Follitropin Alfa (Merck)

Financial results of fiscal 2023 Net sales decrease organically by 1.6% to € 21.0 billion EBITDA pre down organically by 9.0% to € 5.9 billion “Transitional year” 2023 characterized by demanding market conditions in Life Science and Semiconductor Materials Strong sales and earnings performance of Healthcare demonstrates benefits of diversified business model of the Group Stable dividend proposal: € 2.20 per share Forecast for fiscal 2024 Return to organic growth expected in 2024 Sales and EBITDA pre: slight to moderate organic growth Merck KGaA, Darmstadt, Germany, a leading science and technology company, reported financial results for 2023 in line with its guidance published in August despite a challenging market environment, thus demonstrating the robustness of its business model. The strong development of the Healthcare business sector partly compensated for the market-related declines in sales and earnings in Life Science and Electronics. The company expects to gradually return to organic growth in the course of fiscal 2024. Fiscal 2023 was characterized by difficult market conditions: the significant decline in Covid-19-related demand as expected persistent inventory destocking by key customers in Process Solutions and the cyclical slowdown in demand for semiconductor materials. Overall, Group net sales decreased by 5.6% (organically: ‑1.6%) to € 20,993 million. EBITDA pre declined by 14.2% (organically: ‑9.0%) to € 5,879 million. “We delivered solid results in a transitional year 2023 despite difficult market conditions, demonstrating the robustness of our businesses. Our diversified business will continue to benefit from the attractive market growth opportunities also in the medium term,” said Belén Garijo, Chair of the Executive Board and CEO of Merck KGaA, Darmstadt, Germany. “Now, we are fully focusing on gradually returning to growth during fiscal 2024, while defining our strategic roadmap to ensure long term profitable and sustainable growth for our company.” Negative foreign exchange effects weigh on sales and earnings In fiscal 2023, Group net sales decreased organically by 1.6% in comparison with the previous year. Foreign exchange effects, primarily from the development of the U.S. dollar and the Chinese renminbi, had an adverse impact of 4.1% on sales. EBITDA pre declined organically by 9.0%. Foreign exchange had an additional negative impact on earnings of 4.9%. The EBITDA pre margin was 28.0%. Earnings per share pre were € 8.49. On this basis, the Executive Board and Supervisory Board will propose to the Annual General Meeting on April 26, 2024, a dividend of € 2.20 per share. This corresponds to the dividend of the previous year. Life Science: Market environment affected by decline in Covid-19-related demand and inventory destocking among key customers In fiscal 2023, the sales and earnings performance of the Life Science business sector was mainly impacted by two market factors. As expected, Covid-19-related sales declined significantly from around € 800 million in the previous year to around € 250 million. In addition, the core business of Process Solutions slowed down considerably due to inventory destocking by key customers, who consequently placed fewer new orders. This led to an overall organic sales decline in the core business (excluding Covid-19-related sales) of Life Science of around 2%. Overall, sales of the business sector decreased by 10.6% to € 9,281 million. Organically, the decline amounted to 7.9%. Foreign exchange had a negative impact of 2.7% on sales. As a result of the aforementioned market factors, the Process Solutions (‑14.4%) and Life Science Services (‑14.6%) business units recorded organic sales declines. Science & Lab Solutions, which generated around half of the net sales of Life Science in fiscal 2023, saw an organic sales decline of 0.6%. The business unit offers products and services to support research, diagnostics and testing activities. In fiscal 2023, EBITDA pre of Life Science decreased organically by 21.4% to € 2,820 million. Foreign exchange had a negative impact of 3.3% on earnings. The EBITDA pre margin was 30.4%. Healthcare: Wave 1 launches remain major growth drivers, supported by resilient growth of the established product portfolio Net sales of the Healthcare business sector increased organically by 8.5% in fiscal 2023. Amid negative