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Robust results , Guidance upgraded Merck Q2 2026 Results Merck
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Disclaimer 2 Cautionary Note Regarding Forward-Looking Statements and financial indicators This communication may include “forward-looking statements.” Statements that include words such as “anticipate,” “expect,” “should,” “would,” “intend,” “plan,” “project,” “seek,” “believe,” “will,” and other words of similar meaning in connection with future events or future operating or financial performance are often used to identify forward- looking statements. All statements in this communication, other than those relating to historical information or current conditions, are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond control of Merck KGaA, Darmstadt, Germany, which could cause actual results to differ materially from such statements. Risks and uncertainties include, but are not limited to: the risks of more restrictive regulatory requirements regarding drug pricing, reimbursement and approval; the risk of stricter regulations for the manufacture, testing and marketing of products; the risk of destabilization of political systems and the establishment of trade barriers; the risk of a changing marketing environment for multiple sclerosis products in the European Union; the risk of greater competitive pressure due to biosimilars; the risks of research and development; the risks of discontinuing development projects and regulatory approval of developed medicines; the risk of a temporary ban on products/production facilities or of non-registration of products due to non-compliance with quality standards; the risk of an import ban on products to the United States due to an FDA warning letter; the risks of dependency on suppliers; risks due to product-related crime and espionage; risks in relation to the use of financial instruments; liquidity risks; counterparty risks; market risks; risks of impairment on balance sheet items; risks from pension obligations; risks from product-related and patent law disputes; risks from antitrust law proceedings; risks in human resources; reputational issues related to ESG matters or our inability to reach our ESG aspirations; risks from e-crime and cyber attacks; risks due to failure of business-critical information technology applications or to failure of data center capacity; environmental and safety risks; unanticipated contract or regulatory issues; a potential downgrade in the rating of the indebtedness of Merck KGaA, Darmstadt, Germany; downward pressure on the common stock price of Merck KGaA, Darmstadt, Germany and its impact on goodwill impairment evaluations as well as the impact of future regulatory or legislative actions. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere, including the Report on Risks and Opportunities Section of the most recent annual report and quarterly report of Merck KGaA, Darmstadt, Germany. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. This communication contains certain financial indicators such as EBITDA pre adjustments, net financial debt and earnings per share pre adjustments, 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 KGaA, Darmstadt, Germany in isolation or used as an alternative to the financial indicators presented in the consolidated financial statements and determined in accordance with IFRS. As for our financial performance during specific periods, the content discussed during this roadshow/conference is solely based on publicly available information. Specifically, no statements are made regarding periods that have not yet been published, such as quarters. The figures presented in this communication have been rounded. This may lead to individual values not adding up to the totals presented. Merck Q2 2026 Results Presentation | August 6, 2026
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Strategy Recap – Execution Underway Strong momentum in Rare Diseases portfolio Announcement of planned acquisition of Bio-Techne New Metrology & Inspection manufacturing site near Grenoble Merck Q2 2026 Results Presentation | August 6, 20263 Focus on high-growth value drivers Shift selected product portfolio toward integrated workflow solutions Leverage platformed capabilities across businesses Scale and source innovation via M&A and in-licensing The colored cubes indicate activities that map to one or more streams.
