Merck & Company, Inc. Common Stock (new)

Leadership has executed well on lifecycle management, label expansion and business development while maintaining investment capacity. The Keytruda Qlex approval demonstrates operational excellence and life‑cycle thinking. Management’s clear disclosures on LOE, IRA exposure and China vaccine dynamics show realistic risk framing.

While not founder‑led, Merck’s culture, governance and capital allocation history support long‑term stewardship. We score management above average, with room to prove post‑2029 trajectory.