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MERCK KGAA (MRK)
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Merck KGaA May Withdraw Research from Portugal over Debt-Report

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07/09/2012 | 08:28am CEST

German chemical company Merck KGaA (>> Merck KGaA) may withdraw future investments for research projects in Portugal worth tens of millions of euros unless the government hospitals stick to the agreed-upon debt repayments, German daily newspaper Financial Times Deutschland reports Monday.

Merck Portugal's manager Fritz Sacher told the paper the company's research projects are long-term and require mutual trust as a basis. "The Portuguese government's lacking payment habits undermine this trust," he is quoted as saying.

Portuguese government hospitals owe the pharmaceutical industry a total of more than 1.5 billion euros ($1.84 billion) and companies have to wait nearly 550 days on average until invoices are paid, FTD reports.

Some companies, including Roche Holding AG (ROG.VX), have already halted the sale of medications on credit to highly indebted countries like Portugal, Greece, Spain and Italy until outstanding debts are paid, the paper notes, but for many companies such drastic steps are difficult as they carry responsibility for people's wellbeing.

Withdrawing research projects is a way of putting pressure on the government, as Portugal is an attractive location for research investments, FTD says. "The conditions for certain research and human studies are as good as in the U.S., but it's significantly more cost-effective in Portugal," Sacher told the paper.

Newspaper website: http://www.ftd.de

Write to the Frankfurt Bureau at [email protected]

Stocks mentioned in the article : Merck KGaA
Stocks mentioned in the article
ChangeLast1st jan.
MERCK KGAA 0.02% 82.02 Delayed Quote.-8.61%
ROCHE HOLDING LTD. -0.39% 215.65 Delayed Quote.-12.52%
ROCHE HOLDING LTD. -0.35% 179.9 Delayed Quote.-14.69%
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Financials (€)
Sales 2018 15 228 M
EBIT 2018 2 843 M
Net income 2018 1 694 M
Debt 2018 8 360 M
Yield 2018 1,55%
P/E ratio 2018 20,31
P/E ratio 2019 18,29
EV / Sales 2018 1,25x
EV / Sales 2019 1,08x
Capitalization 10 600 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 98,1 €
Spread / Average Target 20%
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Managers
NameTitle
Stefan Oschmann Chairman-Executive Board & CEO
Wolfgang Heinz Büchele Chairman-Supervisory Board
Marcus Kuhnert Chief Financial Officer
Crocifissa Attardo Member-Supervisory Board
Mechthild Auge Member-Supervisory Board
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