Merck downgraded to hold at Societe Generale on Keytruda patent, pipeline concerns

Mar. 28, 2023 2:55 PM ETMerck & Co., Inc. (MRK)By: Jonathan Block, SA News Editor2 Comments

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Michael M. Santiago

  • Societe Generale has downgraded Merck to hold from buy saying that the company's life-cycle management strategies for Keytruda, which will see patents expire at the end of the decade, are too late.
  • The company has a price target of $105 (~1% downside based on Tuesday's close).
  • Analyst Justin Smith said that the company's cardiovascular pipeline is also too early to begin exciting investors.
  • He added that the firm projects a 50% variance in peak to trough EPS from 2028 to 2032.
  • Read why Seeking Alpha contributor Edmund Ingham calls Merck (NYSE:MRK) a hold.

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