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Merck Q2 2026 Results Presentation | August 6, 2026 Highlights: Process Solutions and Semi Solutions Fuel Organic Growth 4 Life Science: Temporary uplift in PS growth (+15%) continued Solid growth in AS; slight growth contribution from DS Strong LS sales (+8%) supported by all regions Healthcare: Rare Diseases growth in line with guidance (PF +5pp) Cardiometabolic and F&E around stable HC sales decline (-3%) driven by Specialty Care Electronics: Double-digit growth of Semi Solutions (+17%) Optronics around stable amid increasing headwinds EL growth accelerated (+12%) Q2 organic sales: +4.1% Q2 organic EBITDA pre: +9.3% 2026 Guidance: Net sales: €21.0 bn to €21.8 bn EBITDA pre: €5.9 bn to €6.3 bn EPS pre: €7.90 to €8.60 Net financial debt to EBITDA pre: 1.5x on Jun 30, 2026 Operations Group Financials Acronym(s): PS = Process Solutions; AS = Advanced Solutions; LS = Life Science; PF = Portfolio Effect; F&E = Fertility & Endocrinology; HC = Healthcare; EL = Electronics; EPS = Earnings Per Share. Q2 YoY organic sales growth
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FInancIaL OvervIew
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Life Science: Strong Organic Growth, Driven by Current PS Momentum Life Science P&L Comments +0.0% Process Solutions: sales up +15% org., driven by strong underlying demand, temporarily elevated e.g.: by stronger buying patterns in APAC, normalizing over the course of the quarter Discovery Solutions: sales up +2% org.amid muted market environment in China Advanced Solutions: sales growth of +4% org. with research spending environment gradually improving M&S increase slower than sales, and Admin around stable, both reflecting cost discipline Ongoing expansion of R&D investments, as innovation remains a key driver of future growth and differentiation Strong EBITDA pre org. growth driven primarily by volumes in PS €2.267 m €2.412 m Q2 2025 Organic Currency Portfolio Q2 2026 8.0% -1.7% 0.1% €646 m Q2 2025 Organic Currency Portfolio Q2 2026 8.2% -1.9% 2.0% €700 m [€m] IFRS Pre Q2 2025 Q2 2026 Q2 2025 Q2 2026 Net sales 2,267 2,412 2,267 2,412 M&S -544 -582 -544 -564 Admin -117 -110 -100 -102 R&D -97 -108 -97 -108 EBIT 365 428 432 485 EBITDA 598 648 - - EBITDA pre 646 700 646 700 (in % of net sales) 28.5% 29.0% 28.5% 29.0% Acronym(s): PS = Process Solutions; M&S = Marketing and selling expenses; R&D = Research & Development; APAC = Asia-Pacific Totals may not add up due to rounding6 Net sales bridge Merck Q2 2026 Results Presentation | August 6, 2026 EBITDA pre bridge
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Rare Diseases: SpringWorks contributing +5pp portfolio effect (+€114 m) Cardiometabolic: sales up +1% org., amid Middle-East constraints Fertility & Endocrinology: around stable, as Gonal-F® prior year price effect in US annualizes and Pergoveris® up +14% org., Saizen® +1% org. Specialty Care: sales -6% org., driven mainly by Mavenclad® loss of market exclusivity in US and competitive environment for Bavencio® M&S up on Ogsiveo® and Gomekli® launches in Europe and preparation for Pimicotinib US launch R&D spend up over a low base due to Phase 3 projects ramp-up EBITDA pre margin still strong despite higher R&D and M&S, supported by product mix and strong cost discipline Healthcare P&L Comments [€m] IFRS Pre Q2 2025 Q2 2026 Q2 2025 Q2 2026 Net sales 2,102 2,151 2,102 2,151 M&S -432 -479 -432 -460 Admin -79 -95 -76 -89 R&D -350 -482 -350 -434 EBIT 681 487 708 600 EBITDA 759 652 - - EBITDA pre 783 747 783 747 (in % of net sales) 37.2% 34.7% 37.2% 34.7% €2.102 m Q2 2025 Organic Currency Portfolio Q2 2026 -3.4% 0.3% 5.4% €2,151 m €783 m Q2 2025 Organic Currency Portfolio Q2 2026 -5.7% 0.8% 0.4% €747 m Net sales bridge Merck Q2 2026 Results Presentation | August 6, 20267 EBITDA pre bridge Healthcare: Rare Diseases Offsetting Specialty Care Decline Acronym(s): M&S = Marketing and selling expenses; R&D = Research & Development; US = United States Totals may not add up due to rounding
