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Karl-Ludwig Kley, CEO
Marcus Kuhnert, CFO
November 12, 2015
Merck Q3 2015 results
Media presentation
GROWTH ACROSS ALLGROWTH ACROSS ALLGROWTH ACROSS ALLGROWTH ACROSS ALL
BUSINESSES & REGIONSBUSINESSES & REGIONSBUSINESSES & REGIONSBUSINESSES & REGIONS

2
Disclaimer
Cautionary Note Regarding Forward-Looking Statements
This communication may include “forward-looking statements.” Statements that include words such as “anticipate,” “expect,” “should,” “would,” “intend,” “plan,” “project,” “seek,”
“believe,” “will,” and other words of similar meaning in connection with future events or future operating or financial performance are often used to identify forward-looking statements. All
statements in this communication, other than those relating to historical information or current conditions, are forward-looking statements. We intend these forward-looking statements to
be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number
of risks and uncertainties, many of which are beyond control of Merck KGaA, Darmstadt, Germany, which could cause actual results to differ materially from such statements.
Risks and uncertainties relating to the proposed transaction with Sigma-Aldrich Corporation ("Sigma-Aldrich") include, but are not limited to: the risk that regulatory or other approvals
required for the transaction are not obtained or are obtained subject to conditions that are not anticipated; competitive responses to the transaction; litigation relating to the transaction;
uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; the ability of Merck KGaA, Darmstadt, Germany, to achieve
the cost-savings and synergies contemplated by the proposed transaction within the expected time frame; the ability of Merck KGaA, Darmstadt, Germany, to promptly and effectively
integrate the businesses of Sigma-Aldrich and Merck KGaA, Darmstadt, Germany; the effects of the business combination of Merck KGaA, Darmstadt, Germany, and Sigma-Aldrich,
including the combined company’s future financial condition, operating results, strategy and plans; the implications of the proposed transaction on certain employee benefit plans of Merck
KGaA, Darmstadt, Germany, and Sigma-Aldrich; and disruption from the proposed transaction making it more difficult to maintain relationships with customers, employees or suppliers.
Additional risks and uncertainties include, but are not limited to: the risks of more restrictive regulatory requirements regarding drug pricing, reimbursement and approval; the risk of
stricter regulations for the manufacture, testing and marketing of products; the risk of destabilization of political systems and the establishment of trade barriers; the risk of a changing
marketing environment for multiple sclerosis products in the European Union; the risk of greater competitive pressure due to biosimilars; the risks of research and development; the risks
of discontinuing development projects and regulatory approval of developed medicines; the risk of a temporary ban on products/production facilities or of non-registration of products due
to non-compliance with quality standards; the risk of an import ban on products to the United States due to an FDA warning letter; the risks of dependency on suppliers; risks due to
product-related
crime and espionage; risks in relation to the use of financial instruments; liquidity risks; counterparty risks; market risks; risks of impairment on balance sheet items; risks from pension
obligations; risks from product-related and patent law disputes; risks from antitrust law proceedings; risks from drug pricing by the divested Generics Group; risks in human resources;
risks from e-crime and cyber attacks; risks due to failure of business-critical information technology applications or to failure of data center capacity; environmental and safety risks;
unanticipated contract or regulatory issues; a potential downgrade in the rating of the indebtedness of Merck KGaA, Darmstadt, Germany, or Sigma-Aldrich; downward pressure on the
common stock price of Merck KGaA, Darmstadt, Germany, or Sigma-Aldrich and its impact on goodwill impairment evaluations; the impact of future regulatory or legislative actions; and
the risks and uncertainties detailed by Sigma-Aldrich with respect to its business as described in its reports and documents filed with the U.S. Securities and Exchange Commission (the
“SEC”).
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere,
including the Report on Risks and Opportunities Section of the most recent annual report and quarterly report of Merck KGaA, Darmstadt, Germany, and the Risk Factors section of Sigma-
Aldrich’s most recent reports on Form 10-K and Form 10-Q. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements, and
there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or
effects on, us or our business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement,
whether as a result of new information, future developments or otherwise.

