How Has Merck's Story Changed?

Investors are pricing Merck (MRK) stock at 5.5 times sales, compared with 3.1 for the S&P 500. Shareholders paying that premium need to understand exactly what they hold, and the drugmaker's priorities have changed. During the fiscal Q4 2024 call in February 2025, executives noted that conditions for the GARDASIL vaccine in China remained challenging. By the August 4, 2026 call, management emphasized something else. So what does management talk up now.