Pole position: While rivals have hit setbacks, Merck’s largely executed on a clinical program for Keytruda that’s put the pharma on top in immuno-oncology.
Paying dividends: Shares in Merck are up 40% on the year, outpacing gains from pharma peers.
Outlook: Keytruda’s edge looks tough to beat, at least for now. Growing Gardasil sales will also help, but long-term pipeline questions remain.