Great comparison with Merck. The 45-50% revenue concentration from Keytruda is indeed Merck's biggest vulnerabilty heading into 2028. While their oncology pipeline is strong, replacing half your revenue stream is an enormous challenge. That said, their higher operating margin (40% vs Pfizer's 30%) gives them more cushion to invest in late-stage assets and partnerships to bridge that gap. The next few years will be critical for both companies.
Great comparison with Merck. The 45-50% revenue concentration from Keytruda is indeed Merck's biggest vulnerabilty heading into 2028. While their oncology pipeline is strong, replacing half your revenue stream is an enormous challenge. That said, their higher operating margin (40% vs Pfizer's 30%) gives them more cushion to invest in late-stage assets and partnerships to bridge that gap. The next few years will be critical for both companies.
Good summary! Do you hold any of these?
I prefer NVO, but yeah I’ve kept and eye on Pfizer
Now that's a one-liner that describes my whole approach. :)