Merck's Frazier bets on science over short-term gains

Merck ($MRK) CEO Kenneth Frazier has taken his share of flak from Wall Street about the U.S. drug giant's spending plans. Frazier went to bat for his company's big $8 billion R&D budget this week, pointing out that in the history of the pharma biz the groups that stay on the leading edge of science come out on top. This is clearly a long-term proposition, as Merck's stock performance has lagged that of R&D-cutback-happy Pfizer ($PFE). Report

Suggested Articles

With momentum building in Pfizer’s gene therapy programs, it has bought a building in North Carolina where it will consolidate clinical manufacturing.

Novo Nordisk had been hoping to show its Tresiba could top Sanofi’s Toujeo in a head-to-head showdown, but it didn't quite get there.

GlaxoSmithKline won an FDA panel recommendation for its over-the-counter nicotine spray—but the backing didn’t come easy.