Merck & Co., Inc. operates as a healthcare company worldwide. It operates through two segments, Pharmaceutical and Animal Health. The Pharmaceutical segment offers human health pharmaceutical products in the areas of oncology, hospital acute care, immunology, neuroscience, virology, cardiovascular, and diabetes under the Keytruda, Bridion, Adempas, Lagevrio, Belsomra, Simponi, and Januvia brands, as well as vaccine products consisting of preventive pediatric, adolescent, and adult vaccines under the Gardasil/Gardasil 9, ProQuad, M-M-R II, Varivax, RotaTeq, Live Oral, Vaxneuvance, Pneumovax 23, and Vaqta names. The Animal Health segment discovers, develops, manufactures, and markets veterinary pharmaceuticals, vaccines, and health management solutions and services, as well as digitally connected identification, traceability, and monitoring products. The company serves drug wholesalers and retailers, hospitals, and government agencies; managed health care providers, such as health maintenance organizations, pharmacy benefit managers, and other institutions; and physicians, wholesalers, government entities, veterinarians, distributors, animal producers, farmers, and pet owners. It has development and commercialization agreement for three of Daiichi Sankyo's deruxtecan ADC candidates, which include patritumab deruxtecan, ifinatamab deruxtecan, and raludotatug deruxtecan for the treatment of multiple solid tumors both as monotherapy and/or in combination with other treatments; and AstraZeneca PLC to co-development and co-commercialize AstraZeneca's Lynparza products for multiple cancer types, and Koselugo for multiple indications. The company also has a collaboration agreement with Eisai Co., Ltd., Bayer AG, and Ridgeback Biotherapeutics LP, as well Moderna, Inc. Merck & Co., Inc. was founded in 1891 and is headquartered in Rahway, New Jersey.

For Merck, the picture looks strong in terms of operating profitability, but noticeably weaker in terms of earnings quality and market valuation. Revenue remains at a high level and is generally growing compared with earlier periods, while gross profit and EBITDA remain stable, confirming the company’s scale and ability to generate cash flow. At the same time, net income and operating income in TTM look weak, and EPS and forward EPS have moved into negative territory, which is an important signal for investors of one-time or structural pressure on profitability. Margins are still above industry benchmarks, especially operating margin and net profit margin, but their recent quarterly trend has deteriorated compared with the stronger levels seen last year. Valuation multiples overall look expensive: P/E, P/B, P/S, and P/FCF are above the industry median, with P/B being especially elevated, which limits the potential for further re-rating. Debt burden is also higher than desired: debt/equity is above the industry median, long-term debt has increased compared with earlier periods, and current ratio and quick ratio are below the level preferred for more comfortable liquidity. On the other hand, ROA and return on tangible equity remain very high, indicating the business’s ability to use assets and capital efficiently, even if ROE no longer looks as impressive as it did in previous quarters. Dividend yield has declined compared with earlier periods, so the dividend case now supports the stock only moderately rather than serving as the main valuation driver. Taken together, the fundamentals do not look weak, but they do not justify aggressive upside to the current forecast either, because an expensive valuation is combined with deteriorating earnings and rising leverage. For an investor, this means a high-quality but no longer cheap defensive asset with limited short-term re-rating potential. Therefore, only a small conservative downward adjustment to the forecast is appropriate, rather than a radical revision.

Merck & Company, Inc.

Сильный индекс, незначительно упал. Быки в растерянности.

Strong index, slightly down. The bulls are confused.

Средний индекс, значительно упал. Рынок на стороне быков.

Medium index, significantly down. The market is on the bulls' side.

Слабый индекс, незначительно упал

Merck’s strong profitability and revenue are offset by a high valuation, weak TTM EPS, and rising debt, so the forecast should be slightly lowered.

(RTTNews) - Hilleman Laboratories, a Singapore-based joint venture between Merck (MRK) and the global charity Wellcome, is preparing to manufacture doses of a promising experimental vaccine against the Bundibugyo strain of Ebola, which has triggered a fast-moving outbreak in the Democratic Republic of Congo. The effort is supported by up to $8.5 million in funding from the Coalition for Epidemic Preparedness Innovations (CEPI).
The candidate vaccine uses the recombinant vesicular stomatitis virus (rVSV) platform, the same backbone as the licensed Zaire ebolavirus vaccine. With Bundibugyo cases rising, the program aims to close a critical gap as no approved vaccine currently exists for this strain.
Hilleman will finalize the manufacturing process and produce clinical trial supplies using starting material generated by IAVI with CEPI support. Merck will act as a technical adviser, contributing its proprietary expertise on the rVSV platform. If early-stage trials succeed, the partners plan to transfer the technology to a large-scale manufacture to ensure rapid and affordable supply in outbreak regions.
The updated process backed by up to $30 million in CEPI funding, is designed to improve yields and thermostability, potentially lowering costs and enabling refrigerated storage for several months. Leaders from CEPI, Merck, and Wellcome underscored the importance of collaboration in strengthening preparedness against Bundibugyo, noting that vaccines, alongside surveillance and diagnostics, are essential to controlling outbreaks in fragile health systems.
This initiative is part of CEPI's broader "100 Days Mission" to accelerate vaccine development against epidemics threats, aiming to deliver safe and effective vaccines within 100 days of identifying a new pathogen.
MRK has traded between $77.53 and $135.05 over the past year. The stock closed yesterday's trading at $130.36, down 1.11%. During overnight trading the stock is at $129.92, down 0.34%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Merck-Backed Hilleman Labs To Supply Bundibugyo Ebola Vaccine For Clinical Trials

