Merck & Co. notched its best yearly gain in more than two decades, making it the top-performing drugmaker in the S&P 500 in 2022 as investors rewarded the company for strong earnings and upbeat clinical trial data. Know more:
Merck & Co. notched its best yearly gain in more than two decades, making it the top-performing drugmaker in the S&P 500 in 2022 as investors rewarded the company for strong earnings and upbeat clinical trial data.
The stock has gained 45 percent in 2022 and is trading near a record high level as the maker of the blockbuster cancer drug Keytruda and HPV vaccine Gardasil got a boost from the company’s solid earnings results. Its Covid-19 therapy Lagevrio brought in billions of revenue, and China recently approved the antiviral for emergency use.
“Merck really went from strength to strength over the course of 2022,” Barclays analyst Carter Gould, who holds an overweight rating on the stock, said in an interview. Merck has also benefited from positive clinical updates. In December, a trial showed Keytruda with Moderna Inc.’s cancer vaccine reduced melanoma deaths and in October a late-stage trial of sotatercept, an investigational therapy for pulmonary arterial hypertension, met the main goal.
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