Says does not expect impact to credit rating. Merck (MRK) sees a negative impact of approximately 17c in first 12 months from the acquisition of Terns (TERN) due to the investment to advance the development of TERN-701 and the assumed cost of financing. Merck still sees about $3B of repurchases in 2026 and says it is committed to funding and growing the dividend over time. Comments taken from the M&A announcement conference call.
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