Merck (MRK) closed at $130.36 in the latest trading session, marking a -1.11% move from the prior day. This change was narrower than the S&P 500's daily loss of 1.52%. Meanwhile, the Dow lost 2.19%, and the Nasdaq, a tech-heavy index, lost 1.74%.
Prior to today's trading, shares of the pharmaceutical company had gained 2.58% outpaced the Medical sector's gain of 1.55% and the S&P 500's gain of 1.92%.
Analysts and investors alike will be keeping a close eye on the performance of Merck in its upcoming earnings disclosure. The company's earnings report is set to go public on August 4, 2026. In that report, analysts expect Merck to post earnings of -$0.26 per share. This would mark a year-over-year decline of 112.21%. Alongside, our most recent consensus estimate is anticipating revenue of $16.33 billion, indicating a 3.32% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.74 per share and a revenue of $66.77 billion, representing changes of -69.49% and +2.71%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Merck. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 42.35% lower. Merck presently features a Zacks Rank of #4 (Sell).
Looking at its valuation, Merck is holding a Forward P/E ratio of 48.08. This represents a premium compared to its industry average Forward P/E of 18.16.
One should further note that MRK currently holds a PEG ratio of 5.23. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Large Cap Pharmaceuticals industry had an average PEG ratio of 2.75 as trading concluded yesterday.
The Large Cap Pharmaceuticals industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 225, finds itself in the bottom 9% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Merck (MRK) Stock Moves -1.11%: What You Should Know

