Merck (MRK) FDA Approval of V114 Brings Blockbuster Potential - BofA Securities

BofA Securities analyst Geoff Meacham reiterated a Neutral rating and $80.00 price target on Merck (NYSE: MRK) after the company's pneumococcal conjugate vaccine Vaxneuvance (V114, a 15-valent PCV) received its first FDA approval for adults, in-line with the Sunday PDUFA date.

The analyst stated "The approval isn’t a surprise after the string of positive phase 3 data and Pfizer’s recent next-gen approval, with investors much more focused on how the commercial launch will shake out vs. Pfizer’s competing agent Prevnar20. We do think V114 has blockbuster potential (we model $1.35B peak sales vs. $1.1B cons), but given Pfizer’s already established dominant presence in the pneumococcal market and Prevnar20’s broader coverage (20-valent vs. 15-valent), we wouldn’t highlight V114 as a major growth driver for Merck."

For an analyst ratings summary and ratings history on Merck click here. For more ratings news on Merck click here.

Shares of Merck closed at $78.02 yesterday.

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