Early Win for sac-TMT in Endometrial; Implications for Potential Other Interims from Sac-TMT

研报英文原文证据摘录

Early Win for sac-TMT in Endometrial; Implications for Potential Other Interims from Sac-TMT

Biopharmaceuticals

Merck & Co., Inc. (MRK)

EQUITY RESEARCH Company Update

May 18, 2026

Early Win for sac-TMT in Endometrial; Implications for Price: $111.38

Price Target: $120.00 Potential Other Interims from Sac-TMT

Rating: Neutral

Merck announced positive data from the TroFuse-005 study of sac-TMT in

Key Statistics: endometrial cancer, as the study was stopped early after demonstrating

Symbol NYSE: MRK statistical significance on OS and PFS at a pre-specified interim analysis. 52-Week Range 73.31 - 125.14

The outcome of the trial was less surprising and remarkable (we already Market Cap 275,089.0

ADV (3 mo) 9,583,139 knew the class and sac-TMT were active here, and the study was against

Shares Out (M) 2,469.8 physician’s choice of legacy chemo options) than the trial reading out

well ahead of expectations. To be clear, there was some speculation a

Research Analysts: TroFuse-005 interim might come this year, but those discussions generally

Carter Gould were focused on “by YE26.”

212-915-1794

Carter.Gould@cantor.com Perhaps more importantly, however, these data will serve as a reminder

Ryan Chen that there is the potential for additional sac-TMT studies to potentially

212-294-7862 read out this year – a potential upside catalyst and risk to our Neutral Ryan.Chen@cantor.com

thesis. The obvious follow-up question is: which studies? In Figure 1

REV ($B) below, we summarize the Merck-led pivotal sac-TMT studies, call out which

FYE Dec 2025A 2026E 2027E have disclosed or likely interims, and highlight those that are potential

1Q $15.5 $16.3A - candidates to read out this year.

2Q $15.8 $16.3E -

3Q $17.3 $17.9E - ●MK-2870-004 (NSCLC, 2L+ EGFRm / AGA). This was the first phase 3