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

t MRK data by YCharts 4. Merck & Co. (MRK) Credit Suisse Rating, Target Price: Neutral, S61 Potential Stock Upside: 11% Upcoming Catalyst: MRK's Januvia franchise will likely feel pressure from the positive EMPA-REG OUTCOME data but we expect MRK to get a boost from FDA approval of Keytruda in 2nd li

. 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

. 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