For years, investors have discounted Merck ( MRK ) due to the coming loss of exclusivity [LOE] for Keytruda in 2028. While headlines from last week's earnings report focused on softer-than-expected guidance, investors may have overlooked a bullishBrendan, a Pennsylvanian by birth:-Completed a Ph.D. at Stanford University in the field of organic synthesis (2009). -Worked for a major pharmaceutical company (Merck, 2009-2013).-Worked in biotech including start-ups (Theravance/Aspira) prior to securing employme ...

整理 | GLP1减重宝典内容团队 2026年2月5日，默沙东在 ClinicalTrials.gov 上注册了其小分子GLP-1受体激动剂MK-4082的全球一期临床试验，标志着这家在DPP-4时代占据 统治地位的跨国药企，正式加入新一轮GLP-1减重药物的技术竞赛。 根据注册信息，该一期临床计划入组120例健康受试者，主要评估安全性、耐受性及药代动力学特征，预计将于2026年8月完成。这一时间表显 示，默沙东当前对该项目的定位仍处于"快速验证可行性"的早期阶段，但在GLP-1赛道整体高度拥挤的背景下，其战略信号意义远大于临床阶 段本身。 ▍ GLP-1热潮之下，MNC走向分化布局 过去数年，GLP-1类药物在减重领域掀起的热潮，几乎吸引了所有主流跨国药企（MNC）入场，但不同公司的切入路径已出现明显分化。作为 该领域的先驱，礼来 与 诺和诺德 选择了"全维度覆盖"的策略，从注射型到口服制剂、从GLP-1单靶点到双靶点及多靶点激动剂，力图构建系 统性护城河。 而后进入者则更多采取差异化切口。罗氏 通过收购Carmot获得GLP-1/GIP及小分子GLP-1资产，同时引进Zealand Pharma的Amyl ...

古根海姆将默沙东的目标价从122美元上调至140美元，维持"买入"评级。(格隆汇) ...

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in equity valuation and market trends to identify high-growth investment opportunities [1] Group 1: Company Expertise - The company has over 20 years of experience in quantitative research and financial modeling, focusing on equity valuation and market trends [1] - The company has developed deep expertise in both fundamental and technical analysis through leadership roles in model validation and stress testing [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, particularly in macroeconomic trends and corporate earnings [1] Group 2: Research Collaboration - The company co-authors investment research with a partner, leveraging complementary strengths to deliver high-quality, data-driven insights [1] - The collaboration aims to provide actionable ideas for investors seeking to outperform the market [1]

Core Insights - Merck (MRK) reported strong Q4 earnings, achieving a double beat that went largely unnoticed due to the focus on the Magnificent Seven earnings, yet the stock performance was notable [1] Financial Performance - Merck's market capitalization is now $305 billion, indicating significant growth and stability in the health sector [1]

Core Thesis - Merck & Co., Inc. (MRK) is experiencing a bullish sentiment driven by significant institutional options trading and upcoming catalysts, suggesting a medium-term price increase [2][3][5]. Institutional Activity - On December 8, 2025, a large institutional trade involved the purchase of 30,000 April 17, 2026 $110 call contracts, amounting to approximately $300 million in notional exposure, indicating a strategic bet on MRK's price movement [2]. Strategic Options Positioning - The proposed strategy includes a split-strike risk reversal, selling April $85 puts to finance the $110 calls, which aims to limit downside risk while positioning for potential upside [3]. Fundamental Drivers - Key growth drivers include the launch of Winrevair, which is on track for blockbuster status, the sustained performance of the Keytruda franchise, and a robust pipeline with promising developments in cardiology, vaccines, and respiratory diseases [4]. Market Context - Merck is trading at a valuation discount within the healthcare sector, coupled with a strong dividend yield that provides a safety net, making it an attractive investment during a macro rotation into healthcare defensives [5]. Historical Performance - Since a previous bullish thesis in April 2025, MRK's stock price has increased by approximately 30.50%, attributed to improving margins and strong free cash flow generation [6].