3
Agenda
Executive summary
Financial review
Outlook and guidance

EXECUTIVE SUMMARYEXECUTIVE SUMMARYEXECUTIVE SUMMARYEXECUTIVE SUMMARY

5
Highlights
Operations
Organic growth in all businesses and regions
Avelumab: Phase III in 1st line NSCLC initiated; Orphan Drug and
Fast Track designation for Merkel cell carcinoma
Sigma: EU approval of transaction granted – closing scheduled for Nov. 18, 2015
Financials
FY 2015 guidance lifted
EBITDA pre increases by 10.2% to €944 m
Sales growth of 6.8% in Q3 2015

Acronyms: LC = liquid crystals, OLED = organic light emitting diode
Totals may not add up due to rounding6
Sales and EBITDA pre growth driven by all businesses
•Fertility and General Medicine
more than offsetting Rebif decline
•Life Science benefits from strong
performance of Process Solutions
•Performance Materials driven by FX
tailwinds, LC and OLED volume growth
•Healthcare benefits from organic growth
and release of R&D termination provision
•Life Science increase supported by strong
organic performance
•Performance Materials reflects FX benefits
and favorable LC product mix
•Hedging losses and branding initiative
burden Corporate EBITDA pre
Healthcare 1.9%
Organic Currency
-0.5%
Life Science
Performance Materials
Merck Group
Portfolio Total
0.0% 1.4%
8.1% 6.8% 0.0% 14.9%
2.2% 11.2% 0.0% 13.4%
3.3% 3.5% 0.0% 6.8%
Q3 2014 Healthcare Life Science Performance
Materials
Corporate &
Other
Q3 2015
857 +40 +41 +55 -48 944
Q3 2015 YoY net sales
Q3 YoY EBITDA pre contributors [€ m]

7
Asia-Pacific largest region – China with strong growth momentum
Merck Group Q3 2015 net sales by region [in %]
North America (NA)
Asia-Pacific (APAC)
Middle East & Africa (MEA)
Latin America (LatAm)
Europe (EU)
21%
32%
34%
4%
9%
☺

*Venezuelan Bolivar
All regions contribute to organic growth
2,921
3,120
Organic
sales
growth
+1.6%
+2.8%
+7.0%
+2.1%
Europe
+6.8%
+1.2%
+19.4%
+17.3%
-23.8%
North America
Asia-Pacific
Latin America
Middle East & Africa
+1.0%
+4.7%
Regional development of net sales Q3 2015 [€ m]
•Growth in EU and NA predominantly
driven by Life Science and Fertility
•Organic growth in Asia-Pacific coming
from China (esp. Fertility, GM)
•LatAm organically softer due to
macro challenges, nominal decline
mainly from change of VEN* FX rate
Regional development
119 125
349 266
916 1,074
553
660
984
996
Q3 2014 Q3 2015

9
&
Strategic rationale
Financials
300.000 Products: Broad and complementary product fit in attractive segments
20.000 Employees: Expanding global reach and scale
Leveraging e-commerce and operational excellence to deliver superior value to customers
Integration
New organizational structure designed (Applied, Research and Process Solutions)
Top 2 management levels already appointed
Confirming synergies of €260 m p.a., realized by the third full year after closing
Sigma to be consolidated for 43 days in 2015
Focus on seamless integration for customers and the organization

1
Phase I trial solid tumors; all response rates refer to all-comer population;
2
To date; source: ECC poster September 201510
Pipeline progress
Fast Track Designation received H2 2015
Kick off up to 4 additional Phase III Studies End 2015
Data Readout Phase II mMCC H1 2016
Pancreatic Cancer Phase III Results End 2015
Soft Tissue Sarcoma Phase III Results End 2015
Data Readout Phase II H1 2016
Regulatory Submission Planned in EU H1 2016Cladribine
Atacicept
Evofosfamide
Avelumab

11
Overwhelming feedback to our new brand

FINANCIAL REVIEWFINANCIAL REVIEWFINANCIAL REVIEWFINANCIAL REVIEW

13
Q3 2015 overview
Net sales 2,921
EBITDA pre
EPS pre
Operating cash flow
3,120 6.8%
857 944 10.2%
1.15 1.32 14.8%
726 872 20.1%
Q3 2015 – key figures
•EBITDA pre increase driven by good
organic performance, release of R&D
termination provision and FX
•EPS pre and operating cash flow
increase mainly due to higher
EBITDA pre
•Net cash position reflects strong track
record of deleveraging
Comments – Q3 2015
Margin (in % of net sales) 29.3% 30.3%
Net debt 559
Working capital
Employees
∆
-1,304 n.m.
2,356 2,614 10.9%
39,639 40,339 1.8%
Dec. 31, 2014 Sept. 30, 2015
Q3 2014 Q3 2015 ∆[€m]
[€m]

