Merck & Company, Inc. Common Stock (new)

Merck’s revenue base is diversified across oncology, vaccines, specialty, and animal health, but Keytruda concentration at 49 percent of sales in 2025 reduces medium‑term predictability ahead of biosimilars.

New growth pillars improve visibility: Winrevair reached roughly 1.44 billion dollars in 2025 sales, Verona’s Ohtuvayre adds a commercial COPD asset, and the Terns deal and Daiichi ADCs extend oncology. China Gardasil variability and IRA timing inject uncertainty.

Net, we view the long‑term growth trajectory as positive but with a 2028 to 2029 step‑down risk, meriting a mid‑60s score.