Aristotle Funds, an investment advisor, released its “Growth Equity Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. U.S. equity markets reached new all-time highs in Q4 2025, with the S&P 500 Index rising 2.66% and the Bloomberg U.S. Aggregate Bond Index increasing by 1.10%. Within the Russell 1000 Growth Index, healthcare, communication services, and financials were the top-performing sectors, while utilities, real estate, and materials lagged. The U.S. economy show ...

Group 1 - The core viewpoint of the article highlights Merck's financial performance for the fiscal year 2025, with total sales of $65 billion, a 1% year-over-year increase, and a non-GAAP EPS of $8.98, reflecting a 17% growth [1] - In Q4 2025, Merck reported revenues of $16.4 billion, a 5% increase year-over-year, slightly exceeding market expectations [1] - The company projects 2026 sales between $65.5 billion and $67 billion, with adjusted EPS expected to be between $5.00 and $5.15, which is below Wall Street expectations due to one-time costs from the acquisition of Cidara Therapeutics [1] Group 2 - Merck is in discussions to acquire cancer drug developer Revolution Medicines for an estimated $28 billion to $32 billion, which would enhance its oncology pipeline with the experimental drug Daraxonrasib [2] - The subcutaneous formulation of Keytruda, Keytruda Qlex, has been submitted for approval in the U.S., EU, and China to address the patent expiration challenge in 2028 [2] - The pulmonary arterial hypertension drug Winrevair is expected to receive FDA approval for new indications in 2026, with projected sales of $1.443 billion in 2025 [2] - The oral PCSK9 inhibitor Enlicitide has successfully completed Phase III clinical trials, potentially becoming a new growth point in the cardiovascular sector [2] Group 3 - As of February 13, 2026, Merck's stock price was $121.79, up 2.14% for the day and showing a year-to-date increase of 15.70% [3] - The stock experienced significant volatility, with a 3.51% drop on February 9, followed by a rebound, resulting in a trading range fluctuation of 5.92% [3] - On February 13, trading volume was approximately $238 million, with a volume ratio of 1.32, indicating active short-term trading [3] Group 4 - In January 2026, Wolfe Research upgraded Merck's rating to "Outperform" with a target price of $135, citing the company's active phase of mergers and product innovation [4] - It is anticipated that by 2029, approximately 41% of Keytruda's intravenous revenue may transition to the subcutaneous version [4]

Group 1: Financial Performance - Merck expects sales for 2026 to be between $65.5 billion and $67 billion, with adjusted earnings per share projected at $5.00 to $5.15, which is below Wall Street expectations due to one-time costs from the acquisition of Cidara Therapeutics [2] Group 2: Company Status - Keytruda's key patent is expected to gradually expire starting in 2028, with its growth showing signs of slowing down, as evidenced by 2025 sales of $31.7 billion, reflecting a 7% year-over-year increase [3] - Merck is in talks to acquire biotechnology company Revolution Medicines for a potential price of $28 billion to $32 billion, aiming to enhance its oncology pipeline with the experimental drug Daraxonrasib [4] - Sales of the HPV vaccine Gardasil declined by 39% year-over-year to $5.233 billion in 2025, impacted by decreased demand in China and updated vaccination guidelines in the U.S., necessitating ongoing monitoring of its recovery [6] Group 3: Product Development Progress - The pulmonary arterial hypertension drug Winrevair (sotatercept) achieved sales of $1.443 billion in 2025 and is expected to gain FDA approval for new indications in 2026, positioning it as a key product [5] - Oral PCSK9 inhibitor Enlicitide and other cardiovascular products are in late-stage development and may represent new growth opportunities [5]

