"I think the most undervalued in Merck," she said. "It's the one that hasn't had all the obvious catalysts where the pipeline does have the opportunity to improve."
Catalysts that Ryan mentioned included an announced collaboration between Merck and Pfizer on a diabetes drug, as well as a new head of research, which wouldn't necessarily mean immediate gains in Merck's share price.
"I think it's very, very difficult to move the needle in the near-term, given that R&D is a long-lead business and it may take 15 years to get a product out to market," she said.
But the company, Ryan added, appeared poised to increase its stock price.
"I think we will continue to see Merck restructure," she said. "I think we will continue to see the company to increase its dividend and continue to repurchase shares."