Global science and technology company Merck has reported steady growth in 2025, overcoming geopolitical pressures and currency headwinds to deliver on its financial guidance. 

 

Strong performances in its Life Science, Healthcare and Electronics divisions — particularly Process Solutions, Cardiovascular treatments and Semiconductor Materials — powered the company’s results.

 

“We once again demonstrated our resilience in 2025 in the face of significant geopolitical challenges and strong currency headwinds. Our consistent record of disciplined financial performance and sharp strategic focus over the last five years has paid off and made us larger, more profitable, more efficient, more flexible, and less leveraged. I’m very proud of where we stand today,” said Belén Garijo, Chair of the Executive Board and CEO of Merck. 

 

“As a diversified global business with a robust portfolio and core growth drivers in Process Solutions, Rare Diseases and Semiconductor Solutions, we are now well positioned for the decade ahead as Merck’s next chapter begins.”

 

Merck posted organic net sales growth of 3.1% in 2025, though reported sales slipped slightly by 0.3% to €21.1 billion, dragged down by foreign exchange impacts of –3.7%, largely tied to the U.S. dollar and Asian currencies.

 

Portfolio changes — including the acquisition of SpringWorks Therapeutics and the divestment of the Surface Solutions business — added 0.4% growth. In the fourth quarter alone, organic sales rose 2.6%, although reported sales declined 3.1% compared with the same period a year earlier.

 

The company’s EBITDA pre climbed organically by 5.6% to €6.1 billion, while the EBITDA margin edged up to 28.9%.

 

Earnings per share came in at €8.34, slightly below the previous year’s €8.63. Merck’s board will propose maintaining its dividend at €2.20 per share at the company’s annual meeting on April 24, 2026, marking the 15th consecutive year of stable or rising dividends.

 

Merck also struck agreements with the U.S. government to expand access to its in vitro fertilization therapies and secure relief from pharmaceutical tariffs under Section 232. The company is additionally seeking expedited review from the U.S. Food and Drug Administration for its fertility drug Pergoveris through the agency’s National Priority Voucher program.

 

Looking ahead, Merck forecasts net sales between €20.0 billion and €21.1 billion in 2026, with EBITDA pre expected between €5.5 billion and €6.0 billion. Organic sales growth is projected in a range of –1% to +2%, reflecting ongoing currency pressures.

 

The outlook assumes no U.S. sales of the multiple sclerosis drug Mavenclad starting in March 2026 due to generic competition and does not factor in potential gains from a U.S. launch of Pergoveris.

 

Merck’s Life Science division recorded €9.0 billion in sales, with 4.0% organic growth led by the Process Solutions unit.

 

Process Solutions — which provides technologies used across pharmaceutical manufacturing — delivered 10.7% organic growth to €3.8 billion, boosted by demand for bioprocessing technologies and emerging drug modalities such as antibody-drug conjugates.

 

Meanwhile, Science & Lab Solutions saw only marginal organic growth amid weaker spending by research labs, partly due to U.S. policy changes and ongoing market challenges in China.

 

Merck’s Healthcare sector generated €8.6 billion in net sales, rising 3.7% organically.

 

Growth was driven primarily by the company’s Cardiovascular, Metabolism & Endocrinology franchise, which expanded 7.3% thanks to strong demand for medicines including: Glucophage, Concor and Euthyrox.

 

The newly established Rare Diseases franchise also contributed following the acquisition of SpringWorks. The portfolio includes therapies such as Ogsiveo for desmoid tumors and Gomekli for plexiform neurofibromas linked to neurofibromatosis type 1.

 

In neurology, Mavenclad sales surged 16.6%, fueled by demand in North America and Europe, while older therapy Rebif declined as expected.

 

Cancer drug Erbitux posted 6.6% organic growth, but immunotherapy Bavencio fell 13.8% amid stronger competition.

 

Merck’s Electronics division faced mixed conditions. Overall sales dipped 0.6% organically to €3.5 billion, partly due to delays in large customer projects in its Delivery Systems & Services business.

 

However, Semiconductor Materials — the unit supplying advanced materials for chip manufacturing — posted strong high single-digit growth, benefiting from the global boom in artificial intelligence chips.

 

Merck has also invested €500 million in a semiconductor materials mega-site in Kaohsiung, Taiwan, aimed at producing advanced thin-film materials for next-generation chips.

 

The company also reported a major sustainability milestone. By the end of 2025, Merck had cut its Scope 1 and Scope 2 greenhouse gas emissions by 60% from 2020 levels, surpassing its original target of a 50% reduction by 2030.

 

The achievement moves the company closer to its goal of climate neutrality by 2040.