Merck KGaA takes currency hit in first quarter 2014

German pharma and chemicals major Merck KGaA (MRK: DE) has reported first-quarter 2014 financial result, saying it achieved organic sales growth of 3.7%. This was, however, more than offset by negative foreign exchange effects of 5.4%. Merck’s shares were barely changed, edging 0.6% higher to 124.20 euros shortly after the results were released this morning.

Overall, sales slipped by around 46 million euros, or 3.7% in the first quarter to 2.6 billion euros ($3.58 billion). Earnings before interest, taxes, depreciation and amortization (EBITDA) pre one-time items rose by 0.7% to 807 million euros despite the negative exchange rate effects and significantly lower royalty, license and commission income. The EBITDA margin pre one-time items increased again, reaching 30.9%, which was higher than the figures for both the full year 2013 and the year-earlier quarter.