Core Viewpoint - Merck Group reported a recovery in profit growth for 2024, driven by strong performance in healthcare, life sciences, and electronics businesses, achieving full-year expectations [1][2] Group 1: Financial Performance - In 2024, Merck Group's net sales reached €21.2 billion (approximately ¥166.7 billion), with an organic growth of 2.0% [1] - EBITDA is projected to increase to €6.1 billion (approximately ¥48 billion), with an organic growth of 6.9% [1] - By business segment, life sciences net sales were €8.9 billion (approximately ¥70 billion), a year-on-year decline of 3.3%; healthcare net sales were approximately €8.5 billion (approximately ¥66.9 billion), a year-on-year increase of 7.0%; electronics net sales were approximately €3.8 billion (approximately ¥29.9 billion), a year-on-year increase of 4.6% [1] Group 2: Business Segment Insights - The growth in the electronics business was primarily driven by semiconductor solutions, with demand for semiconductor materials increasing due to widespread applications of artificial intelligence [1] - Sales in the semiconductor solutions segment rose to €2.6 billion (approximately ¥20.4 billion), with an organic growth of 7.8% [1] - Display solutions and surface solutions segments reported sales of €748 million (approximately ¥5.88 billion) and €406 million (approximately ¥3.19 billion), respectively [1] Group 3: Future Outlook - For 2025, Merck expects net sales to be between €21.5 billion and €22.9 billion (approximately ¥169.1 billion to ¥180.1 billion) [2] - EBITDA is forecasted to be between €6.1 billion and €6.6 billion (approximately ¥48 billion to ¥51.9 billion) [2]

Investment Rating - The investment rating for the pharmaceutical industry is "Outperform the Market" (maintained) [1] Core Insights - The main growth driver remains the launch of innovative products, particularly in the GLP-1 category, with significant revenue increases reported by companies like Eli Lilly and Novo Nordisk [3] - The report highlights the strong performance of key products across various therapeutic areas, including oncology, metabolism, and immunology, with notable sales growth percentages [3] Summary by Sections 01 Overview of Overseas Pharmaceutical Companies Q4 2024 and Annual Performance - Eli Lilly's revenue increased by 32% in 2024, driven by GLP-1 products [3] - Novo Nordisk's sales reached approximately $40.5 billion, a 25% increase, with significant contributions from GLP-1 products [29] - AstraZeneca and Merck also reported strong growth, with revenue increases of 21% and 10% respectively [3] 02 Performance Review of Overseas Pharmaceutical Companies - Eli Lilly's Q4 sales reached $13.5 billion, a 45% increase, with GLP-1 products contributing significantly [18] - Novo Nordisk's GLP-1 products achieved sales of approximately $22.5 billion, with a 20% increase in the diabetes segment [29] - JNJ's pharmaceutical segment reported $14.3 billion in Q4, with oncology products driving growth [40] R&D Investment - The top 15 pharmaceutical companies invested over $150 billion in R&D in 2024, a 7% increase year-on-year, with a research expense ratio of 21.8% [8] Sales Performance in China - Seven overseas pharmaceutical companies reported combined sales of approximately 515 billion RMB in Q4 2024, with a year-on-year growth of 10% [14]

Core Viewpoint - Merck's recent earnings report shows strong performance with adjusted earnings and revenue growth, but challenges in specific product sales, particularly Gardasil in China, may impact future guidance and stock performance [2][3][21]. Financial Performance - Adjusted earnings for Q4 2024 were $1.72 per share, exceeding the Zacks Consensus Estimate of $1.69, and significantly up from $0.03 in the same quarter last year [2]. - Revenues for Q4 2024 rose 7% year over year to $15.62 billion, driven by Keytruda and new products, surpassing the Zacks Consensus Estimate of $15.56 billion [3]. - Full-year 2024 sales increased 7% to $64.2 billion, beating the Zacks Consensus Estimate of $64.06 billion [18]. Segment Performance - The Pharmaceutical segment generated revenues of $14.04 billion, up 7% year over year, driven by oncology and cardiovascular drugs [4]. - Keytruda sales reached $7.84 billion, a 21% increase year over year, benefiting from strong demand in various cancer indications [5]. - The Animal Health segment reported revenues of $1.40 billion, up 9% year over year, driven by higher demand and pricing [14]. Product-Specific Insights - Sales of Gardasil vaccines fell 18% to $1.55 billion due to lower demand in China, leading to a temporary halt in shipments [7][9]. - Januvia/Janumet sales declined 36% year over year to $487 million, impacted by lower demand and pricing in the U.S. [12]. - New drug Winrevair generated $200 million in sales, reflecting strong uptake in the U.S. market [13]. Guidance and Future Outlook - For 2025, Merck expects revenues between $64.1 billion and $65.6 billion, representing 2% to 4% growth, but this guidance is below the Zacks Consensus Estimate of $68.05 billion [20][21]. - The company anticipates a negative impact on sales from the temporary halt of Gardasil shipments in China and foreign exchange fluctuations [21][22]. - Adjusted earnings per share for 2025 are projected to be between $8.88 and $9.03, slightly below the Zacks Consensus Estimate of $9.18 [25]. Market Position and Trends - Merck's stock has seen a 3.9% increase over the past month, outperforming the S&P 500, but recent estimates have trended downward, indicating potential challenges ahead [1][27]. - The company holds a Zacks Rank 4 (Sell), suggesting expectations of below-average returns in the near term [30].

