Merck & Co. (MRK)

Hold Recap: Q2 2026

Merck Met Every Upgrade Condition We Set, and We Are Still on Hold: The Pipeline De-Risked, but a 60% Run and a Down Second Half Got There First

Hold Recap: Q1 2026

A Textbook Operating Quarter the Market Shrugged Off: Keytruda Tops $8B and the Guide Rises, But a Pipeline Failure and Serial Dealmaking Keep Us Sidelined

Hold Recap: Q4 2025

Merck Beats and Re-Rates to a 52-Week High, But a No-Growth 2026 Guide and the Keytruda Cliff Cap the Upside