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companiesCompany

Merck & Co. (MSD)

Merck & Co. (MSD) makes Keytruda, the world's best-selling cancer drug, and is now building the next act around TROP2 ADCs and personalised vaccines.

Pembrolizumab anchors >40 indications. Post-2028 patent-cliff strategy: sacituzumab tirumotecan (Kelun licence, >10 phase 3 trials), ifinatamab/patritumab/raludotatug deruxtecan (Daiichi Sankyo alliance, up to $22B), intismeran autogene (Moderna), zilovertamab vedotin, belzutifan, and a PD-1×VEGF bispecific (LaNova).

Headquarters
Rahway, NJ, US
Type
pharma · MRK

Products

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ApprovedMonoclonal antibody (anti-PD-1)
Pembrolizumab · Keytruda / Keytruda Qlex (SC)

The most widely used cancer immunotherapy, approved in more than 40 settings, including before and after surgery for triple-negative breast cancer.

Under reviewADC
Sacituzumab tirumotecan

Sacituzumab tirumotecan is a third TROP2 ADC from China, licensed to Merck for a very large global programme. It is approved in China; in the US it has a priority voucher but not yet approval.

ApprovedSmall-molecule HIF-2α inhibitor
Belzutifan · Welireg

Belzutifan is the first HIF-2α inhibitor, born from Nobel-winning biology, and is now approved after kidney cancer surgery with pembrolizumab.

Phase 3Personalised mRNA neoantigen vaccine
Intismeran autogene

A custom mRNA vaccine encoding up to 34 of a patient's own tumour mutations. In August 2026 it became the first personalised cancer vaccine to win a phase 3 trial.

ApprovedSmall-molecule PARP inhibitor
Olaparib · Lynparza

Olaparib was the first PARP inhibitor, and turned an inherited BRCA mutation from a risk factor into a drug target, including after surgery in breast cancer.

Phase 3ADC
Patritumab deruxtecan

A HER3-directed ADC with Enhertu's payload, active in lung and all subtypes of breast cancer, but with a bumpy regulatory road.

Phase 3ADC
Ifinatamab deruxtecan

Ifinatamab deruxtecan is a B7-H3 ADC showing some of the best response rates ever seen in relapsed small-cell lung cancer.

Phase 3ADC
Raludotatug deruxtecan

Raludotatug deruxtecan is a CDH6 ADC in phase 3 for platinum-resistant ovarian cancer.

Phase 3ADC
Zilovertamab vedotin

Zilovertamab vedotin is a ROR1-directed ADC in phase 3 for large B-cell lymphoma.

ApprovedSmall-molecule kinase inhibitors (MET)
Capmatinib & tepotinib · Tabrecta / Tepmetko

Capmatinib and tepotinib are two pills for the roughly 3% of lung cancers with a MET exon 14 skipping mutation.

ApprovedMonoclonal antibody (anti-EGFR)
Cetuximab · Erbitux

An antibody that blocks the EGFR growth receptor. It works in bowel cancers with a normal RAS gene, especially left-sided ones, and is a key partner in the BRAF combination.

NegativeSmall molecule (IDO1 inhibitor)
Epacadostat

An enzyme blocker meant to stop tumours starving T cells of tryptophan. Its 2018 phase 3 failure ended an entire class overnight.

Not mapped hereLive bacterial immunotherapy (intravesical)
Intravesical BCG · TICE BCG

A weakened tuberculosis vaccine put directly into the bladder. Since 1976 it has been the most effective treatment for early bladder cancer, and it remains in chronic short supply.

ApprovedSmall-molecule multi-kinase inhibitor (VEGFR, FGFR, PDGFR, RET, KIT)
Lenvatinib · Lenvima

An oral anti-angiogenic pill that matched sorafenib in liver cancer with higher response rates, and partners with pembrolizumab in kidney and endometrial cancer.