Q3 2015 – good quarter with strong earnings growth
EBIT 429 564 31.4%
Q3 2015 – reported results
•Strong EBIT increase reflects EBITDA
pre progression; last year with higher
D&A and exceptionals
•Financial result includes higher
interest expenses from Sigma
financing
•Tax ratio last year contained taxable
gain from Sigma FX hedging
Comments – Q3 2015
Financial result
Profit before tax
Income tax
Tax ratio [in %]
Net income
EPS [€]
32.9% 24.2%
249 364 46.3%
0.57 0.84 47.4%
-57 -81 42.3%
372 482 29.8%
-122 -117 -4.4%
Q3 2014 Q3 2015 ∆[€m]

15
Healthcare: Slight sales growth driven by Fertility and General Medicine
• Sales growth impacted by change of Venezuelan FX rate and softer
Latin American currencies
• Rebif organically lower as volume decline mainly due to competition
from orals is only partially offset by price increases in the U.S.
• Erbitux burdened by EU pricing and lower volumes in LatAm
• Fertility with strong growth mainly driven by demand from China
• General Medicine remains largest contributor to organic growth
• LY’s R&D impacted by terminations; provision release in 2015 (€31 m)
• EBITDA pre expansion reflects organic growth & release of provision
Net sales
Q3 2014 Q3 2015
1,708
Marketing and selling
Administration
Research and development
-60
349
537
Healthcare P&L
Net sales bridge
EBIT
EBITDA
EBITDA pre
-683
-322
538
1,684
-62
279
497
-625
-416
481
Margin (in % of net sales)
Q3 2014 Organic Currency Portfolio Q3 2015
1.9% -0.5% 0.0%€1,684 m €1,708 m
Comments
Q3 2015 share of group net sales
55% Healthcare
31.5%29.5%
[€m]

16
Life Science: All businesses contribute to strong organic performance
• Process Solutions remains main organic growth contributor driven
by strong performance in single-use & virus filtration
• Solid organic growth in Lab Solutions led by U.S. and Europe
especially in biomonitoring and lab water products
• Bioscience sees continued soft demand for reagents & antibodies
offset by sound volumes of cell biology and cell culture systems
• Margin progression driven by organic performance, manufacturing
efficiencies, favorable product mix and pricing
Net sales 759
Administration
-30
97
201
Life Science P&L
Net sales bridge
EBIT
EBITDA
EBITDA pre
-238
-45
180
661
-26
72
161
-209
-42
150
Comments
26.5%24.3%
8.1% 6.8% 0.0%€661 m
€759 m
Life Science24%
Q3 2014 Q3 2015[€m]

*Integrated Circuits Materials17
Performance Materials: All businesses yield profitable growth
• Strong increase in sales reflecting FX tailwinds
• Further shift towards innovative liquid crystal technologies
(esp. UB-FFS) supports volumes and profitability
• Display industry supply chain inventories remain at high level
• OLED and ICM* support growth with sound volume development
• Pigments slightly growing
• Profitability at high level mainly driven by FX and favorable
product mix
Net sales 653
Administration
-16
233
298
Performance Materials P&L
Net sales bridge
EBIT
EBITDA
EBITDA pre
-54
-50
292
576
-18
152
243
-45
-46
218
Comments
45.5%42.2%
2.2% 11.2% 0.0%
€576 m €653 m
Performance
Materials
21%
Q3 2014 Q3 2015[€m]

Balance sheet reflects Sigma financing measures
• Issuance of USD & EUR bonds impacts cash and debt • FX development accounts for ~€1 bn total balance sheet increase
(~€700 m in equity)
2.6 2.0
3.0
3.0
11.4
11.4
1.7 1.8
2.2 2.4
5.1
11.6
Dec. 31, 2014 Sept. 30, 2015
Intangible assets
Inventories
Other assets
Property, plant & equipment
Receivables
Cash & marketable securities
Net equity
26.0 26.0
Assets [€ bn] Liabilities [€ bn]
Financial debt
Provisions for
pensions/other
Other liabilities
Payables
5.24.5
1.8
1.8
1.5
1.6
5.6
10.3
11.8
14.0
Dec. 31, 2014Sept. 30, 2015
32.3 32.3

