In spite of pretty weak top-line results, pharma companies like Merck (NYSE:MRK), Pfizer (NYSE:PFE), and Bristol-Myers (NYSE:BMY)
have benefited from a relatively bullish sentiment on healthcare
stocks. That sentiment may be petering out, though, and that could make
it harder for Merck's stock to outperform. I believe that this company's
pipeline strategy (significant quantity, but not necessarily many
stars) leads to investors underestimating its potential, but I wouldn't
go so far as to think it's a tremendously cheap stock today.
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