Merck & Co Option Alert: May 16 $90 Calls at the Bid: 2500 vs 2544 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: May 16 $90 Calls at the Bid: 2500 @ $2.89 vs 2544 OI; Earnings 4/24 Before Open Ref=$87.125

Merck & Co Option Alert: Jan 16 $90 Puts at the Bid: 1150 vs 5691 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: Jan 16 $90 Puts at the Bid: 1150 @ $9.5 vs 5691 OI; Earnings 4/24 Before Open Ref=$87.59

Merck & Co Option Alert: Aug 15 $85 Puts at the Bid: 1875 vs 2207 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: Aug 15 $85 Puts at the Bid: 1875 @ $4.1 vs 2207 OI; Earnings 4/24 Before Open Ref=$89.1

Merck & Co Option Alert: Jul 18 $110 Calls Sweep (33) below Bid!: 20000 vs 41115 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: Jul 18 $110 Calls Sweep (33) below Bid!: 20000 @ $0.41 vs 41115 OI; Earnings 4/24 Before Open Ref=$87.735

Merck & Co Option Alert: Jul 18 $110 Calls Sweep (46) below Bid!: 20000 vs 41115 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: Jul 18 $110 Calls Sweep (46) below Bid!: 20000 @ $0.41 vs 41115 OI; Earnings 4/24 Before Open Ref=$87.754

Merck & Co Option Alert: Jan, 2027 $110 Puts at the Ask: 200 vs 1375 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: Jan, 2027 $110 Puts at the Ask: 200 @ $25.2 vs 1375 OI; Earnings 4/24 Before Open Ref=$88.07

Merck & Co Option Alert: Jan, 2027 $110 Puts Sweep (7) near the Ask: 200 vs 1375 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: Jan, 2027 $110 Puts Sweep (7) near the Ask: 200 @ $25.178 vs 1375 OI; Earnings 4/24 Before Open Ref=$87.98

Merck & Co Option Alert: Jan, 2027 $110 Puts Sweep (13) near the Ask: 300 vs 1375 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: Jan, 2027 $110 Puts Sweep (13) near the Ask: 300 @ $25.148 vs 1375 OI; Earnings 4/24 Before Open Ref=$88.01

Merck & Co Option Alert: Jan, 2027 $100 Puts at the Ask: 836 vs 1965 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: Jan, 2027 $100 Puts at the Ask: 836 @ $18.4 vs 1965 OI; Earnings 4/24 Before Open Ref=$87.54

Merck & Co Option Alert: Jan 16 $105 Puts Sweep (3) near the Ask: 625 vs 4132 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: Jan 16 $105 Puts Sweep (3) near the Ask: 625 @ $19.084 vs 4132 OI; Earnings 4/24 Before Open Ref=$87.82

Merck & Co Option Alert: Dec 19 $90 Calls at the Bid: 2000 vs 544 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: Dec 19 $90 Calls at the Bid: 2000 @ $7.8 vs 544 OI; Earnings 4/24 Before Open Ref=$88.305

Merck & Co Option Alert: Jan 16 $105 Puts at the Bid: 625 vs 4649 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: Jan 16 $105 Puts at the Bid: 625 @ $18.6 vs 4649 OI; Earnings 4/24 Before Open Ref=$88.805

Merck & Co Option Alert: Jan 16 $80 Puts Sweep (63) near the Ask: 1599 vs 2663 OI; Earnings 4/24 Before Open 

Merck & Co Option Alert: Jan 16 $80 Puts Sweep (63) near the Ask: 1599 @ $4.55 vs 2663 OI; Earnings 4/24 Before Open Ref=$88.27

Merck & Co (NYSE:MRK) Bolsa

MERCK & CO. INC.

Merck & Co

Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections. Within cancer, the firm's immuno-oncology platform is growing as a major contributor to overall sales. The company also has a substantial vaccine business, with treatments to prevent pediatric diseases as well as human papillomavirus, or HPV. Additionally, Merck sells animal health-related drugs. From a geographical perspective, just under half of the company's sales are generated in the United States.

