Merck & Co., Inc. Very Encouraging TROP-2 Abstract Update

Research evidence excerpt

Merck & Co., Inc. Very Encouraging TROP-2 Abstract Update

J P M O R G A N North America Equity Research

21 May 2026

Merck & Co., Inc. Overweight

MRK, MRK US

Very Encouraging TROP-2 Abstract Update Price (21 May 26):$115.88

Pharmaceuticals — Major &

ASCO published the abstract of MRK/Kelun’s sac-TMT in 1L NSCLC (ph3 Specialty

OptiTROP-Lung05, a China study) and we see the data as highly encouraging Chris Schott, CFA AC

(including in the PD-L1 TPS ≥ 50% population where MRK is running global (1-212) 622-5676

studies). While the overall OptiTROP-Lung05 study remains hard to put into christopher.t.schott@jpmorgan.com

context given the comparator arm (Keytruda monotherapy is not the standard of Hardik Parikh, CFA

care in most parts of the world), the data is nonetheless solid (immature Overall (1 212) 622-2875

hardik.k.parikh@jpmorgan.com

Survival HR = 0.55; PFS HR = 0.35 in the combined population) and continues to

Taylor Hanley

derisk sac-TMT. But specifically in the PD-L1 high population (where Keytruda

(1-212) 622-0790

monotherapy is standard of care), we see the 0.47 HR on PFS as reading favorably taylor.hanley@jpmchase.com

to MRK’s global ph3 trial here. Ethan Brown

(1-212) 622-4928

And bigger picture, MRK is running a wide-ranging phase 3 program (17 studies) ethan.brown@jpmchase.com

on sac-TMT which could support significant sales for the product over time. Ekaterina V Knyazkova, CFA

Remain OW. (1-212) 622-9576

ekaterina.v.knyazkova@jpmchase.com

• Sac-TMT shows strong PFS data in the PD-L1 TPS ≥ 50% subpopulation. J.P. Morgan Securities LLC

Here, the treatment reduced the risk of death or progression by 53% (PFS

HR=0.47) vs Keytruda monotherapy, the SOC for this subpopulation. The

abstract did not comment on OS trends in this population. PD-L1 >50%