Kenneth Frazier, one of America’s prominent Black executives, has recouped some of his recent portfolio losses as Merck & Co.’s shares rebound strongly, pushing the market value of his stake in the pharmaceutical giant above $90 million.
The rebound comes after Merck’s stock price rallied on the New York Stock Exchange (NYSE). Over the past 10 days, the company’s shares have seen a notable increase, boosting Frazier’s holding by $3.99 million and pushing it back over $90 million.
Kenneth Frazier’s holdings in Merck took a hit earlier this month, but a recent surge in the company’s share price has recouped those losses. Between April 1 and 12, the market value of his stake declined by $3.4 million, falling from $92.38 million to $89.01 million.
Merck rebounds after early month slide
Healthcare giant Merck remains a leader in the pharmaceutical industry, offering a diverse portfolio of prescription drugs, vaccines, biological therapies, animal health products, and consumer healthcare solutions. The company operates through three segments: Pharmaceutical, Animal Health, and Other.
Merck’s stock has seen a reversal of fortune in the past ten days, following a significant decline earlier this month. The share price has risen 4.53 percent, climbing from $125.06 on April 16 to $130.7 as of April 25. This surge has pushed Merck’s market capitalization above $330 billion and delivered substantial gains to shareholders.
The recent rally is attributed to higher-than-expected sales of Merck’s blockbuster cancer drug, Keytruda. Sales of Keytruda soared 20 percent year-over-year in the first quarter, reaching $6.9 billion compared to $5.8 billion in the prior-year period. This surpassed Wall Street analysts’ expectations of $6.7 billion, based on a consensus estimate from analysts surveyed by FactSet.
Frazier’s stake in Merck & Co. soars
Kenneth Frazier, a prominent African American executive, holds a 0.028-percent stake in the New Jersey-based pharmaceutical company, currently valued at $92.19 million. This makes him one of the most affluent Black executives in the U.S.
According to data tracked by Billionaires.Africa, the market value of Frazier’s stake in Merck & Co. has risen by $3.99 million over the past 10 days, rising from $88.19 million on April 16 to $92.19 million as of reporting.
The recent upsurge in Merck & Co.’s stock price underscores both Frazier’s longstanding presence as a shareholder and the company’s commitment to innovation and sustainable healthcare solutions, which continue to attract investors.