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U.S.&nbsp;President Donald Trump, on Tuesday, disclosed plans for a "major tariff" on <a target="_blank" href="https://www.benzinga.com/topic/tariffs" rel="noreferrer noopener">foreign pharmaceuticals</a>.
"We're&nbsp;going to be announcing very&nbsp;shortly a major tariff on&nbsp;pharmaceuticals… when they hear that&nbsp;they will leave China, they&nbsp;will leave other places because… most of their product&nbsp;is sold here," Trump expressed at&nbsp;a National Republican <a target="_blank" href="https://www.benzinga.com/25/04/44708204/trump-hints-at-major-tariff-on-imported-pharmaceuticals-us-pharma-stocks-tumble-in-wednesday-pre-market" rel="noreferrer noopener">Congressional Committee&nbsp;dinner</a>.
He also told reporters on board his Air Force One plane that "pharma" tariffs would arrive "at a level that you haven't really seen before," saying these would be announced "in the near future," BBC <a target="_blank" href="https://www.bbc.com/news/articles/cedyylj1v32o" rel="noreferrer noopener">report</a> added.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/04/44698325/trump-tariff-strategy-self-inflicted-market-debacle-says-wedbush-analyst" rel="noreferrer noopener">Trump Tariff Strategy Creates ‘Self-Inflicted Market Debacle': Analyst</a>
When President Trump announced tariffs last week, he excluded pharmaceuticals from the new tariffs, likely a relief for the industry under pressure following his prior comments suggesting a 25% tariff&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/25/04/44652075/us-tariffs-spare-drugmakers-but-threaten-diabetes-device-industry" rel="noreferrer noopener">on pharmaceutical imports</a>.&nbsp;
On Wednesday, in a surprise announcement from President Donald Trump, a 90-day pause on tariffs for countries that have not retaliated <a target="_blank" href="https://www.benzinga.com/topic/tariffs" rel="noreferrer noopener">against U.S. trade measures.</a>
The news ignited a broad risk-on rally, catapulting major indices to multi-month highs and sending volatility plunging.
Trump's latest Truth Social post slammed China for showing "a lack of respect" and declared an immediate 125% tariff hike on Chinese goods.
"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A. and other Countries is no longer sustainable or acceptable," he said.
He praised the over 75 countries that, in his words, "have not, at my strong suggestion, retaliated in any way, shape, or form."
As a reward, those countries would benefit from a temporary 10% reciprocal tariff and a 90-day pause on additional duties.
The biopharma industry has historically been shielded from tariffs, including during Trump's first term.
Although Trump didn't provide many details, his remarks have unsettled buyers, especially those who depend on medicines from India. India provides nearly half of all generic drugs used in the U.S., helping cut billions from healthcare costs.
The U.S. is a major market, buying about a third of India's $13 billion in yearly drug exports.
Indian drug companies warn that if tariffs are added, they'd have to raise prices—which could increase healthcare costs in the U.S.
Even though some companies like Cipla and Dr. Reddy's Laboratories Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDY#NYSE">RDY</a>) have factories in the U.S., most say it's too expensive to move production for low-profit generic drugs.
BofA Securities analyst says if the Trump administration plans to impose tariffs on the pharmaceutical industry, it would likely do so through a "Section 232 investigation" under the Trade Expansion Act of 1962 to determine whether importing certain goods threatens national security.
The typical timeline for a Section 232 investigation is about a year. If the same timeline applied here, tariffs on drug imports likely wouldn't take effect until late in the year—at the earliest.
It's unclear whether the Section 232 investigation into the drug industry is about to start, but based on recent comments from the administration, it seems possible. However, launching an investigation doesn't guarantee that tariffs will follow.
As the first quarter 2025 earnings season starts soon, analyst Tim Anderson says it will be worth watching whether companies discuss potential tariffs during earnings calls.
That said, any actual earnings impact likely wouldn't show up until sometime after 2025, which could leave investors with more questions than answers.
Wedbush analyst Daniel Ives <a target="_blank" href="https://www.benzinga.com/25/04/44698325/trump-tariff-strategy-self-inflicted-market-debacle-says-wedbush-analyst" rel="noreferrer noopener">on Tuesday wrote</a> that "saying we can just make this in the USA" understates how complex the supply chain in Asia really is—and how electronics, chips, semiconductors, hardware, and smartphones have been built for U.S. consumers over the past 30 years."
Shares of major drugmakers such as Gilead Sciences&nbsp;Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Merck&nbsp;&amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), Eli Lilly&nbsp;And Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), AstraZeneca&nbsp;Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>), Roche&nbsp;Holdings AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>), Sanofi&nbsp;SA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>), Novartis&nbsp;AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>), Argenx&nbsp;SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARGX#NASDAQ">ARGX</a>), UCB&nbsp;SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UCBJY#OTC">UCBJY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UCBJF#OTC">UCBJF</a>), Novo Nordisk&nbsp;A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>), Regeneron Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>) GSK Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>) and Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) fell on Wednesday, only reverse course later after the 90-day tariff pause.
Read Next:
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<li><a href="https://www.benzinga.com/government/regulations/25/04/44723376/goldman-sachs-scraps-recession-call-after-trumps-surprise-tariff-pause-as-wall-street-marks-strongest-day-since-2008" target="_blank" rel="noreferrer noopener">Goldman Sachs Scraps Recession Call After Trump's Surprise Tariff Pause As Wall Street Marks Strongest Day Since 2008</a></li>
</ul>
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Pharma Industry Faces Jitters As Trump Hints At Historic Tariffs, BofA Outlines Probable Timeline

President Donald Trump has declared that his administration is on the brink of imposing a significant tariff on <a href="https://in.benzinga.com/markets/25/04/44627820/trumps-reciprocal-tariffs-on-india-exempt-pharma-easing-mark-cubans-price-hike-concerns">pharmaceuticals imported from foreign countries.</a>
What Happened: President Trump, on Tuesday, disclosed plans for a &#8220;major tariff&#8221; on foreign pharmaceuticals. Trump is hopeful that this move will prompt drug companies to shift their operations to the U.S., <a href="https://www.theguardian.com/australia-news/2025/apr/09/donald-trump-flags-major-tariff-on-pharmaceuticals-as-us-senator-criticises-whack-on-australia">reported</a> The Guardian.
&#8220;We&#8217;re going to be announcing very shortly a major tariff on pharmaceuticals&#8230; when they hear that they will leave China, they will leave other places because&#8230; most of their product is sold here,&#8221; Trump expressed at a National Republican Congressional Committee dinner.
Despite exempting pharmaceuticals from the recent round of reciprocal tariffs, Trump has been hinting for a long time that the drug industry would be a target. The President is of the view that the tariff will drive drug companies to return to the U.S., considering it is a significant market for their products. &#8220;The advantage we have over everybody is that we&#8217;re the big market. So we&#8217;re going to be announcing very shortly a major tariff on pharmaceuticals,&#8221; Trump added.
The President, however, did not divulge any specifics regarding the tariff increase or its potential impact.
Pharmaceutical stocks across the globe, including GlaxoSmithKline, Sanofi and India&#8217;s Teva Pharmaceuticals, tumbled on Wednesday.
In the U.S. pharmaceutical stocks, Pfizer (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) declined 3.5%, while Eli Lilly And Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) lost 3.2%. AstraZeneca Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) fell 1.35%, while Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) and Merck &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) dropped 2.94% and 2.75%, respectively, during the Wednesday pre-market trading session.
SEE ALSO:&nbsp;<a href="https://benzinga.com/markets/25/04/44706492/trump-predicts-tremendous-thundering-landslide-in-2026-midterms-says-tariffs-will-help-republicans-win-bi" target="_blank" rel="noreferrer noopener">Trump Predicts &#8216;Tremendous, Thundering Landslide&#8217; In 2026 Midterms, Says Tariffs Will Help Republicans Win Big</a>
Why It Matters: The $1.7 trillion revenue prescription drug industry has demonstrated a strong resilience to tariffs. The U.S., being the largest and most profitable market globally for prescription drugs and generic products, imports most of these from overseas. In 2024, drug imports reached $213 billion, more than two and a half times the total 10 years earlier. The proposed tariff could, in theory, help bring business back onshore.
However, companies like&nbsp;AstraZeneca Plc and&nbsp;Pfizer&nbsp;have extensive global manufacturing networks, including Ireland, Germany, Canada, the UK, and the U.S and are not restricted to India and China. Sources told Reuters that it could take up to 10 years to build and equip a factory in the U.S., due to stringent regulatory requirements from the U.S. Food and Drug Administration (FDA). Therefore, Trump&#8217;s tariff might necessitate drugmakers to overhaul a complex, expensive manufacturing system.
Meanwhile, after Trump indicated major tariffs on pharmaceuticals, EU drugmakers have urged European Commission President Ursula von der Leyen to take "rapid and radical action" to address the growing "risk of an exodus" to the U.S., following a meeting in Brussels.
<ul>
<li>READ MORE: <a href="https://benzinga.com/25/04/44705972/ford-motor-general-motors-to-witness-higher-demand-as-american-automotives-reap-the-fruit-of-protectionism-says-e" target="_blank" rel="noreferrer noopener">Ford, GM To Witness &#8216;Higher Demand&#8217; As American Carmakers Set To &#8216;Reap The Fruit Of Protectionism,&#8217; Says Expert: Here&#8217;s A List Of Potential Gainers And Losers From Trump Tariffs</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Trump Hints At 'Major Tariff' On Imported Pharmaceuticals: Pfizer, Eli Lilly, Amgen And Other Stocks Tumble In Wednesday Pre-Market

