Germany’s Merck Raises 2026 Net Sales Forecast to €21.5–21.9 Billion

Key Facts

Merck KGaA raised its 2026 net sales forecast to a range of €21.5–21.9 billion, from a previous range of €21.0–21.8 billion, marking its third upward revision this year, according to a statement issued on November 12. The German company also raised its forecast for adjusted earnings before interest, taxes, depreciation and amortization to €6.2–6.4 billion, compared with a previous estimate of €5.9–6.3 billion, Reuters reported. The update combines third-quarter sales growth with a higher annual profitability estimate, even as quarterly earnings fell sharply year on year. The company said stronger underlying performance and more favorable exchange rates supported the outlook, which also factors in an assumed portfolio effect from its acquisition of Bio-Techne. The revision shows that the full-year estimates are based on a mix of business performance, currency conditions and the expected impact of the deal, rather than a single growth rate across all segments.

Merck’s third-quarter net sales reached €5.63 billion, up 5.8% from the same period a year earlier, according to the report cited by Reuters. But revenue growth was not matched by a similar rise in quarterly profit measures: adjusted EBITDA fell 3.8% to €1.62 billion. Net profit also dropped by about 50% to €450 million, with the report attributing the decline mainly to a higher comparison base after exceptional gains in the previous year. The upgrade to full-year adjusted EBITDA guidance therefore came alongside clear pressure on quarterly profitability, making the picture more mixed than sales growth alone suggests. The gap between the quarterly figures and the annual forecast reflects the company’s expectation of an improvement in the full-year total despite declines in net profit and adjusted EBITDA this quarter.

Among the sources of activity, the company’s semiconductor solutions benefited from strong demand for advanced chipmaking materials, with the artificial intelligence sector the biggest driver of that demand, according to the report cited by Reuters. Merck said sales rose in all three of its sectors during the quarter, but growth rates differed, so growth in each sector does not mean that each contributed equally to results. The company said stronger underlying performance and more favorable exchange rates helped drive the revision to its forecast, which also takes an assumed Bio-Techne portfolio effect into account. These factors show how the growth drivers differ in nature: industrial demand for chip materials, alongside business performance, exchange rates and an expected portfolio effect. The semiconductor sector was one of the business’s drivers highlighted in the report, as overall activity recorded varying growth across segments.

The latest revision follows an earlier adjustment in August, when Merck raised its expected adjusted EBITDA range for 2026 to €5.9–6.3 billion from €5.7–6.1 billion, according to a Reuters report published via Euronext. That makes the August range the direct comparison for the latest estimate, now at €6.2–6.4 billion. The current net sales forecast of €21.5–21.9 billion compares with a previous range of €21.0–21.8 billion. Separately, Germany’s real industrial production rose 0.7% in September from August, after seasonal and calendar adjustment, while third-quarter output remained 0.4% below the second quarter, according to Destatis. German goods exports also reached €141.1 billion in September, up 2.0% from August and 7.7% from September 2025, on a seasonally and calendar-adjusted basis.

Destatis is scheduled to update its preliminary September trade results on November 20, 2026, alongside the release of full details for the month. The date follows the release of preliminary export data showing monthly and annual increases, while industrial production improved month on month alongside a decline on a quarterly comparison. Merck’s announced forecasts cover 2026 and include higher ranges for sales and adjusted earnings than its previous estimates. Third-quarter figures remain central to understanding the update: sales growth coincided with declines in adjusted EBITDA and net profit, according to figures reported by Reuters. The release of Germany’s full trade details on the scheduled date will add complete September trade data to the economic backdrop surrounding the company’s announcement.