Turning to our winners, global pharmaceutical giant Merck (MRK, Financial) was the Fund’s best performer in the quarter. The stock returned 12.0%, contributing a positive 0.6% to the Fund’s return. Merck’s sales grew faster than investors expected, driven by extensions in cancer drug Keytruda, greater adoption of HPV vaccine Gardasil and the launch of COVID-19 pill Lagevrio. In late June, Merck also entered talks to acquire biotech Seagen for $40 billion to bolster its oncology franchise. Investors praised Merck’s progress in diversifying its sources of revenue by bidding up the company’s shares.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio)'s second-quarter 2022 commentary.
