Epstein Secrets

J.P.Morgan North America Equity Research O2 June 2014 • Merck & Co., Inc. Pushing Ahead Aggressively in PD-1 Development We attended Merck's ASCO analyst meeting today where the company reviewed new data and development plans for its PD-1 (pembrolizumab). Overall, we increasingly see M

Target Risks to our Ovenveight rating and price target include I) another leg down in cholesterol sales, 2) failure to effectively manage the core Januvia/vaccines portfolio, and 3) setbacks to key pipeline assets. 2 EFTA00306884 - North America Equity Research 02 June 2014 Merck & Co., Inc.: Su

ity=exposure with names that have underperformed the broader market yet mainta=n some buffers to protect us on the downside. =OD We recently added Merck to our =ocus list. I think we should consider a Market Plus Note on MRK (Overwei=ht with a $52 price target) - =nbsp; 18 mo=th =OD Greater of the

. International revenues represent 62% o= total, while the U.S. represents - 38%. Highest selling products inc=ude: Singulair (asthma/allergies) and Januvia (diabetes)=/p> • =nbsp; Pullback presents opportunity in a favored sector (the cheapest d=fensive sector) — </=pan>MRK is down -14% over last 4 m

equity exposure with names =hat have underperformed the broader market yet maintain some buffers to pr=tect us on the downside. We recently added Merck to our focus li=t. I think we should consider a Market Plus Note on MRK (Overweight with a=$52 price target) 18 month Greater of the upside or a 3

. International revenues represent 62% of total, while the U.S. represents - 38%. Highest selling products include= Singulair (asthma/allergies) and Januvia (diabetes)<=p> • Pullback presents opportunity i= a favored sector (the cheapest defensive sector)<=> - MRK is down -14% over last 4 month= vs. P