Strong operating cash flow reflecting cash generating nature of businesses
Profit after tax
Q3 2014
250
Q3 2015 ∆
366 116
•Last year’s D&A included amortization
for discontinued R&D project
•In 2014 provision built-up for R&D
terminations, partial release in 2015
•Investing cash flow includes proceeds
from Sigma FX hedging, payment of
Intrexon upfront & cash management
•€2.1 bn eurobond issuance in August
drives financing cash flow
Cash flow drivers
D&A
Changes in provisions
Changes in other assets/liabilities
Other operating activities
Changes in working capital
Operating cash flow
-4 12
-77 -7 70
726 872 146
353 337 -16
89 11 -78
115 153 38
Investing cash flow
thereof Capex on PPE
Financing cash flow
-364
-128
90
418
-130 -2
2,217 2,127
[€m]
Q3 2015 – cash flow statement
16
782

OUTLOOK AND GUIDANCEOUTLOOK AND GUIDANCEOUTLOOK AND GUIDANCEOUTLOOK AND GUIDANCE

21
Full-year 2015 guidance upgraded and updated for Sigma
Net sales: ~ €12.6 – 12.8 bn
thereof Sigma: ~ €300 m
EBITDA pre: ~ €3,580 – 3,650 m
thereof Sigma: ~ €80 - 95 m
EPS pre: ~ €4.80 – 4.95
thereof Sigma: ~ €0.10 – 0.15
Merck guidance for 2015, including Sigma-Aldrich for 43 days

*Without Sigma-Aldrich22
2015 business sector guidance without Sigma-Aldrich
~ €1.1 – 1.14 bn
Slight organic growth
~ €0.76 – 0.78 bn
Solid organic growth
~ €1.93 – 2.0 bn
EBITDA pre
Organically stable
Life Science* Performance
Materials
Healthcare
Net sales
EBITDA pre
Net sales
EBITDA pre
Net sales

WALTER HUBER
Head of Group Communications
+49 6151 72-2287
walter.huber@merckgroup.com
NEETHA MAHADEVAN
Life Science/Performance Materials
+49 6151 72-6328
neetha.mahadevan@merckgroup.com
MARKUS TALANOW
Financial Communications
+49 6151 72-7144
markus.talanow@merckgroup.com
Biopharma
+49 6151 72-9591
gangolf.schrimpf@merckgroup.com
Head of Media Relations
+49 6151 72-62445
nicole.mommsen@merckgroup.com
GANGOLF SCHRIMPF
NICOLE MOMMSEN SILKE KLOTZ
Assistant Media Relations
+49 6151 72-4342
silke.klotz@merckgroup.com
EMAIL: media.relations@merckgroup.com
WEB:
http://www.merckgroup.com/en/media/media.html
http://www.merck.de/de/presse/presse.html
FAX: +49 6151 72-3138

APPENDIXAPPENDIXAPPENDIXAPPENDIX

26
Additional financial guidance 2015
Merck Group royalty, license and
commission income in 2015
~€300 m
Further financial details
Corporate & Other EBITDA pre
Underlying tax ratio
Capex on PPE
Hedging/USD assumption
2015 Ø EUR/USD assumption
2015 & 2016 hedge rate ~25-30%
at EUR/USD ~1.19 to 1.24
~1.10 – 1.15
~ -€340 – -360 m
~23% to 25%
~€550 m

27
Solid structure to finance Sigma-Aldrich transaction
Financing structure as of September 30, 2015
Loan A
(Bridge)
~US$11 bn
…of which a total
~US$8.5 bn replaced
as of Sept. 30, 2015
Loan B
(Term Loan)
approx. US$4 bn
Cash
~US$2.4 bn
Total: US$17.4 bn
Use of funds Source of funds
Hybrid
USD
bond
EUR
bond
• Acquisition 100% cash & debt financed
• The bridge has almost completely been
replaced through various
capital markets transactions
• Accomplished transactions:
• Dec. 2014: ~US$1.9 bn EUR-hybrid bond
• March 2015: US$4 bn USD bond
• August 2015: ~US$2.6 bn EUR bond
• Strong combined cash flows available for
rapid deleveraging
• Strong investment grade rating
maintained
• Expected financing costs well below 2%
Update on funding structure

