Merck & Company, Inc. · NYSE:MRK
Merck & — Investor Day (June 2026)
39 slides from Merck &'s investor day presentation, Jun 1, 2026
Slide 1: ASCO Investor Event
June 1, 2026 ASCO Investor Event Merck & Co., Inc., Rahway, N.J., USA 1
Slide 2: Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA
Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA This presentation of Merck & Co., Inc., Rahway, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These state
Slide 3: Agenda
Opening Remarks | Dr. Dean Li Strategy & Progress | Dr. Marjorie Green Commercial Opportunity | Jannie Oosthuizen Agenda Closing Remarks | Dr. Dean Li Q&A | All 3
Slide 4: Opening Remarks
Opening Remarks Dr. Dean Li Executive Vice President and President, Research Laboratories 4
Slide 5: Sustaining durable leadership in oncology through two strategic objectives outlined in 2021
Sustaining durable leadership in oncology through two strategic objectives outlined in 2021 MAXIMIZE DIVERSIFY impact and move into earlier stage oncology pipeline with novel disease including with KEYTRUDA QLEX mechanisms LEVERAGE KEYTRUDA as foundation to advance standard of care 5
Slide 6: Achieved significant progress maximizing KEYTRUDA's impact and moving into earlier stage disease
Achieved significant progress maximizing KEYTRUDA’s impact and moving into earlier stage disease 2021 Ambition: 20212 TODAY3 25% of KEYTRUDA global sales from earlier stage indications by end of 2025 Approved indications1 44 30 Ambition Achieved 26 25 2021 Today % of KEYTRUDA sales 20 Approvals in e
Slide 7: Approaching substantial registration-enabling opportunity set across diversified oncology pipeline
Approaching substantial registration-enabling opportunity set across diversified oncology pipeline Immuno-oncology Precision Molecular Tissue Targeting intismeran autogene1 opevesostat sacituzumab tirumotecan (V940) (CYP11A1i) (sac-TMT) 1 (TROP2 ADC) TroFuse-011 TroFuse-033 calderasib1 ifinatamab de
Slide 8: Strategy & Progress
Strategy & Progress Dr. Marjorie Green Senior Vice President, Head of Oncology Global Clinical Development 8
Slide 9: Uniquely positioned to advance cancer care with differentiated portfolio and pipeline
Uniquely positioned to advance cancer care with differentiated portfolio and pipeline Immuno-oncology Precision Molecular Targeting Tissue Targeting Boost anti-tumor immune Impact pathways that can drive Increase cancer cell sensitivity responses cancer growth with ADCs and immune cell engagers 2 3
Slide 10: Strategy to maximize benefit for patients with unambiguous efficacy, informed combinations, biomarker enrichment, curative intent settings
Strategy to maximize benefit for patients with unambiguous efficacy, informed combinations, biomarker enrichment, curative intent settings Best outcomes achieved when non- Predictive biomarkers enable Early treatment improves cross resistant therapies are stratification that can improve probability
Slide 11: Sac-TMT designed as cornerstone ADC with potential to deliver best-in-class efficacy
Sac-TMT designed as cornerstone ADC with potential to deliver best-in- class efficacy with manageable safety profile across multiple tumors Sac-TMT Mechanism of action • TROP2-directed ADC with belotecan-derived topoisomerase I inhibitor payload • Proprietary bifunctional linker that maximizes paylo
Slide 12: Kelun Biotech presents OptiTROP-Lung05 data for sac-TMT in NSCLC
Kelun Biotech presents compelling OptiTROP-Lung05 data for sac-TMT in NSCLC supporting ongoing global Phase 3 TroFuse studies PFS by BICR: All participants HR: 0.35 (95%CI: 0.26, 0.47), p < 0.0001 • Demonstrated statistically significant and clinically meaningful improvement in PFS vs. KEYTRUDA in p
Slide 13: Multiple positive OptiTROP readouts in breast and lung cancer increase confidence in TroFuse studies
Multiple positive OptiTROP readouts in breast and lung cancer increase confidence in global Phase 3 TroFuse studies Positive Phase 3 trials OptiTROP-Breast01 OptiTROP-Breast03 OptiTROP-Breast02 OptiTROP-Lung041 OptiTROP-Lung05 Locally recurrent or 1L locally recurrent or Previously treated LA or EGF
Slide 14: Differentiated Phase 3 TroFuse development program with first mover opportunities
