Merck Reported Steady Fourth-Quarter Results as Keytruda Gains Offset Generic Competition
Merck reported fourth-quarter results slightly ahead of our expectations, but we don’t expect any major changes to our fair value estimate based on the minor outperformance. We continue to view the stock as slightly undervalued. The strength in the firm’s immuno oncology platform, led by Keytruda, combined with a broad portfolio of drugs helped offset generic competition, reinforcing our wide moat rating for the company and leading to 2% operational growth.Despite heavy generic competition on c...
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