foreign exchange effects of 5.8%, sales rose overall by 2.7% to € 8,053 million. The key growth drivers were once again the so-called Wave 1 launches. The oncology medicine Bavencio grew organically by 23.4%. Sales of Mavenclad for the treatment of relapsing multiple sclerosis increased organically by 15.9%. Mavenclad exceeded the equivalent of US$ 1 billion in sales per year for the first time since its market launch, thus achieving blockbuster status. The same applied for the second year to the oncology drug Erbitux with sales of € 1,025 million. The Fertility (organically: +14.9%) and Cardiovascular, Metabolism & Endocrinology (organically: +4.0 %) franchises also generated organic sales increases. In Fertility, this was further supported by stock-outs of competitor products. EBITDA pre of Healthcare rose organically by 17.1% to € 2,543 million. Foreign exchange had a negative impact of 14.4% on earnings. The EBITDA pre margin was 31.6%. Electronics: Cyclical slowdown in demand for semiconductor materials impacts business performance In the Electronics business sector, fiscal 2023 was mainly characterized by the ongoing cyclical slowdown in the semiconductor industry. Overall, sales decreased by 8.8% to € 3,659 million. In addition to the organic decline of 5.1%, foreign exchange had an adverse impact of 4.1% on the sales development. In the Semiconductor Solutions business unit, sales decreased organically by 3.9%, outperforming the market. The decline was mainly the result of weaker demand for semiconductor materials. This was partly offset by the project and equipment business within Delivery Systems & Services, which benefited from continued investments by key customers in long-term capacity expansion. Persistent price pressure and low-capacity utilization by customers in the liquid crystals field, especially in the first half of 2023, were the main reasons for the organic sales decline of 9.2% in the Display Solutions business unit. EBITDA pre of Electronics amounted to € 913 million. Apart from the organic decline of 17.1%, foreign exchange had an adverse impact of 5.6% on the earnings development. The EBITDA pre margin was 25.0%. Outlook for fiscal 2024: Return to growth Merck KGaA, Darmstadt, Germany, expects a gradual return to organic growth during 2024. The year is expected to be characterized by the following developments: In the Life Science business sector, order intake in Process Solutions will gradually improve. The company expects the inflection point during the first half of 2024. Sales will subsequently recover in the second half of 2024. In fiscal 2024, the Group expects the remaining Covid-19-related sales to phase out. Sales of the Healthcare business sector are forecast to grow in line with medium-term expectations as tailwinds from competitor stock-outs fade out. The semiconductor materials market in the Electronics business sector is expected to recover gradually in 2024 compared with 2023, with the turning point occurring early in the second half of the year. Overall, the company assumes the following qualitative development. As in previous years, the company will announce a quantitative forecast with the publication of Q1 financial results on May 15, 2024. The Group expects slight to moderate organic sales growth in fiscal 2024, with Healthcare as the main driver. Foreign exchange is expected to impact sales development by ‑3% to 0%. For EBITDA pre, the company also expects slight to moderate organic growth. Earnings growth will be mainly driven by the Healthcare business sector in fiscal 2024. Foreign exchange will likely have an impact of ‑4% to ‑1% on the earnings development. Overview of the key figures for fiscal 2023 Group Key figures Change € million 2023 2022 € million % Net sales 20,993 22,232 -1,239 -5.6% Operating result (EBIT) 1 3,609 4,474 -865 -19.3% Margin (% of net sales) 1 17.2% 20.1% EBITDA 2 5,489 6,504 -1,015 -15.6% Margin (% of net sales) 1 26.1% 29.3% EBITDA pre 1 5,879 6,849 -970 -14.2% Margin (% of net sales) 1 28.0% 30.8% Profit after tax 2,834 3,339 -505 -15.1% Earnings per share (€) 6.49 7.65 -1.16 -15.2% Earnings per share pre (€) 1 8.49 10.05 -1.56 -15.5% Operating cash flow 3,784 4,259 -475 -11.2% 1 Not defined by International Financial Reporting Standards (IFRS). 