Core Insights - Merck (MRK.US) is actively pursuing acquisitions, product innovation, and new drug pipelines, which may significantly impact its future strategy and performance [1] Recent Events - Merck is in talks to acquire cancer drug developer Revolution Medicines for an estimated $28 billion to $32 billion, which would introduce the experimental drug Daraxonrasib targeting RAS gene mutation cancers, marking one of the largest deals in the pharmaceutical industry since Pfizer's acquisition of Seagen at the end of 2023 [2] - The company has also completed the acquisition of Cidara Therapeutics to strengthen its product pipeline [2] Business Progress - The subcutaneous formulation of Keytruda (Qlex) has been submitted for approval in the U.S., EU, and China, addressing challenges from the intravenous version's key patent expiration in 2028. Wolfe Research estimates that by 2029, approximately 41% of Keytruda's intravenous revenue may transition to the subcutaneous version [3] - New indications for Keytruda, including combination therapy with Moderna's mRNA vaccine and perioperative treatment for bladder cancer, are in progress [3] Performance Overview - The pulmonary arterial hypertension drug Winrevair (sotatercept) is projected to achieve sales of $1.443 billion by 2025 and is expected to receive FDA approval for new indications in 2026 [4] - The oral PCSK9 inhibitor Enlicitide has successfully completed Phase III clinical trials, potentially offering new options for cardiovascular disease patients [4] - The animal health business is expected to generate $6.4 billion in sales by 2025, reflecting an 8% year-over-year growth, while the diabetes drug sitagliptin is projected to generate $2.544 billion in revenue [4] Company Status - Merck's 2025 financial report anticipates 2026 sales between $65.5 billion and $67 billion, with adjusted EPS ranging from $5 to $5.15, which is below market expectations [5] - The company faces challenges including a decline in sales of the HPV vaccine Gardasil (projected at $5.2 billion for 2025, down 39% year-over-year), a slow recovery in the Chinese market, and a 12% decrease in R&D investment [5] Institutional Views - In January 2026, Wolfe Research upgraded Merck's rating to "Outperform" with a target price of $135, citing the company's position in a catalyst-rich phase through acquisitions and product innovation [6] - As of February 2, 2026, Merck's stock was priced at $113.37, reflecting a 14.72% increase over the past 52 weeks [6]

Group 1 - Erasca Inc. is a clinical-stage precision oncology company focused on developing therapies for RAS/MAPK pathway-driven cancers [4] - The company is conducting two Phase 1 trials with its lead drug ERAS-0015 in patients with RAS-mutant solid tumors, with initial data expected in 2026 [4] - Erasca recently priced its upsized public offering of 22.5 million shares at $10.00 per share, resulting in gross proceeds of $225 million [4][5] Group 2 - Revolution Medicines is a late-stage clinical oncology company developing targeted therapies for RAS-addicted cancers, with a pipeline that includes RAS(ON) inhibitors [3] - The company was valued at approximately $30 billion during acquisition discussions with Merck, which ultimately ended due to disagreements on valuation [2] - Merck's decision reflects its disciplined approach to deal size despite interest in high-growth oncology assets [2]

盘前市场动向 1. 1月26日(周一)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.00%，标普500指数期货跌0.07%，纳指期货跌 0.18%。 | = US 30 | 49,097.40 | 49,146.90 | 48,729.70 | -1.30 | 0.00% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,910.90 | 6,920.40 | 6,850.90 | -4.70 | -0.07% | | 트 US Tech 100 | 25,560.40 | 25,612.20 | 25,277.50 | -45.10 | -0.18% | 2. 截至发稿，德国DAX指数涨0.10%，英国富时100指数涨0.17%，法国CAC40指数跌0.21%，欧洲斯托克50指数跌0.08%。 | 德国DAX30 | 24,884.99 | 24,918.84 | 24,791.92 | +25.63 | +0.10% | | --- | --- | --- | --- | --- | --- | | 英国富时100 | 10,160.9 ...

Group 1 - Merck (MRK.US) has halted acquisition talks with Revolution Medicines (RVMD.US) due to disagreements over the purchase price, which was estimated to value Revolution Medicines at around $30 billion [1] - Merck is seeking to strengthen its treatment portfolio to address an anticipated $18 billion loss in sales over the next five years due to patent expirations, particularly with its key cancer drug Keytruda losing patent protection by the end of this decade [1] - The potential acquisition could have provided Merck with Revolution Medicines' experimental drug Daraxonrasib, which is a key asset for the company [1][2] Group 2 - Daraxonrasib (RMC-6236) is an oral targeted drug that acts as a multi-selective inhibitor of RAS, aimed at treating cancers driven by RAS gene mutations [2] - The drug targets common oncogenic RAS mutations, including G12X, G13X, and Q61X, which are significant drivers of major cancers such as pancreatic ductal adenocarcinoma (PDAC), non-small cell lung cancer (NSCLC), and colorectal cancer (CRC) [2] - Daraxonrasib is currently being evaluated in four global Phase 3 clinical trials, including three studies focused on PDAC and one on locally advanced or metastatic RAS-mutant NSCLC, with key results expected to be announced this summer [2][3] Group 3 - The RASolute304 clinical trial, which is a global, open-label Phase 3 study, aims to assess the safety and efficacy of Daraxonrasib in resectable PDAC patients who have undergone surgery and chemotherapy [3] - The trial plans to enroll approximately 500 patients with oncogenic RAS mutations who have completed tumor resection and perioperative chemotherapy [3] - Industry research indicates that the pancreatic cancer treatment market could expand tenfold to over $3 billion by 2035, driven by Daraxonrasib, which is expected to receive FDA approval by 2026 [3]