Shares of the Health Care Select Sector SPDR Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NASDAQ">XLV</a>) are trading lower by 8.6% to $132.86 over the past week as tariff announcements from President Donald Trump last week spooked investors and <a href="https://www.benzinga.com/government/regulations/25/04/44670193/wall-street-turmoil-deepens-as-trump-threatens-massive-china-tariffs-bitcoin-wobbles-at-78k-whats-driving-markets-monday">dragged major sectors</a> of the market lower. 
While healthcare is often viewed as a defensive play during times of uncertainty, the <a href="https://www.benzinga.com/general/health-care">sector</a> is not immune to the broader economic implications of escalating trade tensions.
<h2 class="wp-block-heading">What Is XLV?</h2>
The Health Care Select Sector SPDR Fund is an exchange-traded fund that tracks the performance of the Health Care Select Sector Index, which includes large U.S. healthcare companies across pharmaceuticals, biotechnology, healthcare equipment and managed care. Top holdings include Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), UnitedHealth Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>), Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), Eli Lilly And Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) and Merck &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) .
Although healthcare demand tends to be less cyclical than sectors like industrials or energy, many of XLV's components are <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44667104/speculators-raise-wagers-on-fed-emergency-rate-cuts-as-theories-of-self-induced-crash-gather-pace">exposed to global markets</a>, supply chains and regulatory dynamics—all of which can be disrupted by a trade war.
Read Also: <a href="https://www.benzinga.com/news/25/04/44670684/whats-going-on-with-financial-select-sector-spdr-fund-xlf">What&#8217;s Going On With Financial Select Sector SPDR Fund (XLF)?</a>
<h2 class="wp-block-heading">Why Are Tariffs Hitting Healthcare—and XLV?</h2>
At first glance, healthcare might seem like an unlikely victim of tariff tensions, but the industry is more globally interconnected than it appears. Here's how tariff escalation is weighing on XLV and its underlying holdings:
<ul>
<li>Global Supply Chain Disruptions: Many medical devices and pharmaceutical ingredients are manufactured or sourced overseas. Tariffs on imported materials from countries like China can increase production costs for companies like Medtronic and Abbott Laboratories, which rely on <a href="https://www.benzinga.com/25/04/44663112/us-families-to-see-3800-annual-price-hike-says-experts-even-as-trump-indicates-tariff-windfall-of-tens-of-billions-of-dollars">international supply chains</a> to maintain margins and deliver products at scale. </li>
<li>Pricing Pressures Intensify: Healthcare companies already face intense political scrutiny over pricing. Tariffs add another <a href="https://www.benzinga.com/news/global/25/04/44668830/we-want-fairness-white-house-trade-adviser-navarro-says-trump-administration-is-focused-on-non-tariff-cheating">layer of cost inflation</a> that may be difficult to pass along to consumers or insurers. That's especially challenging for drugmakers and device manufacturers that operate under tight pricing regulations or depend on long-term contracts. </li>
<li>Global Growth Matters: Multinational pharmaceutical companies such as Pfizer and Johnson &amp; Johnson derive a significant share of their revenue from international markets. A slowdown in global economic growth due to <a href="https://www.benzinga.com/25/04/44661965/trumps-reciprocal-tariff-threat-wipes-out-nearly-18-trillion-from-magnificent-7-dan-ives-warns-it-could-set-us-tech-back-a-decade-investors-know-math-and-the-sad-reality">trade tensions</a> can dampen demand for branded drugs and medical products abroad, squeezing top-line growth. </li>
<li>Market Volatility Hits Sentiment: Even though healthcare is traditionally considered defensive, the sector is still susceptible to broader market moves. Investors often rotate out of equities—including healthcare—during times of heightened uncertainty. Additionally, biotech and life sciences stocks, many of which are included in XLV, tend to be more volatile and sensitive to shifts in investor risk appetite.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/government/regulations/25/04/44670193/wall-street-turmoil-deepens-as-trump-threatens-massive-china-tariffs-bitcoin-wobbles-at-78k-whats-driving-markets-monday">Wall Street Turmoil Deepens As Trump Threatens Massive China Tariffs, Bitcoin Wobbles At $78K: What&#8217;s Driving Markets Monday?</a>