Moderna MRNA is set to report second-quarter 2026 earnings on July 31, before the opening bell. The Zacks Consensus Estimate for second-quarter sales is pegged at $126.7 million, while the estimate for earnings is a loss of $1.97 per share. The revenue figure suggests a decline from the year-ago levels, but the bottom line is expected to improve.
Over the past 30 days, the Zacks Consensus Estimate for 2026 loss per share has declined from $8.26 to $8.64, while the loss for 2027 has risen from $4.29 to $4.33.
Image Source: Zacks Investment Research
MRNA’s Earnings Surprise History
The biotech’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 46.21%. In the last reported quarter, Moderna delivered an earnings surprise of 60.93%.
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What Our Model Predicts for MRNA
Per our proven model, companies with the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) have a good chance of delivering an earnings beat. This is not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Moderna has an Earnings ESP of -2.41% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Shaping MRNA’s Upcoming Results
Moderna is likely to have reported product sales in the quarter from three marketed products — two COVID-19 vaccines (Spikevax and mNexspike) and an RSV vaccine (mResvia). A significant portion of product sales is expected to have come from the COVID-19 vaccines.
We expect minimal product sales of mResvia, attributed to stiff competition from competing RSV vaccines, Arexvy and Abrysvo, marketed by bigwigs GSK plc GSK and Pfizer PFE, respectively.
In April, Moderna secured approval in the EU for mCombriax (mRNA-1083), the first combination vaccine for active immunization against COVID-19 and influenza. This also marks the fourth marketed product in the company’s portfolio. Investors will likely seek updates from management on the commercialization plans for this vaccine, as well as Moderna’s timeline for FDA resubmission.
The initial filing for mCombriax was voluntarily withdrawn last year after the agency requested additional efficacy data for the flu component. This issue was addressed with positive late-stage data announced in June 2025, when the company’s standalone flu shot, mRNA-1010, demonstrated superior efficacy compared with GSK’s approved influenza vaccine. mCombriax integrates mNexspike with mRNA-1010.
Investors might also seek updates on Moderna’s commercialization plans for mRNA-1010, which is already under FDA review. Although a final decision is expected by next week, optimism has been building since last month, when an FDA advisory committee unanimously backed approval of the vaccine.
An important candidate in Moderna’s pipeline is intismeran autogene, a personalized cancer therapy being developed in collaboration with Merck MRK. The companies are already evaluating this therapy in three pivotal phase III studies — one in melanoma and two in non-small cell lung cancer (NSCLC). Moderna and Merck are also studying the therapy in various mid-stage studies for other cancer indications, such as bladder cancer and renal carcinoma. Investors will likely seek updates from management on the progress of this MRK-partnered therapy.
Nonetheless, a single quarter’s results are not important for long-term investors. Let us delve deeper to understand whether to buy, sell, or hold Moderna stock at present.
MRNA’s Stock Price Performance & Valuation
Year to date, Moderna’s shares have surged 89% compared with the industry’s 2% growth. The stock has also outperformed the sector as well as the S&P 500.
MRNA Stock Underperforms Industry, Sector & S&P 500
Image Source: Zacks Investment Research
From a valuation standpoint, Moderna is trading at a premium to the industry. Going by the price/sales (P/S) ratio, the company’s shares currently trade at 9.91 times trailing 12-month sales value, higher than 2.35 for the industry.
Image Source: Zacks Investment Research
Our Investment Thesis on MRNA Stock
Moderna is navigating a challenging transition as demand for its COVID-19 vaccine continues to normalize, weighing on revenue growth. However, the company remains well positioned to execute its long-term strategy, supported by a strong balance sheet and an expanding mRNA-based pipeline. As of March 31, 2026, Moderna held approximately $8.1 billion in cash and cash equivalents. Combined with its ongoing cost-efficiency initiatives, this liquidity should support the company's research, development and commercialization efforts in the upcoming years.
Moderna's commercial performance outside COVID-19 has been mixed, with mResvia witnessing a slower-than-expected launch amid intense competition in the RSV vaccine market. Nevertheless, the company's broader respiratory vaccine franchise offers meaningful growth opportunities. Investors are closely watching the FDA review of mRNA-1010, which could become the company's next growth driver if approved. The EU approval of mCombriax further strengthens its respiratory vaccine portfolio and expands its presence in the annual vaccination market. Successful commercialization of these products could diversify Moderna's revenue base and reduce its reliance on COVID-19 vaccine sales.
Beyond vaccines, Moderna is leveraging its proprietary mRNA platform to expand into oncology, autoimmune diseases and cell therapy. Last month, the company outlined plans to develop therapies spanning cancer antigen treatments, T-cell engagers, cell therapy enhancers, in vivo CAR-T, in vivo CAR-M and tolerizing therapies. Although these programs remain in the early stages of development, they highlight the versatility of Moderna's platform and significantly broaden its long-term growth opportunities beyond vaccines.
How to Play the MRNA Stock?
While Moderna's premium valuation and recent downward estimate revisions warrant caution, we believe existing investors should maintain their positions. With the FDA decision on mRNA-1010 approaching, the recent EU approval of mCombriax and a deep pipeline spanning oncology and other therapeutic areas, the company remains well positioned to drive growth beyond COVID-19 vaccines.
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Moderna Q2 Earnings Loom: Buy or Sell the Stock Ahead of Results?

The board of directors of Dominion Energy has declared a quarterly dividend of 66.75 cents per share of common stock. Dividends are payable on Sept. 20, 2026, to shareholders of record at the close of business Sept. 4, 2026. This is the 394th consecutive dividend that Dominion Energy or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared May 5, 2026.
Merck, known as MSD outside of the United States and Canada, announced today that the Board of Directors has declared a quarterly dividend of $0.85 per share of the company's common stock for the fourth quarter of 2026. Payment will be made on October 7, 2026, to shareholders of record at the close of business on September 15, 2026.
Cintas announced that the Company's Board of Directors approved a quarterly cash dividend of $0.52 per share of common stock payable on September 15, 2026, to shareholders of record at the close of business on August 14, 2026. Cintas has a strong record of returning capital to its shareholders and has consistently raised its dividend each year since Cintas' initial public offering 43 years ago in 1983.
Linde announced its Board of Directors has declared a quarterly dividend of $1.60 per share. The dividend is payable on September 17, 2026, to shareholders of record on September 3, 2026.
Kenvue today announced that its Board of Directors declared a quarterly dividend of $0.21 per share on its common stock, which represents a 1.2 percent increase compared to the prior quarterly dividend. The quarterly dividend is payable on August 26, 2026, to shareholders of record as of the close of business on August 12, 2026.
VIDEO: Daily Dividend Report: D,MRK,CTAS,LIN,KVUE
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Daily Dividend Report: D,MRK,CTAS,LIN,KVUE

