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2026-10-25 00:03 2h ago
2026-10-24 18:02 8h ago
Moderna Melanoma Therapy Cuts Recurrence Risk 42% in Phase 3 Trial
MRNA Moderna
FMP Stock News
Original source text
The AI Trade Just Moved Into Your Bloodstream, and 4 Healthcare Stocks Are WinningModerna NASDAQ: MRNA presented Phase 3 results for intismeran, its individualized neoantigen therapy, in combination with Merck’s pembrolizumab for patients with resected high-risk melanoma. The INTerpath-001 trial met its primary endpoint of relapse-free survival and a key secondary endpoint of distant metastasis-free survival, according to lead investigator Georgina Long of Melanoma Institute Australia.

INTerpath-001 enrolled patients with resected cutaneous melanoma ranging from stage IIB through stage IV. Patients were randomized two-to-one to receive intismeran plus pembrolizumab or placebo plus pembrolizumab. Intismeran was administered intramuscularly at 1 mg every three weeks for nine doses, while pembrolizumab was given every six weeks.

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Relapse-Free Survival Results
Moderna Just Doubled Overnight, and 2 More Healthcare Stocks Could Follow ItAmong 1,137 randomized patients, 757 were assigned to the intismeran-pembrolizumab combination and 380 received pembrolizumab alone. At a median follow-up of 24.6 months, the combination reduced the risk of recurrence or death by 42% versus pembrolizumab alone, producing a hazard ratio of 0.58 and a P value of less than 0.001.

Two-year relapse-free survival was 82.2% for the combination arm and 70% for pembrolizumab alone. Long said the study’s preplanned piecewise analysis showed that the hazard ratio was 0.99 during the first six months, then improved to 0.42 after six months.

MarketBeat Week in Review – 08/17 - 08/21She attributed the delayed separation of the Kaplan-Meier curves to the time needed both to manufacture the personalized therapy and activate an immune response. The median time to a first intismeran dose was 64 days.

In a modified intent-to-treat analysis including patients who received either intismeran or placebo injections, the hazard ratio for recurrence or death was 0.51, representing a 49% reduction in risk, Long said.

Distant Metastasis Endpoint Also Met
The combination also significantly improved distant metastasis-free survival, a key secondary endpoint in the trial’s hierarchical testing plan. The hazard ratio was 0.62, with a P value of 0.002, corresponding to a 38% reduction in the risk of distant metastasis or death compared with pembrolizumab alone.

In the piecewise analysis, the hazard ratio for distant metastasis or death was 1.01 during the first six months and 0.50 thereafter. The modified intent-to-treat analysis produced a hazard ratio of 0.55 for that endpoint.

Long said benefit favored the combination in nearly all prespecified subgroups, while cautioning that some small subgroups had wide confidence intervals. Overall-survival data remain immature, and the study remains ongoing with investigators and patients still blinded, she said.

Safety and Manufacturing
Long said serious and grade 3 to 5 treatment-related adverse events were broadly similar between the treatment arms. Treatment discontinuations due to adverse events were higher in the combination arm, while discontinuations in the pembrolizumab-alone arm were more often due to recurrence.

The combination was associated with higher rates of mostly low-grade, transient events including injection-site pain, injection-site reactions, chills and fever. Pembrolizumab-related or checkpoint inhibitor-related adverse events appeared broadly similar across groups, and Long said intismeran did not appear to potentiate pembrolizumab toxicities.

Of the patients whose treatments were designed, 91% had the maximum 34 neoantigens identified for their intismeran product. Moderna successfully manufactured intismeran for more than 99% of randomized combination-arm patients, Long said. The most common reason patients failed screening was inadequate tumor tissue.

Mechanism and Broader Development
Moderna described intismeran as an mRNA-based therapy designed from each patient’s tumor mutations and HLA type, encoding up to 34 neoantigens. The company said the therapy is intended to improve neoantigen presentation and stimulate both CD4 and CD8 T-cell responses.

Company presenters also reviewed earlier Phase 2 translational findings showing an increase in novel T-cell clones after intismeran administration. In seven evaluated patients, Moderna said it matched T-cell responses to the neoantigens in the individualized treatment cassette and found, on average, that roughly one in three selected neoantigens was immunogenic.

Paolo Ascierto, a full professor of oncology at the University of Naples Federico II and a senior author of INTerpath-001, said the consistency between the Phase 2 and Phase 3 findings was important. He said the results could support a new standard of care in high-risk resected melanoma if the regimen proves superior to existing anti-PD-1-based approaches.

Toni Ribas, a professor at the University of California Los Angeles, called the findings a “landmark in cancer drug development,” saying the individualized approach is designed to expand T-cell responses against tumor-specific mutations.

Moderna said intismeran is also being studied across other tumor types and treatment settings, including lung, renal cell, bladder and pancreatic cancers. The company said a Phase 1 pancreatic cancer study in 20 resected patients found neoantigen-specific T-cell responses in all 19 immunogenicity-evaluable patients, with fuller results scheduled for presentation the following day.

About Moderna (NASDAQ:MRNA)Moderna, Inc is a biotechnology company that develops medicines and vaccines using messenger RNA (mRNA) technology. Its platform is designed to instruct cells to produce proteins that can stimulate immune responses or support the treatment of disease. The company's research programs span infectious diseases, immuno-oncology, rare diseases, autoimmune conditions and other therapeutic areas.

Moderna's commercial products include Spikevax, an mRNA vaccine for COVID-19, and mRESVIA, an mRNA vaccine for respiratory syncytial virus (RSV) in older adults.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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2026-10-25 00:03 2h ago
2026-10-24 18:57 7h ago
Moderna, Inc. (MRNA) Discusses Phase III Data for Intismeran and Advances in Cancer Immunotherapy Transcript
MRNA Moderna
FMP Stock News
Original source text
Moderna, Inc. (MRNA) Discusses Phase III Data for Intismeran and Advances in Cancer Immunotherapy Transcript
2026-10-24 11:46 14h ago
2026-10-24 05:30 21h ago
Heard on the Street: Moderna's cancer vaccine passed its first big test this past week. The bigger problem is that its stock is priced as if it has already passed them all.
MRNA Moderna
FMP Stock News
Original source text
Even after its latest sharp fall, the drugmaker's stock price assumes wild successes.
2026-10-24 11:46 14h ago
2026-10-24 07:30 19h ago
Breakfast News: A Conversation With Moderna's CEO
MRNA Moderna
FMP Stock News
Original source text
Moderna Writes Medicine Like SoftwareThis August, Moderna (MRNA -1.25%) and Merck (MRK -1.34%) reported that their personalized cancer vaccine, intismeran autogene, cut the risk of melanoma recurrence after surgery when added to Keytruda. The result came from a phase 3 trial, the large final-stage study regulators lean on for approval. Moderna stock jumped 177% in one day and is up nearly 580% so far this year.

Moderna has plenty more to prove:

The personalized cancer vaccine: Merck and Moderna plan to present the full melanoma data at a medical meeting and to file for FDA approval. They haven’t given a filing date.Other cancers: The same vaccine is being tested in lung, kidney, and bladder cancer. Including melanoma, nine clinical studies are under way.Rare genetic liver disease: Moderna expects pivotal data before year-end in propionic acidemia, an inherited disorder in which the body can’t properly break down certain proteins.Autoimmune disease: This is the next big opportunity that the CEO believes Wall Street hasn’t priced in yet.At FoolFest, our annual member event, Tom Gardner spoke with CEO Stéphane Bancel about the science, the stock reprice, and why he prefers the long-term game over the next quarter.

Key Insights From Moderna’s CEOOn the TechnologyEvery cell in your body runs on messenger RNA, or mRNA. These are short-lived instructions that tell the cell which protein to build. Moderna writes its own instructions. Inject them, and the body builds whatever protein Moderna chose. That could be a piece of a virus for a vaccine, or a cancer marker the immune system can learn to hunt.

What we at Moderna figured out — it took us 10 years to do so before the pandemic — is how to make a safe mRNA molecule in a reactor that will be the instruction for any protein we want your body to make on demand.On Being a Platform CompanyMost drugmakers start from scratch with each new medicine. Moderna’s drugs share the same building blocks and the same factories. Only the code changes.

We knew from the beginning that it was going to be zero drugs or a lot of drugs. It made no scientific sense that it would be a one-drug or a two-drug company.So Moderna established itself as a platform company. Every new approval makes the next medicine easier to develop. So far, the record backs that up. Six of Moderna’s seven phase 3 trials have succeeded. The one miss was a vaccine for CMV, a common virus that can harm babies before birth.

If you look at the industry average, starting from phase 1 to phase 3, it’s around 10%. At Moderna, we’re around 85%.On IntismeranIntismeran is made for one patient at a time. Moderna sequences the patient’s tumor, and an algorithm picks 34 of its mutations. Moderna codes those into a custom vaccine. Patients get it alongside Keytruda, Merck’s blockbuster cancer drug.

Keytruda basically gives energy back to the T cells … that attack your cancer. What intismeran does is, we teach your immune system how to look for new signatures, new mutations in your cancer.After two to three doses, the body generates brand-new T-cells specifically trained to target the tumor. The results have been impressive so far.

From the phase 2 data, at five years out, 80% of people were disease-free, which in skin cancer is considered a cure.On Patents and CompetitionModerna patents the system, layer by layer, rather than one molecule at a time. It keeps filing new patents with every new technology it discovers.

Think about it almost like a lasagna. We build layers and layers and layers of patents on mRNA. And then when you do a drug, you just take a slice of that lasagna.Copycat drugs usually skip costly trials by proving they’re identical to the original. Moderna keeps intismeran’s mutation-picking algorithm secret, even from its CEO, and Bancel doesn’t see how a rival could prove a match without it.

How can you go to the FDA and say it’s the same drug and waive the clinical trial cost? I think this will not happen.On Artificial IntelligenceBancel says AI can tackle highly complex biology and shorten development timelines. After a phase 3 positive study, drugmakers typically spend about six months gathering and cleaning data before they can file for approval. Every month saved is another month of sales.

We are starting more and more to get to three months at Moderna, and I want that to become one day.On the Stock’s 95% DeclineIt was clearly not fun, but we kind of knew this was going to happen … As the sales come down, the market reprices the stock.Bancel is referring to Covid sales here. The company remained undeterred and continued to invest in its platform, which is now paying off. The CEO backed his conviction with his own money.

I had options expiring that were 10 years old … At 29 bucks, I bought all of them, cash. I paid my taxes, I bought everything, I bought 100% of the stock.On the Long-Term GameEarnings per share is the profit figure Wall Street dissects every quarter. Bancel judges Moderna by the cash it returns over 10 years instead.

I’m not looking at the EPS of next quarter. I never have and most probably never will, because what happens next quarter is things we decided and worked on two or three years ago.Today’s Question!Will Moderna beat the market over the next five years? Why, why not?

Discuss with friends and family, or become a member to hear what your fellow Fools are saying!
2026-10-24 06:50 19h ago
2026-10-23 11:00 1d ago
Lost Money on Moderna, Inc. Stock? Glancy Prongay Wolke & Rotter LLP Investigates Possible Securities Fraud After 23.07% Share Price Drop
MRNA Moderna
FMP Stock News
Original source text
LOS ANGELES--(BUSINESS WIRE)--Investors who lost money on Moderna, Inc. ("Moderna" or the "Company") stock may have claims to recover their losses. Glancy Prongay Wolke & Rotter LLP ("Glancy") today announced a securities fraud investigation on behalf of Moderna, Inc. (NASDAQ: MRNA) investors into whether the Company may have violated the federal securities laws. The investigation follows the October 22, 2026 disclosure regarding Moderna, Inc.Investors who lost money on Moderna, Inc. securit.
2026-10-23 23:28 1d ago
2026-10-23 19:00 1d ago
To the scientific world, Moderna's cancer vaccine's results proved that a highly personalized, immune-targeting medication can work. To investors, it didn't work well enough.
MRNA Moderna
FMP Stock News
Original source text
The company's stock dropped after details of a study raised questions about how widely the treatment would be used.
2026-10-23 20:59 1d ago
2026-10-23 14:58 1d ago
The real test for Moderna's cancer vaccine isn't about beating Keytruda. It's keeping cancer from coming back in the long term.
MRNA Moderna
FMP Stock News
Original source text
The first Phase 3 data for a cancer vaccine has raised questions about whether a potential new treatment is worth it

Moderna and Merck proved their custom cancer vaccine cut the risk of melanoma returning for longer than the cancer drug Keytruda, but it may take several years to understand if a therapeutic vaccine is better at beating the disease than immunotherapies.

The companies on Thursday released the highly anticipated Phase 3 data for intismeran, showing that a combination of the experimental vaccine and Merck’s immunotherapy Keytruda reduced the risk of the cancer returning or the patient passing away by 42% after about two years compared to patients only taking Keytruda.
2026-10-23 18:30 1d ago
2026-10-23 09:14 1d ago
Stock Futures Tumble as Crude Climbs Back Above $100
MRNA Moderna
FMP Stock News
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2026-10-23 18:30 1d ago
2026-10-23 11:30 1d ago
MRNA Plunges 20% in Two Days: Leak Shows Positive Cancer Vaccine Trial Results
MRNA Moderna
FMP Stock News
Original source text
Moderna (MRNA) shares plunged after a partial leak showed results for the company's cancer vaccine trial. As Alison Kosik points out, the results were positive but weren't enough for investors.
2026-10-23 18:30 1d ago
2026-10-23 13:11 1d ago
MRNA Tanks as Positive Phase III Cancer Therapy Data Fails to Impress
MRNA Moderna
FMP Stock News
Original source text
Key Takeaways Moderna's intismeran plus Keytruda cut recurrence or death risk by 42% in a Phase III melanoma study.After six months, the combination reduced recurrence risk by 58% and distant metastasis risk by 50%.MRNA plunges 18% after early data disclosure, as investors weighed results against elevated expectations. Moderna (MRNA - Free Report) , along with partner Merck (MRK - Free Report) , reported detailed positive results from the phase III INTerpath-001 study evaluating their investigational personalized cancer therapy in certain patients with high-risk melanoma, a serious form of skin cancer.

The study evaluated Moderna’s investigational mRNA-based individualized neoantigen therapy (“INT”), intismeran autogene (mRNA-4157 or V940), in combination with Merck’s blockbuster PD-L1 inhibitor, Keytruda (pembrolizumab), as an adjuvant treatment for patients with completely resected stage IIB-IV melanoma.

What Did MRNA & MRK’s Latest Findings Show?The detailed data builds on the positive top-line results Moderna and Merck announced in August 2026, when the combination met the trial’s primary endpoint of recurrence-free survival (RFS) and key secondary endpoint of distant metastasis-free survival (DMFS).

The company had previously announced that INTerpath-001 had achieved the primary endpoint but is now releasing detailed data.

At a prespecified primary analysis, after a median follow-up of 24.6 months, treatment with intismeran plus Keytruda reduced the risk of recurrence or death by 42%. The combination regimen also reduced the risk of distant metastasis or death by 38% versus Keytruda alone.

In a prespecified sensitivity analysis, the benefit was greater after six months, following the intismeran immunization regimen. The combination reduced the risk of recurrence or death by 58% and the risk of distant metastasis or death by 50% compared with Keytruda alone. The companies also reported that the improvements observed in RFS and DMFS were generally consistent across pre-specified patient subgroups.

Overall survival data remain immature, although the companies observed a favorable trend. The study will continue to evaluate overall survival and other key endpoints. The safety profile of intismeran plus Keytruda was generally consistent with earlier studies, with no new safety signals reported.

Moderna and Merck are engaging with regulatory authorities based on the phase III findings.

The detailed results follow a data leak ahead of MRNA and MRK’s planned presentation at the 2026 European Society for Medical Oncology (ESMO) Congress. The companies formally disclosed the findings on Oct. 22, ahead of their presentation at the ESMO Presidential Symposium. The findings were supposed to be reported on Oct. 24, after the data presentation at ESMO, but due to the data leak, MRK and MRNA announced the data on Oct. 22. The data will still be presented at the ESMO as planned.

The latest phase III results build on the phase IIb KEYNOTE-942 study, which reported long-term benefits for the combination regimen. Five-year follow-up data presented at the 2026 ASCO annual meeting showed that the combination reduced the risk of recurrence or death by 49% and the risk of distant metastasis or death by 59% versus Keytruda alone.

Impact on MRNA StockDespite the positive clinical findings, Moderna’s shares plunged 18% on Oct. 22. The steep decline followed the premature disclosure of the INTerpath-001 data ahead of the planned ESMO presentation. Some market reports suggest the sell-off reflected a “sell-the-news” reaction, with investors weighing the results against elevated expectations for the personalized cancer therapy. Investors also seemed unimpressed when they compared the latest findings with the phase IIb study data, especially the risk of distant metastasis or death. Merck’s shares fell around 1.8% on the same day.

