Street View: Merck has enough in the pipeline despite Keytruda concerns

Merck & Co MRK.N on Tuesday forecast sales and profit below Wall Street expectations, citing pressure from the looming loss of exclusivity for diabetes drug Januvia and other older products

Median PT of 30 brokerages covering the stock is $120 - data compiled by LSEG

PIPELINE ON THE RISE

BofA Global Research ("buy," PO: $132) says co has a balanced pipeline and the Keytruda (cancer immunotherapy drug) loss of exclusivity is expected to cause only a small growth dip in 2029–31 before growth resumes

Citigroup ("neutral," PT: $120) says co is likely to keep prioritizing business‑development deals and disciplined launch execution to drive growth, especially as Gardasil (HPV Vaccine) pressure persists and Keytruda nears its loss of exclusivity later this decade

Morningstar (fair value: $111) believes that while mid‑single‑digit growth was expected for 2026, the bigger factor for co’s valuation will be developments from its late‑stage pipeline over the next two years, well ahead of the 2029 U.S. Keytruda patent cliff

Leerink Partners ("outperform," PT: $128) believes co is well positioned to hold steady or even grow through the upcoming Keytruda loss of exclusivity, supported by meaningful pipeline progress expected through 2026 and into 2027