Merck's Keytruda Data Continues to Shine at ASCO; Raising FVE and Stock Looks Undervalued
Merck reported strong Keytruda data in non-small cell lung cancer at the annual meeting of the American Society of Clinical Oncology, supporting increased utilization of Keytruda and increased market share. Based on the data, we increased our Keytruda projections to $15 billion in 2022 (ahead of consensus expectations of $12 billion), leading to a higher Merck fair value estimate of $70 per share. We continue to view the stock as undervalued, with the Keytruda opportunity not fully reflected in ...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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