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MRK Merck

ADC / Keytruda combination franchise

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Thesis

Editorial summary — not a primary filing

Oncology ADC and IO combinations; deep cash funds long races.

Next gate

2026-09-25Company-guidedlabel expand

Lung IO label / combo update

43 days · Company: Company guidance

Survive-to-Event

ok

Cash covers the next gate with ~25 months spare (curated estimate).

Unverified estimate — not from a live SEC parse

Cash runway (~811d)100%
Days to gate (43d)5%
Show math

$12.0B cash ÷ $450M/mo burn ≈ 811 days. Source: curated SEC quarter figures.

Cash $12.0B as of 2026-03-31 (SEC)

Pipeline spine

  1. Preclinical
  2. Ph1
  3. Ph2
  4. Ph3
  5. Filed
  6. Approved
Secondary assets (2)
  • Patritumab deruxtecan class · Ph3 · adc-breast
  • Keytruda MSI-H CRC · Approved · colorectal-cancer

Rivals in this race

Open race →
AZNApprovedokSMMTFiledokBGNEPh3ok

Risks

  • Keytruda LOE planning
  • ADC safety
  • Competition
  • Pipeline timing

Source trail

  1. SECCash from latest reported quarter (curated)as of 2026-03-31
  2. ClinicalTrials.govNCT02775435as of 2026-07-01
  3. CompanyIR / press disclosuresas of 2026-07-01