Biotech bigwig Gilead Sciences, Inc. GILD is scheduled to report second-quarter results on Aug. 4, after market close. The Zacks Consensus Estimate for sales and loss per share is pegged at $7.37 billion and $7.07, respectively.
Bottom-line estimate for 2026 has decreased to a loss of 78 cents from earnings of 8 cents per share over the past 60 days.
The EPS estimate for 2027 has increased to $9.73 from $9.58 in the said time frame.
Image Source: Zacks Investment Research
GILD’s Earnings Surprise History
GILD has a good track record. Its earnings beat estimates in three of the trailing four quarters and missed in the remaining one, delivering an average surprise of 6.75%. In the last reported quarter, the company’s earnings beat estimates by 7.41%.
What Our Model Predicts for GILD
Per our proven model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that is not the case here, as you can see below.
Earnings ESP for GILD is -0.75%. The company currently carries a Zacks Rank #3. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Factors Influencing GILD’s Q2 Results
Gilead has a market-leading HIV franchise, led by flagship HIV therapies — Biktarvy and Descovy.
Biktarvy is the top revenue generator for GILD. Per the company, Biktarvy accounts for more than 52% of the treatment market in the United States, and continues to be the market leader in major markets around the world.
Gilead’s HIV pre-exposure prophylaxis (PrEP) portfolio comprises daily oral Descovy and the first and only twice-yearly injectable Yeztugo.
Descovy’s performance continues to be strong, primarily driven by higher demand and average realized price.
The top-line estimate for Biktarvy and Descovy is pegged at $3.6 billion and $750 million, respectively, and our model estimate for the same is pinned at $3.7 billion and $701 million.
Yeztugo raked in sales of $166 million in the first quarter. Following better-than-expected first-quarter results and improving market trends, Gilead raised its 2026 sales guidance for Yeztugo to $1 billion, signaling the product’s potential to achieve blockbuster status in its first full year on the market.
Consequently, Yeztugo sales likely recorded strong growth in the second quarter.
Driven by increased Yeztugo sales expectations and strong first-quarter HIV performance, Gilead now projects total 2026 HIV sales growth of approximately 8%, up from its prior guidance of 6% issued in February. The updated outlook includes an estimated 2% headwind related to the U.S. government’s Medicaid drug pricing agreement and proposed Affordable Care Act changes.
The Liver Disease portfolio includes drugs for chronic hepatitis C virus, chronic hepatitis B virus and chronic hepatitis delta virus.
Sales from this franchise have likely increased in the second quarter, driven by higher demand for Livdelzi (seladelpar) for the treatment of primary biliary cholangitis.
Veklury sales likely remained highly variable.
Cell Therapy product sales (Yescarta and Tecartus) have likely decreased in the to-be-reported quarter due to competitive headwinds, both in the United States and internationally.
The Zacks Consensus Estimate and our model estimate for Cell Therapy product sales are pinned at $417 million and $419 million, respectively.
Trodelvy, indicated for second-line metastatic triple-negative breast cancer and pre-treated HR+/HER2- metastatic breast cancer, likely experienced strong demand in the second quarter, similar to the first quarter. The Zacks Consensus Estimate and our estimate for Trodelvy sales are pinned at $448 million and $427 million, respectively.
R&D expenses might have increased in the second quarter, caused by higher investment in virology clinical manufacturing, partially offset by lower oncology clinical study activity. SG&A expenses, too, must have increased, reflecting higher investments in sales and marketing to support commercial launches.
GILD’s Price Performance and Valuation
Shares of GILD have risen 9.4% year to date compared with the industry’s growth of 2%. The stock has outperformed the sector and the S&P 500 in this time frame.
GILD's Outperforms Industry, Sector & S&P 500 Index
Image Source: Zacks Investment Research
Going by the price/earnings ratio, GILD’s shares currently trade at 25.48X forward earnings, higher than its mean of 12.01X but lower than 19.11X for the large-cap pharma industry.
Image Source: Zacks Investment Research
Investment Thesis for GILD
Gilead Sciences has a market-leading HIV portfolio that continues to deliver strong growth, supported by sustained demand for its flagship therapies. The company's ongoing innovation in HIV treatment has been well received by investors, while the strong initial launch of Yeztugo has provided an additional boost to the franchise.
Gilead is also investing to further strengthen its HIV leadership through internal pipeline development and its collaboration with Merck MRK. Potential approvals of new HIV therapies should reinforce the company's dominant position in the market.
Beyond HIV, Gilead is making steady progress in diversifying its revenue base. Strong uptake of Livdelzi has strengthened its liver disease portfolio.
In oncology, Trodelvy continues to gain market share in second-line metastatic breast cancer and recently secured FDA approval for an expanded label in the first-line treatment of adults with unresectable locally advanced or metastatic triple-negative breast cancer (mTNBC).
This followed a similar label expansion by the European Commission, significantly broadening Trodelvy's addressable market by moving the therapy into the first-line setting, where treatment options have historically been limited. These developments support Gilead's strategy of building a stronger oncology franchise and reducing its dependence on HIV revenues.
The company's strategic acquisitions and partnerships further enhance its long-term growth prospects. However, Gilead's Cell Therapy franchise, comprising Yescarta and Tecartus, continues to face competitive pressures in both the United States and Europe, which might have weighed on recent sales. Despite these challenges, the strength of Gilead's HIV business, expanding oncology portfolio and disciplined business development strategy position the company for sustained long-term growth.
Stay Invested in GILD Stock
Continued innovation across Gilead's HIV portfolio should drive sustained growth despite intensifying competition from GSK plc GSK.
GSK continues to expand its HIV business, fueled by strong demand for its long-acting injectable therapies, Cabenuva and Apretude, as well as Dovato, which have more than offset the ongoing decline in Triumeq sales.
Gilead's strategic acquisitions and partnerships to diversify its revenue base further strengthen its long-term growth outlook.
However, we recommend that prospective investors adopt a wait-and-watch approach, as Gilead's Cell Therapy business continues to face competitive pressures.
For existing shareholders, holding the stock appears prudent, supported by the company's solid HIV franchise, pipeline strength and attractive dividend yield.
You can see the complete list of today’s Zacks #1 Rank stocks here.
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Gilead to Report Q2 Earnings: How Should You Play the Stock Now?