2 Not defined by International Financial Reporting Standards (IFRS); EBITDA corresponds to operating result (EBIT) adjusted by depreciation, amortization, impairment losses, and reversals of impairment losses. Life Science Net sales by business unit € million 2023 Share Organic growth 1 Exchange rate effects Acquisitions / divestments Total change 2022 2 Share Science & Lab Solutions 4,706 51% -0.6% -3.3% – -3.9% 4,898 47% Process Solutions 3,782 41% -14.4% -2.3% – -16.7% 4,540 44% Life Science Services 792 8% -14.6% -2.0% 0.6 % -15.9% 943 9% Life Science 9,281 100% -7.9% -2.7% 0.1 % -10.6 % 10,380 100% 1 Not defined by International Financial Accounting Standards (IFRS). 2 Prior-year figures have been adjusted due to internal realignment. Healthcare Net sales by major product lines/products € million 2023 Share Organic growth 1 Exchange rate effects Total change 2022 Share Oncology 1,819 22% 17.3% -9.2% 8.1% 1,683 22% thereof: Erbitux ® 1,025 13% 10.9% -10.6% 0.3% 1,023 13% thereof: Bavencio ® 713 9% 23.4% -6.8% 16.6% 611 8% Neurology & Immunology 1,665 21% -0.9% -3.5% -4.5% 1,743 22% thereof: Mavenclad ® 956 12% 15.9% -4.3% 11.7% 856 11% thereof: Rebif ® 709 9% -17.2% -2.9% -20.1% 887 11% Fertility 1,547 19% 14.9% -7.8% 7.0% 1,446 18% thereof: Gonal-f ® 847 11% 10.5% -7.8% 2.7% 825 11% Cardiovascular, Metabolism and Endocrinology 2,786 35% 4.0% -4.6% -0.7% 2,805 36% thereof: Glucophage ® 882 11% -0.5% -4.6% -5.1% 930 12% thereof: Concor ® 571 7% 1.6% -4.9% -3.3% 590 8% thereof: Euthyrox ® 565 7% 5.4% -3.2% 2.2% 553 7% thereof: Saizen ® 332 4% 35.7% -10.6% 25.1% 266 3% Other 235 3% 161 2% Healthcare 8,053 100% 8.5% -5.8% 2.7% 7,839 100% 1 Not defined by International Financial Reporting Standards (IFRS). Electronics Net sales by business unit € million 2023 Share Organic growth¹ Exchange rate effects Acquisitions/ divestments Total change 2022 Share Semiconductor Solutions 2,479 68% -3.9% -3.9% 0.5% -7.3% 2,674 67% Display Solutions 770 21% -9.2% -5.3% – -14.5% 900 22% Surface Solutions 411 11% -3.6% -2.9% – -6.5% 439 11% Electronics 3,659 100% -5.1% -4.1% 0.3% -8.8% 4,013 100% ¹ Not defined by International Financial Accounting Standards (IFRS). Notes to editors: The press conference for media representatives will take place at 10:00 a.m. (CET). The respective presentation and further information for journalists, including a digital press kit , can be found here The annual report 2023 can be found here Merck KGaA, Darmstadt, Germany, on LinkedIn Photos and videos can be found here Stock symbols Reuters: MRCG, Bloomberg : MRK GY, Dow Jones : MRK.DE Frankfurt Stock Exchange : ISIN : DE 000 659 9905 – WKN : 659 990 All Merck KGaA, Darmstadt, Germany, press releases are distributed by e-mail at the same time they become available on the EMD Group website. In case you are a resident of the USA or Canada, please go to www.emdgroup.com/subscribe to register for your online, change your selection or discontinue this service. About Merck KGaA, Darmstadt, Germany Merck KGaA, Darmstadt, Germany, a leading science and technology company, operates across life science, healthcare and electronics. Around 63,000 employees work to make a positive difference to millions of people’s lives every day by creating more joyful and sustainable ways to live. From providing products and services that accelerate drug development and manufacturing as well as discovering unique ways to treat the most challenging diseases to enabling the intelligence of devices – the company is everywhere. In 2023, Merck KGaA, Darmstadt, Germany, generated sales of € 21 billion in 65 countries. The company holds the global rights to the name and trademark “Merck” internationally. The only exceptions are the United States and Canada, where the business sectors of Merck KGaA, Darmstadt, Germany, operate as MilliporeSigma in life science, EMD Serono in healthcare and EMD Electronics in electronics. Since its founding in 1668, scientific exploration and responsible entrepreneurship have been key to the company’s technological and scientific advances. To this day, the founding family remains the majority owner of the publicly listed company.