Why Health Care Select Sector SPDR Fund (XLV) Is Moving

Several exemptions exist among President Donald Trump&#8216;s <a href="https://www.benzinga.com/markets/25/04/44621408/market-access-has-a-price-trump-unveils-list-of-tariffs-countries-targeted" target="_blank" rel="noopener">broad tariffs</a>, which were announced on Wednesday. 
The biopharma industry has historically been shielded from tariffs, including during Trump&#8217;s first term. Given its significant manufacturing presence in Europe, investors had feared global tariffs could disrupt the sector.
Morningstar <a href="https://www.morningstar.com/stocks/biopharma-industry-exempt-global-10-tariff-we-still-see-margin-tax-rate-risks" target="_blank" rel="noopener">reports</a> that with the U.S. importing approximately $200 billion in pharmaceuticals in 2024, a 10% tariff could have cost the industry $20 billion, with some of the largest firms facing annual tariffs of up to $1 billion.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/04/44642463/french-president-macron-suggests-suspension-of-eu-investments-in-us-amid-tariff-turmoil" rel="noreferrer noopener">French President Macron Suggests Suspension Of EU Investments In US Amid Tariff Turmoil, Vows &#8216;More Powerful&#8217; Response</a>
Goldman Sachs expects continued volatility in the biotechnology sector (XBI and S&amp;P 500 are down about 14% and 7% year-to-date, respectively), driven by broader economic <a target="_blank" href="https://www.benzinga.com/news/global/25/04/44631606/trumps-tariff-exemptions-include-semiconductors-pharmaceuticals-oil-and-more" rel="noreferrer noopener">uncertainty and unclear healthcare policy</a>.
Analyst Salveen Richter has analyzed geographic exposure and tax rates for individual companies and sees Vertex Pharmaceuticals Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>) and Alnylam Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALNY#NASDAQ">ALNY</a>) in the strongest position, followed by Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>) and Biogen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>).
Regeneron Pharmaceuticals Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>) raises some concerns due to its significant presence in Ireland. If tariffs are applied, they would likely increase the cost of goods sold since companies often import ingredients or finished products into the U.S.
Analyst Richter adds that <a target="_blank" href="https://www.benzinga.com/quote/AMGN" rel="noreferrer noopener">Amgen</a>, <a target="_blank" href="https://www.benzinga.com/quote/ALNY" rel="noreferrer noopener">Alnylam</a>, <a target="_blank" href="https://www.benzinga.com/quote/BIIB" rel="noreferrer noopener">Biogen</a>, and <a target="_blank" href="https://www.benzinga.com/quote/REGN" rel="noreferrer noopener">Regeneron</a> are the least exposed to Medicaid risk.
Goldman Sachs said Friday that it&#8217;s been hard to measure the exact impact of potential tariffs on U.S. biopharma due to limited public data on where drugs are made.
Their analysis shows limited manufacturing exposure to Canada, Mexico and China. Pharmaceuticals from Canada and Mexico are also likely exempt under the USMCA trade deal. However, some companies do rely heavily on manufacturing in the EU.
If tariffs are placed on drugs made outside the U.S. and kept in place, they could raise manufacturing costs. Companies often import ingredients or finished products before selling them in the U.S. Some manufacturers are reportedly speeding up shipments from Europe out of concern that tariffs may apply to <a href="https://www.benzinga.com/general/biotech/25/03/44440233/pharmaceutical-firms-say-uk-investment-is-unlikely-unless-payment-levy-is-adressed" target="_blank" rel="noopener">those products,</a><a href="https://www.benzinga.com/general/biotech/25/03/44440233/pharmaceutical-firms-say-uk-investment-is-unlikely-unless-payment-levy-is-adressed" target="_blank" rel="noreferrer noopener"> too</a>.
Goldman Sachs is also watching for exceptions or phased rollouts, pointing to a similar eight-year grace period in the Biosecure Act.
Still, the analyst writes that biopharma companies are generally resilient due to their high profit margins and globally spread operations.
Companies that produce small-molecule drugs might handle a U.S. manufacturing shift better than those making biologics since small molecules require less complex production.
Senator Ron Wyden has raised concerns about Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) and Merck &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) using offshore setups to reduce U.S. taxes.
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BIIB

VRTX

Vertex, Alnylam Best Positioned As Biopharma Braces For Tariff Impact, Goldman Sachs Flags Regeneron, Biogen Risks

BeiGene Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ONC#NASDAQ">ONC</a>) on Thursday announced the discontinuation of its clinical development program for ociperlimab (BGB-A1217), an anti-TIGIT antibody, as a potential <a href="https://www.benzinga.com/general/health-care" target="_blank" rel="noreferrer noopener">treatment for lung cancer</a>.
The Independent Data Monitoring Committee recommended terminating the ongoing Phase 3 AdvanTIG-302 trial based on its findings as part of a pre-<a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/b44623473/beigene-provides-update-on-the-ociperlimab-bgb-a1217-clinical-development-program" rel="noreferrer noopener">planned futility analysis</a>.
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The study&#8217;s purpose was to evaluate the efficacy and safety of ociperlimab + tislelizumab compared with that of Merck &amp; Co Inc&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) Keytruda (pembrolizumab) in adults with high PD-L1, locally advanced/recurrent, or untreated metastatic NSCLC.
The overall efficacy and safety data <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/b44623473/beigene-provides-update-on-the-ociperlimab-bgb-a1217-clinical-development-program" rel="noreferrer noopener">assessment</a> suggested that the study was unlikely to meet the primary endpoint of overall survival.
No new safety signals were observed. After thorough deliberation, the company has decided to terminate the trial.
The <a target="_blank" href="https://www.clinicaltrials.gov/study/NCT04746924" rel="noreferrer noopener">study</a> was expected to conclude in February 2027.
&#8220;We evaluate our clinical programs to focus our resources on the most promising clinically differentiated candidates while thoughtfully de-prioritizing others,&#8221; said Mark Lanasa, M.D., Ph.D., chief medical officer, Solid Tumors at BeiGene.
Results from this study will be shared later.
Price Action: ONC stock is down 4.2% at $263.04 at last check Thursday
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BeiGene Discontinues Lung Cancer Drug Study After Interim Data Showed Limited Survival Benefit

Merck &amp; Co's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) short percent of float has fallen 9.26% since its last report. The company recently reported that it has 37.13 million shares sold short, which is 1.47% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.31 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
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<h3>Merck &amp; Co Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1743616827_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Merck &amp; Co has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Merck &amp; Co's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>, Merck &amp; Co's peer group average for short interest as a percentage of float is 4.19%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze?adType=benzinga-insights&amp;ad=short-interest&amp;campaign=wallstreetadvantage">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

How Do Investors Really Feel About Merck & Co?

Merck (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), known as MSD outside of the United States and Canada, today announced the first presentation of results from the Phase 3 ZENITH trial evaluating WINREVAIR&#x2122; (sotatercept-csrk) compared to placebo in adults with pulmonary arterial hypertension (PAH, Group 1 PH) WHO&#x2A; functional class (FC) III or IV at high risk of mortality who were on maximum tolerated background PAH therapy. At a median follow-up of10.6 months (range, 0.3-26.1), WINREVAIR reduced the relative risk of major morbidity and mortality events (the composite of all-cause death, lung transplantation and PAH worsening-related hospitalization of ≥24 hours) by 76% (HR=0.24 [95% CI, 0.13-0.43]; p&lt;0.0001 [1-sided]) compared to placebo.For patients treated with WINREVAIR, 17.4% (n=15/86) experienced one or more major morbidity and mortality events, compared with 54.7% (n=47/86) of patients in the placebo arm. The safety profile of WINREVAIR in ZENITH was generally consistent with that observed in previous studies.

