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Merck & Co (NYSE: MRK) has achieved a significant milestone with its cancer treatment, Keytruda. In a recent Phase 3 trial, the new subcutaneous formulation of Keytruda demonstrated similar effectiveness to its established intravenous counterpart. This development could potentially halve treatment time, offering a more convenient option for patients and reducing the demand on healthcare professionals. While regulatory decisions are anticipated later this year, a patent dispute might influence the timeline for its market introduction.
Merck Plans to Introduce Subcutaneous Version of Cancer Drug
The introduction of a subcutaneous version of Keytruda marks a significant advancement in cancer therapy. This new formulation, enhanced with Alteogen’s berahyaluronidase alfa, allows for the administration of larger drug volumes more efficiently.
The anticipated reduction in treatment time by nearly 50% not only promises greater convenience for patients but also lessens the workload for healthcare providers. The regulatory bodies in both the US and Europe are currently reviewing this formulation, with a decision from the FDA expected by September 23. Approval could extend Keytruda’s market exclusivity, potentially impacting a significant portion of patients who rely on this treatment.
Despite the promising developments, the rollout of the new Keytruda formulation faces challenges. A patent dispute with Halozyme over the use of berahyaluronidase alfa could delay its introduction. Nonetheless, MSD is poised to launch the subcutaneous version in the US immediately following approval, targeting 30% to 40% of Keytruda patients.
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MRK Stock Brief
The announcement of the subcutaneous Keytruda has influenced Merck’s stock, currently trading at $89.555 as of March 28, 2025. The stock opened at $88.20, showing an upward trend with a day high of $89.79. Recent trading days have seen some volatility, with a notable dip on March 25, 2025. Despite this, the stock remains closer to its 52-week low than its high, suggesting room for growth.
Analysts maintain a “Buy” recommendation, supported by a robust market capitalization of $226.22 billion and a healthy dividend yield of 3.7%. The forward P/E ratio of 9.527 indicates positive expectations for earnings growth.
MSD’s financial metrics reflect a strong position in the market. With a total revenue of $64.17 billion and a debt to equity ratio of 82.528, the company demonstrates financial stability. The trailing EPS of $6.74 and forward EPS of $9.4 highlight potential earnings growth, further supported by a target high price of $146.00. The recommendation mean of 1.96 aligns with investor confidence in the company’s future prospects.
Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.
About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
