What is the fair value of MRK?

Based on inv-AI’s institutional-grade analysis, the 12-month fair value estimate for Merck & Co., Inc. (MRK) is $112 (range: $87–$139). Confidence level: LOW.

Is MRK overvalued or undervalued?

Merck & Co., Inc. (MRK) is rated Fairly Priced (Mid) by inv-AI. The current price is $116.37 versus a mid fair value of $112, implying -3.8% upside.

What is the MRK price target for 2026?

inv-AI’s 2026 fair value range for Merck & Co., Inc. (MRK) is $87 (bear) to $139 (bull), with a base case of $112.

Merck & Co., Inc. (MRK) Valuation

Rating: Fairly Priced (Mid)

12-Month Fair Value: $87 – $112 – $139

Confidence: LOW

Merck faces pharma's single-largest patent cliff in history. Keytruda ($31.7B, 49% of revenue) loses exclusivity 2028-2029. At $118, the stock trades at 13x non-GAAP forward EPS, a decade-low valuation. The pipeline is deep (20 launches, $70B+ opportunity) but replacing $35B requires unprecedented execution. Risk/reward unfavorable at current levels (0.33:1). HOLD; accumulate below $87.

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