First Eagle Global Equity ETF on Merck KGaA
Thesis
First Eagle highlighted strong sales for the cancer drug Keytruda during the quarter. The company also announced an agreement to acquire Bio-Techne. Investors responded positively to what the fund described as a shift away from midsize European pharma. The strategic direction is toward higher-quality, faster-growing and longer-duration franchises.
“Investors welcomed Merck's shift away from midsize European pharma to instead focus on higher-quality, faster-growing, longer-duration franchises.”