From Seekingalpha · Vishal Jadaun · · 40s
Merck Stock Rises 71% Ahead of Keytruda Patent Cliff
Merck's stock surged 71% as patent expiry looms for Keytruda, leaving little margin of safety.
In brief
Merck's stock surged 71% as patent expiry looms for Keytruda, leaving little margin of safety. Merck's stock has risen 71% since last year as Keytruda's patent expires in 2029, limiting upside potential. Originally reported by Seekingalpha.
Merck Stock Rally
Merck's stock has risen 71% over the last year, with shares trading about 7% above a $138 fair value estimate.
Keytruda Patent Cliff
Keytruda remains over 50% of Merck's revenue, but biosimilar and Medicare pricing threats loom from 2029.
Earnings Pressure
Core EPS declined ~6% in 2026 despite pipeline progress, with valuation reflecting re-rating optimism.
At a glance
Merck's stock has risen 71% since last year as Keytruda's patent expires in 2029, limiting upside potential.