Group 1 - The Dow Jones Industrial Average (DJIA) surged over 1200 points, approximately 2.5%, closing at a historic high of 50,115.67 points, marking the fastest completion of a 10,000-point increase from 40,000 to 50,000 since May 2024 [1] - The upward trend in the DJIA has shifted from a focus on technology stocks to a broader range of sectors, benefiting traditional industries and defensive sectors, with notable performances from Goldman Sachs, Caterpillar, Amgen, and Sherwin-Williams [1] - The strong corporate earnings, resilient U.S. economy, and the Federal Reserve's interest rate cuts last year have collectively driven the overall market higher [1] Group 2 - Gina Bolvin, President of Bolvin Wealth Management Group, indicated that the DJIA's breakthrough of 50,000 is more of a confirmation than a celebration, reflecting investor confidence amidst higher interest rates and global uncertainties [2] - Healthcare stocks, particularly Johnson & Johnson and Merck, have shown resilience, ranking as the second and fifth best-performing components of the DJIA over the past 12 months [2] - Investors are increasing allocations to high-dividend and defensive consumer staples stocks, with Coca-Cola and Walmart being among the top gainers in the DJIA over the past year [2] - Despite the market's broadening focus, technology and AI sectors remain strong, with Nvidia's stock rising approximately 44% over the past year, making it the third-largest gainer in the DJIA [2]

Core Insights - Merck (MRK) reported better-than-expected fourth-quarter results but provided a 2026 earnings and sales outlook that fell short of consensus expectations [1][11] - The company anticipates revenues in the range of $65.5-$67.0 billion for 2026, lower than the Zacks Consensus Estimate of $67.36 billion [1][11] - Adjusted earnings per share (EPS) are projected to be between $5.00 and $5.15, also below the consensus estimate of $6.20, which includes a one-time charge of $9 billion related to the acquisition of Cidara Therapeutics [2][11] Revenue Drivers - Keytruda, Merck's leading oncology product, generated sales of $31.7 billion in 2025, reflecting a 7% year-over-year increase, with expectations for continued growth in 2026 [4][11] - The Animal Health segment reported revenues of $6.4 billion, up 9% year-over-year, driven by increased demand for livestock products and new launches in Companion Animal [5][11] - New products like Winrevair and Capvaxive are expected to be significant revenue contributors, with Winrevair achieving $1.4 billion in sales in 2025 and Capvaxive generating $759 million [6][11] Competitive Landscape - Merck faces strong competition in the pulmonary arterial hypertension (PAH) market, particularly from United Therapeutics and Johnson & Johnson [9][12] - United Therapeutics reported significant sales from its PAH drugs, with Tyvaso alone generating $1.41 billion [10] - Ohtuvayre, a new therapy for chronic obstructive pulmonary disease (COPD), is also expected to encounter competition from established therapies like GSK's Trelegy Ellipta [12] Market Performance and Valuation - Over the past six months, Merck's shares have increased by 49%, outperforming the industry average of 35.3% [13] - The company's price/earnings ratio stands at 18.16, which is lower than the industry average of 18.85 but higher than its 5-year mean of 12.48 [14] - The Zacks Consensus Estimate for 2026 EPS has decreased from $8.50 to $6.16, while the estimate for 2027 has slightly increased from $10.04 to $10.05 [15]

据默沙东中国消息，2026年2月6日——默沙东（默沙东是美国新泽西州罗威市默克公司的公司商号）宣 布，其PD-1抑制剂帕博利珠单抗（商品名：可瑞达®）已获得中国国家药品监督管理局（NMPA）批 准，联合卡铂和紫杉醇用于错配修复缺陷（dMMR）的原发晚期或复发性子宫内膜癌成人患者的一线治 疗，随后以帕博利珠单抗单药维持治疗。此次新适应症的获批是基于III期临床试验KEYNOTE-868 （NRG-GY018）研究的数据。 ...

每经AI快讯，2月6日，据默沙东中国消息，默沙东（默沙东是美国新泽西州罗威市默克公司的公司商 号）宣布，其PD-1抑制剂帕博利珠单抗（商品名：可瑞达®）已获得中国国家药品监督管理局 （NMPA）批准，联合卡铂和紫杉醇用于错配修复缺陷（dMMR）的原发晚期或复发性子宫内膜癌成人 患者的一线治疗，随后以帕博利珠单抗单药维持治疗。此次新适应症的获批是基于III期临床试验 KEYNOTE-868（NRG-GY018）研究的数据。 （文章来源：每日经济新闻） ...