Merck & Co (MRK.N): Sac-TMT and INT drive interest for post-Keytruda oncology opportunities: ESMO 2026 planner

We are gearing up for the ESMO conference in Madrid October 23-27, where Merck's updates are headlined by three Presidential Symposium presentations featuring the phase 3 INTerpath-001, TroFuse-005 and KEYNOTE-C93 studies. We expect investor attention to center on the INT program in collaboration with Moderna after encouraging topline data in adjuvant melanoma, representing the first pivotal validation of the individualized-neoantigen-therapy platform ($2B vs $3.6B consensus 2035), and view the TroFuse-005 sac-TMT presentation as an important readout for Merck's broad TROP2-ADC strategy ($2.7B vs $2.5B consensus 2030). Beyond late-breaking presentations, Merck will showcase datasets across lung, renal, breast and genitourinary cancers, underscoring the building of its post-Keytruda oncology portfolio. We expect the ESMO investor event on Oct 26 to focus on intismeran and sac-TMT as well as broader pipeline prioritization. Maintain Neutral, $145 target price.