Key Takeaways MRK gains FDA approval for IV and SC Keytruda with Padcev for cisplatin-ineligible MIBC.KEYNOTE-905 showed a 60% cut in EFS risk and 50% OS improvement versus surgery alone.Approval follows study data supporting perioperative use of Keytruda plus Padcev regimen in MIBC.Merck (MRK) announced that the FDA has approved both the intravenous (“IV”) and the subcutaneous (under the skin or SC) formulation of its blockbuster PD-L1 inhibitor, Keytruda (pembrolizumab), each in combination with Pfizer’s ...

Pharmaceutical stock Merck & Co (NYSE:MRK) is up 4% at $101.64 at last glance, after an upgrade from Wells Fargo to "overweight" from "equal weight," with a price-target hike to $125 from $90. The firm cited business development and pipeline progress, no longer seeing a "major cliff" from the loss of Keytruda (a cancer medication) exclusivity. Today's pop has MRK trading at its highest levels since January, breaking into positive territory for 2025. The stock has added roughly 18% in November, and now sits ...

每经AI快讯，11月24日，默克公司盘前涨2.2%。 ...

20 November 2025 | 1:03AM EST Equity Research China Healthcare: Pharmaceuticals: Takeaways From Our China Biopharma Trip We hosted an investor trip to China (Nov 10-14) to meet local companies including 3SBio, Akeso (not covered), AbelZeta (private), BeOne, Duality (not covered), Eccogene (private), Everest Medicines, GenFleet (not covered), Grand Pharma (not covered), Hansoh, Hengrui, Henlius, InnoCare, Innovent, Kelun Biotech, Keymed (covered by Honglin Yan), Lepu Biopharma (not covered), Pyrotech (privat ...

Core Viewpoint - Merck has recommended that its shareholders reject Tutanota's "Mini-Tender" offer, indicating concerns over the offer's terms and potential implications for shareholders [1] Group 1: Company Actions - Merck's board of directors has expressed strong disapproval of Tutanota's offer, emphasizing that it is not in the best interest of shareholders [1] - The company has provided guidance to shareholders on the potential risks associated with accepting the Mini-Tender offer [1] Group 2: Shareholder Impact - The rejection of the Mini-Tender offer is aimed at protecting shareholders from potentially unfavorable terms that may not reflect the true value of their shares [1] - Merck encourages shareholders to remain informed and consider the implications of such offers on their investments [1]

RAHWAY, N.J .--(BUSINESS WIRE)--Merck (NYSE: MRK), known as MSD outside of the United States and Canada, today announced that the U.S. Food and Drug Administration (FDA) has approved KEYTRUDA® (pembrolizumab) and KEYTRUDA QLEXâ,ç¢ (pembrolizumab and berahyaluronidase alfa-pmph) in combination with Padcev® (enfortumab vedotin-eifv), as neoadjuvant treatment and then continued after cystectomy as adjuvant treatment, for the treatment of adult patients with muscle-invasive bladder cancer (MIBC) who ar. ...

By Mrinalika Roy (Reuters) -Eli Lilly hit $1 trillion in market value on Friday, making it the first drugmaker to enter the exclusive club dominated by tech giants and underscoring its rise as a weight-loss powerhouse. A more than 35% rally in the company's ​stock this year has largely been driven by the explosive growth of the weight-loss drug market. In the last two years as new, highly effective ‌obesity treatments hit the market, the category has emerged as one of the most lucrative segments in heal ...

Ligand Pharmaceuticals FY Conference Summary Company Overview - **Company**: Ligand Pharmaceuticals (NasdaqGM:LGND) - **Industry**: Biopharmaceuticals - **Business Model**: Royalty aggregation, focusing on investing in royalty contracts rather than equity or debt securities [2][3] Key Points and Arguments Business Strategy - Ligand operates as a royalty aggregator, managing a portfolio of over 100 partnerships, with 12 major commercial-stage royalty streams generating over $150 million in positive cash flow for the year [3][4] - The company emphasizes a diversified cash flow model, reducing reliance on single asset success [3][4] - Ligand has a low SG&A and OPEX relative to revenues, leveraging existing infrastructure from partner companies [4] Financial Performance - In Q3, Ligand reported total revenue of $87 million, a 68% increase year-over-year, and updated guidance for total revenue to $225 million-$235 million [21][24] - Q3 royalties reached $47 million, a 47% increase from the previous year, with adjusted EPS growing 68% to $3.09 per share [21][22] - The company ended the quarter with $665 million in cash and investments, totaling over $1 billion in deployable capital [23] Growth Drivers - Recent product approvals include Pilthos' Zelsuvmy, Merck's Capvaxive, and Verona's Ohtuvayre, contributing to expected future growth [20][21] - Ligand anticipates a 22% CAGR in royalty receipts over the next five years, driven by existing commercial programs and new investments [25][26] Competitive Landscape - Ligand has not faced direct competition in its investment strategy over the past three years, primarily competing with equity and debt alternatives [28][30] - The company operates in a niche market with limited capital available for late-stage clinical development, positioning itself favorably against larger competitors [18][19] Risk Management - Ligand's investment strategy includes a focus on minimizing financing risk, as royalties are non-dilutable and protected under bankruptcy codes [6][7] - The company employs a private equity-style investment process, ensuring thorough due diligence and risk assessment before making investments [5][17] Future Outlook - Ligand's royalty portfolio is expected to grow significantly, with products like O2VARE projected to reach peak sales of $3 billion, potentially up to $6 billion [26][27] - The company is actively pursuing new investments and partnerships to enhance its portfolio and revenue streams [25][40] Additional Important Information - Ligand's Captisol business operates with minimal infrastructure, allowing for efficient management and high margins [9][10] - The company has a strong management team with diverse expertise in both scientific and financial domains, enhancing its investment decision-making process [34][35] - Ligand's approach to royalty monetization includes offering upfront payments for royalty rights from inventors and institutions, providing a strategic advantage in risk management [11][12] This summary encapsulates the key insights from Ligand Pharmaceuticals' FY conference, highlighting its business model, financial performance, growth strategies, competitive positioning, and future outlook.

Company Highlights - Viking Therapeutics has completed enrollment of approximately 4,650 adults in the phase III VANQUISH-1 study for its obesity drug VK2735, surpassing its initial target of 4,500 patients [2][3][9] - The study evaluates the safety and efficacy of three subcutaneous dosing arms (7.5 mg, 12.5 mg, and 17.5 mg) against a placebo, with a primary endpoint of percent change in body weight after 78 weeks [2][9] - The company is also enrolling patients in the phase III VANQUISH-2 study, targeting nearly 1,100 obese or overweight adults with type II diabetes, with expected completion in Q1 2026 [5] Industry Context - The obesity market is projected to reach $100 billion in the United States by 2030, driven by the success of existing drugs from Eli Lilly and Novo Nordisk [11] - Both companies are actively developing new oral weight-loss medications, with Novo Nordisk seeking FDA approval for an oral version of Wegovy by the end of this year [12] - Pfizer has re-entered the obesity market by acquiring Metsera for around $10 billion, adding four novel clinical-stage programs to its portfolio, which could generate significant peak sales [15]

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