Healthcare
Global pharmaceutical company. Maker of Keytruda and vaccines.
View forensic reportAt 16.7x trailing earnings, the market is pricing in a worst-case patent cliff. Subcutaneous Keytruda, Winrevair's rapid launch, and a deep oncology pipeline tell a different story.
Merck's KEYTRUDA franchise continues to expand into new indications while a novel LDL-lowering drug nears FDA decision — updating our thesis on the $300 billion pharma giant trading at 16.7x earnings.
Merck's 40th KEYTRUDA indication and approaching MK-0616 FDA decision tell a story about the post-patent strategy that consensus models are underestimating.
The 2028 patent cliff is the defining event for Merck's next decade. Tulisokibart, ADCs, and subcutaneous Keytruda are the three bets management is making.