Merck & Company Inc


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SKU: MRK-2 Category:


Merck delivered a strong result with meaningful revenue growth in the second quarter, driven by strong underlying demand for products across their growth pillars and the continued recovery of the business due to improved patient access. Its Human Health business continues to regain momentum and achieved 18% growth in Q2 excluding the impact of foreign exchange. The company’s sales of its core Keytruda drug increased by 20% to $4.2 billion in oncology, reflecting continued strong global demand. In the United States, Keytruda continues to demonstrate strong growth, and throughout the Covid-19 pandemic, it has increased its market share of new patients within the immuno-oncology class. Furthermore, its Animal Health had an excellent quarter, growing 27%, driven by robust global demand across Companion Animals and Livestock, which increased to 38% and 20%, respectively. Inflationary pressures leading to higher input costs, pricing pressures, and an unfavorable impact of foreign exchange did weigh down upon the company but were somewhat offset by a favorable product mix. The company has a strong upside from Keytruda growth, animal medication growth, and of course, the huge prospects of the Molnupiravir medication against the Covid-19 that is already in Phase 3 trials. We give the company an ‘Outperform’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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