Merck & Co., Inc.: HIV Event Highlights Weekly Oral Treatment Portfolio

研报英文原文证据摘录

Merck & Co., Inc.: HIV Event Highlights Weekly Oral Treatment Portfolio

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

03 August 2026

Merck & Co., Inc. Overweight

MRK, MRK US

HIV Event Highlights Weekly Oral Treatment Portfolio Price (31 Jul 26):$130.20

Pharmaceuticals — Major &

MRK hosted an investor event focusing on its HIV pipeline, which represents one Specialty

of the building blocks to the company's strategy to grow beyond the Keytruda LOE. Chris Schott, CFA AC

Here, MRK sees its HIV pipeline as a >$5bn commercial oppty by the mid-2030s (1-212) 622-5676

(non-risk adjusted), although we / the Street remain somewhat below this target. christopher.t.schott@jpmorgan.com

On the PrEP side, we view alimatravir (monthly oral) as an interesting oppty, Hardik Parikh, CFA

although questions remain on how differentiated it will need to be when it launches (1 212) 622-2875

hardik.k.parikh@jpmorgan.com

given GILD's Q6M injectable / weekly oral Yeztugo will be available. On

Taylor Hanley

treatment, MRK is developing two weekly orals, with ISL/LEN (in collaboration

(1-212) 622-0790

with GILD) showing positive Ph3 data and targeting the switch population, while taylor.hanley@jpmchase.com

ISL/ULO (entering Ph3) is being developed across the switch and treatment naïve Ethan Brown

populations. Net-net, while we expect GILD to remain the dominant player in the (1-212) 622-4928

HIV space, we believe there is a role for MRK to play in this market with the ethan.brown@jpmchase.com

portfolio representing a potential upside source to estimates over time. Ekaterina V Knyazkova, CFA

(1-212) 622-9576

MRK aiming to launch the first monthly oral PrEP option with Ph3 data in ekaterina.v.knyazkova@jpmchase.com

2027. Overall, MRK is currently in the process of enrolling the Ph3 PrEP studies J.P.