BofA/Merrill Lynch analyst Jason Gerberry raised his price target on Merck shares to $96 from $91 following the company's investor day meeting, stating that management conveyed a slightly more bullish outlook on margins and key revenue growth drivers at the event. He now thinks Merck will achieve about 40% operating margins by 2023, up from his prior 37.5% view, and also raised his out-year Gardasil estimates and factored in V114 risk-adjusted peak sales at $0.8B following the meeting. Gerberry keeps a Buy rating on Merck shares.
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Reports Q1 revenue $15.8B, consensus $15.2B. "Merck has begun 2024 with continuing momentum in our business. We are harnessing the power of innovation to advance our deep pipeline and are maximizing the impact of our broad commercial portfolio for the benefit of patients," said Robert Davis, chairman and chief executive officer, Merck. "We drove strong growth across key therapeutic areas, executed strategic business development, and in the U.S., we are now launching WINREVAIR, a significant new product in the cardiometabolic space for adults with pulmonary arterial hypertension, a progressive and debilitating disease. We have important opportunities ahead of us across all areas of our business, and we are highly focused on realizing them."