Citi analyst Andrew Baum upgraded Merck to Buy from Neutral with a price target of $130, up from $105. The analyst "materially" increased estimates for Merck to reflect its novel antibody drug conjugates for cancer MK-2870/SKB-264 and cardiology agents sotatercept and MK-0616. Each 12 month delay to Keytruda biosimilars represents a 7% increase in net present value, the analyst tells investors in a research note. In addition, the company’s portfolio has little Inflation Reduction Act related pricing risk given the rare disease, animal health, and vaccines exposure, adds Citi.
Published first on TheFly
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