Merck’s figures were once again strong although they didn’t beat consensus by that much (sales: +0.3%; profitability: +0.4%). Our expectations had been a notch too high (sales -0.7%; profitability: -0.4%), which we do not see as meaningful as the miss at the profitability level mainly stemmed from too-high corporate costs. Investors seemed to have an issue with the new detailed guidance, which left little room for consensus revisions. The lowered guidance for Covid-19-related sales might be a ....