28
Well-balanced maturity profile reflects Sigma-Aldrich related
capital markets transactions
Additional loan arrangements exist that enable flexible and swift deleveraging
700 800
1,350
550
223
356
668
891
1,426
100 60
70
250
1,000
500
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
EUR bonds USD bonds Private placements Stand alone (Millipore) Hybrids (first call dates)
3.615%
5.875%
4.0%
L+35bps
E+23bps
1.7%
2.4%
4.5%
2.625%
3.375%
4.25%
0.75%
2.95%
1.375% 3.25%
Coupon
Maturity profile as of Sept. 30, 2015 [in €m]

Growth driven by FX, AZ and organic performance of all segments
•Rebif and Erbitux declines more than
offset by other franchises driving
organic growth of Healthcare
•Life Science benefits from positive
market trends (esp. biopharma)
•Performance Materials driven by FX
tailwinds, AZ and volume growth
Healthcare 1.2%
Organic Currency
4.7%
Life Science
Merck Group
Portfolio Total
0.0% 6.0%
5.9% 9.3% -0.3% 14.9%
1.2% 14.1% 13.7% 28.9%
2.3% 7.5% 2.4% 12.2%
9M 2015 YoY net sales
9M YoY EBITDA pre contributors [€ m]
9M 2014 Healthcare Life Science Performance
Materials
Corporate &
Other
9M 2015
2,509 +8 +89 +214 -124 2,696
•Healthcare affected by Humira royalty
loss and Rebif decline
•Increase in Life Science driven by good
organic growth and positive mix
•Performance Materials contains FX
benefits, AZ and positive product mix
•Corporate EBITDA pre reflects hedging
losses

9M 2015: Overview
Net sales
9M 2014
8,364
EBITDA pre
EPS pre
Operating cash flow
9M 2015 ∆
9,381 12.2%
2,509 2,696 7.5%
3.46 3.74 8.1%
1,564 1,477 -5.6%
•Sales increase mainly driven by FX,
AZ and organic performance
•EBITDA pre increases, while margin
softens due to royalty loss and
Rebif decline
•Operating cash flow burdened by
higher tax and interest payments
•Net cash position driven by operating
cash flow and cash-in from realization
of Sigma FX hedging instrument
•Working capital increase mainly
attributable to organic growth and FX
9M 2015
[€m]
Margin (in % of net sales) 30.0% 28.7%
Net debt 559
Working capital
Employees
∆
-1,304 n.m.
2,356 2,614 10.9%
39,639 40,339 1.8%
Dec. 31, 2014
9M 2015 – key figures
[€m] Sept. 30, 2015

31
9M 2015 – solid reported figures
EBIT
9M 2014
1,338
9M 2015 ∆
1,545 15.5%
•EBIT reflects increased EBITDA pre
and higher exceptionals last year
•Financial result impacted by higher
interest expenses for Sigma financing
(hybrid, USD and EUR bonds)
•Tax ratio in line with guidance range
of 23-25%
Reported results
[€m]
Financial result
Profit before tax
Income tax
Tax ratio (%)
Net income
EPS (€)
26.2% 24.6%
877 989 12.7%
2.02 2.27 12.4%
-142 -223 56.7%
1,196 1,322 10.6%
-313 -326 4.0%
9M 2015 YoY – reported results

Healthcare: Stability in base business and investments in future growth
• Rebif decline due to competition partially mitigated by U.S. pricing
• Erbitux soft, as mandatory price cuts in Europe & lower private
sector sales in Brazil outweigh volume increase in China
• General Medicine and Fertility remain key growth drivers
• Consumer Health with strong organic growth as new marketing
approach fuels demand - especially for Neurobion in Latin America
• Investments in growth markets and FX drive higher M&S spending
• Steady ramp-up of avelumab program and other focus programs
as well as promising earlier-stage pipeline candidates
• Lower profitability reflects investments and unfavorable product mix
Net sales
9M 2014 9M 2015
5,197
Administration
-195
884
1,478
Net sales bridge
EBIT
EBITDA
EBITDA pre
-2,073
-1,027
1,448
4,904
-184
828
1,470
-1,894
-1,035
1,431
Comments
9M 2015 share of group net sales
28.4%30.0%
9M 2014 Organic Currency Portfolio 9M 2015
1.2% 4.7% 0.0%€4,904 m €5,197 m
56% Healthcare
[€m]