Differentiated Phase 3 TroFuse development program with first mover opportunities to address unmet needs across common tumor types Gynecologic Breast NSCLC GI GU Endometrial Ovarian Cervical HR+ TNBC EGFRwt EGFRm Gastric Bladder TroFuse- 032 Earlier TroFuse- Stage 019 TroFuse- 012 TroFuse- 007 1L Tr
Slide 15: TroFuse-005 the first positive global Phase 3 study for sac-TMT
TroFuse-005 the first positive global Phase 3 study for sac-TMT • Sac-TMT demonstrated statistically significant and clinically meaningful improvement in OS and PFS in certain Key Eligibility Criteria1 patients with advanced or recurrent endometrial cancer who have progressed after platinum-based ch
Slide 16: Rapidly advancing one of industry's broadest ADC programs
Rapidly advancing one of industry’s broadest ADC programs MK-2870 MK-2400 MK-5909 MK-2140 MK-1022 MK-3120 MK-2750 MK-6204 sacituzumab ifinatamab raludotatug patritumab Generic zilovertamab tirumotecan deruxtecan deruxtecan deruxtecan Undisclosed Undisclosed Undisclosed Name (sac-TMT) (I-DXd) (R-DXd)
Slide 17: MK-2010 (PD-1xVEGF bispecific) demonstrated encouraging preliminary results in first-in-human study
MK-2010 (PD-1xVEGF bispecific) demonstrated encouraging preliminary results in first-in-human study MK-2010 Data presented at AACR 2026 Best % Change From Baseline in Target Lesions in NSCLC Backfill • Suggests manageable safety and promising antitumor activity in dose escalation and randomized NSCL
Slide 18: MK-2010 potential opportunity based on promising science of PD1xVEGF bispecific
MK-2010 potential opportunity based on promising science of PD1xVEGF bispecific coupled with unique experience and broad pipeline Development considerations PD-1 + VEGF experience1 • Advantaged company to fully explore potential of PD-1xVEGF axis ‒ Leverage PD-1 and VEGF experience to >20 6 12 Phase
Slide 19: MK-4208 an investigational, next generation allosteric TKI
MK-4208 an investigational, next generation allosteric TKI with greater selectivity compared with other TKIs MK-4208 (formerly TERN-701) Highly selective, novel binding site • Despite multiple approved TKIs, significant unmet need remains for improved efficacy, safety and convenience • Potent, oral,
Slide 20: Growing hematology portfolio with broad potential across multiple hematologic diseases
Growing hematology portfolio with broad potential across multiple hematologic diseases zilovertamab nemtabrutinib bomedemstat MK-1045 MK-4208 vedotin First-in-class ROR1 ADC Novel MOA with Differentiated allosteric 1L non-covalent BTKi with offering potential for Novel compound with potentially dise
Slide 21: Registrational readouts across 10 new candidates in next four years
Registrational readouts across 10 new candidates in next four years zilovertamab intismeran sac-TMT1,2 nemtabrutinib vedotin opevesostat calderasib1 autogene1 (MK-2870) (MK-1026) (MK-2140) (MK-5684) (MK-1084) (V940) TROP2 ADC BTKi ROR1 ADC CYP11A1i KRAS G12Ci INT 2026 2027 2028 2029 I-DXd1,3 bomedem
Slide 22: Commercial Opportunity
Commercial Opportunity Jannie Oosthuizen Executive vice president and president, Oncology and MSD International 22
Slide 23: Leading oncology portfolio provides strong foundation for the future
Leading oncology portfolio provides strong foundation for the future 4.2M+ 58 25 Patients Treated Approved Tumor Types Including Globally Indications1 MSI-H & TMB-H Foundational cancer Injectable immunotherapy Market-leading PARPi TKI with multiple approved First-in-class HIF-2α treatment option ind
Slide 24: KEYTRUDA continues to extend across tumor types and deepen impact in earlier lines of treatment
KEYTRUDA continues to extend across tumor types and deepen impact in earlier lines of treatment New and upcoming launches across tumor types KEYTRUDA family 2028 revenue opportunity by tumor Melanoma KN-689 KN-9051 and other earlier stage HNSCC cis-ineligible MIBC ~10% Women's Head & Neck Approved A
Slide 25: Strong KEYTRUDA QLEX launch increases confidence in targeted adoption
Strong KEYTRUDA QLEX launch increases confidence in targeted adoption U.S. launch Patient experience label update On track to achieve 30% to 40% peak adoption of KEYTRUDA QLEX by end of 2027 − Highest adoption rates in monotherapy or oral combination regimens, including earlier-stage indications 65%
Slide 26: WELIREG has multibillion peak commercial revenue potential
