Merck & Co (MRK) TD Cowen 46th Annual Health Care Conference summary

Portfolio transformation and growth drivers

• Launching over 20 new growth drivers in human health, including WINREVAIR, OHTUVAYRE, CAPVAXIVE, INFLUENZA, and QULEX, each with blockbuster potential and a combined commercial opportunity exceeding $70 billion.

• Animal health business expected to more than double revenues by the mid-2030s, supported by multiple new product launches.

• Confident in navigating KEYTRUDA loss of exclusivity, projecting only a shallow revenue dip before resuming strong growth.

• Ongoing execution on product launches and pipeline expansion, with a focus on value-creating business development.

Pipeline highlights and clinical development

• Six late-stage pipeline readouts expected in 2026–2027, including sac-TMT, I-DXd, MK-3000, tulisokibart, islatravir, and lenacapavir, each addressing significant unmet needs.

• MK-3000 introduces a novel WNT agonism mechanism for diabetic macular edema and neovascular AMD, targeting patients unresponsive to anti-VEGF therapies.

• Islatravir offers a once-weekly oral HIV treatment with >90% adherence and efficacy, aiming to improve patient convenience.

• SAC-TMT, a differentiated Trop-2 ADC, shows compelling phase III data in lung and breast cancer, with global trials underway.

• ANCHOR trial for the Seagen asset (MK-1406) is on track for early 2027 readout, targeting immunocompromised and elderly populations for influenza prevention.

Cardiometabolic and other product updates

• Oral PCSK9 inhibitor positioned as the most potent LDL cholesterol-lowering medicine, with guideline changes expected to catalyze market growth.

• Inclisiran filing imminent, with a potential U.S. launch as early as Q1 2027, supported by strong clinical data and high patient compliance.

• Studies underway to potentially reduce fasting requirements for the oral PCSK9 therapy, aiming to further improve patient experience.