Annual Report 2014 Annual Report 2014

Merck Shares

At a glance

In 2014, the Merck share price rose by 20 %, thus outperforming the DAX® by 18 percentage points. Merck shares were around 7 percentage points stronger than the relevant pharmaceutical industry index and also outperformed the relevant chemical industry index by nearly 17 percentage points. They reached an annual high of € 80.40 at the end of November 2014, also marking a new all-time high. On December 30, 2014, they closed only marginally lower at € 78.42.

After a period of weakness in the first half of 2014, in which the Merck share price sank by 3 % in absolute terms and showed a weaker development than the relevant comparative indices, a noticeable improvement could be seen at the beginning of the second half of the year. Continuously good business figures that met or even exceeded the expectations of market participants, a successful Merck Serono Investor & Analyst Day on September 18, 2014, and the announcements of the acquisition of Sigma-Aldrich on September 22 and of the collaboration with Pfizer in immuno-oncology on November 17 were welcomed by analysts and investors, leading to a new all-time share price high at the end of November.

The average daily trading volume increased noticeably by 36 %, from about 469,000 in 2013 to a good 639,000 shares. The North America region continued to dominate and its share increased in comparison with the previous year to around 47 % (2013: 43 %). By investor type, GARP (growth at reasonable price) and value investors dominated, as in the previous year. At the end of 2014, the top five investors held around 39 % of the free float (2013: 36 %).

On June 30, 2014, the 1:2 share split became effective. The price and number of Merck shares were adjusted accordingly. On May 9, 2014, the Annual General Meeting resolved to redivide the share capital of Merck KGaA so that one existing company no-par value share with a pro rata amount of the share capital of € 2.60 is to be divided into two no-par value shares with a pro rata amount of the share capital of € 1.30 each (share split).

Merck Shares → Share price development from January 1, 2014 to December 31, 2014 in %

Source: Bloomberg (closing rates)

Merck Shares → Share data 1,2

Show table
2014 2013
Dividend3 1.00 0.95
Share price high 80.40 65.25
Share price low 56.55 48.53
Year-end share price 78.42 65.13
Daily average number of Merck shares traded4 units 639,067 468,616
Market capitalization5 (at year-end) € million 34,095 28,315
Market value of authorized shares6 (at year-end) € million 10,135 8,417
Share-price relevant figures have been adapted to the 1: 2 share split as of June 30, 2014.
Share-price relevant figures relate to the closing price in XETRA® trading on the Frankfurt Stock Exchange.
2014 subject to approval by the Annual General Meeting.
Based on the floor trading systems of all German exchanges and the regulated market on XETRA®.
Based on the theoretical number of shares (434.8 million).
Based on the number of shares in free float (129.2 million).
Source: Bloomberg, Thomson Reuters

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Merck Shares → Identified investors by region as of December 2014 in %

Source: Orient Capital
Total number of shares outstanding: 129,2 million

Merck Shares → Identified investors by type as of December 2014 in %

Source: Orient Capital
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