智通财经APP获悉，据知情人士透露，由于双方未能就收购价格达成一致，默沙东(MRK.US)已停止收 购生物技术公司Revolution Medicines(RVMD.US)的谈判。 据悉，Revolution Medicines正在研发的泛RAS抑制剂RMC-6236(通用名为Daraxonrasib)是该公司拥有的 关键资产。Daraxonrasib这款前沿药物是一种口服靶向药、一种直接作用的RAS(ON)多选择性抑制剂， 用于治疗由RAS基因突变驱动的癌症。它直接作用于处于激活状态的RAS蛋白，阻断RAS与下游信号蛋 白的结合，从而抑制RAS信号通路的持续激活，减缓肿瘤细胞的生长和增殖。Daraxonrasib靶向常见的 致癌性RAS突变，包括G12X、G13X和Q61X突变，这些突变是胰腺导管腺癌(PDAC)、非小细胞肺癌 (NSCLC)和结直肠癌(CRC)等主要癌种的重要驱动因素。 目前，Daraxonrasib正在四项全球3期临床试验中接受评估，其中包括三项针对胰腺导管腺癌(PDAC)的 研究，以及一项针对局部晚期或转移性RAS突变非小细胞肺癌(NSCLC)的研究。关键研究结果预计将于 今年夏季公布 ...

Group 1 - Merck is in negotiations to acquire cancer drug developer Revolution Medicines for a price between $28 billion and $32 billion, with the deal potentially being the largest in the pharmaceutical industry in three years [3][4] - Following the news, Revolution Medicines' stock surged nearly 16% in after-hours trading, indicating strong market interest in the potential acquisition [3] - Other major pharmaceutical companies are also monitoring Revolution Medicines, suggesting the possibility of competing bids, which adds uncertainty to the outcome of the negotiations [3] Group 2 - If the acquisition is successful, Merck is expected to gain access to the experimental drug Daraxonrasib, which is in late-stage clinical trials and has received FDA fast track designation [4] - Daraxonrasib targets various mutations of the RAS gene, which are common drivers of several cancers, including pancreatic, lung, and colorectal cancers [4] - Analysts from Mizuho Securities project that the global risk-adjusted sales of Revolution Medicines' RAS inhibitor portfolio could exceed $10 billion by 2035 [4]

Group 1 - Wolfe Research upgraded Merck & Co. (MRK.US) from "in line with peers" to "outperform," setting a target price of $135 [1] - Analyst Alexandria Hammond noted that Merck is well-positioned to handle the impending loss of exclusivity for its blockbuster cancer drug Keytruda's intravenous version [1] - Based on physician feedback, it is expected that by 2029, Merck will convert 41% of Keytruda's intravenous revenue to its newly approved subcutaneous version, Qlex, leading to a $6 billion increase in Keytruda's revenue forecast for 2030 compared to market consensus [1] Group 2 - Merck is reportedly in talks to acquire biotechnology company Revolution Medicines (RVMD.US), with a potential deal price between $28 billion and $32 billion [2] - If the acquisition is completed, it would be one of the largest pharmaceutical deals since Pfizer's $43 billion acquisition of Seagen at the end of 2023 [2] - Since 2021, Merck's late-stage product line has nearly doubled due to internal development and large transactions, such as the $11.5 billion acquisition of Acceleron [2] Group 3 - Wolfe Research downgraded AbbVie (ABBV.US) from "outperform" to "in line with peers," removing the previous target price of $275 [2] - The downgrade reflects the belief that AbbVie's stock price has fully accounted for the strong performance of its new immunology products, Skyrizi and Rinvoq [2] - Skyrizi and Rinvoq have become the dominant forces in AbbVie's immunology and inflammation portfolio following the patent cliff of the blockbuster drug Humira [2]