Merck & Co. (MRK): sac-TMT Shines at ESMO; Focus Remains on Global Trial Translatability

At the ongoing ESMO conference, Merck's partner Kelun presented detailed Phase 3 data for the China OptiTrop-Lung06 trial evaluating sac-TMT plus Keytruda versus chemo plus Keytruda in 1L non-squamous NSCLC with PD-L1 TPS<1%. The data exceeded expectations with a compelling survival benefit over Keytruda/chemo, establishing a new clinical benchmark and beating the historic PFS ceiling of standard chemoimmunotherapy in the PD-L1 negative non-squamous cohort. The results represent a key derisking milestone for Merck's own global 1L NSCLC trial as the first Phase 3 validation that an ADC can replace chemotherapy in 1L NSCLC, though China-to-global trial translatability will be key. In addition, the abstract for Merck's global Phase 3 TroFuse-005 trial in post-platinum/post-IO endometrial cancer was made available ahead of the full data presentation, with sac-TMT beating physician's choice chemo on every endpoint and marking the first global Phase 3 win for sac-TMT. Overall, the sac-TMT up