Merck appoints Paul Diaz to board of directors

Merck (MRK) will present data from three Phase 3 trials at ESMO 2026. INTerpath-001 shows improved survival for melanoma patients using intismeran autogene plus KEYTRUDA. TroFuse-005 shows sacituzumab tirumotecan improves survival for certain endometrial cancer patients. KEYNOTE-C93 suggests KEYTRUDA monotherapy benefits certain endometrial cancer patients. Merck will hold an investor event on October 26.

Merck's Keytruda SC, a subcutaneous formulation of its cancer drug Keytruda, reached a 16% conversion rate in the U.S. one year after launch, outpacing competitors Opdivo and Tecentriq. September U.S. sales were $324 million, 15.8% of total Keytruda sales. UBS estimates Alteogen, which provides the technology, could earn $50 million in milestone payments. European sales are restricted due to patent disputes, but U.S. sales are projected to reach $5 billion by 2027.

Jefferies reduced its peak sales forecast for Merck's experimental eye treatment remigromig by 60% to $300M after trial results showed concerns about efficacy and safety compared to Lucentis. The drug met non-inferiority thresholds but showed smaller vision improvements and higher safety risks. Jefferies lowered its price target for Merck to $176 but maintained a buy rating.

RBC Capital reduced its price target for Merck (NYSE:MRK) to $145 from $150, citing lower 2027 earnings expectations. The firm's 2026 estimates align with consensus, but it forecasts slower 2027 revenue growth. Other analysts have mixed views, with Guggenheim maintaining a Buy rating and Cantor Fitzgerald raising its target. Merck also faces legal challenges and pipeline updates.

Merck reported one-year trial results for Remigromig, showing it met primary endpoints by demonstrating noninferiority to Ranibizumab in improving visual acuity. The drug had a higher incidence of adverse events related to proliferative diabetic retinopathy, which the company said were manageable and could reflect disease progression. Additional analyses are ongoing.

Merck and Moderna's personalized mRNA melanoma vaccine, intismeran autogene, met phase 3 trial endpoints. Production challenges include scaling tiny batches and cost. Moderna's facility began clinical supply in 2025, targeting 6-8 weeks from biopsy to dose. Provenge's high manufacturing cost led to bankruptcy, serving as a cautionary tale. Standalone personalized vaccines show mixed results, with a recent trial halted due to survival imbalance.