Merck Highlights Phase 3 ZENITH Trial Evaluating WINREVAIR; Says Trial Stopped Early Due To 'overwhelming efficacy demonstrated in the primary endpoint'

Subcutaneous pembrolizumab administered every six weeks with a median injection time of two minutes, in combination with chemotherapy, shows consistent results across reported efficacy and safety endpoints compared to IV KEYTRUDA in combination with chemotherapy
A time and motion descriptive analysis shows nearly 50% reductions in patient chair and treatment room time, and in total active healthcare professional time related to treatment tasks, for subcutaneous pembrolizumab compared to IV KEYTRUDA
Applications for subcutaneous pembrolizumab are under review in the U.S. and Europe
Merck (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), known as MSD outside of the United States and Canada, today announced the first data presentation from the pivotal 3475A-D77 Phase 3 trial, evaluating the subcutaneous administration of pembrolizumab, together with berahyaluronidase alfa (MK-3475A; from now on referred to as "subcutaneous pembrolizumab"). Berahyaluronidase alfa is a variant of human hyaluronidase developed and manufactured by Alteogen Inc. These results are being presented today at the European Lung Cancer Congress (ELCC) 2025 (Abstract #8MO) and published simultaneously in Annals of Oncology.
The study met its primary endpoints, demonstrating noninferior pharmacokinetics (PK) for subcutaneous pembrolizumab administered with chemotherapy with a median injection time of two minutes, versus intravenous (IV) KEYTRUDA&#xAE; (pembrolizumab) administered with chemotherapy for the first-line treatment of adult patients with metastatic non-small cell lung cancer (NSCLC). The secondary endpoints of objective response rate (ORR), progression-free survival (PFS) and duration of response (DOR) and safety were consistent for subcutaneous pembrolizumab with chemotherapy compared to IV KEYTRUDA with chemotherapy. Median overall survival (OS) was not reached in either arm.
Based on these data, the U.S. Food and Drug Administration (FDA) has accepted for review a Biologics License Application (BLA) seeking approval of subcutaneous pembrolizumab across all previously approved solid tumor indications for KEYTRUDA. The FDA has set a Prescription Drug User Fee Act (PDUFA), or target action, date of Sept. 23, 2025. Additionally, the European Medicines Agency (EMA) has validated an extension application to introduce a new pharmaceutical form and new route of administration for KEYTRUDA.
In addition, results of a prospective, observational time and motion descriptive analysis conducted alongside study 3475A-D77 show that, compared to IV KEYTRUDA, subcutaneous pembrolizumab reduced time for patients spent in-chair and in the treatment room by 49.7% and 47.4%, respectively, and reduced the total active time spent by healthcare professionals (HCPs) on treatment preparation, administration process and patient monitoring by 45.7%. These results are being presented as a poster at ELCC (Poster #33P). Pharmacokinetic, efficacy, safety and time and motion results are described further below.

Merck's Investigational Subcutaneous Pembrolizumab With Berahyaluronidase Alfa Demonstrates Noninferior Pharmacokinetics Compared To Intravenous KEYTRUDA In Pivotal 3475A-D77 Trial; A Time And Motion Descriptive Analysis Shows Nearly 50% Reductions In Patient Chair And Treatment Room Time

The European Commission Has Approved Merck's Capvaxive (Pneumococcal 21-valent Conjugate Vaccine) For Active Immunization For The Prevention Of Invasive Disease And Pneumonia Caused By Streptococcus Pneumoniae Serotypes In Individuals 18 Years Of Age And Older

The U.S. stock market had a mixed session on Tuesday. The Nasdaq Composite climbed nearly 80 points, or 0.5%, closing at 18,271.86, while the Dow remained largely flat at 42,587.50. The S&amp;P 500 edged up 0.2% to finish at 5,776.65.
Amidst these fluctuations, certain stocks grabbed the attention of retail traders and investors throughout the day.
GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>)
GameStop&#8217;s stock decreased by 0.82%, closing at $25.40. The stock reached an intraday high of $25.77 and a low of $24.99, with a 52-week range of $64.83 to $9.95. In the after-hours trading the stock shot up more than 8%. The company reported its <a href="https://in.benzinga.com/general/gaming/25/03/44482313/gamestop-q4-earnings-revenue-miss-eps-beat-shares-surge-as-board-approves-bitcoin-as-treasury-reserve-asset">fourth-quarter results</a>, revealing revenue of $1.283 billion, which fell short of the $1.48 billion consensus estimate. However, adjusted earnings per share of 30 cents exceeded analyst expectations of eight cents. The board&#8217;s approval of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as a treasury reserve asset added to the day&#8217;s developments.
FST Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBSX#NASDAQ">KBSX</a>)
FST Corp&#8217;s stock surged by 26.55%, closing at $2.86. The stock hit an intraday high of $2.96 and a low of $2.43, with a 52-week range of $15.48 to $1.26. The company announced the launch of a new graphite golf shaft under the KBS brand, designed to enhance shot distance and accuracy. This product is available in five weight classes at authorized dealers and custom fitting centers.
Merck &amp; Co Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>)
Merck&#8217;s stock fell by 4.81%, closing at $87.87. The stock recorded an intraday high of $92.31 and a low of $87.08, with a 52-week range of $134.63 to $81.04. The company entered an <a href="https://in.benzinga.com/general/biotech/25/03/44477157/merck-partners-with-hengrui-pharma-in-177-billion-deal-for-cardiovascular-treatment">exclusive license agreement</a> with Jiangsu Hengrui Pharmaceuticals for a cardiovascular treatment, valued at $1.77 billion. This agreement focuses on an investigational oral small molecule Lipoprotein(a) inhibitor.
United Parcel Service, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>)
UPS&#8217;s stock declined by 5.05%, closing at $109.95. The stock reached an intraday high of $116 and a low of $109.89, with a 52-week range of $157.99 to $109.4. UPS stock has been in focus after the <a href="https://in.benzinga.com/markets/equities/25/03/44467974/postmaster-general-louis-dejoy-resigns-amid-9-5-billion-loss-and-growing-as-usps-faces-competitive-heat-from-amazon-fedex-and-ups">resignation</a> of U.S. Postmaster General Louis DeJoy amid financial challenges and competitive pressures. UPS is one of the major competitors of USPS.
Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)
Tesla&#8217;s stock rose by 3.45%, closing at $287.99. The stock hit an intraday high of $288.2 and a low of $271.28, with a 52-week range of $488.54 to $138.80. The electric vehicle manufacturer saw its weekly insured registrations in China <a href="https://www.benzinga.com/tech/25/03/44471753/teslas-china-weekly-insured-numbers-hit-new-year-to-date-high-gary-black-says-tslas-europe-sales-decline-not-relevant">reach a new high</a> for the year, driven by increased production of the refreshed Model Y. 
Image via Shutterstock
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Prepare for the day&#8217;s trading <a href="https://editorial.benzinga.com/wp-admin/Premarket%20Movers%20&amp;%20News">with top premarket movers and news</a> by Benzinga.
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Gamestop, FST Corp, Merck, UPS, And Tesla: Why These 5 Stocks Are On Investors' Radars Today

