How do you steer a 350-year-old global science and technology company through complex transformation while balancing short-term market expectations and long-term family ownership? In this episode, we speak with Helene von Roeder, CFO of Merck, a diversified company operating in healthcare, life sciences, and electronics. We explore how Merck navigates M&A strategy across highly specialized sectors, why capital allocation can be a competition between business units, and how conglomerate structure can be a strength - if properly managed. Helene shares her views on pharma portfolio, the strategic rationale behind the $3B SpringWorks acquisition, and how internal R&D capabilities remain crucial even in a buy-to-innovate world. We also discuss the implications of tariffs, geopolitical uncertainty, and the evolving US-China dynamic for Merck’s global supply chain and investment logic. Finally, Helene reflects on her own career path: from physics and investment banking to the executive floor and why failure, resilience, and a healthy dose of humility matter just as much as financial discipline. Guest: Helene von Roeder, CFO of Merck KGaA Hosts: Prof. Dr. Martin Glaum & Gori von Hirschhausen Editorial Team: Simon Görlach, Annika Lux-Röhrig