NEW YORK — December 24, 2025: Merck & Co., Inc. (NYSE: MRK) ended a holiday-shortened Christmas Eve session near $106.45, up about 1.3% on the day, and held close to those levels in thin after-hours trading. [1]
The move capped a strong late-December run for the pharmaceutical blue chip and came as the broader U.S. market pushed to fresh records in a “Santa rally” setup—an upbeat backdrop that helped lift several Dow components, including Merck. [2]
Below is what investors and traders should know after the bell on 12/24/2025, and what to watch before the next U.S. cash-session open (note: U.S. stock markets are closed on Thursday, Dec. 25 for Christmas). [3]
MRK after the bell: the key numbers and what they signal
Merck stock finished the session around $106.45, putting it firmly in breakout territory relative to recent weeks. [4]
What stood out on Dec. 24:
- New 52-week high: Multiple market feeds and commentary noted MRK hitting a new high above $106 during the session—an important technical milestone that can draw momentum and “re-rating” interest into year-end. [5]
- Dow support: Market coverage singled out Merck as one of the notable contributors to the Dow’s Christmas Eve advance, alongside Nike. [6]
- Holiday liquidity caveat: With trading shortened and many desks lightly staffed, after-hours prints can be less informative than on a normal day. Nasdaq’s own guidance highlights that extended-hours sessions tend to have less liquidity and higher volatility. [7]
Why Merck moved today: market tailwinds plus a “defensive growth” bid
1) A record-setting tape helped lift blue chips
U.S. equities closed higher in the shortened session, with the Dow and S&P 500 notching record closing highs, according to Reuters, as the market entered the traditional Santa-rally window. [8]
That matters for MRK because in late-year rallies, investors often rotate into large, liquid, lower-beta names that still offer earnings durability—characteristics Merck is often associated with.
2) Merck benefited from a “quality + income” framing into year-end
Merck’s dividend profile remains part of the bull case. The company announced a quarterly dividend of $0.85 per share, payable Jan. 8, 2026, to shareholders of record Dec. 15, 2025. [9]
In the final stretch of the year—especially during lower-volume holiday sessions—dividend stalwarts can attract incremental demand from income mandates and “defensive” allocators.
3) The market is still digesting major U.S. drug-pricing headlines from last week
While there was no major, new Merck corporate release dated Dec. 24, investors are still reacting to policy developments from Dec. 19, when Merck announced a “historic agreement” with the Trump administration focused on access and affordability—including plans to offer certain products via a direct-to-patient program and pricing outlined as ~70% off list price for specific diabetes medicines. [10]
Importantly for sentiment, Reuters reported that when the broader set of deals was announced, the market interpreted the framework as reducing tariff-related uncertainty (a key overhang that had been weighing on drugmakers). [11]
Today’s (Dec. 24) news and analysis roundup on Merck stock
Even on a holiday-lean news day, several outlets published fresh takes on MRK’s move:
- Technical milestone coverage: Investing.com flagged MRK’s push to a new 52-week high above $106 and framed it as part of a broader upward trend. [12]
- “What’s next” angle: MarketBeat highlighted the same high-water mark and summarized where sell-side targets and ratings currently sit (with a consensus target and mixed rating profile). [13]
- Valuation debate: Forbes published an analysis asking whether Merck’s sharp multi-session run is “legitimate,” noting a multi-day winning streak and prompting readers to reassess the durability of the rally. [14]
- Macro context: Market coverage emphasized that Merck was among the Dow’s meaningful contributors during the shortened session. [15]
Forecasts and Wall Street view: what expectations look like heading into the next session
Analyst “forecast” snapshots vary by dataset, but the broad message is consistent: Merck’s late-2025 surge has moved the stock closer to many published targets, meaning the next leg up may depend more on new catalysts than on multiple expansion alone.
Here’s how several widely followed compilations currently frame it:
- StockAnalysis (15 analysts): average 12‑month target $111.93 and an average rating labeled “Buy” (implying modest upside from recent prices). [16]
- MarketBeat recap: notes a consensus rating described as “Hold” with an average price target around $110.13, while also citing examples of banks raising targets higher in recent weeks. [17]
- TipRanks (14 analysts): lists an average target of $116.38, with a wide high/low range depending on the analyst. [18]
- Simply Wall St (published today): argues the stock is hovering around “fair value” frameworks and highlights key debate points—particularly Keytruda exclusivity loss risk and softening Gardasil demand in China as potential challenges to the upside narrative. [19]
How to interpret this for the next open:
When a mega-cap defensive name breaks to new highs into a holiday, price action can stay firm simply because sellers step away. But sustaining gains after liquidity returns often requires either:
- incremental fundamentals (pipeline data, approvals, guidance), or
- a broader sector rotation that continues into January.
