charge flavor
one-off
recurring
outlook: normalized path holds
Merck: charge-distorted trailing earnings vs normalized forward path
steady revenue
still flowing
reported EPS (trailing)
charges drag below 0
0
one-time charges
trailing multiple
inflated by charges
looks expensive
market pivot
normalized forward EPS
much cheaper path
patent-cliff
erosion risk
analyst upgrade
re-rating catalyst
forward multiple
priced on normalized
normalized path holds
re-rating sustains
earnings never arrive
forward multiple demands
EPS that never comes
charges recur, forward EPS stays pinned