Bristol Announces Favorable Patent Settlement Leading to Minor Increase in Fair Value
We are slightly increasing our Bristol fair value estimate to $68 from $67 due to a favorable settlement with Merck. The settlement resolves patent litigation on PD-1 antibodies in exchange for a one-time payment from Merck of $625 million and a sliding royalty rate on future Keytruda sales from Merck. Overall, we continue to view Bristol with a wide moat and as undervalued, driven by a diverse product portfolio and led by immuno oncology drug Opdivo. The settlement reinforces the strength of Br...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.
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