In spite of pretty weak top-line results, pharma companies like Merck (NYSE:MRK), Pfizer (NYSE:PFE), and Bristol-Myers (NYSE:BMY) have benefited from a relatively bullish sentiment on healthcare stocks. That sentiment may be petering out, though, and that could make it harder for Merck's stock to outperform. I believe that this company's pipeline strategy (significant quantity, but not necessarily many stars) leads to investors underestimating its potential, but I wouldn't go so far as to think it's a tremendously cheap stock today.
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http://www.investopedia.com/stock-analysis/073013/better-margins-cant-hide-mercks-growth-challenges-mrk-pfe-bmy-rhhby.aspx
Investopedia: Better Margins Can't Hide Merck's Growth Challenges
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