Eli Lilly LLY is a leader in the GLP-1 market, driven by strong demand for its blockbuster tirzepatide injections, Mounjaro (diabetes) and Zepbound (obesity). In April, Lilly expanded its obesity portfolio with the launch of its oral GLP-1 pill, Foundayo (orforglipron). Investors will be closely watching second-quarter results for sales numbers of Mounjaro and Zepbound, along with early sales trends and management's commentary on Foundayo’s launch uptake.
However, Lilly also generates a meaningful portion of revenues from its oncology franchise. The Zacks Consensus Estimate for Eli Lilly’s overall oncology portfolio sales in the second quarter of 2026 is pegged at $2.61 billion. A significant portion of these revenues is likely to be generated from sales of the company’s blockbuster breast cancer drug, Verzenio. Sales of this drug are expected to have been driven by higher volumes due to increased demand in ex-U.S. and U.S. markets.
Sales of RET inhibitor Retevmo and the newer lymphoma drug Jaypirca are also expected to have contributed positively to top-line growth during the quarter. However, these gains are likely to have been partially offset by lower sales of older cancer drugs like Alimta and Cyramza, which are being impacted by competition from immuno-oncology agents in the United States.
Eli Lilly secured FDA approval for its new breast cancer drug, Inluriyo (imlunestrant), in late 2025 and subsequently launched it in the United States. Investors are expecting sales of the drug to rise sequentially in the second quarter.
Additionally, investors will also be watching sales of Lilly's newer growth products across immunology, dermatology and neuroscience. Drugs such as Omvoh for inflammatory bowel disease, Ebglyss for atopic dermatitis and Kisunla for early Alzheimer's disease have been posting strong growth. These newer medicines are gradually becoming meaningful contributors to revenues.
While another strong quarter from Lilly's GLP-1 franchise is widely expected, investors will also closely monitor sales of its oncology portfolio and other newer medicines. Sustained growth across these businesses would reinforce confidence that Lilly's long-term earnings outlook is increasingly supported by a diversified portfolio rather than being solely dependent on obesity and diabetes treatments ahead of its second-quarter results on Aug. 5.
LLY’s Competition in the Oncology Space
Other bigger players in the oncology space include AstraZeneca AZN, Merck MRK and Pfizer PFE.
AstraZeneca generated 48% of its total second-quarter 2026 revenues from oncology drugs, with sales in the segment rising 15% year over year. AZN’s strong oncology performance was driven by medicines such as Tagrisso, Lynparza, Imfinzi, Calquence and Enhertu (in partnership with Daiichi Sankyo).
Merck’s oncology sales grew around 12% in the first quarter of 2026, driven by key oncology medicines, such as PD-L1 inhibitor Keytruda and PARP inhibitor Lynparza, which it markets in partnership with AstraZeneca. MRK’s Keytruda, approved for several types of cancer, alone accounted for about 49% of Merck’s total first-quarter revenues. Pfizer’s first-quarter 2026 oncology revenues grew 9% on a reported basis, driven by drugs like Ibrance, Xtandi, Lorbrena, the Braftovi-Mektovi combination and Padcev. The segment now accounts for about 26% of Pfizer’s overall sales.
Both Merck and Pfizer are expected to report second-quarter results next week.
LLY’s Stock Price, Valuation and Estimates
Shares of Eli Lilly have gained 11.4% year to date compared with the industry’s 12.7% growth. But during the same time frame, the company has outperformed the sector and the S&P 500, as seen in the chart below.
LLY Stock Price Movement
Image Source: Zacks Investment Research
From a valuation standpoint, LLY stock is expensive. Going by the price/earnings ratio, the company’s shares currently trade at 29.40 forward earnings, higher than 19.07 for the industry. However, the stock is trading below its five-year mean of 34.56.
LLY Stock Valuation
Estimates for Eli Lilly’s 2026 earnings have deteriorated from $36.58 to $35.03 per share in the past 60 days, and estimates for 2027 earnings have improved from $44.45 to $44.98 per share over the same time frame.
LLY Estimate Movement
Image Source: Zacks Investment Research
Eli Lilly currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Here's How LLY's Non-GLP-1 Portfolio Is Poised Ahead of Q2 Earnings

