on Thursday warned of a steeper earnings decline on a slump in demand for materials used to produce pharmaceuticals and semiconductors, as its high-tech niche markets get drawn into a wider downturn.
Earnings before interest, taxes, depreciation and amortisation , before one-offs, would fall between 3% and 9%, when adjusted for currency swings, the diversified company said.It had previously forecast 2023 adjusted EBITDA to slip between 0% and 5%, with an additional negative foreign exchange effect of 2% to 5%.
The Life Science unit, in turn, was hit by a slump in COVID-19-related demand for lab gear and by drugmakers running down excess inventory levels rather than ordering Merck's materials.
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