Five biotech updates to read after ESMO this weekend

Moderna (MRNA) shares fell 8% despite Phase 3 data showing its melanoma vaccine, developed with Merck (MRK), reduced recurrence or death risk by 42%. The lead investigator called the results transformational, but the stock had already dropped 19% earlier in the week. Moderna trades at 39x forward sales, above its 5-year average of 7.7x. Analysts expect $3.3B in 2028 revenue. Further data is awaited from both companies.

Merck reported that intismeran plus KEYTRUDA reduced recurrence or death risk by 42% and distant metastasis or death risk by 38% in stage IIB-IV melanoma patients compared to KEYTRUDA alone. Two-year recurrence-free survival was 82.2% versus 70.0%.

Merck reported positive Phase 3 trial results for sac-TMT in endometrial cancer and intismeran in melanoma, showing improved survival rates. These results support Merck's oncology pipeline development and regulatory plans.

Sacituzumab tirumotecan (sac-TMT) showed improved progression-free and overall survival in a phase 3 trial for advanced endometrial cancer. The FDA has accepted a priority review for its approval. The drug reduced death risk by 32% and disease progression risk by 41% compared to standard treatments. According to Merck, the median PFS was 7.2 months for sac-TMT vs 3.9 months for standard treatments, and median OS was 19.0 months vs 12.1 months.

Amgen and AstraZeneca reported a 58% reduction in death risk for a lung cancer treatment in trials. Merck and Moderna's cancer vaccine showed a 42% lower recurrence rate. Halloween candy sales fell 6.7% YoY. Dow dropped 600+ points as oil prices rose. Trump announced a $275M nursing initiative. Six Flags to add seatbelts after a fatality.

Merck's Sac-TMT treatment reduced the risk of death by 32% in a trial for advanced endometrial cancer, according to the company. Merck's stock is currently trading at $141.10, with a 5-day change of -2.87%.