Merck KGaA, the parent company of Merck India (EMER), headquartered in Darmstadt, Germany is one of the oldest pharmaceuticals and chemicals company which was founded in 1668 and got listed in 1981. EMER has a market share of 0.6% in the IPM. We expect the EMER's pharmaceuticals portfolio to grow in-line with the industry growth on the back of its flagship brands (Evion, Livogen, Polybion, Nurobion, Nasivion and Seven Seas). Sustaining the Rank 1 position in the Vitamins/Minerals and Nutrients segment (50% of portfolio) is possible, however, negatively impacted by its large brands coming under the purview of the regulatory control and key concentration in few brands. Despite volume...