UBS Reiterates Buy Rating on Merck (MRK)

UBS analyst Trung Huynh reiterated a Buy rating and $105.00 price target on Merck (NYSE: MRK).

The analyst commented, "Data from MRK’s P3 CORALreef program (Lipids, AddOn, and HeFH) are expected in the coming months and potentially could define a first-in-class and best-in-class oral PCSK9 (enlicitide decanoate). Similar to previous data presented from MRK’s P2 study, we and (from our conversations with the buyside) investors expect to see a comparable level of LDL-C reduction to injectable biologics (c.60%). We see a positive readout here as key to helping MRK turn sentiment, especially as the studies include both primary and secondary prevention patients and could support a broad label for the launch. We estimate large addressable opportunities for primary prevention (c.48m patients) and secondary prevention (c.7m patients) and see a base case of $5.0bn peak sales at 60% POS for enlicitide. We detail our expectations across several scenarios in our note."

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Shares of Merck closed at $76.06 yesterday.

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