Year to date, shares of Moderna have skyrocketed 587.2% compared with the industry’s increase of 6.8%.

Image Source: Zacks Investment Research

More on MRK & MRNA’s Personalized Cancer TherapyIntismeran autogene is an experimental, personalized mRNA-based cancer therapy that is designed using the unique genetic mutations found in a patient’s tumor and can target up to 34 tumor-specific antigens.

Unlike conventional vaccines, intismeran is individually designed for each patient, using mutations identified from the patient’s tumor to create a personalized treatment intended to help the immune system recognize and attack cancer cells. This individualized approach could allow the therapy to be adapted to the unique characteristics of different patients and tumor types.

Merck and Moderna are evaluating intismeran across the broader INTerpath clinical development program, which currently includes nine phase II and phase III studies across melanoma, non-small cell lung cancer, bladder cancer and renal cell carcinoma. The program is evaluating intismeran in combination with Keytruda and other anticancer therapies, as well as as a monotherapy.

If successfully developed and upon potential, intismeran autogene could provide a new growth driver for Moderna and establish oncology as a key growth driver beyond its vaccines business. However, the near-term impact remains limited as the candidate is still investigational, overall survival data are immature, and regulatory review and commercialization timelines remain uncertain.

MRNA Zacks Rank & Stocks to ConsiderModerna currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are TG Therapeutics (TGTX - Free Report) and Halozyme Therapeutics (HALO - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for TG Therapeutics’ 2026 earnings per share have risen from 92 cents to 94 cents, while estimates for 2027 have increased from $2.65 to $2.66 during the same time. TGTX shares have surged 78.4% year to date.

TG Therapeutics’ earnings beat estimates in one of the trailing four quarters, while missing the same on the remaining three occasions, with the average surprise being 184.65%.

Over the past 60 days, estimates for Halozyme’s 2026 earnings per share have risen from $8.37 to $8.80, while estimates for 2027 have increased from $9.75 to $10.29 during the same time. HALO shares have soared 85.1% year to date.

Halozyme’s earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average negative surprise being 19.12%.
2026-10-23 18:30 1d ago
2026-10-23 13:50 1d ago
Moderna leaked data was positive, what's hurting MRNA stock then?
MRNA Moderna
FMP Stock News
Original source text
Moderna’s MRNA leaked cancer-vaccine trial results looked “promising” on the surface, yet the biotech stock came under intense pressure late on Thursday and was weak on Friday morning too, although the stock regained the losses and was trading higher later in the session.

In fact, MRNA slipped through its 20-day moving average (MA) this week, indicating bears have taken back control of the near-term.

Despite recent weakness, however, Moderna stock remains a blockbuster investment for 2026, currently trading at more than 6x its price at the start of this year.

The Phase 3 leaked trial data showed that “intismeran autogene” – Moderna’s personalized cancer vaccine – combined with Merck’s Keytruda reduced the risk of melanoma recurrence or death by 42% versus Keytruda alone.

It also lowered the risk of distant metastasis or death by 38%. Those are meaningful clinical gains, and the companies reported no new safety signals.

But the market had already rewarded the study’s success following August’s initial announcement.

The detailed findings therefore needed to improve expectations further.

Bloomberg reported that analysts questioned whether the melanoma results justified confidence in a much broader cancer franchise.

For MRNA shares, that distinction matters – demonstrating that one treatment works supports its development, while supporting a premium valuation requires a credible path to commercial revenue across a larger market.

Another pressure point was the apparent gap with earlier research.

A smaller study showed a 49% reduction in recurrence or death and a 59% reduction in distant metastasis or death, compared with 42% and 38%, respectively, in the larger trial.

However, “different patient populations” and “follow-up periods” mean these are not really direct comparisons.

The latest findings also contain nuance that headline percentages miss.

The companies said the treatment groups performed similarly during the first six months; a prespecified analysis showed stronger benefits afterward. Overall survival data remain immature.

That makes sweeping conclusions premature. The study supports a reduction in recurrence, but it has not yet established an overall survival benefit.

Moderna investors assessing durability, treatment timing, and eventual adoption still have major questions to resolve as follow-up continues.

Moderna’s next challenge is turning clinical progress into an economically attractive product.

The company is preparing to seek US approval and anticipates a potential launch in 2027.

Because the therapy is tailored to each patient’s tumor, investors will need to assess manufacturing capacity, delivery times, reimbursement, and the cost of supplying treatment.

Strong efficacy alone cannot establish the margins or sales volumes the business will ultimately generate.

Friday’s decline therefore raises a practical valuation question: how much future success does MRNA stock already assume at about 50x sales?

Regulatory progress, launch economics and evidence from additional cancer trials could help answer it.

Until then, a positive melanoma study can strengthen Moderna’s scientific credentials while still leaving shareholders vulnerable to falling expectations.
2026-10-23 16:02 1d ago
2026-10-23 09:55 1d ago
Moderna's Stock Just Stumbled. Is It a Buy on the Dip?
MRNA Moderna
FMP Stock News
Original source text
You may know the name Moderna (MRNA +0.31%) very well thanks to the company's blockbuster coronavirus vaccine. That was the biotech's first commercialized product, highlighting its expertise in messenger RNA technology. This involves teaching the body to make proteins that will prevent or fight a certain disease.

Moderna launched its coronavirus vaccine in early pandemic days and saw revenue and stock performance skyrocket. As demand declined later in the crisis, the company's earnings and stock price also suffered. But Moderna took steps to turn things around, including cost cuts, a focus on oncology and rare-disease candidates, and the release of new products. All of this boosted investor optimism, putting the stock on track for triple-digit gains this year.

That's fantastic, but news this week prompted the stock to drop 17% in one trading session. After stumbling, is Moderna stock a buy on the dip? Let's find out.

Image source: Getty Images.

Moderna's coronavirus vaccineFirst, a quick note on Moderna's path so far. As mentioned, the company jumped into the spotlight as it developed and commercialized a coronavirus vaccine. That product generated billions of dollars in revenue for the biotech and pushed it to profitability. As demand for vaccines declined, however, revenue slipped, Moderna swung to a loss, and investors turned away from the stock.

Meanwhile, Moderna reduced costs within its vaccine program, launched new products such as the most recent -- a flu vaccine for the current season -- and used revenue from its respiratory vaccines to fund its robust pipeline. One particular area caught investors' attention, prompting them to return to Moderna stock, and that's oncology.

And this brings me to the Moderna story in 2026. The company is studying its personalized cancer vaccine candidate, using the mRNA technology applied throughout its pipeline, in 10 clinical trials. The market has paid particular attention to the most advanced, a phase 3 trial combining Moderna's intismeran autogene with Merck's Keytruda. News back in August that the companies met primary endpoints pushed Moderna stock to a 180% gain in one trading session.

MRNA Moderna$203.25+$0.62 (+0.31%)

NASDAQ · As of 11:43 AM ET 10/23/26

Data leaked from a Moderna studyJust this week, however, news of leaked data from the study had the opposite effect, resulting in a 17% drop in one session. That said, the leaked news wasn't negative. In fact, Moderna and Merck reported the drug combo reduced the risk of recurrence of death by 42% for certain melanoma patients -- this is compared to treatment with Keytruda alone. After six months, this risk was reduced by 58%, the study showed. And Moderna and Merck's combined treatment cut the risk of cancer spreading to distant parts of the body by 38%.

In August, the companies said they would speak with regulators regarding the filing of submissions for the treatment.

So why did the stock fall on this week's news? Moderna shares are very sensitive to the release of trial data since the company is still in its early stages of commercializing products. Today, it has four products commercialized in the U.S., and they are all in the respiratory vaccine category. The idea of leaked trial data may have worried some investors before they even took a look at the data -- and this may have prompted them to lock in gains on the stock after its fantastic run.

So, right now, is Moderna a buy on the dip? It's important to keep in mind that the stock still has climbed more than 500% this year and is trading at about $200, well above the average Wall Street 12-month price estimate of $135. This allows us to put the recent decline into perspective.

The dip represents a buying opportunity for the long-term investor aiming to open a position or add a few shares to a current holding. But Moderna could see other pullbacks ahead, considering the extent of its gain this year. As I mentioned above, the stock is sensitive to any clinical trial data reports -- and given the number of candidates in the pipeline, many such reports lie ahead. It's important to be comfortable with the idea of potential volatility before investing in Moderna. Biotech investors who accept that may want to progressively build a position in this exciting player starting today and on future dips.
2026-10-23 16:02 1d ago
2026-10-23 10:06 1d ago
Moderna's Cancer-Vaccine Leak Spurred Panic Selling as Wall Street Wanted a Cure
MRNA Moderna
FMP Stock News
Original source text
Moderna stock sold off after an oncology news website leaked trial results that were set to be presented at a medical conference. (Adam Glanzman/Bloomberg)

Moderna and partner Merck were set to present an expanded dataset for their vaccine, intismeran autogene, at the annual meeting of the European Society for Medical Oncology (ESMO) this weekend. However, the embargo on the study was “breached,” ESMO later confirmed, prompting the organization and the partners themselves to release the results on Thursday.
2026-10-23 13:34 1d ago
2026-10-23 07:00 1d ago
Moderna Named a Top Employer by Science for Twelfth Consecutive Year
MRNA Moderna
FMP Stock News
Original source text
CAMBRIDGE, MA / ACCESS Newswire / October 23, 2026 / Moderna, Inc. (NASDAQ:MRNA) today announced it was ranked as a top employer in the global biopharmaceutical industry in Science and Science Careers' 2026 Top Employers Survey for the twelfth consecutive year. Moderna was recognized for its corporate image, leadership and direction, and work culture, reflecting its reputation for innovation and quality research, commitment to continuous improvement, and collaborative, data-driven environment.

"At Moderna, we have always believed that the best science happens when talented people are given the opportunity to tackle important problems and make an impact," said Stéphane Bancel, Chief Executive Officer of Moderna. "To be recognized by Science for twelve consecutive years is a testament to the thousands of people who have helped build and evolve this company. What continues to unite us is a shared determination to advance mRNA science and translate that work into meaningful advances for patients."

In 2026, Moderna received approval for its fourth and fifth products. mCOMBRIAX®, the Company's mRNA combination vaccine for the prevention of influenza disease and COVID-19 caused by SARS-CoV-2 was granted marketing authorization in the European Union in April 2026. mFLUSIVA®, a new vaccine against seasonal influenza was approved by the U.S. Food and Drug Administration in August 2026. In August 2026, Moderna and Merck announced positive topline results from the Phase 3 INTerpath-001 trial evaluating intismeran autogene, an investigational individualized mRNA cancer therapy, in combination with KEYTRUDA® in patients with resected stage IIB-IV melanoma. As part of Moderna's ongoing commitment to social responsibility, the Company also marked the fourth anniversary of the Moderna Charitable Foundation and issued its fifth annual Impacting Human Health Report.

"Being a top employer starts with the strength of our people and what we can accomplish together," said Tracey Franklin, Chief People and Digital Technology Officer of Moderna. "We are building an organization that brings together the expertise of our people with digital capabilities and AI to solve complex problems in new ways and create an even greater impact for patients."

For more than 20 years, Science has surveyed its readership to identify and celebrate the top 20 pharmaceutical and biotechnology companies with the best reputation as employers. The 2026 survey's findings are based on approximately 5,100 completed surveys from readers of Science, and other survey invitees. A vast majority of the survey participants came from North America (71%), Europe (19%), and Asia/Pacific Rim (6%).

For the complete feature along with individual company rankings, please visit: https://www.science.org/content/article/2026-s-top-employers-ai-i-do

About Moderna

Moderna is a leader in the creation of the field of mRNA medicine. Through the advancement of mRNA technology, Moderna is reimagining how medicines are made and transforming how we treat and prevent disease for everyone. By working at the intersection of science, technology and health for more than a decade, the company has developed medicines at unprecedented speed and efficiency, including pioneering work on COVID-19 vaccines.

Moderna's mRNA platform has enabled the development of therapeutics and vaccines for infectious diseases, immuno-oncology, rare diseases and autoimmune diseases. With a unique culture and a global team driven by the Moderna values and mindsets to responsibly change the future of human health, Moderna strives to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

Moderna Contacts

Media:
Chris Ridley
VP, Global Head of Communications
+1 617-800-3651
[email protected]

Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834
[email protected]

SOURCE: Moderna, Inc.
2026-10-23 13:34 1d ago
2026-10-23 08:30 1d ago
Tempus AI: Moderna's New Cancer Vaccine Partner Is The Pick Of The AI Biotech Bunch
MRNA Moderna
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Tempus AI delivers robust 22% YoY revenue growth, forecasting $1.6bn in 2026 and demonstrating strong commercial traction with Big Pharma partnerships. TEM's differentiated model leverages AI-driven diagnostics and data licensing, generating immediate revenues rather than relying on speculative milestone payments. Strategic acquisition of Personalis positions TEM to capitalize on the rapidly expanding minimal residual disease (MRD) cancer testing market.
2026-10-23 13:34 1d ago
2026-10-23 08:35 1d ago
Moderna Stock Slides Again Friday: What's Going On?
MRNA Moderna
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Moderna Inc. (NASDAQ:MRNA) stock extended its decline in Friday's premarket trading after plunging more than 17% Thursday amid investor concerns over clinical trial data for its experimental personalized melanoma vaccine.
2026-10-23 13:33 1d ago
2026-10-23 08:57 1d ago
Moderna Stock Cools After Cancer Vaccine Data Leak
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2026-10-23 13:33 1d ago
2026-10-23 09:00 1d ago
Did You Lose Money on Moderna, Inc. Stock? The Law Offices of Howard G.
MRNA Moderna
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BENSALEM, Pa.--(BUSINESS WIRE)--Investors who suffered losses on Moderna, Inc. ("Moderna" or the "Company") stock may have claims to recover those losses. The Law Offices of Howard G. Smith today reported that it is conducting a securities fraud investigation on behalf of Moderna, Inc. (NASDAQ: MRNA) investors into whether the Company may have violated the federal securities laws. The investigation comes after a October 22, 2026 disclosure concerning Moderna, Inc. Investors with losses on Moder.
2026-10-23 11:05 1d ago
2026-10-23 06:22 1d ago
Moderna stock just crashed 21% in a day; Here's why
MRNA Moderna
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Moderna (NASDAQ: MRNA) stock experienced a brutal 24 hours of trading, dropping 17.57% from $245.81 to $202.63 on October 22, and extending the losses by another 4.40%, falling to $193.71 by press time in the Friday pre-market.

Moderna stock price one-day chart. Source: Google The sudden MRNA share price downturn appears to have been driven by two key factors. First, the early results for the company’s Phase 3 study for its personalized cancer – melanoma primarily – vaccine briefly leaked.

Second, several notable Wall Street firms revised their price targets and ratings of Moderna stock, with Citi’s (NYSE: C) ‘Sell’ recommendation and $80 forecast arguably being the most impactful.

Specifically, along with estimating that MRNA shares will plunge 60.52% in the next 12 months, analyst Geoff Meacham explicitly described the company’s recent ascendance and valuation as ‘unjustifiable’.

Indeed, between the two, the fact that the supposed leaked results proved generally positive failed to prevent investors from reconsidering whether Moderna merits its $80.89 billion market capitalization.

Moderna stock price performance Zooming out highlights the sheer scale of MRNA stock’s rise in 2026. Driven by earlier vaccine announcements, Moderna shares entered a powerful uptrend in late August that, on the eve of the latest plunge, left them 696.53% in the green year-to-date (YTD).

Furthermore, the previous upsurge was large enough that even the 21% 24-hour collapse left the equity up 556.61% YTD.

Moderna stock price YTD chart. Source: Google Moderna vaccine ally stock drops on Moderna equity crash Lastly, the stock of Merck (NYSE: MRK), the company cooperating with Moderna on the vaccine, saw directionally similar moves to MRNA, though of a far smaller magnitude.

Specifically, MRK shares declined 1.76% in the Thursday session and extended the losses by another 0.53% in the Friday, October 23, pre-market, falling from $147.24 at the latest close to $146.46 at press time.

Merck stock price one-day chart. Source: Google Similar to Moderna, the most recent drop had a comparatively small impact on the YTD performance, and Merck stock remains 38.32% in the green in 2026.

