Merck (MRK) PT Lowered to $132 at Truist Securities

Truist Securities analyst Robyn Karnauskas lowered the price target on Merck (NYSE: MRK) to $132.00 (from $143.00) while maintaining a Buy rating.

The analyst commented: "We are updating our Merck model for IPR&D charge of $750M for completion of acquisition of CN201 from Curon Biopharma acquisition. We now model 3Q:2024E R&D expense of $5.8B vs $5.1B previously to account for the $750M non-tax deductible IPR&D charge post the Curon biopharma CN201 acquisition. We now model 3Q:2024E non-GAAP EPS of $1.46 vs $1.71 prev. We also updated our Gardasil 3Q2024E and 4Q2024E revenue estimates due to uncertainty around the sales in China. We now model 3Q/4Q revenues of $2.6B/$1.9B vs $2.8B/$2.5B prev. We also updated out Gardasil peak sales estimates and now model peak sales of $11.1B vs $13.7B prev. Our PT goes to $132 from $143."

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