Germany's Merck KGaA saw adjusted core earnings decline 13.7 percent in the second quarter on lower revenues from liquid crystals used in flat screens and a strong euro weighing on the value of overseas sales.
Merck on Thursday reported 920 million euros ($1.07 billion) in second-quarter adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), below market expectations of 960 million.
The chemicals and drugs maker said it expected adjusted EBITDA from continuing operations to decline to 3.75 to 4.0 billion euros in 2018, stripping out the consumer healthcare unit it has agreed to sell to Procter & Gamble for 3.4 billion euros.
That compares with 4.25 billion euros in 2017, excluding consumer health.
Marcus Kuhnert, the chief financial officer of the company, told CNBC that currency pressure has diminished from the first quarter.