Featured image via Shutterstock

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2026-10-23 11:05 1d ago
2026-10-23 06:45 1d ago
Moderna, Meta, SpaceX, AT&T, CoreWeave, Sandisk, and More Stocks That Explain Today's Market
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Stock futures pointed lower as oil prices climbed above $114 a barrel, but some of the hard-hit tech names were enjoying a modest rebound.
2026-10-22 22:46 2d ago
2026-10-22 16:45 2d ago
Stock Market Today, Oct. 22: Moderna Stock Plummets 18% on Melanoma Vaccine Data Leak Reports
MRNA Moderna
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MRNA Moderna$202.63-$43.18 (-17.57%)

NASDAQ · As of 4:00 PM ET 10/22/26

Moderna (MRNA -17.57%), an mRNA medicines and preventive vaccine developer, closed at $202.63, down 17.57%. Reports of a possible leak of late-stage personalized melanoma vaccine data sent shares lower today. Investors are waiting for the planned full Phase 3 presentation and Oct. 24 ESMO (European Society for Medical Oncology) data. Trading volume reached 49.3M shares, coming in about 148% above its three-month average of 19.9M shares. Moderna IPO'd in 2018 and has grown 989% since going public.

How the markets moved todayThe S&P 500 (^GSPC -1.21%) fell 1.22% to 7,663, and the Nasdaq Composite (^IXIC -2.60%) lost 2.60% to 26,009. Among biotechnology peers, BioNTech (BNTX -1.77%) closed at $89.67, down 1.77%, while Novavax (NVAX -9.26%) closed at $9.99, down 9.26%.

What this means for investorsTrading in MRNA shares was briefly halted today after reports of a partial data leak involving its personalized cancer vaccine hit the market. The leaked data supposedly showed that Moderna's intismeran autogene, when paired with Merck's (MRK -1.76%) immunotherapy Keytruda, "reduced the risk of recurrence or death in certain melanoma patients by 42% compared with Keytruda alone." This figure was lower than the Phase II results, which showed a 49% decline.

The full Phase III results weren't supposed to be released in detail until this Saturday, and MRNA stock's drop today suggests the leaked statistics fell short of the market's sky-high expectations for the company. Even after today's decline, Moderna shares have risen more than sixfold in 2026, as the company's breakthrough cancer vaccine naturally offers immense upside if it can prove to be helpful in cases outside of melanoma as well.

I'm in no rush to add to (or sell) any of my MRNA position after this news. It seems like expectations were borderline staggering for Moderna after its stock rose roughly 600% this year, and the leak showed (supposed) figures that weren't absolutely perfect. The long-term potential of Moderna's personalized cancer vaccines is obviously immense (albeit perhaps high-risk, high-reward), but I'll just be patient with this one.

Josh Kohn-Lindquist has positions in Moderna. The Motley Fool has positions in and recommends BioNTech Se, Merck, and Moderna. The Motley Fool has a disclosure policy.
2026-10-22 22:46 2d ago
2026-10-22 18:15 2d ago
Mizuho's Jared Holz: Moderna drop reflects high bar, not bad data
MRNA Moderna
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Jared Holz, Mizuho healthcare sector specialist, joins 'Fast Money' to talk the drop in Moderna's stock following new cancer vaccine data.
2026-10-22 20:16 2d ago
2026-10-22 13:33 2d ago
Moderna Crashes 20% On Reportedly Leaked Cancer Vaccine Data
MRNA Moderna
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Original source text
Moderna stock crashed Thursday after a third-party leaked the purported cancer vaccine data ahead of a hotly anticipated presentation.
2026-10-22 20:16 2d ago
2026-10-22 14:03 2d ago
Moderna's stock tumbles after reported leak of data for cancer vaccine
MRNA Moderna
FMP Stock News
Original source text
Moderna and Merck are expected to share the Phase 3 data for their experimental cancer vaccine this weekend at a medical conference.
2026-10-22 20:16 2d ago
2026-10-22 14:09 2d ago
Moderna shares plunged after details from a closely guarded mRNA-based cancer vaccine study were shared on social media
MRNA Moderna
FMP Stock News
Original source text
Details from a closely guarded mRNA-based cancer vaccine study were shared on social media.
2026-10-22 20:16 2d ago
2026-10-22 14:30 2d ago
Moderna shares plunge after leak of partial cancer vaccine data
MRNA Moderna
FMP Stock News
Original source text
Moderna shares dropped as much as 25% on Thursday following the leak of partial data on its closely watched cancer vaccine developed with Merck.

Shares of both drugmakers fell even though the full data, released later Thursday following the leak, appeared meaningful for patients and positive relative to Wall Street expectations. The personalized vaccine, known as intismeran autogene, paired with Merck's immunotherapy Keytruda reduced the risk of recurrence or death in certain melanoma patients by 42% compared with Keytruda alone.

The data also showed the shot along with Keytruda reduced the risk of cancer spreading to distant parts of the body or death by 38%, compared with just the immunotherapy.

The companies say about 82% of patients who received the personalized cancer vaccine alongside Keytruda were alive without their melanoma returning at two years, compared with 70% of those who received Keytruda alone.

The detailed phase 3 trial results were set to be presented at the European Society for Medical Oncology conference this weekend.

Several analysts acknowledged investors' elevated expectations ahead of the release, but noted that the data is overall positive.

"We assert this relative reduction in recurrence/death is clinically meaningful," BMO Capital Markets analyst Evan Seigerman said in a research note on Thursday. "Such a reaction likely reflects inflated expectations into the full data release, rather than a true indictment on the efficacy of the combo therapy."

Investors see the targeted vaccine as a possible breakthrough treatment, with the potential to be used in other forms of cancer in the future. It could also offer Moderna a critical additional commercial product in its pipeline, following vaccines for Covid-19, the flu and respiratory syncytial virus.

In a research note Thursday, UBS analysts said "this is overall a strong data set" and gives more confidence in upcoming studies of the vaccine in kidney and bladder cancers. They added the stock reaction may be due more to massive expectations than disappointing data.

The high expectations for the product have sent Moderna shares soaring this year. The stock has spiked more than 530% year-to-date as of Thursday afternoon.

Shares of Merck, a much larger drugmaker, fell by about 1% on Thursday. The company's stock has climbed nearly 41% this year.

Since the vaccine is personalized, the complicated manufacturing process can take six weeks. But Merck CEO Robert Davis told CNBC last week that the company believes it can shorten that timeline in the future, potentially allowing the shot to reach more patients more quickly.
2026-10-22 20:16 2d ago
2026-10-22 14:52 2d ago
Moderna Stock Crashes 25% After Cancer-Vaccine Data Leak
MRNA Moderna
FMP Stock News
Original source text
Moderna shares tumbled as reported results for its cancer vaccine with Merck circulated ahead of a planned conference presentation.
2026-10-22 20:15 2d ago
2026-10-22 15:00 2d ago
Merck and Moderna Will Present Results From Landmark Phase 3 INTerpath-001 Trial for Intismeran Autogene Plus KEYTRUDA® (pembrolizumab) at ESMO 2026 Presidential Symposium
MRNA Moderna
FMP Stock News
Original source text
Merck (NYSE: MRK), known as MSD outside of the United States and Canada, and Moderna, Inc. (NASDAQ: MRNA) today announced detailed positive recurrence-free survival (RFS) and distant metastasis-free survival (DMFS) results from the Phase 3 INTerpath-001 trial evaluating intismeran autogene (intismeran; V940 or mRNA-4157), a novel investigational mRNA-based individualized neoantigen therapy (INT) being jointly developed by Merck and Moderna, in combination with KEYTRUDA® (pembrolizumab), Merck's anti-PD-1 therapy, as adjuvant treatment for patients with completely resected stage IIB-IV melanoma. These late-breaking results will be presented for the first time during Presidential Symposium I at the European Society for Medical Oncology (ESMO) Congress 2026 (Presentation #LBA1), were selected for an official ESMO Press Briefing and have been accepted for publication in The New England Journal of Medicine.

At the primary pre-specified analysis (intention-to-treat), after a median follow-up of 24.6 months, intismeran in combination with KEYTRUDA significantly reduced the risk of recurrence or death by 42% (HR=0.58 [95% CI, 0.45–0.75]; two-sided p<0.001). Intismeran plus KEYTRUDA also significantly reduced the risk of distant metastasis or death by 38% (HR=0.62 [95% CI, 0.45–0.85]; two-sided p=0.002) compared to KEYTRUDA alone. The improvements observed in RFS and DMFS were generally consistent across pre-specified patient subgroups. Overall survival (OS) data are not yet mature, but a favorable trend in OS with intismeran plus KEYTRUDA has been observed. The study remains ongoing to further evaluate OS and other key endpoints. The safety profile of intismeran plus KEYTRUDA was generally consistent with previously reported studies of the combination, and no new safety signals were observed. Based on these data, we are engaging with regulatory authorities.

The efficacy of the intismeran immunization plus KEYTRUDA in the first six months was comparable with KEYTRUDA alone for risk of recurrence or death (HR=0.99 [95% CI, 0.66–1.49]) and risk of distant metastasis or death (HR=1.01 [95% CI, 0.58–1.79]). At six months, following the intismeran immunization regimen, a pre-specified sensitivity analysis of the primary endpoint showed the addition of intismeran plus KEYTRUDA reduced the risk of recurrence or death by 58% (HR=0.42 [95% CI, 0.30–0.58]) and reduced the risk of distant metastasis or death by half (HR=0.50 [95% CI, 0.34–0.73]) compared to KEYTRUDA alone.

In a pre-specified sensitivity analysis of the modified intent-to-treat (mITT) population, which excluded participants who did not receive at least one dose of intismeran or placebo as planned, intismeran plus KEYTRUDA reduced the risk of recurrence or death by 49% (HR=0.51 [95% CI, 0.39–0.67]) and the risk of distant metastasis or death by 45% (HR=0.55 [95% CI, 0.40–0.77]) compared to KEYTRUDA alone.

“The transformative INTerpath-001 results have the potential to make a foundational shift in how we treat patients with earlier-stage melanoma in the adjuvant setting,” said Professor Georgina Long, the study’s principal investigator and medical director of Melanoma Institute Australia, Chair of Melanoma Medical Oncology and Translational Research at the University of Sydney. “For decades, cancer treatment has largely been defined by where a tumor originates in the body. The INTerpath-001 findings support a fundamentally new and individualized approach to treating resected melanoma in the adjuvant setting, one that tailors treatment to the unique mutational signature of a patient’s tumor to enhance an anti-tumor immune response. While these results are in patients with completely resected stage IIB-IV melanoma, they provide valuable insights and will help inform our understanding of intismeran as clinical research continues into other tumor types and across settings.”

“INTerpath-001 is the first Phase 3 study to demonstrate a clinically meaningful improvement in RFS and DMFS over standard-of-care KEYTRUDA in patients with resected melanoma, setting a new benchmark in the adjuvant setting and representing one of the most significant advances in melanoma treatment since the advent of immunotherapy,” said Dr. Dean Y. Li, president, Merck Research Laboratories. “These results, building on the body of evidence from the Phase 2b study, strengthen our confidence in the curative potential of intismeran autogene when given in combination with KEYTRUDA. Importantly, these data suggest that, by intervening earlier, this approach may offer a tangible opportunity to change the trajectory of a patient's cancer.”

“From the beginning, we believed mRNA technology could make it possible to develop cancer treatments uniquely matched to each patient’s tumor. The INTerpath-001 results mark a defining moment for that vision and show what’s possible when we rethink how medicines are made,” said Stéphane Bancel, Chief Executive Officer of Moderna. “These results reinforce our conviction that mRNA has the potential to fundamentally change how we treat cancer.”

Merck and Moderna are advancing the robust INTerpath clinical development program evaluating the safety and efficacy of intismeran in combination with KEYTRUDA and other anti-cancer therapies, and as a monotherapy. The INTerpath program currently consists of nine total Phase 2 and Phase 3 clinical trials across multiple tumor types and stages of disease, including three ongoing Phase 3 trials in non-small cell lung cancer (NSCLC). Additional clinical studies include the Phase 2b KEYNOTE-942/mRNA-4157-P201 trial in adjuvant melanoma and a Phase 1 study exploring adjuvant pancreatic ductal adenocarcinoma (Abstract #3151P), perioperative gastric carcinoma and perioperative NSCLC.

The results from INTerpath-001 build on previously reported Phase 2b results for intismeran in combination with KEYTRUDA from the KEYNOTE-942/mRNA-4157-P201 trial, including the five-year follow-up data presented at the 2026 ASCO Annual Meeting.

Study design and additional data from INTerpath-001

INTerpath-001 is a randomized, double-blind, placebo- and active-comparator-controlled global Phase 3 trial (ClinicalTrials.gov, NCT05933577) evaluating the safety and efficacy of intismeran in combination with KEYTRUDA compared to KEYTRUDA alone in patients with high-risk (stage IIB-IV) resected cutaneous melanoma. The trial enrolled 1,137 patients who, following complete surgical resection, were randomized 2:1 to receive intismeran (1 mg every three weeks for up to nine doses) and KEYTRUDA (400 mg every six weeks up to nine cycles [for approximately one year]) compared to placebo plus KEYTRUDA for approximately one year until disease recurrence or unacceptable toxicity, or for a total treatment duration of up to approximately 56 weeks, whichever was sooner.

The primary endpoint is RFS, defined as the time from randomization to any disease recurrence (local, locoregional, regional or distant) as assessed by the investigator, or death due to any cause. Key secondary endpoints include DMFS, OS, safety, tolerability and quality of life.

In the ITT population, the two-year RFS rate was 82.2% (95% CI, 79.3%–84.8%) for intismeran plus KEYTRUDA compared to 70.0% (95% CI, 65.0%–74.5%) for KEYTRUDA alone. Median RFS was not reached (NR) (95% CI, not estimable [NE]–NE) for either arm. Additionally, the two-year DMFS rate was 88.5% (95% CI, 86.0%–90.6%) for intismeran plus KEYTRUDA compared to 80.2% (95% CI, 75.6%–84.0%) for KEYTRUDA alone. Median DMFS was NR (95% CI, NE–NE) for either arm.

Treatment-related adverse events (TRAEs) occurred in 95.8% (723 of 755 patients) receiving intismeran plus KEYTRUDA and 90.0% (342 of 380 patients) receiving KEYTRUDA alone. Grade 3–5 TRAEs occurred in 14.2% (n=107) versus 13.4% (n=51) of patients, respectively. The most common adverse events in the intismeran plus KEYTRUDA arm were pyrexia (52.2%), injection site pain (51.0%) and fatigue (38.5%).

About intismeran autogene

Intismeran autogene (intismeran; V940 or mRNA-4157) is a novel, potential first-in-class investigational messenger RNA (mRNA)-based individualized neoantigen therapy (INT) jointly developed by Merck and Moderna. Intismeran is designed and produced using a patient’s tumor sample to identify the unique mutational signature of their cancer and generate an anti-tumor immune response. Information derived from the patient’s tumor and normal DNA is used to create an individualized treatment design, or “blueprint,” informed by selected neoantigens unique to that patient’s cancer. Each therapy consists of a synthetic mRNA coding for up to 34 neoantigens. Upon administration, the RNA-encoded neoantigen sequences are translated in the body and presented to the immune system, a key step in generating specific T-cell responses against cancer cells. Individualized neoantigen therapies are designed to train and activate an anti-tumor immune response based on the unique mutational signature of a patient’s tumor.

About melanoma

Melanoma, one of the deadliest forms of skin cancer, is characterized by the uncontrolled growth of pigment-producing cells. The rates of melanoma have been rising over the past few decades, with more than 338,000 new cases diagnosed worldwide in 2024. In the U.S., skin cancer is one of the most common types of cancer diagnosed, and melanoma accounts for a large majority of skin cancer deaths. It is estimated there will be about 112,000 new cases of melanoma diagnosed and over 8,500 deaths resulting from the disease in the U.S. in 2026 alone. Despite advances in treatment, patients with resected melanoma remain at risk of disease recurrence, which most often occurs within the first two years following surgery. Disease recurrence can be metastatic as well as localized, with more than half of patients who experience recurrence developing one or more distant metastases. Distant metastases can spread to critical organs, including the lung, liver and brain, and are associated with substantially worse outcomes, underscoring the continued need for treatment approaches that can help reduce the risk of recurrence and the risk of local and distant metastasis.

About Merck’s research in melanoma

Merck is committed to delivering meaningful advances for patients with melanoma and to continuing research in skin cancers through a broad clinical development program across investigational and approved medicines. KEYTRUDA has been established as an important treatment option for the adjuvant treatment of patients with resected Stage IIB, IIC, or III melanoma based on results of KEYNOTE-054 and KEYNOTE-716. KEYTRUDA is also approved worldwide for the treatment of patients with unresectable or metastatic melanoma. Leveraging a decade of melanoma clinical trials, Merck continues to explore both innovative treatment approaches, including investigational individualized neoantigen therapies, and novel KEYTRUDA combinations with the goal of further improving long‑term outcomes for people living with melanoma.