WIIM

Merck & Company shares are trading lower. The company announced it entered into an exclusive license agreement with Jiangsu Hengrui Pharmaceuticals for HRS-5346.

Merck &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) and Jiangsu Hengrui Pharmaceuticals Co., Ltd on Tuesday entered into an exclusive license agreement for HRS-5346, an investigational oral small molecule Lipoprotein(a), or Lp(a), inhibitor currently being evaluated in a Phase 2 <a href="https://www.benzinga.com/general/health-care" target="_blank" rel="noreferrer noopener">clinical trial in China</a>.
Lipoprotein (a), or Lp(a), is a type of lipoprotein produced in the liver that carries cholesterol, fats, and proteins in the blood.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/25/03/44440233/pharmaceutical-firms-say-uk-investment-is-unlikely-unless-payment-levy-is-adressed" rel="noreferrer noopener">Pharmaceutical Firms Say UK Investment Is &#8216;Unlikely&#8217; Unless Payment Levy Is Adressed</a>
Lp(a) can accumulate in blood vessel walls, forming atherosclerotic plaques similar to LDL cholesterol. These plaques can limit blood flow to vital organs and result in conditions such as heart attack, stroke, and other cardiovascular diseases.
Under the agreement, Hengrui Pharma has granted Merck exclusive rights to develop, manufacture, and commercialize HRS-5346 worldwide, excluding the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/03/b44470230/merck-enters-exclusive-license-agreement-for-hrs-5346-an-investigational-oral-lipoprotein-a-inhibi" rel="noreferrer noopener">Greater China region</a>.
Hengrui Pharma will receive an upfront payment of $200 million and is eligible to receive milestone payments associated with certain development, regulatory and commercial milestones up to $1.77 billion and royalties on net sales of HRS-5346 if approved.
The transaction is expected to close in the second quarter of 2025.
Merck expects to record a pre-tax charge of $200 million, or approximately $0.06 per share, to be included in GAAP and non-GAAP results in the quarter the transaction closes.
Price Action: MRK stock is down 1.82% at $90.63 at the last check Tuesday.
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Contracts

Merck Partners With Hengrui Pharma In $1.77 Billion Deal For Cardiovascular Treatment

On Tuesday, Mural Oncology plc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MURA#NASDAQ">MURA</a>) released data from the ARTISTRY-7 phase 3 trial of nemvaleukin alfa in combination with Merck &amp; Co Inc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) Keytruda (pembrolizumab) vs. investigator choice single agent chemotherapy for platinum-resistant ovarian cancer.
The company said it would not continue the final analysis and would cease the development of nemvaleukin for <a target="_blank" href="https://www.benzinga.com/pressreleases/25/03/g44470114/mural-oncology-provides-update-on-phase-3-artistry-7-trial-of-nemvaleukin-in-combination-with-keyt" rel="noreferrer noopener">platinum-resistant ovarian cancer</a>.&nbsp;
In the pre-specified interim analysis conducted by the independent data monitoring committee, nemvaleukin, in combination with pembrolizumab, did not achieve a statistically significant improvement in overall survival versus the investigator&#8217;s choice of chemotherapy alone.
Mural Oncology says the study is highly unlikely to achieve success at the final analysis.
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Median overall survival was 10.1 months for patients treated with nemvaleukin in combination with pembrolizumab and 9.8 months for patients treated with investigator&#8217;s choice chemotherapy (hazard ratio: 0.98).
Nemvaleukin has a well-characterized and favorable safety profile, both as a monotherapy and in combination with pembrolizumab. Over 800 patients were treated across the broader clinical program.
In the interim analysis of ARTISTRY-7, the safety profile was generally consistent with previously reported data.
Nemvaleukin is being evaluated in a potentially registrational phase 2 trial, ARTISTRY-6, cohort 2, in mucosal melanoma. The topline data readout is expected in Q2 2025.
The preliminary data readouts for less-frequent intravenous dosing of nemvaleukin in patients with cutaneous melanoma are expected in the second quarter of 2025 for cohort 3 of ARTISTRY-6 (monotherapy) and the second half of 2025 for cohort 4 of ARTISTRY-6 (combination therapy).
Price Action: MURA stock is down 49.6% at $1.93 during the premarket session at the last check Tuesday.
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MURA

Mural Oncology's Ovarian Cancer Combo Drug Trial Disappoints, Stock Plunges

Merck expects to record a pre-tax charge of $200 million, or approximately $0.06 per share, to be included in GAAP and non-GAAP results in the quarter the transaction closes.&nbsp;

Merck And Jiangsu Hengrui Pharmaceuticals Entered Into An Exclusive License Agreement For HRS-5346, An Investigational Oral Small Molecule Lipoprotein(a) Inhibitor Currently In A Phase 2 Trial In China, Hengrui Pharma Will Receive An Upfront Payment Of $200M And $1.77B In Milestone Payments

