Keytruda dependence remains high
1Q18 Keytruda strength came amid languishing legacy franchises, and a largely FX driven beat and raise provided poor context for further cautious commentary on capital allocation. We see additional Keytruda data at ASCO in June as supportive, yet imminent data from Roche's Tecentriq poses a competitive threat in the chemo combo 1L NSCLC setting.Merck & Co. is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies and animal health products. The company's segments are: Pharmaceutical, which includes human health pharmaceutical products that consist of therapeutic and preventive agents for the treatment of human disorders, and human health vaccine products that consist of preventive pediatric, adolescent and adult vaccines; and Animal Health, which discovers, develops, manufactures and markets veterinary pharmaceuticals, vaccines and health management solutions and services, as well as a suite of digitally connected identification, traceability and monitoring products.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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