证 券 研 究 报 告 [Table增_R持at（ing维] 持） | [行Ta业ble_Industry] : | 医药生物 | | --- | --- | | 日期: | 2026年02月04日 shzqdatemark | | [T分ab析le师_Author] : | 张林晚 | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | | SAC 编号: | S0870523010001 | 行 业 周 报 [T相ab关le报_R告e：portInfo] 领域资源整合加速》 《产业化进程加速，脑机接口发展进入快 车道》 《重庆脑机接口获突破性进展，建立癫痫 治疗新范式》 我们认为，我国血脂异常人数近年显著增加，关注代谢领域PCSK9靶点 及小核酸赛道进展。建议关注：恒瑞医药、信达生物、华东医药等。 风险提示 药品/耗材降价风险；行业政策变动风险等；市场竞争加剧风险等。 诺华 siRNA 降脂药物在华获批新适应症，关 注 PCSK9 及小核酸赛道 ——医药生物行业周报（20260126-0130） [Tab主le_要Su观mm点ary] 诺华 ...

Merck & Co (NYSE:MRK) Q4 2025 Earnings call February 03, 2026 09:00 AM ET Company ParticipantsCaroline Litchfield - CFODean Li - President of Research LaboratoriesEvan Seigerman - Managing Director and Head of Healthcare ResearchPeter Dannenbaum - SVP of Investor RelationsRob Davis - Chairman and CEOUmer Raffat - Senior Managing Director and Head of Large Cap Therapeutics ResearchConference Call ParticipantsAkash Tewari - Managing Director and Senior Equity Research AnalystAlex Hammond - Senior Biopharma Eq ...

Merck & Co (NYSE:MRK) Q4 2025 Earnings call February 03, 2026 09:00 AM ET Company ParticipantsCaroline Litchfield - CFODean Li - President of Research LaboratoriesEvan Seigerman - Managing Director and Head of Healthcare ResearchPeter Dannenbaum - SVP of Investor RelationsRob Davis - Chairman and CEOUmer Raffat - Senior Managing Director and Head of Large Cap Therapeutics ResearchConference Call ParticipantsAkash Tewari - Managing Director and Senior Equity Research AnalystAlex Hammond - Senior Biopharma Eq ...

Merck & Co (NYSE:MRK) Q4 2025 Earnings call February 03, 2026 09:00 AM ET Speaker8Thank you for standing by. Welcome to the Merck & Co., Inc., Rahway, New Jersey, USA, fourth quarter sales and earnings conference call. At this time, all participants are in a listen-only mode until the question-and-answer session of today's conference. At that time, if you'd like to ask a question, you may press star one on your phone and record your name at the prompt. This call is being recorded. If you have any objections ...

Core Insights - Merck's stock surged by 41% over the last six months, driven by modest revenue growth, significant profit increases, and heightened investor confidence [2][4]. Financial Performance - Revenue increased by 0.5%, while net margin rose by 8.6%, contributing to the stock's performance [4]. - The P/E multiple saw a significant increase of 27%, indicating improved investor sentiment [4]. Key Developments - Strong Q3 2025 earnings results included a 10% growth for Keytruda, exceeding expectations and prompting an increase in FY25 guidance [9]. - The FDA approved Keytruda QLEX (SC) for solid tumors, enhancing treatment convenience [9]. - Positive Phase 3 results for Enlicitide, an oral PCSK9 inhibitor, were announced, indicating potential for future growth [9]. - Merck raised its future revenue projections to $70 billion by the mid-2030s, reflecting optimism about new growth drivers [9]. - Encouraging long-term data for a personalized cancer vaccine with Keytruda in melanoma was reported, further supporting the growth narrative [9].