WELIREG has multibillion peak commercial revenue potential • LITESPARK-022 combination with KEYTRUDA in adjuvant RCC with PDUFA June 19th − Builds on KN-564 KEYTRUDA monotherapy Post foundation Adjuvant IO − Potential first IO combination in adjuvant Post-IO/ setting TKI aRCC Phase 3 − Demonstrated
Slide 27: I-DXd a potential first-in-class B7-H3 directed ADC
I-DXd a potential first-in-class B7-H3 directed ADC with opportunities to expand patient impact in additional tumor types Initial Approval Expand & Extend Initial Approval • FDA granted priority review in • Registrational trials ongoing in 2L previously treated ES-SCLC ESCC and 1L mCRPC ES-SCLC − PD
Slide 28: Significant potential for sac-TMT across broad range of disease areas and treatment settings
Significant potential for sac-TMT across broad range of disease areas and treatment settings with many first-in-class opportunities Gynecologic Breast NSCLC GI GU Endometrial Ovarian Cervical HR+ TNBC EGFRwt EGFRm Gastric Bladder TroFuse-032 40-47K Earlier TroFuse-019 Stage 13-18K TroFuse-012 2-5K T
Slide 29: Sac-TMT the first and only TROP2 ADC to demonstrate survival benefit in endometrial cancer
Sac-TMT the first and only TROP2 ADC to demonstrate survival benefit in endometrial cancer • First TROP2 ADC to improve OS and PFS compared Treatment paradigm to chemotherapy in patients with advanced or recurrent endometrial cancer who have progressed after platinum-based chemotherapy and anti-PD-1
Slide 30: Building on strong foundation for next wave of oncology innovation
Building on strong foundation for next wave of oncology innovation Mid-2030s aspirations >$25B 14 80+ Commercial opportunity from New product approvals, Indication opportunities late-phase pipeline1 with 5 in hematology 30 1. Non-risk adjusted annual sales by the mid-2030s. Excludes MK-4208, formerl
Slide 31: Closing Remarks
Closing Remarks Dr. Dean Li Executive Vice President and President, Research Laboratories 31
Slide 32: Advancing broad, deep pipeline by leveraging industry-leading capabilities and leadership in IO
Advancing broad, deep pipeline by leveraging industry-leading capabilities and leadership in IO Pursuing a focused strategy… …to profoundly improve patient outcomes ~60 registrational oncology trials across Further improve efficacy 3 pillars of biology Combine or sequence therapies with different me
Slide 33: Q&A
Q&A Dr. Dean Li Jannie Oosthuizen Dr. Marjorie Green EVP and president, Merck EVP and president, SVP, Head of Oncology Research Laboratories Oncology and MSD Global Clinical International Development Sophie Opdyke Peter Dannenbaum SVP, Global Oncology SVP, Investor Relations Marketing 33
Slide 34: Appendix
Appendix 34
Slide 35: Acronyms
Acronyms ADC = Antibody-drug conjugate ET = Essential thrombocythemia NSCLC = Non-small cell lung cancer ALL = Acute lymphocytic leukemia FL = Follicular lymphoma ORR = Objective response rate aRCC = Advanced renal cell carcinoma GI = Gastrointestinal OS = Overall survival B7-H3 = B7 homolog 3 GU =
Slide 36: Dean Li, MD, Ph.D.
Dean Li, MD, Ph.D. Executive vice president and president, Merck Research Laboratories Dr. Dean Li serves as executive vice president and president of Merck Research Laboratories. He leads the company’s worldwide human vaccines and therapeutics research and development organization. Since joining Me
Slide 37: Jannie Oosthuizen
Jannie Oosthuizen Executive vice president and president, Oncology and MSD International Jannie Oosthuizen leads Merck’s global oncology business and holds P&L responsibility for U.S. Oncology and Merck’s 75-plus markets outside of the U.S., driving the company’s continued leadership in oncology and
Slide 38: Marjorie Green, MD
Marjorie Green, MD Senior Vice President, Head of Oncology Global Clinical Development Dr. Marjorie Green is senior vice president and head of oncology global clinical development at Merck Research Laboratories. Marjorie joined Merck from Seagen, where she was senior vice president and head of late-
Slide 39: Sophie Opdyke
Sophie Opdyke Senior Vice President, Global Oncology Marketing Sophie has more than 25 years of experience in the pharmaceutical industry and is widely recognized for her expertise in strategic leadership, new product development and global launches. She is currently SVP, Global Marketing Oncology,