On Friday, Cantor Fitzgerald initiated coverage on Summit Therapeutics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMMT#NASDAQ">SMMT</a>), citing shares <a href="https://www.benzinga.com/topic/pharmaceuticals">as 67% undervalued</a>.
The company&#8217;s lead candidate ivonescimab (SMT112) is an investigational, potentially first-in-class bispecific antibody combining the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects associated with blocking VEGF <a target="_blank" href="https://www.benzinga.com/general/biotech" rel="noreferrer noopener">into a single molecule</a>.
Akeso Inc. engineered Ivonescimab, which is currently in multiple Phase 3 clinical trials. Over 2,300 patients have been treated with ivonescimab in <a href="https://www.benzinga.com/pressreleases/25/02/b43907719/summit-therapeutics-reports-financial-results-and-operational-progress-for-the-fourth-quarter-and-" target="_blank" rel="noreferrer noopener">clinical studies globally</a>.
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Analyst Eric Schmidt writes, &#8220;Simply put, should ivonescimab continue to deliver superior efficacy relative to a PD-(L)1 class ($50 billion and growing in 2024 sales), it could become one of the most successful drugs ever.&#8221;
Cantor analyst has initiated Summit Therapeutics <a target="_blank" href="https://www.benzinga.com/quote/SMMT/analyst-ratings" rel="noreferrer noopener">with an Overweight rating</a>.
Cantor writes that ivonescimab is effective and safe, standing out from single-antibody combinations due to its unique cooperative binding mechanism. While other VEGF x PD-(L)1 bispecific drugs might share some similarities, ivonescimab has a significant head start and could launch in the U.S. by late 2026.
In September, Summit Therapeutics&nbsp;released data from the primary analysis of the Phase 3 HARMONi-2 trial of ivonescimab conducted in China.
Ivonescimab monotherapy demonstrated a statistically significant improvement in the trial&#8217;s primary endpoint, progression-free survival, compared to monotherapy Merck &amp; Co Inc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) Keytruda (pembrolizumab), achieving a&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/09/40771038/summit-therapeutics-lung-cancer-candidate-surpasses-mercks-multi-billion-dollar-keytruda-cuts-ris" rel="noreferrer noopener">hazard ratio (HR) of 0.51</a>.
Cantor writes that progression-free survival is likely to translate into improved overall survival, with data anticipated by the end of 2025 or early 2026.
&#8220;Growing conviction in HARMONi-2 should enhance investor optimism for Summit&#8217;s three ongoing Phase 3 trials in NSCLC with readouts expected in 2025-2028,&#8221; analyst Schmidt writes.
Cantor notes that ivonescimab could achieve around 50% share in the over $100 billion market for VEGF x PD-(L)1s.
Price Action: Summit Therapeutics stock is up 3.44% at $20.43 at the last check Monday.
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Initiation

SMMT

Analyst Initiates Coverage On 'Undervalued' Summit Therapeutics

The Association of the British Pharmaceutical Industry (ABPI) is urging ministers to address excessive levies on manufacturers to ensure the sector remains competitive globally.
The life sciences industry, a key pillar of the UK&#8217;s economic strategy, could struggle to attract investment unless payment rates are adjusted.
Last week, the government <a href="https://www.abpi.org.uk/media/news/2025/march/uk-set-to-demand-a-third-of-pharmaceutical-company-revenue-in-second-half-of-2025/" target="_blank" rel="noreferrer noopener">proposed</a> raising the Statutory Scheme payment rate for newer branded medicines from 15.5% to 32.2% of subject companies&#8217; National Health Service (NHS) sales in the second half of 2025.
The payment rate is the revenue companies must hand back to the government on their sales of branded medicines to the NHS. It is an additional charge to the taxes paid by companies.
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UK pharmaceutical leaders from Amgen Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), AstraZeneca Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>), Biogen Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>), Boehringer Ingelheim, Bristol Myers Squibb &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), Daiichi Sankyo Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DSNKY#OTC">DSNKY</a>), Gilead Sciences Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), Merck &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>), Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), Roche Holdings AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>), Sanofi SA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>), Takeda Pharmaceutical Co Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAK#NYSE">TAK</a>) and UCB SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UCBJY#OTC">UCBJY</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/UCBJF#OTC">UCBJF</a>) point to the challenges to investing in the U.K.
The pharmaceutical sector <a target="_blank" href="https://www.abpi.org.uk/media/news/2025/march/medicine-levy-makes-the-uk-un-investable-say-pharma-leaders/" rel="noreferrer noopener">contributes</a> over 17.6 billion pounds ($22.76 billion) directly to the U.K. economy, with an additional 45 billion generated through research and development spillovers.
However, companies argue that growth is being stifled due to escalating mandatory payments. Under the current system, firms must pay between 23.5% and 35.6% of their branded medicine sales revenue to the NHS. This is significantly higher than other European nations, where comparable rates range from 5.7% to 9%, ABPI writes.
The ABPI report highlights that while the UK once led in medicine availability, it has slipped to ninth place in Europe over the past decade. One year after launch, medicine usage in England is only 52% of the average of comparable nations, rising to 62% after five years.
Additionally, the UK has dropped from fourth to tenth in global rankings for phase 3 clinical trials, lagging behind Spain, Germany and Italy.
Investment in UK pharmaceutical research has also declined, with the country&#8217;s share of global R&amp;D investment falling from 7.3% to 5.7% in just three years.
This marks the fastest decline of any European G7 nation. Meanwhile, NHS funding has grown by 33% in real terms over the past decade, but spending on branded medicines has been capped at annual growth rates between 1.1% and 2%, declining by 11% when adjusted for inflation.
The industry and government have long collaborated on agreements to ensure NHS access to medicines.
The latest, the Voluntary Scheme for Branded Medicines, Pricing, Access, and Growth (VPAG), was intended to realign UK payment rates with international standards. While rates for newer medicines briefly dropped to 15.1% in 2024, they surged again in 2025 to 23.5% for newer medicines, with companies still paying 10.6%-35.6% for older products.
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Eurozone

DSNKY

Pharmaceutical Firms Say UK Investment Is 'Unlikely' Unless Payment Levy Is Adressed

Merck Announced That Health Canada Approved Keytruda (Pembrolizumab), Merck's Anti-PD-1 Therapy, In Combination With Carboplatin And Paclitaxel, Followed By Keytruda As A Single Agent, For The Treatment Of Adult Patients With Primary Advanced Or Recurrent Endometrial Carcinoma

Merck, Known As MSD Outside Of The United States And Canada, Announced That New Clinical And Outcomes Research Data Will Be Presented At The American College Of Cardiology's Annual Scientific Session And Expo In Chicago From March 29-31