Merck Conference Call Summary Company Overview - **Company**: Merck - **Key Executives Present**: CEO Rob Davis, President of Merck Research Labs Dean Li - **Context**: The call discusses Merck's strategic transformation, pipeline advancements, and future growth opportunities Key Points Industry and Company Position - Merck is undergoing a significant transformation with a focus on advancing its late-stage pipeline, currently having **80 phase three studies** underway [3][4] - The company anticipates **over $70 billion** in commercial opportunities by the mid-2030s, with a significant portion expected to be clinically de-risked in the next two years [4][14] Product Approvals and Innovations - Merck received approval for **QLex**, a subcutaneous form of Keytruda, and **Clesrovimab**, an infant RSV vaccine, highlighting innovation in patient administration [5] - The animal health segment is also seeing new product introductions, including **Numelvy**, a next-generation JAK inhibitor for atopic dermatitis in animals [5][6] Pipeline Developments - Key products in the pipeline include: - **Enlicitide**: An oral PCSK9 inhibitor aimed at democratizing care for LDL-C management [6] - **Islatravir**: Expected to be a significant treatment in HIV, with a first approval anticipated in April [7] - **Sacituzumab tirumotecan**: An antibody-drug conjugate with **16 phase three studies**, 11 of which are potentially first-in-class [7][19] - **Tulisokibart**: In phase 2b studies for ulcerative colitis and Crohn's disease [8] Business Development and Financial Outlook - Merck has invested over **$60 billion** in business development since 2021, focusing on augmenting its pipeline with external opportunities [12] - The company expects to achieve **$50 billion** in commercial opportunities by the early 2030s, with a significant portion of the $70 billion target being de-risked by the end of 2027 [14][16] Market Dynamics and Competitive Landscape - The company is confident in managing the transition post-Keytruda's loss of exclusivity (LOE), viewing it as a "hill, not a cliff" [21][24] - Merck's animal health business is projected to double from 2024 to the mid-2030s, driven by new product innovations [23] Specific Product Insights - **Cidara's MK1406**: A potential first-in-class antiviral for flu, targeting high-risk populations, with a projected market opportunity exceeding **$5 billion** [39][43] - **Oral PCSK9**: Expected to launch potentially in early 2024, with a focus on both secondary and primary prevention markets [44][50] Gardasil Update - Gardasil sales reached **$2.2 billion** in the first nine months, with a shift to a single-dose recommendation by the CDC expected to impact future sales [57][58] - The company anticipates modest growth for Gardasil, with a focus on maintaining physician recommendations for the two-dose regimen [56][59] Additional Insights - Merck emphasizes the importance of scientific conviction in business development decisions, focusing on unmet medical needs and strategic alignment [27][28] - The company is committed to maintaining a disciplined approach to investments, ensuring long-term growth and sustainability [29][30] This summary encapsulates the key points discussed during the conference call, highlighting Merck's strategic direction, product pipeline, and market outlook.

American Heart Association 2025 Investor Presentation November 9, 2025 Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA This presentation of Merck & Co., Inc., Rahway, N.J., USA (the "company") includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company's management and are subject to significant risks and uncertainties. ...

Financial Data and Key Metrics Changes - The company has nearly tripled the number of phase three assets since 2021, now having over 20 unique assets with blockbuster potential launching in the next three to five years [5][6] - The company has invested over $70 billion into business development over the last few years, enhancing its pipeline and portfolio [9] Business Line Data and Key Metrics Changes - The late-stage pipeline is strong, with two assets, WIN Revere and Cat Baxtive, already in the midst of launching and performing well [5][6] - The early-stage pipeline includes 50 different programs moving from phase one to phase two, indicating robust development activity [6] Market Data and Key Metrics Changes - The company is focusing on US manufacturing to mitigate tariff risks and has invested $12 billion in manufacturing capital in the US from 2018 to 2024 [14][15] - The company plans to invest an additional $9 billion in manufacturing and R&D facilities by 2028 [15] Company Strategy and Development Direction - The company aims to grow through the KEYTRUDA loss of exclusivity (LOE) by focusing on innovation and expanding its product portfolio [8][10] - The strategic framework includes investing in and augmenting the pipeline, with a focus on oncology and expanding into cardiometabolic and immunology sectors [9][91] Management's Comments on Operating Environment and Future Outlook - Management acknowledges significant macroeconomic challenges, including MFN (Most Favored Nation) pricing and tariffs, but remains focused on innovation as the path to long-term sustainability [10][12] - The company is actively engaging with the administration regarding drug pricing reforms and believes that addressing middlemen costs is crucial for lowering drug prices [29][32] Other Important Information - The company is committed to producing both drug product and drug substance in the US by 2026, which aligns with its strategy to enhance domestic manufacturing capabilities [21][23] - The company is exploring opportunities in combination therapies and bispecific antibodies to enhance its pipeline in immunology [88][90] Q&A Session Summary Question: How does the company rank the various sectoral pressures? - Management identified MFN as the most significant policy question, followed by tariffs and FDA changes, but noted that these have not yet had a direct impact on operations [12][16] Question: What steps has the company taken regarding KEYTRUDA and tariffs? - The company has shifted to US manufacturing for KEYTRUDA and brought in inventory to mitigate tariff impacts, viewing this as a no-regret move [20][21] Question: What is the company's strategy for the subcutaneous KEYTRUDA? - The company plans to price the subcutaneous version competitively to maximize adoption and access, ensuring it aligns with the IV pricing [53][54] Question: What is the outlook for WIN Revere? - The launch of WIN Revere is progressing well, with expectations for steady growth driven by physician confidence and safety profiles [57][58] Question: What is the potential for enicetide in the market? - The company believes enicetide can democratize access to LDL cholesterol lowering, with a significant unmet need in cardiovascular disease [71][76]