Merck & Co (MRK) Jefferies Global Healthcare Conference 2026 summary

Key clinical data and portfolio updates

• Phase III OptiTROP-Lung05 study in NSCLC showed meaningful PFS improvement and a trend toward OS benefit for sac-TMT plus pembrolizumab versus pembrolizumab alone in patients with TPS >1%.

• Five-year durability data from KEYNOTE-942 (pembrolizumab + INT) in melanoma and KEYNOTE-522 in triple-negative breast cancer were highlighted as compelling.

• Ongoing diversification of pembrolizumab revenue in lung cancer, with future growth expected from adjuvant and maintenance settings rather than traditional frontline regimens.

• Multiple studies are underway with KEYTRUDA and VEGF inhibitors, with interest in bispecifics for improved efficacy and tolerability, though questions remain about their broader applicability.

• The sac-TMT program is designed for broad applicability across NSCLC subgroups, with a focus on maintenance therapy and tolerability, leveraging lessons from global and regional studies.

Strategic development and asset management

• Dose optimization for sac-TMT settled at 4 mg/kg for both monotherapy and combination, balancing efficacy and tolerability, and simplifying clinical use.

• Enhanced adverse event management strategies, such as steroid mouthwashes and growth factor prophylaxis, have improved patient experience and may support better outcomes in global studies.

• Acquisition of Terns and the TERN-701 (now MK-4208) asset is expected to deliver rapid and deep molecular responses in CML, with potential for first-line use and therapy discontinuation in chronic disease.

• Ongoing integration of Terns, with plans to explore both traditional and potentially more aggressive phase III trial designs.

• The Daiichi Sankyo ADC partnership is advancing three assets (I-DXd, R-DXd, P-DXd) in multiple tumor types, with notable progress in small cell lung, ovarian, and breast cancers.

Forward-looking research and innovation

• Phase III trials have begun for personalized cancer vaccines (INT) in NSCLC, building on strong five-year melanoma data showing durable reduction in metastasis and relapse.

• Exploration of ADC combinations aims to enhance checkpoint inhibitor efficacy by increasing antigen exposure, with ongoing studies in HER2 and HER3 positive breast cancer.

• Retreatment strategies with topo-based ADCs are under investigation, with sensitivity potentially influenced by treatment-free intervals and resistance mechanisms.

• Continued focus on data-driven, disciplined development, with adaptability to evolving clinical landscapes and unmet needs across oncology indications.