Merck: Morningstar's Analysis

Bulls Say

Keytruda looks best positioned in the immuno-oncology landscape, buoyed by a firstmover advantage in the important indication of first-line non-small-cell lung cancer.

Merck's key drug Januvia looks potentially safer than other diabetes drugs, and a followon combination with an SGLT2 drug should drive future growth.

Merck supports a strong dividend yield that looks secure based on a wide diversified portfolio of drugs.

Bears Say

The launch of biosimilar competition to immunology drug Remicade should continue to cause a drag on overall growth.

While the majority of the patent losses are behind the company, several major products are facing generic competition over the next couple of years, including Zetia and Vytorin.

Merck's lack of internal combination drugs with Keytruda could limit the potential of Keytruda in some cancer indications.

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