About Merck’s early-stage cancer clinical program

Finding cancer at an earlier stage may give patients a greater chance of long-term survival. Many cancers are considered most treatable and potentially curable in their earliest stage of disease. Building on the strong understanding of the role of KEYTRUDA in later-stage cancers, Merck is evaluating our portfolio of medicines and pipeline candidates in earlier disease states, with more than 30 ongoing registrational studies across multiple types of cancer.

About KEYTRUDA® (pembrolizumab) injection for intravenous use, 100 mg

KEYTRUDA is an anti-programmed death receptor-1 (PD-1) therapy that works by increasing the ability of the body’s immune system to help detect and fight tumor cells. KEYTRUDA is a humanized monoclonal antibody that blocks the interaction between PD-1 and its ligands, PD-L1 and PD-L2, thereby activating T lymphocytes which may affect both tumor cells and healthy cells.

Merck has the industry’s largest immuno-oncology clinical research program. There are currently more than 2,800 trials studying KEYTRUDA across a wide variety of cancers and treatment settings. The KEYTRUDA clinical program seeks to understand the role of KEYTRUDA across cancers and the factors that may predict a patient’s likelihood of benefitting from treatment with KEYTRUDA, including exploring several different biomarkers.

Selected Indications in the U.S. for KEYTRUDA® (pembrolizumab)

Melanoma

KEYTRUDA is indicated for the treatment of patients with unresectable or metastatic melanoma.

KEYTRUDA is indicated for the adjuvant treatment of adult and pediatric (12 years and older) patients with Stage IIB, IIC, or III melanoma following complete resection.

See additional selected KEYTRUDA indications in the U.S. after the Selected Important Safety Information.

Selected Safety Information for KEYTRUDA

Severe and Fatal Immune-Mediated Adverse Reactions

KEYTRUDA is a monoclonal antibody that belongs to a class of drugs that bind to either the programmed death receptor-1 (PD-1) or the programmed death ligand 1 (PD-L1), blocking the PD-1/PD-L1 pathway, thereby removing inhibition of the immune response, potentially breaking peripheral tolerance and inducing immune-mediated adverse reactions. Immune-mediated adverse reactions, which may be severe or fatal, can occur in any organ system or tissue, can affect more than one body system simultaneously, and can occur at any time after starting treatment or after discontinuation of treatment. Important immune-mediated adverse reactions listed here may not include all possible severe and fatal immune-mediated adverse reactions.

Monitor patients closely for symptoms and signs that may be clinical manifestations of underlying immune-mediated adverse reactions. Early identification and management are essential to ensure safe use of anti–PD-1/PD-L1 treatments. Evaluate liver enzymes, creatinine, and thyroid function at baseline and periodically during treatment. For patients with TNBC treated with KEYTRUDA in the neoadjuvant setting, monitor blood cortisol at baseline, prior to surgery, and as clinically indicated. In cases of suspected immune-mediated adverse reactions, initiate appropriate workup to exclude alternative etiologies, including infection. Institute medical management promptly, including specialty consultation as appropriate.

Withhold or permanently discontinue KEYTRUDA depending on severity of the immune-mediated adverse reaction. In general, if KEYTRUDA requires interruption or discontinuation, administer systemic corticosteroid therapy (1 to 2 mg/kg/day prednisone or equivalent) until improvement to Grade 1 or less. Upon improvement to Grade 1 or less, initiate corticosteroid taper and continue to taper over at least 1 month. Consider administration of other systemic immunosuppressants in patients whose adverse reactions are not controlled with corticosteroid therapy.

Immune-Mediated Pneumonitis

KEYTRUDA can cause immune-mediated pneumonitis. The incidence is higher in patients who have received prior thoracic radiation. Immune-mediated pneumonitis occurred in 3.4% (94/2799) of patients receiving KEYTRUDA, including fatal (0.1%), Grade 4 (0.3%), Grade 3 (0.9%), and Grade 2 (1.3%) reactions. Systemic corticosteroids were required in 67% (63/94) of patients. Pneumonitis led to permanent discontinuation of KEYTRUDA in 1.3% (36) and withholding in 0.9% (26) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Pneumonitis resolved in 59% of the 94 patients.

Pneumonitis occurred in 8% (31/389) of adult patients with cHL receiving KEYTRUDA as a single agent, including Grades 3-4 in 2.3% of patients. Patients received high-dose corticosteroids for a median duration of 10 days (range: 2 days to 53 months). Pneumonitis rates were similar in patients with and without prior thoracic radiation. Pneumonitis led to discontinuation of KEYTRUDA in 5.4% (21) of patients. Of the patients who developed pneumonitis, 42% interrupted KEYTRUDA, 68% discontinued KEYTRUDA, and 77% had resolution.

Pneumonitis occurred in 7% (41/580) of adult patients with resected NSCLC who received KEYTRUDA as a single agent for adjuvant treatment of NSCLC, including fatal (0.2%), Grade 4 (0.3%), and Grade 3 (1%) adverse reactions. Patients received high-dose corticosteroids for a median duration of 10 days (range: 1 day to 2.3 months). Pneumonitis led to discontinuation of KEYTRUDA in 26 (4.5%) of patients. Of the patients who developed pneumonitis, 54% interrupted KEYTRUDA, 63% discontinued KEYTRUDA, and 71% had resolution.

Immune-Mediated Colitis

KEYTRUDA can cause immune-mediated colitis, which may present with diarrhea. Cytomegalovirus infection/reactivation has been reported in patients with corticosteroid-refractory immune-mediated colitis. In cases of corticosteroid-refractory colitis, consider repeating infectious workup to exclude alternative etiologies. Immune-mediated colitis occurred in 1.7% (48/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (1.1%), and Grade 2 (0.4%) reactions. Systemic corticosteroids were required in 69% (33/48); additional immunosuppressant therapy was required in 4.2% of patients. Colitis led to permanent discontinuation of KEYTRUDA in 0.5% (15) and withholding in 0.5% (13) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Colitis resolved in 85% of the 48 patients.

Hepatotoxicity and Immune-Mediated Hepatitis

KEYTRUDA as a Single Agent

KEYTRUDA can cause immune-mediated hepatitis. Immune-mediated hepatitis occurred in 0.7% (19/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.4%), and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 68% (13/19) of patients; additional immunosuppressant therapy was required in 11% of patients. Hepatitis led to permanent discontinuation of KEYTRUDA in 0.2% (6) and withholding in 0.3% (9) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, none had recurrence. Hepatitis resolved in 79% of the 19 patients.

KEYTRUDA With Axitinib

KEYTRUDA in combination with axitinib can cause hepatic toxicity. Monitor liver enzymes before initiation of and periodically throughout treatment. Consider monitoring more frequently as compared to when the drugs are administered as single agents. For elevated liver enzymes, interrupt KEYTRUDA and axitinib, and consider administering corticosteroids as needed. With the combination of KEYTRUDA and axitinib, Grades 3 and 4 increased alanine aminotransferase (ALT) (20%) and increased aspartate aminotransferase (AST) (13%) were seen at a higher frequency compared to KEYTRUDA alone. Fifty-nine percent of the patients with increased ALT received systemic corticosteroids. In patients with ALT ≥3 times upper limit of normal (ULN) (Grades 2-4, n=116), ALT resolved to Grades 0-1 in 94%. Among the 92 patients who were rechallenged with either KEYTRUDA (n=3) or axitinib (n=34) administered as a single agent or with both (n=55), recurrence of ALT ≥3 times ULN was observed in 1 patient receiving KEYTRUDA, 16 patients receiving axitinib, and 24 patients receiving both. All patients with a recurrence of ALT ≥3 ULN subsequently recovered from the event.

Immune-Mediated Endocrinopathies

Adrenal Insufficiency

KEYTRUDA can cause primary or secondary adrenal insufficiency. For Grade 2 or higher, initiate symptomatic treatment, including hormone replacement as clinically indicated. Withhold KEYTRUDA depending on severity. Adrenal insufficiency occurred in 0.8% (22/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.3%), and Grade 2 (0.3%) reactions. Systemic corticosteroids were required in 77% (17/22) of patients; of these, the majority remained on systemic corticosteroids. Adrenal insufficiency led to permanent discontinuation of KEYTRUDA in <0.1% (1) and withholding in 0.3% (8) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.

Hypophysitis

KEYTRUDA can cause immune-mediated hypophysitis. Hypophysitis can present with acute symptoms associated with mass effect such as headache, photophobia, or visual field defects. Hypophysitis can cause hypopituitarism. Initiate hormone replacement as indicated. Withhold or permanently discontinue KEYTRUDA depending on severity. Hypophysitis occurred in 0.6% (17/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.3%), and Grade 2 (0.2%) reactions. Systemic corticosteroids were required in 94% (16/17) of patients; of these, the majority remained on systemic corticosteroids. Hypophysitis led to permanent discontinuation of KEYTRUDA in 0.1% (4) and withholding in 0.3% (7) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.

Thyroid Disorders

KEYTRUDA can cause immune-mediated thyroid disorders. Thyroiditis can present with or without endocrinopathy. Hypothyroidism can follow hyperthyroidism. Initiate hormone replacement for hypothyroidism or institute medical management of hyperthyroidism as clinically indicated. Withhold or permanently discontinue KEYTRUDA depending on severity. Thyroiditis occurred in 0.6% (16/2799) of patients receiving KEYTRUDA, including Grade 2 (0.3%). None discontinued, but KEYTRUDA was withheld in <0.1% (1) of patients.

Hyperthyroidism occurred in 3.4% (96/2799) of patients receiving KEYTRUDA, including Grade 3 (0.1%) and Grade 2 (0.8%). It led to permanent discontinuation of KEYTRUDA in <0.1% (2) and withholding in 0.3% (7) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement. Hypothyroidism occurred in 8% (237/2799) of patients receiving KEYTRUDA, including Grade 3 (0.1%) and Grade 2 (6.2%). It led to permanent discontinuation of KEYTRUDA in <0.1% (1) and withholding in 0.5% (14) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement. The majority of patients with hypothyroidism required long-term thyroid hormone replacement. The incidence of new or worsening hypothyroidism was higher in 1185 patients with HNSCC, occurring in 16% of patients receiving KEYTRUDA as a single agent or in combination with platinum and FU, including Grade 3 (0.3%) hypothyroidism. The incidence of new or worsening hypothyroidism was higher in 389 adult patients with cHL (17%) receiving KEYTRUDA as a single agent, including Grade 1 (6.2%) and Grade 2 (10.8%) hypothyroidism. The incidence of new or worsening hyperthyroidism was higher in 580 patients with resected NSCLC, occurring in 11% of patients receiving KEYTRUDA as a single agent as adjuvant treatment, including Grade 3 (0.2%) hyperthyroidism. The incidence of new or worsening hypothyroidism was higher in 580 patients with resected NSCLC, occurring in 22% of patients receiving KEYTRUDA as a single agent as adjuvant treatment (KEYNOTE-091), including Grade 3 (0.3%) hypothyroidism.

Type 1 Diabetes Mellitus (DM), Which Can Present With Diabetic Ketoacidosis

Monitor patients for hyperglycemia or other signs and symptoms of diabetes. Initiate treatment with insulin as clinically indicated. Withhold KEYTRUDA depending on severity. Type 1 DM occurred in 0.2% (6/2799) of patients receiving KEYTRUDA. It led to permanent discontinuation in <0.1% (1) and withholding of KEYTRUDA in <0.1% (1) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.

Immune-Mediated Nephritis With Renal Dysfunction

KEYTRUDA can cause immune-mediated nephritis. Immune-mediated nephritis occurred in 0.3% (9/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.1%), and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 89% (8/9) of patients. Nephritis led to permanent discontinuation of KEYTRUDA in 0.1% (3) and withholding in 0.1% (3) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, none had recurrence. Nephritis resolved in 56% of the 9 patients.

Immune-Mediated Dermatologic Adverse Reactions

KEYTRUDA can cause immune-mediated rash or dermatitis. Exfoliative dermatitis, including Stevens-Johnson syndrome, drug rash with eosinophilia and systemic symptoms, and toxic epidermal necrolysis, has occurred with anti–PD-1/PD-L1 treatments. Topical emollients and/or topical corticosteroids may be adequate to treat mild to moderate nonexfoliative rashes. Withhold or permanently discontinue KEYTRUDA depending on severity. Immune-mediated dermatologic adverse reactions occurred in 1.4% (38/2799) of patients receiving KEYTRUDA, including Grade 3 (1%) and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 40% (15/38) of patients. These reactions led to permanent discontinuation in 0.1% (2) and withholding of KEYTRUDA in 0.6% (16) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 6% had recurrence. The reactions resolved in 79% of the 38 patients.

Other Immune-Mediated Adverse Reactions

The following clinically significant immune-mediated adverse reactions occurred at an incidence of <1% (unless otherwise noted) in patients who received KEYTRUDA or were reported with the use of other anti–PD-1/PD-L1 treatments. Severe or fatal cases have been reported for some of these adverse reactions. Cardiac/Vascular: Myocarditis, pericarditis, vasculitis; Nervous System: Meningitis, encephalitis, myelitis and demyelination, myasthenic syndrome/myasthenia gravis (including exacerbation), Guillain-Barré syndrome, nerve paresis, autoimmune neuropathy; Ocular: Uveitis, iritis and other ocular inflammatory toxicities can occur. Some cases can be associated with retinal detachment. Various grades of visual impairment, including blindness, can occur. If uveitis occurs in combination with other immune-mediated adverse reactions, consider a Vogt-Koyanagi-Harada-like syndrome, as this may require treatment with systemic steroids to reduce the risk of permanent vision loss; Gastrointestinal: Pancreatitis, to include increases in serum amylase and lipase levels, gastritis, duodenitis; Musculoskeletal and Connective Tissue: Myositis/polymyositis, rhabdomyolysis (and associated sequelae, including renal failure), arthritis (1.5%), polymyalgia rheumatica; Endocrine: Hypoparathyroidism; Hematologic/Immune: Hemolytic anemia, aplastic anemia, hemophagocytic lymphohistiocytosis, systemic inflammatory response syndrome, histiocytic necrotizing lymphadenitis (Kikuchi lymphadenitis), sarcoidosis, immune thrombocytopenic purpura, solid organ transplant rejection, other transplant (including corneal graft) rejection; Other: Myocarditis-Myositis-Myasthenia Gravis (or Myasthenia-Like) Overlap syndrome, reported as the co-occurrence of either two or all three adverse reactions.

Infusion-Related Reactions

KEYTRUDA can cause severe or life-threatening infusion-related reactions, including hypersensitivity and anaphylaxis, which have been reported in 0.2% of 2799 patients receiving KEYTRUDA. Monitor for signs and symptoms of infusion-related reactions. Interrupt or slow the rate of infusion for Grade 1 or Grade 2 reactions. For Grade 3 or Grade 4 reactions, stop infusion and permanently discontinue KEYTRUDA.

Complications of Allogeneic Hematopoietic Stem Cell Transplantation (HSCT)

Fatal and other serious complications can occur in patients who receive allogeneic HSCT before or after anti–PD-1/PD-L1 treatments. Transplant-related complications include hyperacute graft-versus-host disease (GVHD), acute and chronic GVHD, hepatic veno-occlusive disease after reduced intensity conditioning, and steroid-requiring febrile syndrome (without an identified infectious cause). These complications may occur despite intervening therapy between anti–PD-1/PD-L1 treatments and allogeneic HSCT. Follow patients closely for evidence of these complications and intervene promptly. Consider the benefit vs risks of using anti–PD-1/PD-L1 treatments prior to or after an allogeneic HSCT.

Increased Mortality in Patients With Multiple Myeloma

In trials in patients with multiple myeloma, the addition of KEYTRUDA to a thalidomide analogue plus dexamethasone resulted in increased mortality. Treatment of these patients with an anti–PD-1/PD-L1 treatment in this combination is not recommended outside of controlled trials.

Embryofetal Toxicity

Based on its mechanism of action, KEYTRUDA can cause fetal harm when administered to a pregnant woman. Advise women of this potential risk. In females of reproductive potential, verify pregnancy status prior to initiating KEYTRUDA and advise them to use effective contraception during treatment and for 4 months after the last dose.

Adverse Reactions

In KEYNOTE-006, KEYTRUDA was discontinued due to adverse reactions in 9% of 555 patients with advanced melanoma; adverse reactions leading to permanent discontinuation in more than one patient were colitis (1.4%), autoimmune hepatitis (0.7%), allergic reaction (0.4%), polyneuropathy (0.4%), and cardiac failure (0.4%). The most common adverse reactions (≥20%) with KEYTRUDA were fatigue (28%), diarrhea (26%), rash (24%), and nausea (21%).

