
Merck (MRK) stock gained about 89% in the year from mid-September 2025, against a 17.1% price gain for the S&P 500. It also beat Johnson & Johnson (JNJ), up 58%, and Eli Lilly (LLY), up 54%. The signs were public long before the run, in what management kept saying about its drug pipeline. The reported sales told a different story.

