Phase 3Small-molecule non-covalent BTK inhibitor
Nemtabrutinib

Nemtabrutinib is Merck's reversible BTK blocker, active against the C481S escape mutation, being tested against ibrutinib and acalabrutinib in first-line CLL.

ApprovedProphylactic vaccine (virus-like particles)
Nonavalent HPV vaccine · Gardasil 9

A vaccine against nine HPV types that prevents about 90% of cervical cancers, and now works with a single dose.

Key papers

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rctThe Lancet 2025
HARMONi-2: ivonescimab, a PD-1 x VEGF bispecific, beats pembrolizumab head-to-head in PD-L1-positive lung cancer

For the first time a new drug has beaten pembrolizumab, the global first-line standard, in a randomised lung cancer trial, and it did so by combining checkpoint blockade with anti-angiogenesis in one molecule. For patients outside China nothing changes yet: the drug is not approved in the West, the trial was single-country, and survival benefit has not been shown. If confirmed in the global HARMONi-3 and HARMONi-7 trials, PD-1 x VEGF bispecifics could replace PD-1 antibodies as the immunotherapy backbone.

rctNew England Journal of Medicine 2024changed practice
EV-302: enfortumab vedotin plus pembrolizumab replaces chemotherapy as first treatment for advanced bladder cancer

Almost every patient newly diagnosed with advanced bladder or urothelial cancer should now be offered enfortumab vedotin plus pembrolizumab rather than chemotherapy, with median survival extended from about 16 months to over two and a half years. Neuropathy and skin toxicity need monitoring and dose adjustment, and patients with severe diabetes or pre-existing neuropathy need care. Platinum chemotherapy remains an option for those who cannot receive the combination.

rctThe Lancet 2024
KEYNOTE-942: a personalised mRNA cancer vaccine plus pembrolizumab after melanoma surgery

For the first time a randomised trial suggests that a vaccine tailored to an individual's tumour can reduce relapse when combined with immunotherapy, which is a proof of concept for a field that had failed for decades. Nothing changes for patients yet: the trial was small, the confidence interval crossed one, and the phase 3 trial in melanoma (and parallel trials in lung and other cancers) must confirm it. If it does, personalised mRNA vaccines could become a routine adjunct to checkpoint inhibitors after surgery.

rctThe Lancet 2024changed practice
KEYNOTE-A18: pembrolizumab with chemoradiotherapy for locally advanced cervical cancer

Women with locally advanced cervical cancer that is node-positive or stage III-IVA should now be offered pembrolizumab alongside and after chemoradiotherapy, which improves the chance of cure. The result matters most in countries where cervical cancer is common but immunotherapy access is poorest, so its global impact depends on pricing and health-system capacity. It does not apply to early-stage disease treated with surgery or to lower-risk locally advanced disease without nodal involvement.

rctNew England Journal of Medicine 2022changed practice
KEYNOTE-522: adding pembrolizumab before and after surgery in early triple-negative breast cancer

For stage II-III triple-negative breast cancer, chemotherapy plus pembrolizumab before surgery and pembrolizumab alone afterwards is now the standard approach worldwide, and the survival gain is real, not just a surrogate. It does not apply to stage I disease or to hormone-receptor-positive or HER2-positive cancers. The price is a year of immunotherapy with a meaningful chance of a permanent endocrine side effect such as hypothyroidism or adrenal insufficiency.

rctNew England Journal of Medicine 2021changed practice
CLEAR: lenvatinib plus pembrolizumab versus sunitinib as first treatment for advanced kidney cancer

Patients with newly diagnosed advanced clear-cell kidney cancer should receive an immunotherapy-based combination; lenvatinib plus pembrolizumab gives the highest response rate and longest PFS of the available options, at the cost of more side effects requiring dose adjustment. Sunitinib alone is no longer an appropriate standard. Choosing among the combinations depends on risk group, symptoms, comorbidity and the value placed on treatment-free survival, which favours nivolumab plus ipilimumab in intermediate and poor risk.