In KEYNOTE-054, when KEYTRUDA was administered as a single agent to patients with stage III melanoma, KEYTRUDA was permanently discontinued due to adverse reactions in 14% of 509 patients; the most common (≥1%) were pneumonitis (1.4%), colitis (1.2%), and diarrhea (1%). Serious adverse reactions occurred in 25% of patients receiving KEYTRUDA. The most common adverse reaction (≥20%) with KEYTRUDA was diarrhea (28%). In KEYNOTE-716, when KEYTRUDA was administered as a single agent to patients with stage IIB or IIC melanoma, adverse reactions occurring in patients with stage IIB or IIC melanoma were similar to those occurring in 1011 patients with stage III melanoma from KEYNOTE-054.

In KEYNOTE-189, when KEYTRUDA was administered with pemetrexed and platinum chemotherapy in metastatic nonsquamous NSCLC, KEYTRUDA was discontinued due to adverse reactions in 20% of 405 patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA were pneumonitis (3%) and acute kidney injury (2%). The most common adverse reactions (≥20%) with KEYTRUDA were nausea (56%), fatigue (56%), constipation (35%), diarrhea (31%), decreased appetite (28%), rash (25%), vomiting (24%), cough (21%), dyspnea (21%), and pyrexia (20%).

In KEYNOTE-407, when KEYTRUDA was administered with carboplatin and either paclitaxel or paclitaxel protein-bound in metastatic squamous NSCLC, KEYTRUDA was discontinued due to adverse reactions in 15% of 101 patients. The most frequent serious adverse reactions reported in at least 2% of patients were febrile neutropenia, pneumonia, and urinary tract infection. Adverse reactions observed in KEYNOTE-407 were similar to those observed in KEYNOTE-189 with the exception that increased incidences of alopecia (47% vs 36%) and peripheral neuropathy (31% vs 25%) were observed in the KEYTRUDA and chemotherapy arm compared to the placebo and chemotherapy arm in KEYNOTE-407.

In KEYNOTE-042, KEYTRUDA was discontinued due to adverse reactions in 19% of 636 patients with advanced NSCLC; the most common were pneumonitis (3%), death due to unknown cause (1.6%), and pneumonia (1.4%). The most frequent serious adverse reactions reported in at least 2% of patients were pneumonia (7%), pneumonitis (3.9%), pulmonary embolism (2.4%), and pleural effusion (2.2%). The most common adverse reaction (≥20%) was fatigue (25%).

In KEYNOTE-010, KEYTRUDA monotherapy was discontinued due to adverse reactions in 8% of 682 patients with metastatic NSCLC; the most common was pneumonitis (1.8%). The most common adverse reactions (≥20%) were decreased appetite (25%), fatigue (25%), dyspnea (23%), and nausea (20%).

In KEYNOTE-671, adverse reactions occurring in patients with resectable NSCLC receiving KEYTRUDA in combination with platinum-containing chemotherapy, given as neoadjuvant treatment and continued as single-agent adjuvant treatment, were generally similar to those occurring in patients in other clinical trials across tumor types receiving KEYTRUDA in combination with chemotherapy.

The most common adverse reactions (reported in ≥20%) in patients receiving KEYTRUDA in combination with chemotherapy or chemoradiotherapy were fatigue/asthenia, nausea, constipation, diarrhea, decreased appetite, rash, vomiting, cough, dyspnea, pyrexia, alopecia, peripheral neuropathy, mucosal inflammation, stomatitis, headache, weight loss, abdominal pain, arthralgia, myalgia, insomnia, palmar-plantar erythrodysesthesia, urinary tract infection, hypothyroidism, radiation skin injury, dysphagia, dry mouth, and musculoskeletal pain.

In the neoadjuvant phase of KEYNOTE-671, when KEYTRUDA was administered in combination with platinum-containing chemotherapy as neoadjuvant treatment, serious adverse reactions occurred in 34% of 396 patients. The most frequent (≥2%) serious adverse reactions were pneumonia (4.8%), venous thromboembolism (3.3%), and anemia (2%). Fatal adverse reactions occurred in 1.3% of patients, including death due to unknown cause (0.8%), sepsis (0.3%), and immune-mediated lung disease (0.3%). Permanent discontinuation of any study drug due to an adverse reaction occurred in 18% of patients who received KEYTRUDA in combination with platinum-containing chemotherapy; the most frequent adverse reactions (≥1%) that led to permanent discontinuation of any study drug were acute kidney injury (1.8%), interstitial lung disease (1.8%), anemia (1.5%), neutropenia (1.5%), and pneumonia (1.3%).

Of the KEYTRUDA-treated patients who received neoadjuvant treatment, 6% of 396 patients did not receive surgery due to adverse reactions. The most frequent (≥1%) adverse reaction that led to cancellation of surgery in the KEYTRUDA arm was interstitial lung disease (1%).

In the adjuvant phase of KEYNOTE-671, when KEYTRUDA was administered as a single agent as adjuvant treatment, serious adverse reactions occurred in 14% of 290 patients. The most frequent serious adverse reaction was pneumonia (3.4%). One fatal adverse reaction of pulmonary hemorrhage occurred. Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 12% of patients who received KEYTRUDA as a single agent, given as adjuvant treatment; the most frequent adverse reactions (≥1%) that led to permanent discontinuation of KEYTRUDA were diarrhea (1.7%), interstitial lung disease (1.4%), increased aspartate aminotransferase (1%), and musculoskeletal pain (1%).

Adverse reactions observed in KEYNOTE-091 were generally similar to those occurring in other patients with NSCLC receiving KEYTRUDA as a single agent, with the exception of hypothyroidism (22%), hyperthyroidism (11%), and pneumonitis (7%). Two fatal adverse reactions of myocarditis occurred.

Adverse reactions observed in KEYNOTE-483 were generally similar to those occurring in other patients receiving KEYTRUDA in combination with pemetrexed and platinum chemotherapy.

In KEYNOTE-689, the most common adverse reactions (≥20%) in patients receiving KEYTRUDA were stomatitis (48%), radiation skin injury (40%), weight loss (36%), fatigue (33%), dysphagia (29%), constipation (27%), hypothyroidism (26%), nausea (24%), rash (22%), dry mouth (22%), diarrhea (22%), and musculoskeletal pain (22%).

In the neoadjuvant phase of KEYNOTE-689, of the 361 patients who received at least one dose of single agent KEYTRUDA, 11% experienced serious adverse reactions. Serious adverse reactions that occurred in more than one patient were pneumonia (1.4%), tumor hemorrhage (0.8%), dysphagia (0.6%), immune-mediated hepatitis (0.6%), cellulitis (0.6%), and dyspnea (0.6%). Fatal adverse reactions occurred in 1.1% of patients, including respiratory failure, clostridium infection, septic shock, and myocardial infarction (one patient each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 2.8% of patients who received KEYTRUDA as neoadjuvant treatment. The most frequent adverse reaction which resulted in permanent discontinuation of neoadjuvant KEYTRUDA in more than one patient was arthralgia (0.6%).

Of the 361 patients who received KEYTRUDA as neoadjuvant treatment, 11% did not receive surgery. Surgical cancellation on the KEYTRUDA arm was due to disease progression in 4%, patient decision in 3%, adverse reactions in 1.4%, physician’s decision in 1.1%, unresectable tumor in 0.6%, loss of follow-up in 0.3%, and use of non-study anti-cancer therapy in 0.3%.

Of the 323 KEYTRUDA-treated patients who received surgery following the neoadjuvant phase, 1.2% experienced delay of surgery (defined as on-study surgery occurring ≥9 weeks after initiation of neoadjuvant KEYTRUDA) due to adverse reactions, and 2.8% did not receive adjuvant treatment due to adverse reactions.

In the adjuvant phase of KEYNOTE-689, of the 255 patients who received at least one dose of KEYTRUDA, 38% experienced serious adverse reactions. The most frequent serious adverse reactions reported in ≥1% of KEYTRUDA-treated patients were pneumonia (2.7%), pyrexia (2.4%), stomatitis (2.4%), acute kidney injury (2.0%), pneumonitis (1.6%), COVID-19 (1.2%), death not otherwise specified (1.2%), diarrhea (1.2%), dysphagia (1.2%), gastrostomy tube site complication (1.2%), and immune-mediated hepatitis (1.2%). Fatal adverse reactions occurred in 5% of patients, including death not otherwise specified (1.2%), acute renal failure (0.4%), hypercalcemia (0.4%), pulmonary hemorrhage (0.4%), dysphagia/malnutrition (0.4%), mesenteric thrombosis (0.4%), sepsis (0.4%), pneumonia (0.4%), COVID-19 (0.4%), respiratory failure (0.4%), cardiovascular disorder (0.4%), and gastrointestinal hemorrhage (0.4%). Permanent discontinuation of adjuvant KEYTRUDA due to an adverse reaction occurred in 17% of patients. The most frequent (≥1%) adverse reactions that led to permanent discontinuation of adjuvant KEYTRUDA were pneumonitis, colitis, immune-mediated hepatitis, and death not otherwise specified.

In KEYNOTE-048, KEYTRUDA monotherapy was discontinued due to adverse events in 12% of 300 patients with HNSCC; the most common adverse reactions leading to permanent discontinuation were sepsis (1.7%) and pneumonia (1.3%). The most common adverse reactions (≥20%) were fatigue (33%), constipation (20%), and rash (20%).

In KEYNOTE-048, when KEYTRUDA was administered in combination with platinum (cisplatin or carboplatin) and FU chemotherapy, KEYTRUDA was discontinued due to adverse reactions in 16% of 276 patients with HNSCC. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA were pneumonia (2.5%), pneumonitis (1.8%), and septic shock (1.4%). The most common adverse reactions (≥20%) were nausea (51%), fatigue (49%), constipation (37%), vomiting (32%), mucosal inflammation (31%), diarrhea (29%), decreased appetite (29%), stomatitis (26%), and cough (22%).

In KEYNOTE-012, KEYTRUDA was discontinued due to adverse reactions in 17% of 192 patients with HNSCC. Serious adverse reactions occurred in 45% of patients. The most frequent serious adverse reactions reported in at least 2% of patients were pneumonia, dyspnea, confusional state, vomiting, pleural effusion, and respiratory failure. The most common adverse reactions (≥20%) were fatigue, decreased appetite, and dyspnea. Adverse reactions occurring in patients with HNSCC were generally similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy, with the exception of increased incidences of facial edema and new or worsening hypothyroidism.

In KEYNOTE-204, KEYTRUDA was discontinued due to adverse reactions in 14% of 148 patients with cHL. Serious adverse reactions occurred in 30% of patients receiving KEYTRUDA; those ≥1% were pneumonitis, pneumonia, pyrexia, myocarditis, acute kidney injury, febrile neutropenia, and sepsis. Three patients died from causes other than disease progression: 2 from complications after allogeneic HSCT and 1 from unknown cause. The most common adverse reactions (≥20%) were upper respiratory tract infection (41%), musculoskeletal pain (32%), diarrhea (22%), and pyrexia, fatigue, rash, and cough (20% each).

In KEYNOTE-087, KEYTRUDA was discontinued due to adverse reactions in 5% of 210 patients with cHL. Serious adverse reactions occurred in 16% of patients; those ≥1% were pneumonia, pneumonitis, pyrexia, dyspnea, GVHD, and herpes zoster. Two patients died from causes other than disease progression: 1 from GVHD after subsequent allogeneic HSCT and 1 from septic shock. The most common adverse reactions (≥20%) were fatigue (26%), pyrexia (24%), cough (24%), musculoskeletal pain (21%), diarrhea (20%), and rash (20%).

In KEYNOTE-170, KEYTRUDA was discontinued due to adverse reactions in 8% of 53 patients with PMBCL. Serious adverse reactions occurred in 26% of patients and included arrhythmia (4%), cardiac tamponade (2%), myocardial infarction (2%), pericardial effusion (2%), and pericarditis (2%). Six (11%) patients died within 30 days of start of treatment. The most common adverse reactions (≥20%) were musculoskeletal pain (30%), upper respiratory tract infection and pyrexia (28% each), cough (26%), fatigue (23%), and dyspnea (21%).

In KEYNOTE-A39, when KEYTRUDA was administered in combination with enfortumab vedotin-ejfv to patients with locally advanced or metastatic urothelial cancer (n=440), fatal adverse reactions occurred in 3.9% of patients, including acute respiratory failure (0.7%), pneumonia (0.5%), and pneumonitis/ILD (0.2%). Serious adverse reactions occurred in 50% of patients receiving KEYTRUDA in combination with enfortumab vedotin-ejfv; the serious adverse reactions in ≥2% of patients were rash (6%), acute kidney injury (5%), pneumonitis/ILD (4.5%), urinary tract infection (3.6%), diarrhea (3.2%), pneumonia (2.3%), pyrexia (2%), and hyperglycemia (2%). Permanent discontinuation of KEYTRUDA occurred in 27% of patients. The most common adverse reactions (≥2%) resulting in permanent discontinuation of KEYTRUDA were pneumonitis/ILD (4.8%) and rash (3.4%). The most common adverse reactions (≥20%) occurring in patients treated with KEYTRUDA in combination with enfortumab vedotin-ejfv were rash (68%), peripheral neuropathy (67%), fatigue (51%), pruritus (41%), diarrhea (38%), alopecia (35%), weight loss (33%), decreased appetite (33%), nausea (26%), constipation (26%), dry eye (24%), dysgeusia (21%), and urinary tract infection (21%).

In KEYNOTE-052, KEYTRUDA was discontinued due to adverse reactions in 11% of 370 patients with locally advanced or metastatic urothelial carcinoma. Serious adverse reactions occurred in 42% of patients; those ≥2% were urinary tract infection, hematuria, acute kidney injury, pneumonia, and urosepsis. The most common adverse reactions (≥20%) were fatigue (38%), musculoskeletal pain (24%), decreased appetite (22%), constipation (21%), rash (21%), and diarrhea (20%).

In KEYNOTE-045, KEYTRUDA was discontinued due to adverse reactions in 8% of 266 patients with locally advanced or metastatic urothelial carcinoma. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA was pneumonitis (1.9%). Serious adverse reactions occurred in 39% of KEYTRUDA-treated patients; those ≥2% were urinary tract infection, pneumonia, anemia, and pneumonitis. The most common adverse reactions (≥20%) in patients who received KEYTRUDA were fatigue (38%), musculoskeletal pain (32%), pruritus (23%), decreased appetite (21%), nausea (21%), and rash (20%).

In KEYNOTE-B15, the most common adverse reactions (≥20%) occurring in cisplatin-eligible patients with MIBC treated with KEYTRUDA in combination with enfortumab vedotin-ejfv (n=403) were rash (63%), fatigue (48%), pruritus (46%), peripheral neuropathy (43%), diarrhea (36%), alopecia (32%), decreased appetite (29%), nausea and dysgeusia (28% each), constipation (27%), urinary tract infection (UTI) and dry eye (25% each), weight loss (22%), and hyperglycemia (20%).

In the neoadjuvant phase of KEYNOTE-B15, serious adverse reactions occurred in 27% (n=403) of patients; the most frequent (≥1.5%) were rash (3.2%), pneumonitis/interstitial lung disease (ILD) (2.2%), and diarrhea (1.7%). Fatal adverse reactions occurred in 1.7% of patients, including multiple organ dysfunction syndrome (0.5%) and COVID-19 pneumonia, cardiac arrest, pneumonia, septic shock, and urosepsis (0.2% each). Additional fatal adverse reactions were reported in 2 patients in the post-surgery phase before adjuvant treatment started, including pneumonia and sepsis (1 patient each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 17% of patients. The most frequent (>1%) adverse reactions resulting in permanent discontinuation of KEYTRUDA were rash (2.2%), increased alanine aminotransferase (ALT) and pneumonitis/ILD (1.7% each), and hepatitis (1.2%).

Of the 403 patients in the KEYTRUDA in combination with enfortumab vedotin-ejfv arm who received neoadjuvant treatment, 13 patients (3.2%) did not receive surgery due to adverse reactions. The adverse reactions that led to cancellation of surgery were multiple organ dysfunction syndrome (0.5%) and adenocarcinoma of colon, COVID-19 pneumonia, cardiac arrest, chronic obstructive pulmonary disease, coronary artery disease, glomerulonephritis, immune-mediated lung disease, myocarditis, pneumonia, pneumonitis, and urosepsis (0.2% each).

Of the 351 patients who received neoadjuvant treatment with KEYTRUDA in combination with enfortumab vedotin-ejfv and underwent radical cystectomy, 26 patients (7%) experienced delay of surgery (defined as time from last neoadjuvant treatment to surgery exceeding 8 weeks) due to adverse reactions.

