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" ... At JPMorgan’s Healthcare Conference in early January, Chief Executive Ken Frazier said, “We believe Merck is in a very good place right now,” according to the transcript from the conference. “Coming out of last year, which was a high pace and high performance year, we were able to grow notwithstanding about $2.5 billion worth of patent expirees through the first three quarters as well as other issues that impacted our business.” ... "