Sac-TMT delivers again in front-line lung cancer

Research evidence excerpt

Sac-TMT delivers again in front-line lung cancer

Update

July 15, 2026 01:41 AM GMT

Morgan Stanley & Co. LLCMMerck & Co., Inc. | North America Terence C Flynn, Ph.D.

Equity Analyst

Sac-TMT delivers again in front- Terence.Flynn@morganstanley.comAlexander Yevdokimov, Ph.D. +1 212 761-2230

Research Associate

Alexander.Yevdokimov@morganstanley.com +1 212 761-2167

line lung cancer Hailey Horowitz

Hailey.Horowitz@morganstanley.com +1 212 761-5264

MRK's partner, Kelun (covered by Alexis Yan) reported positive top line data

Chris Yu, J.D., Ph.D.

from a Ph3 China trial of Sac-TMT in first-line PDL1-negative locally advanced or Equity Analyst

metastatic non-squamous NSCLC. Per the release (LINK) at a pre-specified interim Chris.L.Yu@morganstanley.com +1 212 761-2535

Damien H Kerner

analysis, Sac-TMT combined with Keytruda (anti-PD1 antibody) demonstrated a Research Associate

statistically significant and clinically meaningful improvement in PFS (primary Damien.H.Kerner@morganstanley.com +1 212 761-3829

Connor M Massari

endpoint) compared with Keytruda combined with pemetrexed and platinum-based Equity Analyst

chemo, and a positive trend in overall survival (OS) was also observed. Per the Connor.Massari@morganstanley.com +1 212 761-2417

release the safety profile of Sac-TMT combined with Keytruda was consistent with Morgan Stanley India Company Private Limited+

that observed in previously reported studies, and no new safety signals were Saket Agarwal

observed. Saket.Agarwal@morganstanley.com +91 22 6995-4012

We view these Sac-TMT Ph3 data as another positive input into the drug's

Merck & Co., Inc. (MRK.N, MRK UN)

profile, which puts upward pressure on our estimates and we see MRK shares

Major Pharmaceuticals | United States of America

trading up LSD-MSD %.