Merck & Company, Inc. · NYSE:MRK
Merck & — JP Morgan Healthcare Conference 2026
22 slides from Merck &'s conference presentation, Jan 12, 2026
Slide 1: JP Morgan Healthcare Conference
JP Morgan Healthcare Conference Merck & Co., Inc., Rahway, N.J., USA January 12, 2026
Slide 2: Business and Pipeline Update
Business and Pipeline Update Rob Davis Chairman and Chief Executive Officer 2
Slide 3: 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 4: Transforming our portfolio with next wave of innovation
Transforming our Advancing Diverse & Expansive Pipeline ~80 Phase 3 studies ongoing portfolio with next wave of innovation Launching New Growth Drivers Expect >20 new launches, almost all of which have blockbuster potential Executing Business Development Actively pursuing additional science-driven,
Slide 5: Achieved notable clinical and regulatory milestones in 2025
Achieved notable clinical and regulatory milestones in 2025 Significant Approvals Oncology • KEYTRUDA QLEX1 • KEYTRUDA in earlier-stage cancers • Cisplatin-ineligible MIBC (KEYNOTE-9052) • Resectable LA HNSCC (KEYNOTE-689) Cardiometabolic • WINREVAIR PAH label update (ZENITH) Infectious Disease • EN
Slide 6: Achieved notable clinical and regulatory milestones in 2025
Achieved notable clinical and regulatory milestones in 2025 Significant Approvals Key Positive Data Readouts Oncology Oncology • KEYTRUDA QLEX1 • KEYTRUDA • KEYTRUDA in earlier-stage cancers • PROC (KEYNOTE-B96) • Cisplatin-ineligible MIBC • MIBC (KEYNOTE-B15) (KEYNOTE-9052) • WELIREG • Resectable L
Slide 7: Achieved notable clinical and regulatory milestones in 2025
Achieved notable clinical and regulatory milestones in 2025 Significant Approvals Key Positive Data Readouts Select Trial Initiations Oncology Oncology Oncology • KEYTRUDA QLEX1 • KEYTRUDA • Phase 3 studies for sac-TMT4 (TROP2) in multiple • KEYTRUDA in earlier-stage cancers • PROC (KEYNOTE-B96) can
Slide 8: Accelerating contributions from new product launches
Accelerating contributions from new product launches Key launch products Launch product revenue ($ millions) $824 $568 $458 $287 $203 $70 OHTUVAYRE sales reported by Verona Pharma 8
Slide 9: Augmented our pipeline and portfolio with science-driven business development
Augmented our pipeline and portfolio with science-driven business development Select 2025 transactions 1 OHTUVAYRE MK-1406 First-in-class PDE 3/4 (formerly CD388) inhibitor for maintenance Potential first-in-class, once treatment of certain patients per season, strain agnostic with COPD anti-viral t
Slide 10: Augmented our pipeline and portfolio with science-driven business development
Augmented our pipeline and portfolio with science-driven business development Select 2025 transactions Strong track record with >$60B invested since 20212 1 OHTUVAYRE MK-1406 First-in-class PDE 3/4 (formerly CD388) inhibitor for maintenance Potential first-in-class, once treatment of certain patient
Slide 11: Commercial opportunity from new growth drivers is more than double consensus 2028 total KEYTRUDA sales
Commercial opportunity from new growth drivers is more than double consensus 2028 total KEYTRUDA sales >2X >$70B +$20B opportunity since last year ~$35B Consensus 2028 Mid-2030s revenue total KEYTRUDA opportunity from potential sales1,2 new growth drivers3 11 1. Total KEYTRUDA sales include KEYTRUDA
Slide 12: Ten key programs represent 70% of >$70 billion commercial opportunity
Ten key programs represent 70% of >$70 billion commercial opportunity and will potentially transform our portfolio >$70B ifinatamab MK-1406 deruxtecan3 islatravir based QW sacituzumab regimens2 tirumotecan4 ~70% enlicitide decanoate tulisokibart MK-3000 Mid 2030s revenue opportunity from potential O
Slide 13: Increasingly clinically derisked
By 2026, clinically derisked revenue opportunity nearly offsets KEYTRUDA LOE >$70B Additional innovative pipeline programs Increasingly clinically derisked4 sacituzumab ifinatamab MK-1406 tirumotecan5 deruxtecan6 ~$35B islatravir / MK-3000 tulisokibart lenacapavir7 enlicitide decanoate Consensus 202
Slide 14: Data-rich period ahead with multiple Phase 3 readouts across novel mechanisms
Data-rich period ahead with multiple Phase 3 readouts across novel mechanisms 2026 ISL / LEN1 MK-3000 tulisokibart Nucleoside reverse Mechanism of transcriptase Wnt agonist TL1A mAb action translocation inhibitor / capsid inhibitor Therapeutic HIV Ophthalmology Immunology area Disease Treatment Diab
Slide 15: Data-rich period ahead with multiple Phase 3 readouts across novel mechanisms
Data-rich period ahead with multiple Phase 3 readouts across novel mechanisms 2026 2027 ISL / LEN1 MK-3000 tulisokibart sac-TMT2 MK-1406 I-DXd3 Nucleoside reverse Mechanism of transcriptase zanamivir-Fc Wnt agonist TL1A mAb TROP2 ADC B7H3 ADC action translocation conjugate inhibitor / capsid inhibit
Slide 16: Delivering pipeline advancement and portfolio transformation
Delivering pipeline advancement and portfolio transformation Executing on Strategic Entering Data-Rich Delivering on Priorities Period Our Purpose Successful acceleration and Anticipating multiple Advance leading-edge augmentation of pipeline has impactful Phase 3 readouts science to save and improv
Slide 17: Q&A
Q&A Rob Davis Chairman and Chief Executive Officer Dr. Dean Li President, Merck Research Laboratories
Slide 18: Appendix
Appendix
Slide 19: Strategic business development drives increase in mid-2030s commercial opportunity
Strategic business development drives increase in mid-2030s commercial opportunity Prior Opportunity1 Updated Opportunity1 Oncology >$25B >$25B Cardiometabolic & Respiratory ~$15B ~$20B2 Infectious Disease >$5B ~$15B3 Immunology >$5B >$5B Ophthalmology Multibillion >$5B Amounts above exclude current
Slide 20: Robust pipeline to drive patient impact and value creation into the mid-2030s
Robust pipeline to drive patient impact and value creation into the mid- 2030s Updated Opportunity1 Additional Opportunities Oncology >$25B Animal Health • Expect revenue to more than Cardiometabolic & double by the mid-2030s2 Respiratory ~$20B Early-Phase Programs Infectious Disease ~$15B • Many ad
Slide 21: More than 20 new growth drivers expected in the next several years
More than 20 new growth drivers expected in the next several years, almost all of which have blockbuster potential 2024 2025 2026 2027 2028+ islatravir + lenacapavir2 MK-1406 intismeran autogene2 NRTTI + capsid inhibitor zanamivir-Fc conjugate INT MK-3000 sacituzumab tirumotecan2 opevesostat Wnt ago
Slide 22: Acronyms
Acronyms ADC = Antibody-drug conjugate INT = Individualized neoantigen therapy P-DXd = Patritumab deruxtecan B7H3 = B7 homolog 3 ISL/LEN = Islatravir / lenacapavir PrEP = Pre-exposure prophylaxis BRVO = Branch retinal vein occlusion KRAS = Kirsten rat sarcoma viral oncogene homolog PROC =Platinum re