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Semi Solutions: up +17%, with continued growth of Semi Materials driven by AI, and advanced nodes in logic and memory; supported by all parts of the portfolio Optronics: around stable sales; softness of end customers’ demand for consumer electronics due to high memory prices remains Electronics: -11pp portfolio effect from the divestment of Surface Solutions M&S and admin costs down, mainly due to divestment of Surface Solutions EBITDA pre margin growth against easy comps1 vs. Q2 2025, as volumes and active cost management drive improved operating leverage Healthy expansion of the underlying margin q-o-q and y-o-y Electronics P&L Comments [€m] IFRS Pre Q2 2025 Q2 2026 Q2 2025 Q2 2026 Net sales 886 871 886 871 M&S -142 -122 -136 -121 Admin -50 -52 -37 -32 R&D -69 -77 -69 -73 EBIT -13 14 20 139 EBITDA 105 161 - - EBITDA pre 134 244 134 244 (in % of net sales) 15.1% 28.0% 15.1% 28.0% €886 m Q2 2025 Organic Currency Portfolio Q2 2026 11.7% -2.9% -10.6% €871 m €134 m €244 m Q2 2025 Organic Currency Portfolio Q2 2026 87.5% 1.4% -6.3% Net sales bridge Merck Q2 2026 Results Presentation | August 6, 20268 EBITDA pre bridge Electronics: Double-Digit Growth Fueled by Semi Solutions Sales 1 Q2 2025: LDD adjustment of a Purchase Price Allocation due to 2014 AZ Electronics acquisition and MDD provision related to non- quality related supplier mislabeling). Acronym(s): M&S = Marketing and selling expenses; R&D = Research & Development; AI = Artificial Intelligence; LDD = Low double digit; MDD = Mid double digit; Totals may not add up due to rounding
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Outlook & GUidance
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Net sales: Organic: +1% to +3% YoY FX: -2% to 0% YoY ~€21.0 bn – €21.8 bn EBITDA pre: Organic: 0% to +3% YoY FX: -2% to 0% YoY ~€5.9 bn – €6.3 bn EPS pre: ~€7.90 - €8.60 10 Full-year 2026 guidance 1 Merck Group 1 Excluding potential Pergoveris launch in US and assuming full generic erosion of Mavenclad in US as of August Merck Q2 2026 Results Presentation | August 6, 2026
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Life Science Healthcare 3 Electronics Net sales EBITDA pre Net sales EBITDA pre Net sales EBITDA pre Organic:+5% to +8% YoY PF: ~+1% (~€20 m) FX: -3% to -1% YoY ~€2.6 bn to €2.8 bn Organic: +5% to +7% YoY2 PF: ~0% FX: -2% to 0% YoY ~€9.3 bn to €9.6 bn Organic: +25% to +29% YoY PF: -3.3% (-€28 m)5 FX: 0% to +2% YoY ~€1.0 bn Organic: -8% to -5% YoY PF: ~0%4 FX: -1% to +1% YoY ~€2.8 bn to €3.0 bn Organic: -4% to -2% YoY PF: +2.4% (€207 m)4 FX: -1% to +1% YoY ~€8.4 bn to €8.7 bn Organic: +6% to +9% YoY PF: -7.0% (-€245 m)5 FX: -3% to -1% YoY ~€3.3 bn to €3.5 bn 2026 business sector guidance 1 11 1 Divisional guidances are only support to the group guidance and do not have to add up 2 2 Including potential headwind from tariff refunds to customers of ~€40m 3 Excluding potential Pergoveris launch in US and assuming full generic erosion of Mavenclad in US as of August 4Related to SpringWorks (Net Sales and EBITDA pre) and Saturnus Bio (EBITDA pre) 5Related to Surface Solutions divestment Merck Q2 2026 Results Presentation | August 6, 2026
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12 Robust performance in Q2 20261 Strong contributions across the business2 Advanced mid- to long term growth agenda3 Merck Q2 2026 Results Presentation | August 6, 2026