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Health Care Select Sector SPDR Fund (Symbol: XLV) where we have detected an approximate $482.1 million dollar inflow -- that's a 1.1% increase week over week in outstanding units (from 258,765,324 to 261,715,324). Among the largest underlying components of XLV, in trading today Merck & Co Inc (Symbol: MRK) is up about 3.1%, Amgen Inc (Symbol: AMGN) is up about 5.5%, and Gilead Sciences Inc (Symbol: GILD) is higher by about 3.7%. For a complete list of holdings, visit the XLV Holdings page » The chart below shows the one year price performance of XLV, versus its 200 day moving average:
Looking at the chart above, XLV's low point in its 52 week range is $127.96 per share, with $168.53 as the 52 week high point — that compares with a last trade of $168.21. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further XLV Research:
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Notable ETF Inflow Detected - XLV, MRK, AMGN, GILD

AstraZeneca AZN reported second-quarter 2026 core earnings of $2.63 per share, which beat the Zacks Consensus Estimate of $2.50. Earnings rose 21% year over year on a reported basis and 18% at constant exchange rate (CER).
Total revenues of $15.38 billion rose 6% on a reported basis and 5% at CER, beating the Zacks Consensus Estimate of $15.31 billion.
All growth rates mentioned below are on a year-over-year basis and at CER.
AZN shares began trading on the NYSE on Feb. 2. Earlier, in the United States, investors traded AstraZeneca through a different structure called American Depositary Shares on Nasdaq.
AZN’s Product Sales & Alliance Revenues
Product sales increased 4% to $14.51 billion.
Alliance revenues rose 33% to $874 million, driven by continued revenue growth from partnered medicines. Alliance revenues include royalties and profit share from partnered medicines, such as Enhertu and Tezspire, in geographies where its partner books product sales.
AZN’s Key Oncology Drugs Drive Growth but Miss Estimates
Here, we have discussed AstraZeneca’s total drug revenues by including Alliance and Collaboration revenues in each revenue figure.
In Oncology, Tagrisso recorded revenues of $1.94 billion, up 6% year over year, driven by strong demand across all indications and key regions, partly offset by a more competitive environment in China in a slowing EGFRm TKI market. Tagrisso sales missed the Zacks Consensus Estimate of $2.01 billion.
Lynparza's total revenues declined 3% to $829 million due to unfavorable channel mix and inventory destocking as well as the impact of generic launches in China and volume-based procurement (VBP) implementation. The drug’s sales missed the Zacks Consensus Estimate of $832 million.
AstraZeneca markets Lynparza in partnership with Merck MRK. During the quarter, the company did not record any milestone payment from partner Merck related to the drug.
Imfinzi generated sales of $1.85 billion in the quarter, up 27%, driven by strong demand growth across all regions from existing indications and new launches. Imfinzi sales, however, missed the Zacks Consensus Estimate of $1.91 billion. Sales of Calquence rose 16% to $1.02 billion in the quarter. Breast cancer drug Truqap generated $233 million in second-quarter 2026 revenues, up 37% year over year, driven by strong demand in second-line biomarker-altered metastatic breast cancer.
Newly approved drug Datroway, for which it has a partnership with Daiichi Sankyo, recorded revenues of $55 million in the second quarter compared with $43 million in the previous quarter.
Year to date, AstraZeneca stock has lost 7.9% against the industry’s 1.8% growth.
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AZN’s CVRM Segment Performance
In CVRM, Farxiga recorded product sales of $1.80 billion, down 19%, due to loss of exclusivity in the United States, generic competition in multiple international markets, including China, the United Kingdom and Japan, and the impact of China's VBP program, partly offset by underlying demand growth in Europe. Farxiga sales, however, marginally beat the Zacks Consensus Estimate of $1.803 billion.
Brilinta/Brilique sales totaled $80 million in the reported quarter, down 63%, due to the generic launch in Europe and the United States.
Wainua recorded $70 million in product sales during the quarter, up 58% year over year, driven by strong demand growth in transthyretin amyloid polyneuropathy and geographic expansion.
AZN’s R&I Segment Performance
In R&I, Symbicort sales declined 8% to $671 million due to increasing generic competition. The drug’s sales missed the Zacks Consensus Estimate of $707 million.
Fasenra recorded sales of $570 million in the quarter, up 13% year over year, driven by strong demand growth and market share gains. The recent launch for the EGPA indication also benefited sales in some countries. The drug’s sales beat the Zacks Consensus Estimate of $563 million.
Breztri recorded sales of $346 million, up 20% year over year, driven by a consistent share increase in a growing market, partially offset by unfavorable gross-to-net adjustments.
Pulmicort sales grew 9% to $120 million in the reported quarter.
New product Airsupra generated $50 million in product sales in the quarter, up 18% year over year. The product’s U.S. launch momentum remains strong.
New lupus drug Saphnelo recorded sales of $209 million, up 24% year over year, driven by demand growth in the U.S. market and ongoing launches in Europe and the Established RoW.
Tezspire recorded total revenues of $390 million, up 45% year over year, driven by demand growth and launch uptake in multiple markets. AstraZeneca has a partnership with Amgen AMGN for Tezspire. Amgen records product sales in the United States, and AstraZeneca records its share of U.S. gross profits as Alliance revenues. AstraZeneca books product sales in markets outside the United States.
AZN’s Rare Disease, V&I and Other Segment
In the Rare Disease portfolio, Soliris sales fell 28% to $389 million due to conversion to Ultomiris and biosimilar erosion in Europe and the United States.
Ultomiris revenues amounted to $1.31 billion, up 12%, driven by demand growth across indications, geographic expansions in new markets and continued conversion from Soliris.
In Other Medicines, sales of Nexium declined 6% to $234 million.
In V&I Therapies, AstraZeneca recorded $79 million in revenues from Beyfortus, including alliance revenues received from partner Sanofi SNY and sales of the manufactured Beyfortus product to Sanofi. Revenues declined 37% year over year due to the partner’s adjustments of inventory levels.
AstraZeneca PLC Price, Consensus and EPS Surprise
AZN Reiterates 2026 Guidance
AstraZeneca reconfirmed its financial guidance for 2026.
It continues to expect total revenues to grow by a mid-to-high single-digit percentage at CER.
Core EPS is expected to increase by a low double-digit percentage at CER.
Our Take on AZN’s Results
AstraZeneca delivered a solid quarter, with earnings and revenues exceeding expectations despite mounting generic pressure across several mature brands. However, sales of key oncology medicines — Tagrisso, Imfinzi and Lynparza — all fell short of consensus estimates. At the same time, continued declines in Farxiga, Brilinta, Symbicort and Soliris highlight the growing impact of patent expiries and biosimilar competition.
That said, strong demand for newer growth drivers such as Truqap, Ultomiris, Tezspire and Wainua, along with continued label expansions, helped offset weakness in older products. While AstraZeneca’s diversified portfolio provides stability, future growth will depend on whether its newer medicines can offset the continued decline in older products facing generic competition.
AZN’s Zacks Rank
Currently, AstraZeneca has a Zacks Rank #4 (Sell).
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AZN Q2 Earnings and Sales Beat, Key Drugs Offset Generic Pressure

