On July 16, Merck rose 3.09% in regular trading, trading at $127.53/share, with turnover of $196 million. The rally was driven by the company's announcement that Lipfendra (enlicitide) 20 mg tablets received FDA approval, becoming the first and only once-daily oral PCSK9 inhibitor for reducing LDL-C in adults with hypercholesterolemia as an adjunct to diet and exercise.

Merck simultaneously disclosed pricing for the new drug, setting the wholesale acquisition cost at $10.50 per day based on a 30-day supply. The approval marks a significant commercial milestone, as existing PCSK9 inhibitors such as Repatha and Praluent require injectable administration, positioning Lipfendra as a potentially disruptive oral alternative in the estimated multi-billion-dollar cholesterol-lowering market. The drug was also recently accepted for priority review in China.

The positive sentiment was further reinforced by a series of recent catalysts, including expanded FDA approvals for Keytruda in muscle-invasive bladder cancer and triple-negative breast cancer, a positive Phase 3 readout in endometrial cancer, and multiple investment banks raising price targets — JPMorgan to $140, BMO to $142, Wells Fargo to $150, and Scotiabank to $155.

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