG and E.Merck Bete

138、iligungen KG Repayments of financial debt to E.Merck KG and E.Merck Beteiligungen KG -3 -27 Changes in other current and non-current financial debt -1,560 -28 Financing cash flow -1,609 -107 Changes in cash and cash equivalents -1,472 239 Changes in cash and cash equivalents due to currency translat

139、ion -40 -2 Cash and cash equivalents at the beginning of the reporting period 2,517 1,982 Changes in cash and cash equivalents due to reclassification to assets held for sale Cash and cash equivalents as of March 31(consolidated balance sheet)1,005 2,220 1 The lines“Payments for investments in finan

140、cial assets”and Payments from disposal of non-financial assets,which were presented separately in the previous year,have been summarized to improve clarity and transparency.2 The lines“Proceeds from the disposal of other financial assets”and“Proceeds from the disposal of non-financial assets”,which

141、were presented separately in the previous year,have been summarized to improve clarity and transparency.22 Quarterly Statement as of March 31,2025 _ Subsequent events Subsequent events On April 28,2025,Merck announced that it had signed a final agreement on the acquisition of U.S.biopharmaceutical c

142、ompany SpringWorks Therapeutics,Inc.,USA,(SpringWorks)for a purchase price of US$47 per share in cash.SpringWorks focuses on treating rare tumors and already has marketing approval for two therapies.The strategic acquisition aims to strengthen the portfolio of the Healthcare business sector of Merck

143、,especially in the United States,and to make the innovative therapies of SpringWorks accessible to a broader range of patients.The transaction is expected to close in the second half of 2025,subject to the approval of the SpringWorks shareholders,regulatory clearances and the satisfaction of other c

144、ustomary closing conditions.Subsequent to the balance sheet date,no further events of special importance occurred that could have a material impact on the net assets,financial position or results of operations.Darmstadt,May 13,2025 Beln Garijo Kai Beckmann Khadija Ben Hammada Peter Guenter Matthias

145、Heinzel Helene von Roeder Published on May 15,2025by Merck KGaAFrankfurter Strasse 25064293 Darmstadt,GermanyTelephone:+49 6151 72-DESIGNnexxar GmbH,Vienna,AFinancial CalendarAugust 7,2025 Half-yearly Financial ReportNovember 13,2025 Quarterly Statement Q3March 5,2026 Annual Report 2025April 24,2026 Annual General Meeting