Immunocore Holdings IMCR gives investors a mixed setup. Kimmtrak sales are still growing, the balance sheet is substantial and the pipeline has several value-creating shots on goal.
The caution is concentration. All current revenues come from one commercial product, while the stock already trades at a premium to its sub-industry on forward sales.
IMCR Delivers Growth but Misses Revenue Views
Immunocore reported first-quarter 2026 revenues of $106.7 million, up 14% year over year. Revenues still missed the Zacks Consensus Estimate of $109 million, making the quarter less clean than the sales growth rate suggests.
Earnings told a better story. The company posted earnings of 25 cents per share, compared with the consensus estimate of a loss of 26 cents and earnings of 10 cents per share in the year-ago quarter. That combination points to improving execution, even though top-line expectations were not fully met.
Immunocore Retains a Strong Cash Position
Immunocore ended March 31, 2026, with $844.9 million in cash, cash equivalents and marketable securities, down modestly from $864.2 million at Dec. 31, 2025. That liquidity matters because the company is funding multiple late-stage and earlier-stage programs.
Research and development expenses rose 8.1% year over year to $61.1 million in the first quarter, mainly due to higher clinical development costs. The spending burden is real, but the cash position gives Immunocore room to advance Kimmtrak label-expansion studies and its broader ImmTAC pipeline.
IMCR Trades Above Its Industry Sales Multiple
IMCR trades at 3.4X forward 12-month sales, above 1.9X for the Zacks sub-industry and 2.2X for the broader sector. That premium requires investors to assume continued Kimmtrak execution and meaningful pipeline progress.
The premium looks less demanding against IMCR’s own history. Over the past five years, the stock has traded between 2.8X and 49.8X, with a median of 9.8X. A $37 price target based on 3.6X forward sales suggests limited room for valuation expansion unless future data strengthen the growth case.
Immunocore Holdings PLC Sponsored ADR Price and Consensus
Immunocore's Single-Product Risk Looms Large
Kimmtrak remains Immunocore’s only marketed product and the source of its entire top line. The drug is approved for HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma and is approved in 39 countries.
That dependence leaves the stock exposed to slower demand, pricing pressure, competitive threats or disappointing label-expansion results. Immunocore also lacks major collaboration agreements for Kimmtrak and its pipeline candidates, which could make broad development and commercialization more difficult.
Bristol Myers BMY is relevant to this competitive frame because Immunocore is studying brenetafusp in combination with Bristol Myers’ Opdivo in first-line advanced cutaneous melanoma. Merck MRK, with Keytruda, also reflects the importance of checkpoint inhibitors in the broader immuno-oncology market where Immunocore seeks to expand.
IMCR's Neutral View Reflects a Mixed Setup
The bottom line is that IMCR is neither a straightforward bullish story nor an easy stock to dismiss. Kimmtrak is growing, five-year survival data support its position in metastatic uveal melanoma and the pipeline could diversify the business over time.
The counterweight is equally clear. Immunocore’s revenues still depend entirely on one product, and the valuation already sits above its sub-industry and sector sales multiples.
No specific Zacks Rank or Zacks Style Scores are supplied, so a formal rank-and-score assessment cannot be made. In the Zacks framework, the Zacks Rank is driven by earnings estimate revisions, while Style Scores help investors judge value, growth and momentum traits alongside that rank.
That makes a cautious, market-aligned view appropriate. Investors can watch IMCR for Kimmtrak’s continued sales trajectory, second-half 2026 cutaneous melanoma data and progress from brenetafusp, while recognizing that single-product risk remains central to the stock’s profile.
IMCR’s Zacks Rank
Immunocore currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Is Immunocore Stock Attractive After Kimmtrak's Strong Sales Growth?

