Stocks
Merck's Pipeline Powers 85% Stock Surge Amid Slowing Sales
Merck's stock surged around 85% between July 2025 and July 2026, beating both its large-cap pharma peers and the S&P 500.
The company's pipeline story was getting louder just as its revenue trajectory was getting quieter.
Management laid out a blueprint for a completely different company, with executives painting a picture of a pipeline vast enough to dwarf the existing portfolio.
In mid-2025, Merck announced positive top-line results from the first Phase III trials for enlicitide, its oral PCSK9 inhibitor for cholesterol.