Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Merck's Discount Comes At A Price

There are very few cheap pharma companies these days, which basically means that investors need to either be willing to take on more risk or accept lower returns. With some recent pipeline setbacks and a patent expiration pressuring 2013 results, it's not necessarily easy to make the case for investing in Merck (NYSE:MRK). I believe the market may be underrating that pipeline, however, as well as management's willingness to get a little more aggressive in seeking out near-term growth. With a relatively undemanding valuation, Merck may not offer huge upside, but it does look like something of a bargain in the space.

Decent Results For Q4, But Details Matter

On the surface, Merck's fourth quarter results looked pretty...

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