MRK: Sac-TMT's Early Success in Global Trial Also Supports Translation of Data to Global Settings

研报英文原文证据摘录

MRK: Sac-TMT's Early Success in Global Trial Also Supports Translation of Data to Global Settings

Equity Research

Flash Comment — May 18, 2026

Large Cap Pharmaceuticals

Merck & Co. Inc.

Sac-TMT's Early Success in Global Trial Also Supports Overweight

Translation of Data to Global Settings Price Target: $145.00

Ticker MRK

Our Call Upside/(Downside) to Target 30.2%

MRK's PR of a stat sig PFS and OS benefit, along with a consistent AE profile, in Price (05/15/2026) $111.38

TroFuse-005 is much earlier than investor expectations and suggests there is a 52 Week Range $74.37 - 125.14

meaningful benefit. Success also supports translation of China data to global trials. Market Cap (MM) $275,331

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

What's new: Today, MRK announced that Sac-TMT showed a stat sig PFS and OS benefit Mohit Bansal

in the TroFuse-005 study at a pre-specified interim analysis. The PR also noted there were Equity Analyst | Wells Fargo Securities, LLC

Mohit1.Bansal@wellsfargo.com | 212-214-8025

no new safety signals compared to previous studies. We note this trial was being run in 2L

+ endometrial cancer among patients that have progressed on PD-1 inhibitors + chemo. William Zhang

Associate Equity Analyst | Wells Fargo Securities, LLC

William.Zhang@wellsfargo.com | 929-697-5075

Wells Take: We see these data as encouraging and given the stat sig PFS and OS hit at Sadia Rahman, PhD

the interim, there is likely a meaningful treatment effect between Sac-TMT and chemo Equity Analyst | Wells Fargo Securities, LLC

control. These data may also support translation of Sac-TMT's China data into global Sadia.Rahman@wellsfargo.com | 646-584-6948

settings.