Financial results of Q2 2023 Net sales decrease organically by −1.1% to € 5.3 billion EBITDA pre down organically by −7.0% to € 1.6 billion Healthcare business sector increases net sales and earnings Weaker market environment in Life Science and Electronics Negative foreign exchange impact stronger than in Q1 2023 Updated forecast for fiscal 2023 Net sales: Organic development between −2% and +2 % Net sales excluding Covid-19 business: Organic growth of +1% to +5% EBITDA pre: Organic decline of −9% to −3% Foreign exchange impact on both net sales and EBITDA pre: −6% to −3% Darmstadt, Germany, August 3, 2023 – In the second quarter of 2023, Merck KGaA, Darmstadt, Germany, leveraged its diversified portfolio with three business sectors to navigate a challenging market environment. While net sales of Life Science and Electronics declined in softer markets, Healthcare delivered organic sales growth of 11.9%. Overall, Group net sales decreased by −4.8% to € 5,302 million compared to the same quarter of the previous year. The strong growth of the Healthcare business sector largely offset the decline in Life Science and Electronics, resulting in an organic development of Group sales of −1.1%. Despite the strong earnings growth of Healthcare, Group EBITDA pre declined by −12.8% (organically −7.0%) to € 1,553 million. This was caused primarily by decreased sales volumes and the proportionately lower share of higher-margin products. Negative foreign exchange effects put further pressure on both net sales and EBITDA pre. Against this backdrop, the company is updating its forecast for fiscal 2023. The company now expects an organic development of Group net sales of between −2% and +2% (previously +1% to +4%) along with an organic decline in EBITDA pre by −9% to −3% (previously: −5% to 0%). Excluding the Covid-19 business, Group sales are expected to grow organically by +1% to +5% (previously: +4% to +7%). Both net sales and EBITDA pre are likely to be impacted by negative foreign exchange effects of −6% to −3% (previously: −5% to −2%). “For us, 2023 remains a transition year,” said Belén Garijo, Chair of the Executive Board and CEO of Merck KGaA, Darmstadt, Germany. “In the second quarter, our Healthcare business once again proved to be a growth driver. We are building on the strengths of our diversified business model. We remain confident of our mid-term growth ambition and in delivering € 25 billion in sales by 2025.” Headwinds from foreign exchange effects pick up in Q2 2023 Sales in the second quarter of 2023 decreased organically by −1.1%. Foreign exchange effects, especially from the U.S. dollar and the Chinese renminbi, had an adverse impact of −3.7% on sales. By contrast, in the first quarter of 2023, foreign exchange effects still contributed positively to sales growth by 0.8%. EBITDA pre declined organically by −7.0% in the second quarter of 2023. The impact of foreign exchange on Group EBITDA pre was −5.7%. The EBITDA pre margin was 29.3%. Earnings per share pre were € 2.20. Weaker market environment in Life Science and Electronics weighs on business performance in the first half of 2023 In the first half of 2023, the Group generated net sales of € 10,595 million, reflecting a decline of −1.6% (organic: −0.2%) compared to the same period of the previous year. While net sales of the Healthcare business sector grew organically by 8.8% in the first six months of 2023, Life Science (−4.2%) and Electronics (−6.7%) reported organic sales decreases. The main reasons were the significant decline in Covid-19-related demand and the weaker market environment in both Semiconductor Solutions and Display Solutions. Organically, Group EBITDA pre decreased by −4.5% to € 3,140 million in the first half of 2023. Earnings per share pre were € 4.57. Life Science: Significant decrease in Covid-19-related demand drives organic decline in net sales and earnings In the second quarter of 2023, the Life Science business sector reported net sales of € 2,354 million, a decrease of −11.1% compared with the same quarter of the previous year. Organically, sales declined by −8.7%. Foreign exchange effects had a negative impact of −2.4% on sales. The Process Solutions and Life Science Services business units recorded organic sales declines of −11.8% and −30.5%, respectively. The main reasons were the significantly lower Covid-19-related demand and a considerable slow-down in the core business of Process Solutions due to destocking by key customers. Organically, EBITDA pre of Life Science decreased by −26.1% to € 712 million. Lower sales volumes were a significant factor for this decline, as was the comparatively lower share of higher-margin products in sales, partly driven by