Merck Posts Solid Third Quarter as Strong Keytruda Outlook Helps Mitigate Upcoming Patent Losses
Merck reported third-quarter results slightly above both our and consensus expectations, but we don’t plan to increase our $65 fair value based on the minor outperformance and we continue to view Merck as modestly undervalued largely due to an underappreciated pipeline. Further, as shown by the strong strides made in the quarter in advancing innovative drugs, we continue to view Merck’s moat as wide.In the quarter, total sales increased 6% operationally year over year, driven by expected stron...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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