rctNew England Journal of Medicine 2021changed practice
KEYNOTE-564: a year of pembrolizumab after kidney cancer surgery

Patients whose kidney cancer has been removed but who are at high risk of recurrence (large or high-grade tumours, node involvement, or resected metastases) can now be offered a year of pembrolizumab, which increases the chance of being alive and cancer-free several years later. Roughly nine patients need treatment to prevent one recurrence at two years, and some will have permanent side effects, so shared decision-making matters. Why pembrolizumab succeeded where similar drugs failed is not fully understood.

rctNew England Journal of Medicine 2021changed practice
OlympiA: a year of olaparib after surgery for BRCA-mutated, high-risk early breast cancer

Everyone with HER2-negative early breast cancer that meets high-risk criteria should be offered germline BRCA testing, because a positive result now changes treatment: a year of olaparib after chemotherapy reduces relapse and death. It does not apply to low-risk tumours, HER2-positive disease, or somatic-only BRCA mutations.

rctNew England Journal of Medicine 2020changed practice
KEYNOTE-177: pembrolizumab instead of chemotherapy as first treatment for mismatch-repair-deficient metastatic colorectal cancer

Every colorectal cancer should be tested for mismatch repair deficiency, because patients whose metastatic tumour is dMMR should receive pembrolizumab rather than chemotherapy as first treatment, gaining a much better chance of durable remission with fewer side effects. About a third of dMMR tumours do not respond initially, so early scans are essential and chemotherapy remains available. The trial does not apply to the 95% of colorectal cancers that are mismatch-repair proficient.

rctThe Lancet 2019changed practice
KEYNOTE-048: pembrolizumab, alone or with chemotherapy, as first treatment for recurrent or metastatic head and neck cancer

Patients with head and neck squamous cell cancer that has recurred or spread should be treated first with pembrolizumab: alone if their tumour is strongly PD-L1 positive and they can wait for a slower response, or with chemotherapy if the tumour is bulky or PD-L1 low. Cetuximab-based chemotherapy is no longer the default. Long-term follow-up shows a small but real group of patients alive at four to five years, which was almost unheard of before.

rctNew England Journal of Medicine 2019changed practice
PAOLA-1: olaparib added to bevacizumab maintenance in newly diagnosed ovarian cancer, with benefit confined to HRD-positive tumours

Women with newly diagnosed advanced ovarian cancer should have their tumour tested for BRCA mutations and homologous recombination deficiency, because those who are HRD-positive gain years of additional disease control and better survival from adding olaparib to bevacizumab maintenance. Those who are HRD-negative gain nothing from olaparib in this combination and should not be exposed to its toxicity and cost. HRD testing has become a routine part of ovarian cancer care as a result.

rctNew England Journal of Medicine 2018changed practice
KEYNOTE-189: pembrolizumab plus chemotherapy as first treatment for non-squamous lung cancer without a driver mutation

Most patients with newly diagnosed advanced non-squamous lung cancer that lacks a targetable mutation should receive chemotherapy plus pembrolizumab; those with PD-L1 of 50% or more may reasonably receive pembrolizumab alone. About one in five patients is alive at five years, compared with roughly one in ten with chemotherapy alone. Patients with EGFR or ALK alterations were excluded and should have targeted therapy first.

rctNew England Journal of Medicine 2018changed practice
SOLO-1: two years of olaparib maintenance after first-line chemotherapy for BRCA-mutated ovarian cancer

Every woman diagnosed with advanced high-grade ovarian cancer should be tested for BRCA mutations at diagnosis, because those who carry one should receive two years of olaparib after chemotherapy, which greatly extends the time in remission and improves long-term survival. The plateau in the survival curves suggests some patients are cured by this approach. Toxicity is mostly anaemia, fatigue and nausea, and the two-year limit appears sufficient.

Connected

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cancers

26

fronts

2

technologies

1

drugs

16

institutions

1

roadmaps

1

bottlenecks

1

key papers

13