lower Covid-19-related sales. Foreign exchange had a negative impact of −3.3% on earnings. The EBITDA pre margin of Life Science was 30.2%. Healthcare: New products remain growth drivers, complemented by the positive development of the established product portfolio In the second quarter of 2023, the Healthcare business sector increased net sales by 6.5% (organically: 11.9%) to € 2,049 million, amid a negative foreign exchange impact of −5.4%. The key growth drivers were the new launches, namely of the immuno-oncology drug Bavencio, which grew organically by 26.8%, as well as Mavenclad for the treatment of relapsing multiple sclerosis, which generated organic growth of 28.1%. The established product portfolio also contributed positively to sales growth. Organically, net sales of the oncology drug Erbitux increased by 10.2% in the second quarter of 2023. The Fertility franchise generated organic sales growth of 24.7% compared with the same quarter of the previous year. Ongoing supply difficulties of a competitor had a favorable impact on net sales of the fertility products. In addition, the market for fertility treatments in China continued its recovery after the Covid-19-related lockdowns ended. In the second quarter of 2023, EBITDA pre of the Healthcare business sector amounted to € 704 million. Organic earnings growth of 30.4% was partly offset by negative foreign exchange effects of −13.9%. The EBITDA pre margin of Healthcare was 34.3%. Electronics: Second quarter impacted by weaker market environment in Semiconductor Solutions and Display Solutions The Electronics business sector recorded a −9.7% decline in net sales to € 899 million in the second quarter of 2023. Organically, sales decreased by −6.3% amid a foreign exchange effect of −3.8%. The Semiconductor Solutions business unit reported an organic sales decline of −4.7%. The robust project business in Delivery Systems & Services (DS&S) largely offset the decline in Semiconductor Materials in what was, as expected, a weaker market. A recovery in the Semiconductor Materials business is delayed further. Market consensus now assumes a stabilization in the second half of the year at a continued low level. Continued weak pricing and the comparatively lower share of higher-margin products in liquid crystals were the main reasons for the organic sales decline of −10.9% in the Display Solutions business unit. EBITDA pre of Electronics declined organically by −5.2% to € 262 million. Foreign exchange had a negative impact on EBITDA pre of −4.9%. The EBITDA pre margin was 29.1%. Updated forecast for fiscal 2023 Merck KGaA, Darmstadt, Germany, is updating its forecast for fiscal 2023. The reasons for this are, in particular, the persistently high inventory levels of our Life Science customers, the further delayed recovery of the market for semiconductor materials, an increased cost level due to inflation and an even stronger negative foreign exchange impact. The company once again confirms its mid-term objective of delivering sales of € 25 billion by 2025. For fiscal 2023, the forecast for the Group is as follows: Organic sales development: −2% to +2%, totaling € 20.5 billion to € 21.9 billion Organic sales growth excluding Covid-19 business: +1% to +5% Organic decline of EBITDA pre: −9% to −3%, totaling € 5.8 billion to € 6.4 billion Negative foreign exchange effects on sales and EBITDA pre: −6% to −3% EPS pre: € 8.25 to € 9.35, based on an underlying tax rate of 22 %. Overview of the key figures for Q2 2023 Group Key figures € million Q2 2023 Q2 2022 Change Jan.-June 2023 Jan.-June 2022 Change Net sales 5,302 5,568 -4.8% 10,595 10,766 -1.6% Operating result (EBIT) 1 969 1,177 -17.6% 2,004 2,350 -14.7% Margin (% of net sales) 1 18.3% 21.1% 18.9% 21.8% EBITDA 2 1,452 1,709 -15.1% 2,942 3,312 -11.2% Margin (% of net sales) 1 27.4% 30.7% 27.8% 30.8% EBITDA pre 1 1,553 1,782 -12.8% 3,140 3,411 -7.9% Margin (% of net sales) 1 29.3% 32.0% 29.6% 31.7% Profit after tax 706 870 -18.9% 1,506 1,754 -14.1% Earnings per share (€) 1.62 1.99 -18.6% 3.45 4.02 -14.2% Earnings per share pre (€) 1 2.20 2.64 -16.7% 4.57 5.05 -9.5% Operating cash flow 622 852 -27.0% 1,475 1,692 -12.8% Net financial debt 3 9,355 8,328 12.3% – – - Number of employees 4 63,701 62,759 1.5% – – - 1 Not defined by International Financial Reporting Standards (IFRS). 