Merck & Co Inc

MRK: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$293.00	Bqm	Xvlcdmr

Merck Earnings: Steady Results as Robust Keytruda Gains Help Mitigate Gardasil Pressure

Damien Conover

Jul 30, 2024

We are holding steady to our $120 fair value estimate for Merck following slightly-better-than-expected second-quarter results. However, the slowing growth from human papillomavirus vaccine Gardasil (up 4%) is likely weighing on the stock. We still see growth for the vaccine, but likely at a decelerating pace from the past few years as the market saturates in the previously fast-growing market of China. Overall, with the stock trading close to our fair value estimate, we believe the market is holding a reasonable outlook for the firm.

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