Immunocore Holdings IMCR has built its commercial base around Kimmtrak, its only marketed product and a standard treatment for eligible metastatic uveal melanoma patients in most launched markets.
The investor question is whether deeper adoption and upcoming clinical readouts can keep the growth path intact while the company remains highly dependent on one product.
Immunocore Builds on Kimmtrak Momentum
Kimmtrak generated $400 million in sales in 2025, up nearly 29% year over year. That performance reflects continued demand for the drug since its 2022 approval for HLA-A*02:01-positive adults with unresectable or metastatic uveal melanoma.
The product is approved in 39 countries and launched in more than 30. Higher volumes in the United States and Europe, broader reimbursement coverage and continued expansion into additional countries supported adoption.
IMCR Gains Support From Survival Data
Immunocore added an important durability point in April 2026, when five-year follow-up data from the pivotal phase III trial showed a 16% overall survival rate with Kimmtrak versus 8% for the control arm.
Median overall survival was 21.6 months with Kimmtrak compared with 16.9 months for investigator's choice. The longer record strengthens the drug's first-line positioning and may support physician confidence in eligible patients.
Immunocore Targets New Melanoma Settings
The phase III TEBE-AM study is testing Kimmtrak as monotherapy and in combination with standard-of-care checkpoint inhibitors in advanced cutaneous melanoma after prior anti-PD-(L)1 treatment.
Top-line results are expected as early as the second half of 2026. Positive data could move Kimmtrak into a larger setting where no therapy has shown an overall survival benefit after checkpoint inhibitor treatment in a randomized study.
That makes the readout important not only for Immunocore but also for the broader melanoma landscape. Bristol Myers BMY, through Opdivo, and Merck MRK, through Keytruda, remain central checkpoint-inhibitor players, giving IMCR's post-checkpoint strategy a clear competitive frame.
Immunocore Holdings PLC Sponsored ADR Price and Consensus
IMCR Pursues Earlier Uveal Melanoma Use
Immunocore is also evaluating Kimmtrak as an adjuvant therapy for uveal melanoma in the registrational phase III ATOM study, led by the European Organisation for Research and Treatment of Cancer.
Moving Kimmtrak into an earlier treatment setting could expand its reach beyond metastatic disease. The timing remains long dated, however, as enrollment in ATOM is expected to be completed in 2028.
Earlier use would also help address one of IMCR's core investment issues. Kimmtrak is the company's revenue base, so broader use within uveal melanoma could support durability even before other pipeline assets mature.
Immunocore's Stock Signals Require Context
The bottom line is that Immunocore has a real commercial foundation, but it is still a concentrated story. Kimmtrak's 2025 sales growth, first-quarter 2026 revenue growth and five-year survival data support the case for continued adoption.
The neutral view and $37 price target reflect that balance. The stock trades above the Zacks sub-industry and sector on a forward 12-month sales basis, even as its growth outlook remains tied to Kimmtrak and clinical execution.
Because a specific Zacks Rank and Style Scores are not assigned here, investors should not read this as a rank-driven call. The current signal is better framed through Kimmtrak's growth, the 2026 cutaneous melanoma catalyst, the longer ATOM timeline and the risk of relying on a single marketed product.
IMCR’s Zacks Rank
Immunocore currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Merck & Company, Inc.

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