Wolfe Research initiated coverage of Merck (MRK) with a Peer Perform rating. The firm said the main sentiment driver for Merck is Gardasil’s outlook in China, and while it was hoping that the company’s infant RSV antibody would pivot focus, the full results did little to alleviate concerns. Wolfe added that it would argue Merck is further clouded by competitive overhangs for its pneumococcal vaccine franchise given the ongoing nuclear arms race to increase serotype coverage.
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