How Long Can This Top Stock Continue Defying the Bear Market?
Although the market is having the worst year investors have seen in a long time, some corporations are doing just fine. One of them is Merck (NYSE: MRK). The pharmaceutical giant is currently defying gravity; its shares are up by 31% since early January. The drugmaker has several things going its way, and there is a good chance that it will continue performing well no matter what happens to the stock market or the economy. Here's why Merck is an excellent stock for investors focused on the long game.
Like most large pharmaceutical companies, Merck has a lineup of medicines that continues to help it grow its top and bottom lines. During the third quarter, the company's revenue increased by 14% year over year to about $15 billion. Merck's adjusted net income for the period was $4.7 billion, 4% higher than the third quarter of 2021.
Merck's key asset remains its cancer drug Keytruda, which has racked up plenty of approvals. Keytruda's sales increased by 20% year over year in the third quarter to $5.4 billion, making up a little over a third of the company's entire top line. While relying too much on one product can be a red flag for drugmakers, Merck will be just fine.
Source Fool.com
