JPMorgan Boosts Merck Price Target to $165 on Pipeline Prospects
JPMorgan has raised its price target for Merck & Co. stock from USD 150.00 to USD 165.00, maintaining an Overweight rating. The adjustment comes as the firm anticipates significant pipeline developments, including upcoming data for sac-TMT in lung cancer and intismeran autogene in melanoma. Merck is set to release its third-quarter report on October 29, 2026, with no major surprises expected.
The new target price represents a 32.33% premium over Merck's current trading price when converted from EUR to USD. The company's second-quarter 2026 revenue reached USD 16.61 billion, a 5.10% increase from the same period in 2025. However, Merck reported a net loss of USD 1.34 billion due to substantial transaction-related charges, including a USD 2.31 per-share one-time charge linked to the Terns acquisition.
KEYTRUDA and KEYTRUDA QLEX contributed USD 8.40 billion in sales, accounting for over half of Merck's total revenue. The company's full-year 2026 revenue outlook is between USD 66.3 billion and USD 67.3 billion, reflecting growth of 2.00% to 4.00%. Merck also highlighted more than 20 potential products with over USD 70.00 billion in commercial opportunity by the mid-2030s.
As of October 6, 2026, Merck's stock was trading at EUR 124.64, up 0.29% from the previous close. The next key milestones include the third-quarter earnings report on October 29, 2026, and an investor event at ESMO on October 26, 2026.