2 Not defined by International Financial Reporting Standards (IFRS); EBITDA corresponds to operating result (EBIT) adjusted by depreciation, amortization, impairment losses, and reversals of impairment losses. 3 Figures for the reporting period ending on June 30, 2023, prior-year figures as of December 31, 2022. 4 Figures for the reporting period ending on June 30, 2023, prior-year figures as of June 30, 2022. Prior-year figures have been adjusted. This figure refers to all employees at sites of fully consolidated entities. Life Science Net sales by business unit € million Q2 2023 Share Organic growth 1 Exchange rate effects Acquisitions/ divestments Total change Q2 2022 2 Share Science & Lab Solutions 1,182 50% -1.1% -2.9% – -4.1% 1,232 46% Process Solutions 994 42% -11.8% -2.1% – -13.9% 1,154 44% Life Science Services 178 8% -30.5% -1.4% – -31.9% 262 10% Life Science 2,354 100% -8.7% -2.4% – -11.1% 2,648 100% 1 Not defined by International Financial Reporting Standards (IFRS). 2 Prior-year figures have been adjusted owing to an internal realignment. Healthcare Net sales by major product lines/products € million Q2 2023 Share Organic growth 1 Exchange rate effects Total change Q2 2022 Share Oncology 458 22% 17.8% -7.7% 10.1% 415 22% thereof: Erbitux ® 260 13% 10.2% -9.2% 1.1% 258 13% thereof: Bavencio ® 178 9% 26.8% -5.0% 21.8% 146 8% Neurology & Immunology 467 23% 12.2% -3.4% 8.8% 429 22% thereof: Rebif ® 205 10% -3.2% -2.4% -5.6% 217 11% thereof: Mavenclad ® 262 13% 28.1% -4.5% 23.6% 212 11% Fertility 409 20% 24.7% -8.1% 16.5% 351 18% thereof: Gonal-f ® 219 11% 18.7% -8.6% 10.1% 198 10% Cardiovascular, Metabolism and Endocrinology 665 32% 0.9% -4.6% -3.7% 690 36% thereof: Glucophage ® 197 10% -8.9% -4.6% -13.6% 228 12% thereof: Concor ® 142 7% 1.8% -5.7% -3.9% 147 8% thereof: Euthyrox ® 131 6% -2.3% -3.4% -5.8% 139 7% thereof: Saizen ® 79 4% 22.1% -5.9% 16.2% 68 4% Other 50 3% 38 2% Healthcare 2,049 100% 11.9% -5.4% 6.5% 1,924 100% 1 Not defined by International Financial Reporting Standards (IFRS). Electronics Net sales by business unit € million Q2 2023 Share Organic growth 1 Exchange rate effects Acquisitions/ divestments Total change Q2 2022 Share Semiconductor Solutions 602 67% -4.7% -3.6% 0.5% -7.8% 653 66% Display Solutions 196 22% -10.9% -4.9% – -15.8% 233 23% Surface Solutions 101 11% -5.8% -2.8% – -8.7% 111 11% Electronics 899 100% -6.3% -3.8% 0.3% -9.7% 996 100% 1 Not defined by International Financial Reporting Standards (IFRS). Notes to editors: The press conference for media representatives will take place at 9:30 a.m. (CEST). The respective presentation and further information for journalists, including a digital press kit , can be found here The half-yearly financial report can be found here Twitter and LinkedIn Photos and images can be found here Stock symbols Reuters: MRCG, Bloomberg : MRK GY, Dow Jones : MRK.DE Frankfurt Stock Exchange : ISIN : DE 000 659 9905 – WKN : 659 990 All Merck KGaA, Darmstadt, Germany, press releases are distributed by e-mail at the same time they become available on the EMD Group website. In case you are a resident of the USA or Canada, please go to www.emdgroup.com/subscribe to register for your online, change your selection or discontinue this service. About Merck KGaA, Darmstadt, Germany Merck KGaA, Darmstadt, Germany, a leading science and technology company, operates across life science, healthcare and electronics. More than 64,000 employees work to make a positive difference to millions of people’s lives every day by creating more joyful and sustainable ways to live. From providing products and services that accelerate drug development and manufacturing as well as discovering unique ways to treat the most challenging diseases to enabling the intelligence of devices – the company is everywhere. In 2022, Merck KGaA, Darmstadt, Germany, generated sales of € 22.2 billion in 66 countries. The company holds the global rights to the name and trademark “Merck” internationally. The only exceptions are the United States and Canada, where the business sectors of Merck KGaA, Darmstadt, Germany, operate as MilliporeSigma in life science, EMD Serono in healthcare and EMD Electronics in electronics. Since its founding in 1668, scientific exploration and responsible entrepreneurship have been key to the company’s technological and scientific advances. To this day, the founding family remains the majority owner of the publicly listed company