“Before the market opens tomorrow”: important calendar reality check
Because your question is tied to the next open, the most practical thing to know is that there is no U.S. stock market open on Thursday, December 25, 2025 (Christmas Day). [20]
What happened today and what comes next:
- Today (Wed, Dec. 24, 2025): U.S. markets had an early close at 1:00 p.m. ET. [21]
- Tomorrow (Thu, Dec. 25, 2025): U.S. stock markets are closed. [22]
- Next U.S. stock-session open:Friday, Dec. 26, 2025 (normal schedule unless your broker/exchange posts special hours). [23]
- Bond market note: SIFMA recommended an early close at 2:00 p.m. ET on Dec. 24 for U.S. bond markets, while confirming Christmas Day closures. [24]
What to watch before trading resumes on Friday, Dec. 26
With no U.S. cash session tomorrow, the “pre-open checklist” shifts to what could move MRK between now and Friday’s open:
1) Any late-breaking policy headlines on U.S. drug pricing
The market is still calibrating how far the administration’s pricing framework goes in practice—especially across Medicaid, cash-pay channels, and future product launches. Merck’s own materials outline the structure for certain products, and Reuters’ reporting underscores how the deals reduced near-term tariff uncertainty. [25]
What to monitor: additional clarifications, implementation details, or follow-on announcements that change investor assumptions about price realization.
2) Pipeline catalysts investors are pointing to going into 2026
While not new today, the pipeline narrative remains a major driver of the “re-rating” discussion:
- Merck recently highlighted positive study results for KEYTRUDA plus Padcev in muscle-invasive bladder cancer, with plans to share results with regulators for potential filings. [26]
- Reuters has also reported FDA fast-track activity for Merck candidates (via priority voucher programs), reinforcing the market’s focus on “next wave” assets. [27]
3) Holiday liquidity and positioning effects
Reuters noted thin volumes on Christmas Eve, which can amplify moves and make breakouts appear “cleaner” than they might in a full-liquidity environment. [28]
Practical takeaway: if MRK gaps up or down early Friday, check whether the move is backed by meaningful volume and real news—or just positioning.
4) Dividend and income flows
Merck’s $0.85 quarterly dividend (payable Jan. 8, 2026) remains relevant for income investors rotating into year-end. [29]
5) The core risk debate hasn’t disappeared
Even bullish commentary acknowledges the market’s ongoing focus on:
- Keytruda’s eventual loss of exclusivity, and
- China-linked vaccine demand uncertainty (often framed around Gardasil). [30]
Those themes can resurface quickly if a competitor posts strong data, if pricing pressure accelerates, or if management commentary shifts.
Bottom line for MRK after-hours on Dec. 24, 2025
Merck stock’s Christmas Eve close near $106.45 and its push to a new 52-week high put the name back on many investors’ “into 2026” watchlists. [31]
But with U.S. markets closed Thursday, the next real test comes when liquidity returns on Friday, Dec. 26, and the market decides whether MRK’s breakout is simply year-end positioning—or the start of a sustained repricing tied to policy clarity and pipeline confidence. [32]
This article is for informational purposes only and does not constitute investment advice.
References
1. www.marketbeat.com, 2. www.reuters.com, 3. www.nasdaq.com, 4. www.marketbeat.com, 5. www.investing.com, 6. www.marketwatch.com, 7. www.nasdaq.com, 8. www.reuters.com, 9. www.merck.com, 10. www.merck.com, 11. www.reuters.com, 12. www.investing.com, 13. www.marketbeat.com, 14. www.forbes.com, 15. www.marketwatch.com, 16. stockanalysis.com, 17. www.marketbeat.com, 18. www.tipranks.com, 19. simplywall.st, 20. www.nasdaq.com, 21. www.nasdaq.com, 22. www.nasdaq.com, 23. www.nasdaq.com, 24. www.sifma.org, 25. www.merck.com, 26. www.merck.com, 27. www.reuters.com, 28. www.reuters.com, 29. www.merck.com, 30. simplywall.st, 31. www.investing.com, 32. www.nasdaq.com