In the adjuvant phase of KEYNOTE-B15, serious adverse reactions occurred in 35% (n=249) of patients; the most frequent (≥1.5%) were UTI (8%), sepsis (2.8%), and diarrhea, hyperglycemia, and pneumonitis/ILD (1.6% each). Fatal adverse reactions occurred in 3.2% of patients, including death (0.8%) and cardiac arrest, duodenal ulcer perforation, acute pancreatitis, renal failure, small cell lung cancer, and toxic shock syndrome (0.4% each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 23% of patients; the most frequent (>1%) were diarrhea and pneumonitis/ILD (2.4% each), rash (2%), and hyperglycemia and sepsis (1.2% each).

In KEYNOTE-905, the most common adverse reactions (≥20%) occurring in cisplatin-ineligible patients with MIBC treated with KEYTRUDA in combination with enfortumab vedotin-ejfv (n=167) were rash (54%), pruritus (47%), fatigue (47%), peripheral neuropathy (39%), alopecia (35%), dysgeusia (35%), diarrhea (34%), constipation (28%), decreased appetite (28%), nausea (26%), UTI (24%), dry eye (21%), and weight loss (20%).

In the neoadjuvant phase of KEYNOTE-905, serious adverse reactions occurred in 27% (n=167) of patients; the most frequent (≥2%) were UTI (3.6%) and hematuria (2.4%). Fatal adverse reactions occurred in 1.2% of patients, including myasthenia gravis and toxic epidermal necrolysis (0.6% each). Additional fatal adverse reactions were reported in 2.7% of patients in the post-surgery phase before adjuvant treatment started, including sepsis and intestinal obstruction (1.4% each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 15% of patients; the most frequent (>1%) were rash (2.4%, including generalized exfoliative dermatitis) and increased ALT, increased aspartate aminotransferase, diarrhea, dysgeusia, and toxic epidermal necrolysis (1.2% each). Of the 167 patients in the KEYTRUDA in combination with enfortumab vedotin-ejfv arm who received neoadjuvant treatment, 7 patients (4.2%) did not receive surgery due to adverse reactions. The adverse reactions that led to cancellation of surgery were acute myocardial infarction, bile duct cancer, colon cancer, respiratory distress, UTI, and two deaths due to myasthenia gravis and toxic epidermal necrolysis (0.6% each).

Of the 146 patients who received neoadjuvant treatment with KEYTRUDA in combination with enfortumab vedotin-ejfv and underwent radical cystectomy, 6 patients (4.1%) experienced delay of surgery (defined as time from last neoadjuvant treatment to surgery exceeding 8 weeks) due to adverse reactions.

In the adjuvant phase of KEYNOTE-905, serious adverse reactions occurred in 45% (n=96) of patients; the most frequent (≥2%) were UTI (8%); acute kidney injury and pyelonephritis (5% each); urosepsis (4.2%); and hypokalemia, intestinal obstruction, and sepsis (2.1% each). Fatal adverse reactions occurred in 7% of patients, including urosepsis, intracranial hemorrhage, death, myocardial infarction, multiple organ dysfunction syndrome, and pseudomonal pneumonia (1% each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 29% of patients; the most frequent (>2%) were diarrhea (5%), peripheral neuropathy, acute kidney injury, and pneumonitis (2% each).

In KEYNOTE-057, KEYTRUDA was discontinued due to adverse reactions in 11% of 148 patients with high-risk NMIBC. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA was pneumonitis (1.4%). Serious adverse reactions occurred in 28% of patients; those ≥2% were pneumonia (3%), cardiac ischemia (2%), colitis (2%), pulmonary embolism (2%), sepsis (2%), and urinary tract infection (2%). The most common adverse reactions (≥20%) were fatigue (29%), diarrhea (24%), and rash (24%).

Adverse reactions occurring in patients with MSI-H or dMMR CRC were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy.

In KEYNOTE-158 and KEYNOTE-164, adverse reactions occurring in patients with MSI-H or dMMR cancer were similar to those occurring in patients with other solid tumors who received KEYTRUDA as a single agent.

In KEYNOTE-811, fatal adverse reactions occurred in 3 patients who received KEYTRUDA in combination with trastuzumab and CAPOX (capecitabine plus oxaliplatin) or FP (5-FU plus cisplatin) and included pneumonitis in 2 patients and hepatitis in 1 patient. KEYTRUDA was discontinued due to adverse reactions in 13% of 350 patients with locally advanced unresectable or metastatic HER2-positive gastric or GEJ adenocarcinoma. Adverse reactions resulting in permanent discontinuation of KEYTRUDA in ≥1% of patients were pneumonitis (2.0%) and pneumonia (1.1%). In the KEYTRUDA arm vs placebo, there was a difference of ≥5% incidence between patients treated with KEYTRUDA vs standard of care for diarrhea (53% vs 47%), rash (35% vs 28%), hypothyroidism (11% vs 5%), and pneumonia (11% vs 5%).

In KEYNOTE-859, when KEYTRUDA was administered in combination with fluoropyrimidine- and platinum-containing chemotherapy, serious adverse reactions occurred in 45% of 785 patients. Serious adverse reactions in >2% of patients included pneumonia (4.1%), diarrhea (3.9%), hemorrhage (3.9%), and vomiting (2.4%). Fatal adverse reactions occurred in 8% of patients who received KEYTRUDA, including infection (2.3%) and thromboembolism (1.3%). KEYTRUDA was permanently discontinued due to adverse reactions in 15% of patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA (≥1%) were infections (1.8%) and diarrhea (1.0%). The most common adverse reactions (reported in ≥20%) in patients receiving KEYTRUDA in combination with chemotherapy were peripheral neuropathy (47%), nausea (46%), fatigue (40%), diarrhea (36%), vomiting (34%), decreased appetite (29%), abdominal pain (26%), palmar-plantar erythrodysesthesia syndrome (25%), constipation (22%), and weight loss (20%).

In KEYNOTE-590, when KEYTRUDA was administered with cisplatin and fluorouracil to patients with metastatic or locally advanced esophageal or GEJ (tumors with epicenter 1 to 5 centimeters above the GEJ) carcinoma who were not candidates for surgical resection or definitive chemoradiation, KEYTRUDA was discontinued due to adverse reactions in 15% of 370 patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA (≥1%) were pneumonitis (1.6%), acute kidney injury (1.1%), and pneumonia (1.1%). The most common adverse reactions (≥20%) with KEYTRUDA in combination with chemotherapy were nausea (67%), fatigue (57%), decreased appetite (44%), constipation (40%), diarrhea (36%), vomiting (34%), stomatitis (27%), and weight loss (24%).

Adverse reactions occurring in patients with esophageal cancer who received KEYTRUDA as a monotherapy were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy.

In KEYNOTE-A18, when KEYTRUDA was administered with CRT (cisplatin plus external beam radiation therapy [EBRT] followed by brachytherapy [BT]) to patients with FIGO 2014 Stage III-IVA cervical cancer, fatal adverse reactions occurred in 1.4% of 294 patients, including 1 case each (0.3%) of large intestinal perforation, urosepsis, sepsis, and vaginal hemorrhage. Serious adverse reactions occurred in 34% of patients; those ≥1% included urinary tract infection (3.1%), urosepsis (1.4%), and sepsis (1%). KEYTRUDA was discontinued for adverse reactions in 9% of patients. The most common adverse reaction (≥1%) resulting in permanent discontinuation was diarrhea (1%). For patients treated with KEYTRUDA in combination with CRT, the most common adverse reactions (≥10%) were nausea (56%), diarrhea (51%), urinary tract infection (35%), vomiting (34%), fatigue (28%), hypothyroidism (23%), constipation (20%), weight loss (19%), decreased appetite (18%), pyrexia (14%), abdominal pain and hyperthyroidism (13% each), dysuria and rash (12% each), back and pelvic pain (11% each), and COVID-19 (10%).

In KEYNOTE-826, when KEYTRUDA was administered in combination with paclitaxel and cisplatin or paclitaxel and carboplatin, with or without bevacizumab (n=307), to patients with persistent, recurrent, or first-line metastatic cervical cancer regardless of tumor PD-L1 expression who had not been treated with chemotherapy except when used concurrently as a radio-sensitizing agent, fatal adverse reactions occurred in 4.6% of patients, including 3 cases of hemorrhage, 2 cases each of sepsis and due to unknown causes, and 1 case each of acute myocardial infarction, autoimmune encephalitis, cardiac arrest, cerebrovascular accident, femur fracture with perioperative pulmonary embolus, intestinal perforation, and pelvic infection. Serious adverse reactions occurred in 50% of patients receiving KEYTRUDA in combination with chemotherapy with or without bevacizumab; those ≥3% were febrile neutropenia (6.8%), urinary tract infection (5.2%), anemia (4.6%), and acute kidney injury and sepsis (3.3% each).

KEYTRUDA was discontinued in 15% of patients due to adverse reactions. The most common adverse reaction resulting in permanent discontinuation (≥1%) was colitis (1%).

For patients treated with KEYTRUDA, chemotherapy, and bevacizumab (n=196), the most common adverse reactions (≥20%) were peripheral neuropathy (62%), alopecia (58%), anemia (55%), fatigue/asthenia (53%), nausea and neutropenia (41% each), diarrhea (39%), hypertension and thrombocytopenia (35% each), constipation and arthralgia (31% each), vomiting (30%), urinary tract infection (27%), rash (26%), leukopenia (24%), hypothyroidism (22%), and decreased appetite (21%).

For patients treated with KEYTRUDA in combination with chemotherapy with or without bevacizumab, the most common adverse reactions (≥20%) were peripheral neuropathy (58%), alopecia (56%), fatigue (47%), nausea (40%), diarrhea (36%), constipation (28%), arthralgia (27%), vomiting (26%), hypertension and urinary tract infection (24% each), and rash (22%).

In KEYNOTE-158, KEYTRUDA was discontinued due to adverse reactions in 8% of 98 patients with previously treated recurrent or metastatic cervical cancer. Serious adverse reactions occurred in 39% of patients receiving KEYTRUDA; the most frequent included anemia (7%), fistula, hemorrhage, and infections [except urinary tract infections] (4.1% each). The most common adverse reactions (≥20%) were fatigue (43%), musculoskeletal pain (27%), diarrhea (23%), pain and abdominal pain (22% each), and decreased appetite (21%).

In KEYNOTE-394, KEYTRUDA was discontinued due to adverse reactions in 13% of 299 patients with previously treated hepatocellular carcinoma. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA was ascites (2.3%). The most common adverse reactions in patients receiving KEYTRUDA (≥10%) were pyrexia (18%), rash (18%), diarrhea (16%), decreased appetite (15%), pruritus (12%), upper respiratory tract infection (11%), cough (11%), and hypothyroidism (10%).

In KEYNOTE-966, when KEYTRUDA was administered in combination with gemcitabine and cisplatin, KEYTRUDA was discontinued for adverse reactions in 15% of 529 patients with locally advanced unresectable or metastatic biliary tract cancer. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA (≥1%) was pneumonitis (1.3%). Adverse reactions leading to the interruption of KEYTRUDA occurred in 55% of patients. The most common adverse reactions or laboratory abnormalities leading to interruption of KEYTRUDA (≥2%) were decreased neutrophil count (18%), decreased platelet count (10%), anemia (6%), decreased white blood cell count (4%), pyrexia (3.8%), fatigue (3.0%), cholangitis (2.8%), increased ALT (2.6%), increased AST (2.5%), and biliary obstruction (2.3%).

In KEYNOTE-017 and KEYNOTE-913, adverse reactions occurring in patients with MCC (n=105) were generally similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a single agent.

In KEYNOTE-426, when KEYTRUDA was administered in combination with axitinib, fatal adverse reactions occurred in 3.3% of 429 patients. Serious adverse reactions occurred in 40% of patients, the most frequent (≥1%) were hepatotoxicity (7%), diarrhea (4.2%), acute kidney injury (2.3%), dehydration (1%), and pneumonitis (1%). Permanent discontinuation due to an adverse reaction occurred in 31% of patients; KEYTRUDA only (13%), axitinib only (13%), and the combination (8%); the most common were hepatotoxicity (13%), diarrhea/colitis (1.9%), acute kidney injury (1.6%), and cerebrovascular accident (1.2%). The most common adverse reactions (≥20%) were diarrhea (56%), fatigue/asthenia (52%), hypertension (48%), hepatotoxicity (39%), hypothyroidism (35%), decreased appetite (30%), palmar-plantar erythrodysesthesia (28%), nausea (28%), stomatitis/mucosal inflammation (27%), dysphonia (25%), rash (25%), cough (21%), and constipation (21%).

In KEYNOTE-564, when KEYTRUDA was administered as a single agent for the adjuvant treatment of renal cell carcinoma, serious adverse reactions occurred in 20% of patients receiving KEYTRUDA; the serious adverse reactions (≥1%) were acute kidney injury, adrenal insufficiency, pneumonia, colitis, and diabetic ketoacidosis (1% each). Fatal adverse reactions occurred in 0.2% including 1 case of pneumonia. Discontinuation of KEYTRUDA due to adverse reactions occurred in 21% of 488 patients; the most common (≥1%) were increased ALT (1.6%), colitis (1%), and adrenal insufficiency (1%). The most common adverse reactions (≥20%) were musculoskeletal pain (41%), fatigue (40%), rash (30%), diarrhea (27%), pruritus (23%), and hypothyroidism (21%).

In KEYNOTE-868, when KEYTRUDA was administered in combination with chemotherapy (paclitaxel and carboplatin) to patients with advanced or recurrent endometrial carcinoma (n=382), serious adverse reactions occurred in 35% of patients receiving KEYTRUDA in combination with chemotherapy, compared to 19% of patients receiving placebo in combination with chemotherapy (n=377). Fatal adverse reactions occurred in 1.6% of patients receiving KEYTRUDA in combination with chemotherapy, including COVID-19 (0.5%) and cardiac arrest (0.3%). KEYTRUDA was discontinued for an adverse reaction in 14% of patients. Adverse reactions occurring in patients treated with KEYTRUDA and chemotherapy were generally similar to those observed with KEYTRUDA alone or chemotherapy alone, with the exception of rash (33% all Grades; 2.9% Grades 3-4).

Adverse reactions occurring in patients with MSI-H or dMMR endometrial carcinoma who received KEYTRUDA as a single agent were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a single agent.

Adverse reactions occurring in patients with recurrent or metastatic cSCC or locally advanced cSCC were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy.

In KEYNOTE-522, when KEYTRUDA was administered with neoadjuvant chemotherapy (carboplatin and paclitaxel followed by doxorubicin or epirubicin and cyclophosphamide) followed by surgery and continued adjuvant treatment with KEYTRUDA as a single agent (n=778) to patients with newly diagnosed, previously untreated, high-risk early-stage TNBC, fatal adverse reactions occurred in 0.9% of patients, including 1 each of adrenal crisis, autoimmune encephalitis, hepatitis, pneumonia, pneumonitis, pulmonary embolism, and sepsis in association with multiple organ dysfunction syndrome and myocardial infarction. Serious adverse reactions occurred in 44% of patients receiving KEYTRUDA; those ≥2% were febrile neutropenia (15%), pyrexia (3.7%), anemia (2.6%), and neutropenia (2.2%). KEYTRUDA was discontinued in 20% of patients due to adverse reactions. The most common reactions (≥1%) resulting in permanent discontinuation were increased ALT (2.7%), increased AST (1.5%), and rash (1%). The most common adverse reactions (≥20%) in patients receiving KEYTRUDA with chemotherapy followed by KEYTRUDA alone were fatigue (70%), nausea (67%), alopecia (61%), rash (52%), constipation (42%), diarrhea and peripheral neuropathy (41% each), stomatitis (34%), vomiting (31%), headache (30%), arthralgia (29%), pyrexia (28%), cough (26%), abdominal pain (24%), decreased appetite (23%), insomnia (21%), and myalgia (20%).

In KEYNOTE-D19, when KEYTRUDA was administered in combination with sacituzumab govitecan-hziy to patients with unresectable locally advanced or metastatic TNBC who had not been previously treated with systemic therapy for advanced disease and whose tumors express PD-L1 (n=221), fatal adverse reactions occurred in 3.2% of patients, including death due to unknown cause (0.9%), completed suicide, neutropenic sepsis, sepsis, pneumonia, and pulmonary embolism (0.5% each).

Serious adverse reactions occurred in 38% of patients receiving KEYTRUDA in combination with sacituzumab govitecan-hziy. Serious adverse reactions in ≥2% of patients were febrile neutropenia (7%), neutropenia (6%), diarrhea (5%), fatigue and pneumonia (2.3% each).

Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 9% of patients. The adverse reactions which resulted in permanent discontinuation of KEYTRUDA most commonly (≥1%) were pneumonitis and rash (1.4% each).

Dosage interruptions of KEYTRUDA due to adverse reactions occurred in 67% of patients. Adverse reactions which required dosage interruption in ≥2% of patients included neutropenia (36%), diarrhea (7%), upper respiratory tract infection (4.5%), anemia (4.1%), fatigue (4.1%), increased alanine aminotransferase (ALT) (3.2%), cough, leukopenia, nausea, pyrexia, rash, vomiting (2.7% each), and COVID-19 (2.3%).

The most common (≥25%) adverse reactions, including laboratory abnormalities, occurring in patients treated with KEYTRUDA in combination with sacituzumab govitecan-hziy were decreased neutrophil count and decreased hemoglobin (86% each), decreased leukocyte count (84%), diarrhea (72%), nausea (68%), decreased lymphocyte count (61%), fatigue (58%), alopecia (52%), increased alkaline phosphatase and increased glucose (50% each), increased ALT (47%), constipation (41%), increased aspartate aminotransferase (40%), rash (37%), decreased potassium (35%), increased lactate dehydrogenase (34%), vomiting (29%), abdominal pain, headache, increased eosinophils (26% each), and decreased albumin (25%).

In KEYNOTE-355, when KEYTRUDA and chemotherapy (paclitaxel, paclitaxel protein-bound, or gemcitabine and carboplatin) were administered to patients with locally recurrent unresectable or metastatic TNBC who had not been previously treated with chemotherapy in the metastatic setting (n=596), fatal adverse reactions occurred in 2.5% of patients, including cardio-respiratory arrest (0.7%) and septic shock (0.3%). Serious adverse reactions occurred in 30% of patients receiving KEYTRUDA in combination with chemotherapy; the serious reactions in ≥2% were pneumonia (2.9%), anemia (2.2%), and thrombocytopenia (2%). KEYTRUDA was discontinued in 11% of patients due to adverse reactions. The most common reactions resulting in permanent discontinuation (≥1%) were increased ALT (2.2%), increased AST (1.5%), and pneumonitis (1.2%). The most common adverse reactions (≥20%) in patients receiving KEYTRUDA in combination with chemotherapy were fatigue (48%), nausea (44%), alopecia (34%), diarrhea and constipation (28% each), vomiting and rash (26% each), cough (23%), decreased appetite (21%), and headache (20%).

In KEYNOTE-B96, when KEYTRUDA was administered in combination with paclitaxel, with or without bevacizumab, serious adverse reactions occurred in 54% of patients. Serious adverse reactions in ≥2% of patients were pneumonia (4.3%), urinary tract infection (3.9%), adrenal insufficiency (3%), hyponatremia (3%), COVID-19, decreased neutrophil count, pulmonary embolism (2.6% each), abdominal pain, anemia, colitis, diarrhea, febrile neutropenia, pyrexia, and vomiting (2.1% each).

Fatal adverse reactions occurred in 3.9% of patients receiving KEYTRUDA and paclitaxel, with or without bevacizumab, including assisted suicide (0.9%), death, intestinal perforation, sepsis, COVID-19, cardio-respiratory arrest, colitis, and embolic stroke (0.4% each).

KEYTRUDA was permanently discontinued for adverse reactions in 16% of patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA (≥1%) were colitis and increased alanine aminotransferase (1.3% each). Adverse reactions leading to the interruption of KEYTRUDA occurred in 44% of patients. The most common adverse reactions leading to interruption of KEYTRUDA in ≥2% were urinary tract infection (3.9%), adrenal insufficiency, pyrexia, pneumonitis, upper respiratory tract infection (2.6% each), neutropenia, diarrhea, and COVID-19 (2.1% each).

The most common adverse reactions (≥20%) for patients treated with KEYTRUDA in combination with paclitaxel, with or without bevacizumab, were diarrhea (45%), fatigue (43%), nausea (41%), alopecia, peripheral neuropathy (38% each), epistaxis (31%), urinary tract infection (27%), constipation (25%), abdominal pain, decreased appetite, vomiting (24% each), hypothyroidism (21%), cough, hypertension, and rash (20% each).

For patients treated with KEYTRUDA in combination with paclitaxel and bevacizumab (N=169), decreased white blood cell count (27%), stomatitis (22%), and pyrexia (21%) were also reported as adverse reactions.

Lactation

Because of the potential for serious adverse reactions in breastfed children, advise women not to breastfeed during treatment and for 4 months after the last dose.

Pediatric Use

In KEYNOTE-051, 173 pediatric patients (65 pediatric patients aged 6 months to younger than 12 years and 108 pediatric patients aged 12 years to 17 years) were administered KEYTRUDA 2 mg/kg every 3 weeks. The median duration of exposure was 2.1 months (range: 1 day to 25 months).

Adverse reactions that occurred at a ≥10% higher rate in pediatric patients when compared to adults were pyrexia (33%), leukopenia (30%), vomiting (29%), neutropenia (28%), headache (25%), abdominal pain (23%), thrombocytopenia (22%), Grade 3 anemia (17%), decreased lymphocyte count (13%), and decreased white blood cell count (11%).

Geriatric Use

Of the 564 patients with locally advanced or metastatic urothelial cancer treated with KEYTRUDA in combination with enfortumab vedotin-ejfv, 44% (n=247) were 65-74 years and 26% (n=144) were 75 years or older. No overall differences in effectiveness were observed between patients 65 years of age or older and younger patients. Patients 75 years of age or older treated with KEYTRUDA in combination with enfortumab vedotin-ejfv experienced a higher incidence of fatal adverse reactions than younger patients. The incidence of fatal adverse reactions was 4% in patients younger than 75 and 7% in patients 75 years or older.

Of the 570 patients with MIBC treated with KEYTRUDA in combination with enfortumab vedotin-ejfv, 45% (n=259) were 65-74 years and 22% (n=125) were 75 years or older. No overall differences in effectiveness were observed between patients 65 years of age or older and younger patients. Patients 75 years of age or older treated with KEYTRUDA in combination with enfortumab vedotin-ejfv experienced a higher incidence of fatal adverse reactions than younger patients. The incidence of fatal adverse reactions was 3.6% in patients younger than 75 and 11% in patients 75 years or older.

Of 221 adult patients with TNBC who were treated with KEYTRUDA in combination with sacituzumab govitecan-hziy in KEYNOTE-D19, 26% of patients were 65 years and over and 5% were 75 years and older. No overall differences in effectiveness were observed between elderly patients and younger patients. There was a higher rate of serious adverse reactions in patients aged 65 years or older (48%) compared with younger adult patients (34%).

Additional Selected Indications in the U.S. for KEYTRUDA

Non-Small Cell Lung Cancer

KEYTRUDA, in combination with pemetrexed and platinum chemotherapy, is indicated for the first-line treatment of patients with metastatic nonsquamous non-small cell lung cancer (NSCLC), with no EGFR or ALK genomic tumor aberrations.

KEYTRUDA, in combination with carboplatin and either paclitaxel or paclitaxel protein-bound, is indicated for the first-line treatment of patients with metastatic squamous NSCLC.

KEYTRUDA, as a single agent, is indicated for the first-line treatment of patients with NSCLC expressing PD-L1 [Tumor Proportion Score (TPS) ≥1%] as determined by an FDA-authorized test, with no EGFR or ALK genomic tumor aberrations, and is:

Stage III where patients are not candidates for surgical resection or definitive chemoradiation, ormetastatic.KEYTRUDA, as a single agent, is indicated for the treatment of patients with metastatic NSCLC whose tumors express PD-L1 (TPS ≥1%) as determined by an FDA-authorized test, with disease progression on or after platinum-containing chemotherapy. Patients with EGFR or ALK genomic tumor aberrations should have disease progression on FDA-approved therapy for these aberrations prior to receiving KEYTRUDA.

KEYTRUDA is indicated for the treatment of patients with resectable (tumors ≥4 cm or node positive) NSCLC in combination with platinum-containing chemotherapy as neoadjuvant treatment, and then continued as a single agent as adjuvant treatment after surgery.

KEYTRUDA, as a single agent, is indicated as adjuvant treatment following resection and platinum-based chemotherapy for adult patients with Stage IB (T2a ≥4 cm), II, or IIIA NSCLC.

Malignant Pleural Mesothelioma

KEYTRUDA, in combination with pemetrexed and platinum chemotherapy, is indicated for the first-line treatment of adult patients with unresectable advanced or metastatic malignant pleural mesothelioma (MPM).

Head and Neck Squamous Cell Cancer

KEYTRUDA is indicated for the treatment of adult patients with resectable locally advanced head and neck squamous cell carcinoma (HNSCC) whose tumors express PD-L1 [Combined Positive Score (CPS) ≥1] as determined by an FDA-authorized test, as a single agent as neoadjuvant treatment, continued as adjuvant treatment in combination with radiotherapy (RT) with or without cisplatin and then as a single agent.

KEYTRUDA, in combination with platinum and fluorouracil (FU), is indicated for the first-line treatment of patients with metastatic or with unresectable, recurrent HNSCC.

KEYTRUDA, as a single agent, is indicated for the first-line treatment of patients with metastatic or with unresectable, recurrent HNSCC whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-authorized test.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with recurrent or metastatic HNSCC with disease progression on or after platinum-containing chemotherapy.

Classical Hodgkin Lymphoma

KEYTRUDA is indicated for the treatment of adult patients with relapsed or refractory classical Hodgkin lymphoma (cHL).

KEYTRUDA is indicated for the treatment of pediatric patients with refractory cHL, or cHL that has relapsed after 2 or more lines of therapy.

Primary Mediastinal Large B-Cell Lymphoma

KEYTRUDA is indicated for the treatment of adult and pediatric patients with refractory primary mediastinal large B-cell lymphoma (PMBCL), or who have relapsed after 2 or more prior lines of therapy. KEYTRUDA is not recommended for treatment of patients with PMBCL who require urgent cytoreductive therapy.

Urothelial Cancer

KEYTRUDA, in combination with enfortumab vedotin-ejfv, is indicated for the treatment of adult patients with locally advanced or metastatic urothelial cancer.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with locally advanced or metastatic urothelial carcinoma:

who are not eligible for any platinum-containing chemotherapy, orwho have disease progression during or following platinum-containing chemotherapy or within 12 months of neoadjuvant or adjuvant treatment with platinum-containing chemotherapy.KEYTRUDA, in combination with enfortumab vedotin-ejfv, as neoadjuvant treatment and then continued after cystectomy as adjuvant treatment, is indicated for the treatment of adult patients with muscle invasive bladder cancer (MIBC).

KEYTRUDA, as a single agent, is indicated for the treatment of patients with Bacillus Calmette-Guerin (BCG)-unresponsive, high-risk, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors who are ineligible for or have elected not to undergo cystectomy.

Microsatellite Instability-High or Mismatch Repair Deficient Cancer

KEYTRUDA is indicated for the treatment of adult and pediatric patients with unresectable or metastatic microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) solid tumors, as determined by an FDA-authorized test, that have progressed following prior treatment and who have no satisfactory alternative treatment options.

Microsatellite Instability-High or Mismatch Repair Deficient Colorectal Cancer

KEYTRUDA is indicated for the treatment of patients with unresectable or metastatic MSI-H or dMMR colorectal cancer (CRC) as determined by an FDA-authorized test.

Gastric Cancer

KEYTRUDA, in combination with trastuzumab, fluoropyrimidine- and platinum-containing chemotherapy, is indicated for the first-line treatment of adults with locally advanced unresectable or metastatic HER2-positive gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-authorized test.

KEYTRUDA, in combination with fluoropyrimidine- and platinum-containing chemotherapy, is indicated for the first-line treatment of adults with locally advanced unresectable or metastatic HER2-negative gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors express PD-L1 (CPS ≥ 1) as determined by an FDA-authorized test.

Esophageal Cancer

KEYTRUDA is indicated for the treatment of patients with locally advanced or metastatic esophageal or gastroesophageal junction (GEJ) (tumors with epicenter 1 to 5 centimeters above the GEJ) carcinoma that is not amenable to surgical resection or definitive chemoradiation either:

in combination with platinum- and fluoropyrimidine-based chemotherapy for patients with tumors that express PD-L1 (CPS ≥1) as determined by an FDA-authorized test, oras a single agent after one or more prior lines of systemic therapy for patients with tumors of squamous cell histology that express PD-L1 (CPS ≥10) as determined by an FDA-authorized test.Cervical Cancer

KEYTRUDA, in combination with chemoradiotherapy (CRT), is indicated for the treatment of patients with locally advanced cervical cancer involving the lower third of the vagina, with or without extension to pelvic sidewall, or hydronephrosis/non-functioning kidney, or spread to adjacent pelvic organs (FIGO 2014 Stage III-IVA).

KEYTRUDA, in combination with chemotherapy, with or without bevacizumab, is indicated for the treatment of patients with persistent, recurrent, or metastatic cervical cancer whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-authorized test.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-authorized test.

Hepatocellular Carcinoma

KEYTRUDA is indicated for the treatment of patients with hepatocellular carcinoma (HCC) secondary to hepatitis B who have received prior systemic therapy other than a PD-1/PD-L1-containing regimen.

Biliary Tract Cancer

KEYTRUDA, in combination with gemcitabine and cisplatin, is indicated for the treatment of patients with locally advanced unresectable or metastatic biliary tract cancer (BTC).

Merkel Cell Carcinoma

KEYTRUDA is indicated for the treatment of adult and pediatric patients with recurrent locally advanced or metastatic Merkel cell carcinoma (MCC).

Renal Cell Carcinoma

KEYTRUDA, in combination with axitinib, is indicated for the first-line treatment of adult patients with advanced renal cell carcinoma (RCC).

KEYTRUDA is indicated for the adjuvant treatment of patients with RCC at intermediate-high or high risk of recurrence following nephrectomy, or following nephrectomy and resection of metastatic lesions.

Endometrial Carcinoma

KEYTRUDA, in combination with carboplatin and paclitaxel, followed by KEYTRUDA as a single agent, is indicated for the treatment of adult patients with primary advanced or recurrent endometrial carcinoma.

KEYTRUDA, as a single agent, is indicated for the treatment of adult patients with advanced endometrial carcinoma that is MSI-H or dMMR, as determined by an FDA-authorized test, who have disease progression following prior systemic therapy in any setting and are not candidates for curative surgery or radiation.

Cutaneous Squamous Cell Carcinoma

KEYTRUDA is indicated for the treatment of patients with recurrent or metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC that is not curable by surgery or radiation.

Triple-Negative Breast Cancer

KEYTRUDA is indicated for the treatment of patients with high-risk early-stage triple-negative breast cancer (TNBC) in combination with chemotherapy as neoadjuvant treatment, and then continued as a single agent as adjuvant treatment after surgery.

KEYTRUDA, in combination with sacituzumab govitecan-hziy, is indicated for the first-line treatment of adult patients with unresectable locally advanced or metastatic TNBC whose tumors express PD-L1 (CPS ≥10) as determined by an FDA-authorized test.

KEYTRUDA, in combination with chemotherapy, is indicated for the treatment of patients with locally recurrent unresectable or metastatic TNBC whose tumors express PD-L1 (CPS ≥10) as determined by an FDA-authorized test.

Ovarian Cancer

KEYTRUDA, in combination with paclitaxel, with or without bevacizumab, is indicated for the treatment of adult patients with platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal carcinoma whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-authorized test, and who have received one or two prior systemic treatment regimens.

Merck’s focus on cancer

Every day, we follow the science as we work to discover innovations that can help patients, no matter what stage of cancer they have. As a leading oncology company, we are pursuing research where scientific opportunity and medical need converge, underpinned by our diverse pipeline of more than 20 novel mechanisms. With one of the largest clinical development programs across more than 25 tumor types, we strive to advance breakthrough science that will shape the future of oncology. By addressing barriers to clinical trial participation, screening and treatment, we work with urgency to reduce disparities and help ensure patients have access to high-quality cancer care. Our unwavering commitment is what will bring us closer to our goal of bringing life to more patients with cancer. For more information, visit https://www.merck.com/research/oncology/.

About Merck

At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

About Moderna

Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna’s mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.

With a global team and a unique culture, driven by the company’s values and mindsets, Moderna’s mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.

Moderna's focus on cancer

At Moderna, we are delivering on the promise of mRNA science to create a new generation of transformative medicines for patients. We are relentlessly working to grow our cancer therapeutic modality by discovering mRNA medicines that harness the body's immune system to identify and kill cancer cells in the same way the immune system identifies and targets infections. One example of a promising oncology candidate is the creation of individualized, mRNA-based cancer therapies. We also continue to strengthen our portfolio through strategic collaborations that increase our potential to improve treatment options for patients with cancer.

