German pharma, chemical company Merck sees 1st-quarter net profit drop 76 percent

Merck 1Q net profit falls 76 percent

FRANKFURT — German pharmaceutical and chemical company Merck KGaA said Monday that its first-quarter net profit dropped by 76 percent as demand for chemicals in particular declined.

Darmstadt-based Merck said net profit for the January-March quarter fell to euro57 million ($75 million) from euro239 million a year earlier.

Sales in the first quarter were stable at euro1.9 billion.

“This year will be a challenge for Merck, but I am happy to say that our pharmaceuticals business remains strong,” chief executive Karl-Ludwig Kley said. “Regarding liquid crystals, we are convinced we reached the bottom in the first quarter.”

Liquid crystals are used in products including television and computer screens.