NEW YORK, March 6, 2025 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Merck & Co., Inc. (NYSE: MRK).Shareholders who purchased shares of MRK during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.CONTACT US HERE:https://securitiesclasslaw.com/securities/merck-co-inc-loss-submission-form/?id=134054&from=4 CLASS PERIOD: February 3, 2022 to Febru ...

Core Viewpoint - Investors in Merck & Co have the opportunity to lead a securities fraud class action lawsuit due to alleged misleading statements regarding the company's business operations and inventory issues related to Gardasil in China [1][2]. Summary by Sections Lawsuit Details - The lawsuit claims that from February 3, 2022, to February 3, 2025, Merck failed to disclose critical information about the demand for Gardasil in China, leading to inflated inventory levels [2]. - The complaint asserts that the positive statements made by Merck regarding its business and prospects were materially misleading and lacked a reasonable basis during the relevant period [2]. Participation Information - Investors who suffered losses related to Merck are encouraged to participate in the ongoing lawsuit, with a lead plaintiff deadline set for April 14, 2025 [2]. - Interested parties can contact the Law Offices of Frank R. Cruz for more information or to participate in the class action [3][4].

证券研究报告 海外MNC动态跟踪系列（八） 默沙东：K药卫冕药王宝座，索特西普表现亮眼 医药 强于大市（维持） 平安证券研究所 医药团队 分析师： 研究助理： 叶寅 投资咨询资格编号:S1060514100001 邮箱：YEYIN757@PINGAN.COM.CN 韩盟盟 投资咨询资格编号:S1060519060002 邮箱：HANMENGMENG005@PINGAN.COM.CN 张梦鸽 一般证券从业资格编号:S1060124120037 邮箱：ZHANGMENGGE752@PINGAN.COM.CN 2025年3月4日 请务必阅读正文后免责条款 行业观点 2025 年，默沙东重点数据读出如下： 2 事件：2月4日，默沙东公布2024年业绩，总营收641.68亿美元，同比增长7%。2024年全年每股收益为7.65美元（按非GAAP计算），2024年研发 支出为179亿美元。从营收情况看，业绩主要由帕博利珠单抗、四价/九价人乳头瘤病毒疫苗和动物保健板块贡献，其中帕博利珠单抗2024年实 现销售额295亿美元，继续蝉联"药王"宝座，HPV疫苗2024年实现收入86亿美元，动物保健板块2024年实现收入59亿美元 ...

Core Viewpoint - A class action securities lawsuit has been filed against Merck & Co., Inc. due to alleged securities fraud affecting investors between February 3, 2022, and February 3, 2025 [1] Group 1: Lawsuit Details - The lawsuit aims to recover losses for investors who were misled by the company's statements regarding expected revenue of $11 billion from Gardasil sales by 2030 [2] - Merck's optimistic forecasts were based on anticipated consumer activation and education efforts to drive demand for Gardasil, particularly in China [2] - The truth emerged on February 4, 2025, when Merck announced it would not achieve the projected $11 billion in sales and would halt shipments to China to reduce inventory, leading to a stock price drop of over 9% in one day [2] Group 2: Next Steps for Investors - Investors who suffered losses during the specified timeframe have until April 14, 2025, to request appointment as lead plaintiff, although participation does not require this role [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees [3] Group 3: Firm Background - Levi & Korsinsky has a history of securing hundreds of millions for shareholders and is recognized as a leading firm in securities litigation, with over 70 employees [4] - The firm has been ranked in the Top 50 Report by ISS Securities Class Action Services for seven consecutive years [4]

NEW YORK, March 4, 2025 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Merck & Co., Inc. ("Merck" or the "Company") (NYSE: MRK) of a class action securities lawsuit.CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Merck investors who were adversely affected by alleged securities fraud between February 3, 2022 and February 3, 2025. Follow the link below to get more information and be contacted by a member of our team:https://zlk.com/pslra-1/merck-co-inc-lawsuit-submission-form? ...

Group 1 - The company is in a strong position, supported by a robust portfolio of commercial products addressing significant medical needs [2] - Growth expectations for 2025 are driven by strengths in oncology, animal health, and new product launches, which are anticipated to offset challenges from GARDASIL in China [3] - The company aims to sustain strong growth into 2026 and 2027, with a focus on execution and performance of existing and new products [3]

NEW YORK, March 3, 2025 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Merck & Co., Inc. ("Merck" or the "Company") (NYSE: MRK). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.The class action concerns whether Merck and certain of its officers and/or d ...