(https://www.cnbc.com/2026/06/08/pharma-stocks-are-showing-strength-charts-predict-this-name-could-break-out-next.html) is the headline, and everyone's watching charts. But the real signal is what pharma *can afford to do* with that balance sheet strength. MRK posted a $-4.2B net income loss against $16.3B in annual revenue—that's a margin crater—yet the sector's still bid. Why?

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