Key Takeaways Gardasil sales dropped 40% in the first nine months of 2025 due to weak demand in China and Japan.Economic weakness in China and soft demand in Japan weigh on Gardasil's sales outlook.MRK's other vaccines, including ProQuad, Rotateq and Pneumovax 23, also saw sales decline.Merck (MRK) continues to face challenges with Gardasil, its second-largest product, which is a vaccine approved for the prevention of certain cancers caused by human papillomavirus. Though the vaccine’s sales rose consistent ...

20 November 2025 | 1:03AM EST Equity Research China Healthcare: Pharmaceuticals: Takeaways From Our China Biopharma Trip We hosted an investor trip to China (Nov 10-14) to meet local companies including 3SBio, Akeso (not covered), AbelZeta (private), BeOne, Duality (not covered), Eccogene (private), Everest Medicines, GenFleet (not covered), Grand Pharma (not covered), Hansoh, Hengrui, Henlius, InnoCare, Innovent, Kelun Biotech, Keymed (covered by Honglin Yan), Lepu Biopharma (not covered), Pyrotech (privat ...

Sector Rotation: The AI sector appears ripe for profit-taking, with a majority of tech stocks now trading below their 20-day moving averages. In contrast, healthcare is seeing inflows not observed since early 2021. As investors seek stability, healthcare's reputation as a defensive play could fuel a longer-term rally.Attractive Valuations and Strong Earnings: Healthcare has become undervalued, especially compared to the nosebleed valuations tech companies have received. Healthcare trades at just 16 times fo ...

In this article, I will outline my bullish thesis for the pharmaceutical giant, Merck ( MRK ). Merck is known for brands such as Keytruda, Gardasil, and Noxafil, among others. Merck has many bullish attributes. It has a bullishAs an individual investor nearing retirement I am trying to build my financial assets in order to have a fulfilling retirement. I am interested in trading both long and short; or at least using inverse ETFs, to take advantage of market declines. Having long term and short term trading ...

Core Thesis - The article presents a bullish thesis for Merck (MRK), highlighting its strong product portfolio including Keytruda, Gardasil, and Noxafil [1]. Company Attributes - Merck is characterized by several bullish attributes that position it favorably in the pharmaceutical industry [1]. Investment Strategy - The article reflects an interest in both long and short trading strategies, indicating a focus on building financial assets for retirement [1].

Core Insights - Merck's shares have increased by 9.6% over the past month, recovering from a dip following the third-quarter earnings report, which beat estimates for earnings and sales but saw Keytruda miss sales expectations [1][3] - The company has narrowed its sales guidance while raising its EPS outlook, and the stock has shown recovery due to positive pipeline updates and the acquisition of Cidara Therapeutics for approximately $9.2 billion [1][2] Keytruda's Performance - Keytruda remains Merck's most significant asset, accounting for over 50% of pharmaceutical sales, with sales reaching $23.3 billion in the first nine months of 2025, an 8% increase year-over-year [4][5] - The drug's growth is driven by its uptake in early-stage non-small cell lung cancer and continued momentum in metastatic indications [5] - Merck is pursuing strategies to enhance Keytruda's long-term growth, including innovative combinations and a new subcutaneous formulation approved by the FDA [6][7] Pipeline and M&A Activity - Merck's phase III pipeline has nearly tripled since 2021, positioning the company to launch around 20 new vaccines and drugs in the coming years, including a new pneumococcal conjugate vaccine and a drug for pulmonary arterial hypertension [9][10] - The acquisition of Verona for $10 billion added a novel treatment for chronic obstructive pulmonary disease, enhancing Merck's cardio-pulmonary portfolio [13] Challenges and Declines - Sales of the Gardasil vaccine, Merck's second-largest product, have declined by 40% in the first nine months of 2025, primarily due to weak demand in China [14][15] - Other vaccines and diabetes products are also experiencing declining sales, raising concerns about Merck's ability to diversify its product lineup ahead of Keytruda's patent expiration in 2028 [16][17] Stock Performance and Valuation - Merck's shares have underperformed the industry and the S&P 500, losing 6.5% year-to-date compared to a 14% increase in the industry [20][21] - The company's shares are trading at a forward P/E ratio of 10.04, lower than the industry average of 16.72, indicating a potentially attractive valuation [23] Future Outlook - Despite the challenges, Merck's new products are showing strong launches, and the approval of Keytruda Qlex may mitigate the impact of Keytruda's loss of exclusivity in 2028 [28] - The company is advised to adopt a wait-and-see approach due to uncertainties surrounding Gardasil's performance, competition for Keytruda, and rising pressures on other products [30]

格隆汇11月17日｜据21财经，近日，默沙东与Cidara Therapeutics共同宣布，双方已签署最终协议，根 据该协议，默沙东将以约92亿美元的总额收购Cidara。这一消息发布后，位于圣地亚哥的生物技术公司 Cidara的股价应声飙升超105%，创下2017年以来的最高水平。而这笔交易的核心筹码是Cidara的核心候 选药物CD388，这是一种基于创新Drug-Fc Conjugate（DFC）技术平台的长效抗病毒药物，用于流感预 防。根据公开信息，在传统流感疫苗平均预防效力仅为40%左右的背景下，CD388在2b期临床试验中最 高剂量展现出76%的预防效力，且单次用药可提供长达4～5个月的保护。"若CD388成功获批上市，其 展现出的76%预防效力远高于传统疫苗，有望打开百亿美元级市场。结合默沙东成熟的商业化网络与全 球渠道，协同效应下净现值（NPV）或远超收购成本。默沙东近年持续加码传染病领域布局（如新冠药 物Lagevrio、HPV疫苗Gardasil等），此次收购其希望通过引入Cidara的专有Cloudbreak平台技术，进一 步强化在'免疫激活型抗感染药物'领域的管线厚度，为中长期增长储 ...

Core Insights - Merck is encountering a significant patent expiration for its blockbuster drug Keytruda, which is expected to impact revenue streams substantially [1] - The market for Gardasil is experiencing turmoil, indicating potential challenges in maintaining market share and profitability [1] Group 1: Keytruda Patent Cliff - The expiration of Keytruda's patent is anticipated to lead to a decline in sales, affecting Merck's overall financial performance [1] - Keytruda has been a major revenue driver for Merck, and its patent cliff poses a risk to future earnings [1] Group 2: Gardasil Market Challenges - The Gardasil vaccine market is undergoing significant changes, which may disrupt Merck's position in this segment [1] - The upheaval in the Gardasil market could lead to increased competition and pricing pressures [1]

Key Points The overall market may be up solidly this year, but some individual shares still look like bargains. Merck's evolving core franchise and new launches should help mitigate the risks facing its business. Fiverr is delivering profitable growth while tapping into a critical long-term opportunity. 10 stocks we like better than Merck › All things considered, broader equities have performed pretty well in 2025, with the S&P 500 up 14% since the beginning of the year. It seems so long ago that ...

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