Deep-pocketed investors have adopted a bullish approach towards Merck &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in MRK usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Merck &amp; Co. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 63% leaning bullish and 36% bearish. Among these notable options, 6 are puts, totaling $487,682, and 5 are calls, amounting to $170,536.
<h3>Projected Price Targets</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $70.0 and $130.0 for Merck &amp; Co, spanning the last three months.
<h3>Insights into Volume &amp; Open Interest</h3>
In terms of liquidity and interest, the mean open interest for Merck &amp; Co options trades today is 4151.7 with a total volume of 2,340.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Merck &amp; Co's big money trades within a strike price range of $70.0 to $130.0 over the last 30 days.
<h3>Merck &amp; Co Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1742324544_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th align="right">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>MRK</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/17/25</td>
<td>$36.45</td>
<td>$35.3</td>
<td>$35.49</td>
<td>$130.00</td>
<td>$134.8K</td>
<td>8</td>
<td align="right">38</td>
</tr>
<tr>
<td>MRK</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/19/25</td>
<td>$9.6</td>
<td>$9.45</td>
<td>$9.6</td>
<td>$100.00</td>
<td>$130.5K</td>
<td>1.7K</td>
<td align="right">136</td>
</tr>
<tr>
<td>MRK</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/17/25</td>
<td>$3.05</td>
<td>$2.94</td>
<td>$2.94</td>
<td>$95.00</td>
<td>$88.2K</td>
<td>10.9K</td>
<td align="right">378</td>
</tr>
<tr>
<td>MRK</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>07/18/25</td>
<td>$2.23</td>
<td>$2.22</td>
<td>$2.22</td>
<td>$85.00</td>
<td>$59.0K</td>
<td>3.3K</td>
<td align="right">323</td>
</tr>
<tr>
<td>MRK</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$5.35</td>
<td>$5.2</td>
<td>$5.35</td>
<td>$105.00</td>
<td>$42.2K</td>
<td>3.8K</td>
<td align="right">86</td>
</tr>
</tbody>
</table>

<h3>About Merck &amp; Co</h3>
Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections. Within cancer, the firm's immuno-oncology platform is growing as a major contributor to overall sales. The company also has a substantial vaccine business, with treatments to prevent pediatric diseases as well as human papillomavirus, or HPV. Additionally, Merck sells animal health-related drugs. From a geographical perspective, just under half of the company's sales are generated in the United States.
After a thorough review of the options trading surrounding Merck &amp; Co, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Merck &amp; Co's Current Market Status</h3>
<ul>
<li>With a trading volume of 4,446,683, the price of MRK is down by -0.09%, reaching $94.7.</li>
<li>Current RSI values indicate that the stock is may be overbought.</li>
<li>Next earnings report is scheduled for 37 days from now.</li>
</ul>
<h3>Expert Opinions on Merck &amp; Co</h3>
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $105.0.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;adType=benzinga-insights&amp;ad=options-activity&amp;campaign=wallstreetadvantage">Click here for access</a>. 
&#x2A; Reflecting concerns, an analyst from Deutsche Bank lowers its rating to Hold with a new price target of $105.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Merck &amp; Co, <a href="https://www.benzinga.com/pro/">Benzinga Pro</a> gives you real-time options trades alerts.

Options

Merck & Co's Options: A Look at What the Big Money is Thinking

ATNM

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INVESTOR ALERT: Pomerantz Law Firm Reminds Investors with Losses on their Investment in Merck & Co., Inc. of Class Action Lawsuit and Upcoming Deadlines - MRK

Legal

INVESTOR DEADLINE APPROACHING: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Merck & Co.

Deadline Alert: Merck & Co (MRK) Investors Who Lost Money Urged To Contact Glancy Prongay & Murray LLP About Securities Fraud Lawsuit

Investors who lost money on Merck & Co., Inc. (MRK) should contact The Gross Law Firm about pending Class Action - MRK

MRK FINAL DEADLINE: ROSEN, NATIONAL TRIAL COUNSEL, Encourages Merck & Co., Inc. Investors to Secure Counsel Before Important April 14 Deadline in Securities Class Action – MRK

The Gross Law Firm Reminds Shareholders of a Lead Plaintiff Deadline of April 14, 2025 in Merck & Co., Inc. Lawsuit - MRK

SHAREHOLDER REMINDER: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Merck & Co.

Merck & Co (MRK) Investors Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit

Class Action Filed Against Merck & Co., Inc. (MRK) Seeking Recovery for Investors – Contact Levi & Korsinsky

Merck & Co., Inc. Investors: Please contact the Portnoy Law Firm to recover your losses. April 14, 2025 Deadline to file Lead Plaintiff Motion

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Comments

Merck & Co

Unusual Options Activity for

Noticias

SOCIO/CONTRIBUIDOR

BENZINGA GLOBAL

Date	Put/Call	Strike Price	Exp Date	DTE	Trade Vol	Day Vol	Vol / OI	OI	Trade Type	Sentiment
02:37 PMApr 01, 2025	CALL	$90.00	May 16, 2025	34	2681	2500	105	2544	TRADE	BEARISH
12:51 PMApr 01, 2025	PUT	$90.00	Jan 16, 2026	279	1152	1150	20	5691	TRADE	BEARISH
12:44 PMMar 31, 2025	PUT	$85.00	Aug 15, 2025	125	1915	1875	87	2207	TRADE	NEUTRAL
03:39 PMMar 27, 2025	CALL	$110.00	Jul 18, 2025	97	40086	20000	97	41115	SWEEP	BEARISH
03:39 PMMar 27, 2025	CALL	$110.00	Jul 18, 2025	97	86	20000	0	41115	SWEEP	BEARISH
12:06 PMMar 27, 2025	PUT	$110.00	Jan 15, 2027	643	700	200	51	1375	TRADE	BEARISH
11:56 AMMar 27, 2025	PUT	$110.00	Jan 15, 2027	643	500	200	36	1375	SWEEP	BEARISH
11:19 AMMar 27, 2025	PUT	$110.00	Jan 15, 2027	643	300	300	22	1375	SWEEP	BEARISH
10:48 AMMar 27, 2025	PUT	$100.00	Jan 15, 2027	643	900	836	46	1965	TRADE	BEARISH
10:33 AMMar 27, 2025	PUT	$105.00	Jan 16, 2026	279	625	625	15	4132	SWEEP	BEARISH
03:46 PMMar 26, 2025	CALL	$90.00	Dec 19, 2025	251	2008	2000	369	544	TRADE	BEARISH
10:40 AMMar 26, 2025	PUT	$105.00	Jan 16, 2026	279	625	625	13	4649	TRADE	BULLISH
01:08 PMMar 25, 2025	PUT	$80.00	Jan 16, 2026	279	1605	1599	60	2663	SWEEP	BEARISH