33
Healthcare organic growth by franchise/product
Q3 2015 organic sales growth [%]
by key products [€ m]
9M 2015 organic sales growth [%]
by key products [€ m]
Q3 2015 Q3 2014
104
117
147
204
232
466
103
106
167
200
223
468
-7%
-2%
+6%
+9%
-1%
+12%
Consumer
Health
9M 2015 9M 2014
276
326
461
569
670
1,389
329
359
508
644
661
1,358 -12%
-3%
+11%
+4%
+8%
+21%
Consumer
Health
Totals may not add up due to rounding

100
150
200
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
34
Rebif: Defending the franchise – competitive pressure in the U.S.
and Europe
Europe
Price
Volume
FX
Price
Volume
-2.8% org.
-9.5% org.
150
225
300
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
Price
increase
North America
Price
increase
Price
increase
•Rebif sales of €468 m in Q3 2015
benefit from FX tailwinds (USD)
•Organic decline of -7.0% due to lower
volumes mitigated by U.S. pricing
•U.S. and European volume decline
mainly due to competition from orals
•U.S. price increase in September
supports performance
Reported resultsRebif sales evolution
Q3 drivers
Q3 drivers
[€ m]
[€ m]

0
50
100
150
200
250
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
Europe Middle East & Africa Asia-Pacific Latin America
35
Erbitux: A challenging market environment
•Sales decrease to €223m due to
negative pricing and FX
•Europe impacted by mandatory
price cuts in various countries and
increasing competition
•Latin America burdened by decline
in private sector sales in Brazil
•APAC organically lower due to
channel destocking outweighing
strong volume growth in China
Erbitux performanceErbitux sales by region
[€ m]
-2.0% Q3 YoY
organic growth
-0.1%
-8.1%
-1.1%
-9.8%

36
Strong growth in Fertility, General Medicine and Endocrinology
Endocrinology
Organic
Fertility
Organic growth of Fertility driven by
all major regions, especially China
Endocrinology with strong growth
across all regions and products;
Saizen with market share gains in EU
General Medicine sales affected by FX,
organic performance remains good
Thyroid products post sound volume
development in Asia and Europe
Glucophage shows ongoing strong
growth, benefiting from Russia
repatriation and supply issues LY
Q3 driversSales evolution
180
220
260
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
[€ m]
80
100
120
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
[€ m]
Organic
General Medicine*
400
450
500
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
[€ m]
Organic
*includes “Cardiometabolic Care & General Medicine and Others*

37
Merck pipeline
Evofosfamide (TH-302) –
Hypoxia-activated prodrug
Soft tissue sarcoma
Pancreatic cancer
Avelumab1 – Anti-PD-L1 mAb
Non-small cell lung cancer 1L3
Avelumab1 – Anti-PD-L1 mAh
Non-small cell lung cancer 2L4
M2736 (ATX-MS-1467) –
Immune tolerizing agent
Multiple sclerosis
Pimasertib – MEK inhibitor
Melanoma
Melanoma
Non-small cell lung cancer
Tepotinib – c-Met kinase inhibitor
Non-small cell lung cancer
Hepatocellular cancer
Merkel cell carcinoma
Sprifermin –
Fibroblast growth factor 18
Osteoarthritis
Atacicept – Anti-Blys/anti-APRIL
fusion protein
Systemic lupus erythematosus
Solid tumors
Evofosfamide (TH–302) –
Hematologic malignancies and solid tumors
M2698 – p70S6K & Akt inhibitor
Solid tumors
M3814 –
DNA-PK inhibitor
Solid tumors
Beigene-283 – BRAF inhibitor
Solid tumors
Beigene-290 – PARP inhibitor
Solid tumors
Solid tumors
M9241 (NHS-IL12)2 –
Cancer immunotherapy
Solid tumors
M7824 – Bifunctional
immunotherapy
Solid tumors
M1095 (ALX-0761) –
Anti-IL-17 A/F nanobody
Psoriasis
M2951 – BTK inhibitor
Healthy volunteers
In registrationPhase IIIPhase IIPhase I
Neurodegenerative Diseases
Oncology
Immunology
Immuno-Oncology
Pipeline as of November 5, 2015
Pipeline products are under clinical investigation and have not been proven to be safe and effective.
There is no guarantee any product will be approved in the sought-after indication.
1Avelumab is the proposed International Non-proprietary Name (INN) for the anti-PD-L1 monoclonal antibody (previously known as MSB 0010718C);
2Sponsored by the National Cancer Institute (USA); 3 First Line treatment; 4Second Line treatment
5As announced on September 11th, 2015 Merck is preparing a regulatory submission to the European Medicines Agency
Cladribine Tablets5 –
Lymphocyte targeting agent
Relapsing-remitting multiple sclerosis

