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HEALTHCARE: Merck KgaA (A3/A): No Major M&A expected

HEALTHCARE
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  • Reuters reports that CEO Belen Garijo will be cautious and is "not in a rush" for M&A as the business is returning to growth organically
  • "We are not planning any transformational deals in pharma"... JPM reported that bolt-on deals of $2-4bn (vs EBITDA €6bn) were possible
  • Historically, MRKGR has made a number of acquisitions of 1.5-3x EBITDA so this should be read as a positive at least insofar as reducing the likelihood of large supply. S&P has had them at 'A' since 2013.

Reuters Link

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  • Reuters reports that CEO Belen Garijo will be cautious and is "not in a rush" for M&A as the business is returning to growth organically
  • "We are not planning any transformational deals in pharma"... JPM reported that bolt-on deals of $2-4bn (vs EBITDA €6bn) were possible
  • Historically, MRKGR has made a number of acquisitions of 1.5-3x EBITDA so this should be read as a positive at least insofar as reducing the likelihood of large supply. S&P has had them at 'A' since 2013.

Reuters Link