38
Next catalysts for focus projects
Initiate up to 6 registrational trials End 2015
Data readout Phase II mMCC H1 2016Avelumab
Data readout Phase II H1 2016Atacicept
Pancreatic Cancer Phase III results End 2015
Soft Tissue Sarcoma Phase III results End 2015
Evofosfamide

Life Science: Good organic performance fueled by ongoing demand for
Process Solutions products
• Process Solutions drives divisional growth mainly due to strong
demand from biopharma for single-use and purification products
• Lab Solutions with moderate organic growth especially in lab water
consumables and biomonitoring
• Bioscience slightly positive as good development of protein
detection systems offsets softness for reagents and antibodies
• Ongoing investments in R&D – several product launches in 2015
• EBITDA pre benefits from FX tailwinds and organic growth,
partially offset by investments in marketing and selling
Net sales
9M 2014 9M 2015
2,270
Administration
-88
266
585
Net sales bridge
EBIT
EBITDA
EBITDA pre
-715
-139
514
1,976
-81
234
496
-625
-119
464
Comments
25.8%25.1%
5.9% 9.3% -0.3%€1,976 m
€2,270 m
Life Science24%

Performance Materials: Healthy trends & strong FX tailwinds drive growth
• Strong sales mainly reflect portfolio effect and FX tailwinds
• Liquid crystals volume trend remains largest contributor to growth
• Shift towards flagship technologies like PS-VA and UB-FFS amid
shrinking TN-TFT market benefits product mix
• Pigments flat – growth in attractive focus markets
is offset by volume decline in less profitable areas
• Integrated Circuit Materials supports organic performance with
sound volume development especially in dielectric materials
• Increase in EBITDA pre driven by FX, AZ and positive product mix
Net sales
9M 2014 9M 2015
1,914
Administration
-48
685
870
Net sales bridge
EBIT
EBITDA
EBITDA pre
-154
-145
864
1,484
-41
441
656
-130
-122
574
Comments
45.4%44.2%
1.2% 14.1% 13.7%
€1,484 m
€1,914 m
Performance
Materials
20%

*only property, plant and equipment without intangibles
41
Operating cash flow burdened by tax payment for Pfizer upfront
Profit after tax
9M 2014
883
9M 2015 ∆
997 114
•D&A increase due to AZ
•Changes in provisions reflect higher
pension & litigation provisions
•Higher tax and interest payments main
drivers of changes in other
assets/liabilities
•Investing cash flow contains cash-in
from Sigma hedging instrument as
well as sale of financial assets
•Financing cash flow impacted by Sigma
financing and repayment of eurobond;
LY reflects part of purchase of AZ
Cash flow drivers
[€m]
D&A
Changes in provisions
Changes in other assets/liabilities
Other operating activities
Changes in working capital
Operating cash flow
-8 -6
-224 -204
2
1,564 1,477 -87
980 1,006 26
0 32 32
-67 -348 -281
Investing cash flow
thereof Capex*
Financing cash flow
-497
-270
-758
2,670
-297 -27
4,331
20
3,167
5,089
9M 2015 – cash flow statement

Exceptionals in Q3 2015
Q3 2014
Exceptionals
[€m]
Healthcare
Life Science
Corporate & Other
Total
26
79
17
11
25
Exceptionals in EBIT
thereof D&A
4
4
0
0
0
Q3 2015
Exceptionals
18
44
-1
21
5
thereof D&A
0
0
0
0
0
42

Exceptionals in 9M 2015
9M 2014
Exceptionals
[€m]
Healthcare
Life Science
Corporate & Other
Total
42
198
43
32
81
Exceptionals in EBIT
thereof D&A
4
8
4
0
0
9M 2015
Exceptionals
39
148
32
71
6
thereof D&A
0
2
2
0
0
43

44
Financial calendar
EventDate
December 10, 2015
March 8, 2016
April 29, 2016
May 19, 2016 Q1 2016 Earnings release
M³ - Meet Merck Management
Q4 2015 Earnings release
Annual General Meeting

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