Forward-Looking Statement of Merck & Co., Inc., Rahway, N.J., USA

This news release 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 statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Moderna Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: engagement with regulatory authorities; the favorable trend in overall survival data; further evaluation of overall survival and other key endpoints; the potential for treating patients with earlier-stage melanoma in the adjuvant setting; the potential of intismeran in other tumor types and across settings; the curative potential of intismeran in combination with KEYTRUDA; the potential of mRNA for the treatment of cancer and other serious diseases; efficacy and safety; and the advancement of the INTerpath clinical development plan, including nine current Phase 2 and Phase 3 clinical trials. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this press release.

Please see Prescribing Information for KEYTRUDA at https://www.merck.com/product/usa/pi_circulars/k/keytruda/keytruda_pi.pdf and Patient Information/Medication Guide for KEYTRUDA at https://www.merck.com/product/usa/pi_circulars/k/keytruda/keytruda_mg.pdf.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261022568161/en/
2026-10-22 20:15 2d ago
2026-10-22 15:14 2d ago
Lost Money on Moderna, Inc. Shares? The Law Offices of Frank R.
MRNA Moderna
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Original source text
LOS ANGELES--(BUSINESS WIRE)--Moderna, Inc. ("Moderna" or the "Company") investors who lost money may have claims to recover their losses. The Law Offices of Frank R. Cruz today announced it is investigating potential securities fraud claims on behalf of investors in Moderna, Inc. (NASDAQ: MRNA), examining whether the Company may have violated the federal securities laws. The investigation centers on the disclosure about Moderna, Inc. on October 22, 2026.If you lost money on Moderna, Inc. securi.
2026-10-22 20:15 2d ago
2026-10-22 15:54 2d ago
Moderna sheds about $24 billion as cancer vaccine data triggers 'sell-the-news' retreat
MRNA Moderna
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Original source text
Moderna's (MRNA.O) shares sank over 25% on Thursday as late-stage trial data for its personalized melanoma vaccine, developed with Merck (MRK.N), triggered what analysts called a "sell-the-news" reaction after a ​months-long stock surge.

The selloff wiped out about $24 billion from the drugmaker's ‌market value, halting a massive rally that has lifted the stock over 500% this year.

Moderna was last down 25.2% at $183.88, set for its steepest one-day percentage fall on record, while Merck shares fell nearly ​1%.

The companies, in August, reported interim data that showed the experimental vaccine, intismeran, cut the ​risk of recurrence and cancer spread in high-risk melanoma patients in a ⁠late-stage trial with over 1,100 patients.

Detailed results from the trial on Thursday showed that ​intismeran combined with Merck's immunotherapy Keytruda reduced the risk of cancer recurrence or death ​by 42%, while cutting the risk of distant metastasis or death by 38% compared to Keytruda alone.

Moderna and Merck released the data after the results leaked on an oncology website ​earlier in the day, sparking the stock fall.

'SOLID DATA'
UBS analyst Michael Yee said the recurrence-free ​survival results are "solid data," and that the pullback was an expected "'sell the news' event," referring to the trading strategy ‌of ⁠buying shares when a rumor appears and selling them when it becomes a reality.

Expectations were high given the rally driven by "bullish commentary from the companies," he said.

William Blair analyst Myles Minter described the trial data as "great" and concurred that the reversal ​appears to be ​a "sell-the-news" reaction.

But investors ⁠may now be questioning whether the treatment will prove as effective in other cancer types to justify the high valuation, ​Minter said.

TD Cowen analysts also said the 42% recurrence reduction was "compelling" ​and squarely ⁠in the "exceptional range" defined by medical experts.

Merck and Moderna said overall survival data are not yet mature but show a "favorable trend," and said they are engaging with regulatory ⁠authorities.

The ​results, based on patient data for the first ​two years after treatment, are scheduled to be presented on Saturday at the European Society for ​Medical Oncology meeting in Madrid.
2026-10-22 20:15 2d ago
2026-10-22 15:59 2d ago
Why Moderna stock plunged despite positive cancer vaccine trail results?
MRNA Moderna
FMP Stock News
Original source text
Moderna shares MRNA plunged on Thursday after partial data from its closely watched cancer vaccine trial leaked ahead of a scheduled presentation at the European Society for Medical Oncology conference, triggering a sharp sell-off despite results that analysts described as clinically meaningful.

The stock fell as much as 25% during the session, while trading was briefly halted due to volatility.

The stock recuperated some of the losses and was trading down 16% at the time of writing.

The decline followed the circulation of trial results online after oncology news website Oncology Central published information that was subsequently removed.

The European Society for Medical Oncology confirmed that the study abstract's embargo had been breached and lifted the embargo on the full dataset later on Thursday.

The vaccine, intismeran autogene, is being developed by Moderna in partnership with Merck.

It is designed to be administered alongside Merck's Keytruda immunotherapy to treat high-risk melanoma patients.

The trial results showed that adding intismeran autogene to Keytruda reduced the risk of cancer recurrence or death by 42% compared with Keytruda alone.

The combination produced a hazard ratio of 0.58 for recurrence-free survival, which measures the period until cancer returns or a patient dies.

The data also showed that approximately 82% of patients who received the vaccine alongside Keytruda were alive without their melanoma returning after two years, compared with 70% of patients treated with Keytruda alone.

The combination reduced the risk of cancer spreading to distant organs or tissues, or death, by 38% compared with Keytruda alone.

Despite the positive findings, the market reaction suggested investors had anticipated particularly strong results ahead of the detailed Phase 3 presentation scheduled for the weekend.

BMO Capital Markets analyst Evan Seigerman said in a research note that the relative reduction in recurrence or death was clinically meaningful.

He added that the stock's reaction likely reflected elevated expectations rather than a negative assessment of the treatment's effectiveness.

Several analysts had outlined expectations for the trial results before the data emerged.

UBS analyst Michael Yee had suggested that a hazard ratio of 0.65 could support a 10% to 20% rally in Moderna shares, while William Blair analyst Matt Phipps indicated that a result of 0.70 or lower would be well received.

Leerink Partners analyst Daina Graybosch had identified a figure below 0.60 as a potentially transformative outcome.

The reported hazard ratio of 0.58 was better than these thresholds, but the shares still declined sharply.

William Blair analyst Myles Minter described the move as a potential sell-the-news reaction, noting that Moderna shares had risen more than 500% this year despite Thursday's fall.

UBS analysts also described the results as a strong dataset, suggesting that the stock reaction reflected high expectations rather than disappointing efficacy.

However, the reduction in the risk of cancer spreading to distant organs fell short of some Wall Street expectations, according to TD Cowen analyst Tyler Van Buren.

Investors view intismeran autogene as a possible source of growth for Moderna beyond its existing vaccine portfolio, which includes products for COVID-19, influenza and respiratory syncytial virus.

Researchers are evaluating the personalised cancer vaccine across nine trials involving different solid tumours.

Positive results could also strengthen confidence in upcoming studies targeting kidney and bladder cancers.

The treatment's manufacturing process remains a potential challenge.

Because the vaccine is personalised, production can take approximately six weeks.

Merck CEO Robert Davis said the company believes it can reduce that timeline in the future, potentially helping the treatment reach more patients.

Merck shares also declined on Thursday, falling around 1.4%, although the move was smaller than Moderna's drop.

The sell-off leaves investors weighing the vaccine's clinical promise against the high expectations already reflected in Moderna's share price.

While the trial results indicate a meaningful reduction in melanoma recurrence risk, further studies and the treatment's commercial potential will remain important considerations.
2026-10-22 00:17 3d ago
2026-10-21 18:51 3d ago
Moderna (MRNA) Rises Higher Than Market: Key Facts
MRNA Moderna
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Original source text
Moderna (MRNA - Free Report) ended the recent trading session at $245.81, demonstrating a +1.54% change from the preceding day's closing price. The stock exceeded the S&P 500, which registered a gain of 0.58% for the day. Meanwhile, the Dow experienced a rise of 0.69%, and the technology-dominated Nasdaq saw an increase of 1.05%.

Coming into today, shares of the biotechnology company had gained 32.6% in the past month. In that same time, the Medical sector gained 3.5%, while the S&P 500 gained 0.97%.

The investment community will be paying close attention to the earnings performance of Moderna in its upcoming release. The company is slated to reveal its earnings on November 6, 2026. The company is forecasted to report an EPS of -$1.37, showcasing a 168.63% downward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $888.78 million, down 12.52% from the prior-year quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$8.52 per share and a revenue of $2.1 billion, signifying shifts of -17.36% and +8.27%, respectively, from the last year.

Investors should also note any recent changes to analyst estimates for Moderna. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.35% lower. Right now, Moderna possesses a Zacks Rank of #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 101, finds itself in the top 42% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow MRNA in the coming trading sessions, be sure to utilize Zacks.com.
2026-10-21 16:45 3d ago
2026-10-21 10:25 3d ago
Moderna's Respiratory Portfolio Expands: Can It Reduce COVID Reliance?
MRNA Moderna
FMP Stock News
Original source text
MRNA expands beyond COVID-19 with new RSV, flu and combination vaccines, but fierce competition could challenge its efforts to diversify revenue.
2026-10-21 16:45 3d ago
2026-10-21 11:00 3d ago
Moderna is about to release the trial results for its cancer vaccine. A lot is riding on this data.
MRNA Moderna
FMP Stock News
Original source text
Moderna is one of the hottest stocks of the year because of its custom cancer treatment. Full Phase 3 data are set to be revealed this weekend.

Moderna’s audacious bet that it can transform cancer treatment with customized mRNA technology is getting closer to reality. 

The biotech company, already a household name for its mRNA COVID-19 vaccine, is now betting that the same mRNA technology can revolutionize the way melanoma and potentially other cancers are treated.
2026-10-21 09:11 3d ago
2026-10-21 04:02 3d ago
Forget COVID: Moderna Is Turning Into a Cancer Company -- and Wall Street Is Taking Notice
MRNA Moderna
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Original source text
Moderna (MRNA +6.70%) leaped into the spotlight during the early days of the pandemic, and that was because the up-and-coming biotech player had a solution to the problem: a vaccine. The company became one of the first to launch a coronavirus vaccine, rivaling pharma giants such as Pfizer, and generated blockbuster revenue from the product. At the vaccine's peak in 2022, it brought in more than $18 billion in revenue and made Moderna profitable.

Recent years have been difficult, however, as demand for the vaccine declined. The company saw revenue drop, swung to a loss, and its stock price, once soaring in the triple digits, followed.

But Moderna may be entering a new period of growth and success right now. Over the past few years, the company has taken steps to address its problems and has focused its pipeline on a particularly high-growth therapeutics market: oncology. Importantly, investors have recognized Moderna's potential, helping the stock soar more than 600% this year.

Forget COVID: Moderna is turning into a cancer company, and Wall Street is taking notice. Let's find out more.

Image source: Getty Images.

Moderna's expertise in mRNA As mentioned, Moderna's initial successes came with the coronavirus vaccine. There, the company could demonstrate its messenger RNA technology and its strength in designing safe and efficacious vaccines. Moderna uses mRNA to teach the body to make proteins that will defend it from or treat disease. The approval of the coronavirus vaccine was a big moment, as it served as a vote of confidence in Moderna's technology.

Since that time, Moderna has maintained its respiratory vaccine work, winning additional approvals such as nods for a respiratory syncytial virus (RSV) vaccine and a flu vaccine. But where the company may stand out in the future is in another area, and that's oncology.

Moderna is testing its personalized cancer vaccine, intismeran autogene, in 10 clinical trials, and several of these have reached late-stage testing. Just recently, the biotech announced positive phase 3 results for the candidate, paired with Merck's Keytruda, for the treatment of melanoma. The combo treatment met recurrence-free survival goals, and the companies say they will now pursue talks with regulators regarding the filing of submissions.

Moderna's vaccine is personalized, so it isn't an off-the-shelf product that can be mass-produced in advance. This means it's likely to involve a longer, more complex rollout if approved, as well as higher manufacturing costs. All of this suggests that even in the best scenario, a product approval won't result in a speedy ramp-up and overnight revenue gains.

MRNA Moderna$242.08+$15.19 (+6.70%)

NASDAQ · As of 4:00 PM ET 10/20/26

A potentially game-changing approach to cancer treatment That said, this could be the beginning of a high-potential story for Moderna. The global oncology market was valued at about $253 billion last year and is forecast to reach more than $700 billion by 2034, according to DelveInsight research. A personalized approach could be game-changing, meaning that even if the ramp-up is slow, the eventual revenue opportunity might be significant. It's important to keep in mind that cancer remains an area of great need, with doctors and patients looking for new and better treatments to improve quality of life and extend life. So there is plenty of room in this space for new products.

What does all of this mean for you as an investor? Moderna has convinced Wall Street of its potential, as we can see through its stock performance in recent months. That said, the stock, trading at about $218, has climbed well above Wall Street's average price target of $123. This means we could see some stagnation in the coming months, or we might even see the stock pull back somewhat.

It's important to keep in mind, though, that Moderna may be in the early days of a new growth story, and one that could be long-lasting considering the deep opportunity in the oncology market. And that makes it a fantastic stock to hold onto for the long term.
2026-10-19 15:03 5d ago
2026-10-19 10:37 5d ago
What's Going On With Moderna Stock Monday?
MRNA Moderna
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Moderna Inc. (NASDAQ:MRNA) shares are trading higher Monday as investors position ahead of detailed Phase 3 melanoma data for its personalized cancer therapy this Saturday and after BofA raised its price target.

Moderna shares are climbing with conviction. What’s driving MRNA stock higher? Traders Move Into Moderna Ahead of Saturday’s Phase 3 Melanoma Data at ESMOAccording to Investing.com, the main driver is Saturday’s Presidential Symposium at the ESMO Congress in Madrid, where Moderna and Merck will present full results from the Phase 3 INTerpath-001 trial at 10:30 a.m. ET on Oct. 24. The trial tested intismeran autogene plus Keytruda against Keytruda alone in 1,137 patients with resected stage IIB-IV melanoma. In August, the partners said it met its endpoints of recurrence-free and distant metastasis-free survival but didn’t release detailed results, including overall survival. Moderna will host an investor webcast at 1 p.m. ET the same day. Jefferies expects peak unadjusted sales in melanoma alone to top $3 billion.

BofA Raises Its Target, and the Stock Rebounds From Friday’s Drop Off Its 52-Week HighBofA raised its price target on Moderna to $220 from $200 and kept a Neutral rating. The stock is also rebounding after falling nearly 10% Friday from its 52-week high of $242.29, a drop attributed to profit-taking after a rally of more than 600% this year. Investing.com said the stock’s addition to the Nasdaq-100 on October 9 continues to support shares through demand from index funds, and that BioNTech and Pfizer were broadly flat, which suggests the move is specific to Moderna and not a sector rotation. The broader market was also higher, with the Nasdaq up about 1% and the S&P 500 up about half a percent. Moderna reports third-quarter results November 6.

Read Next

Moderna Shares Climb HigherMRNA Price Action: At the time of publication, Moderna shares are trading 4.40% higher at $227.61, according to data from Benzinga Pro.

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2026-10-18 14:29 6d ago
2026-10-18 08:45 6d ago
Moderna Just Joined the Nasdaq-100. Here's What That Means for Investors.
MRNA Moderna
FMP Stock News
Original source text
Pharmaceutical outfit Moderna (MRNA -7.82%) recently raised its status as a prospective investment. Specifically, earlier this month, Nasdaq Inc. -- which owns and operates the Nasdaq Stock Market -- added Moderna to its Nasdaq-100 index. The index tracks the collective performance of the Nasdaq's 100 largest listings that aren't part of the financial sector.

On the surface, it doesn't mean much; it certainly doesn't alter the company's fiscal performance.

Still, it's a bullish development if only because it puts the company on more investors' radars. It also prompts fund managers overseeing exchange-traded funds (ETFs) meant to mirror the performance of the Nasdaq-100 Index (like the Invesco QQQ Trust (QQQ -2.50%)) to purchase this stock, so their underlying portfolios accurately reflect the index.

Image source: Getty Images.

And this can be significant. Invesco's ETF alone now holds on the order of $2 billion worth of Moderna stock -- more than 2% of the $94 billion company -- while about 80% of all outstanding MRNA shares are now institutionally owned. By taking a chunk of already-issued shares out of individual investors' hands and putting them under institutional control where they tend to stay put for a while, a stock becomes more difficult to own, and therefore more expensive for ordinary investors to buy.

It's still not the top reason to consider adding this name to your portfolio, though. That reason remains the potential of its cancer vaccines, and in particular, Moderna's intismeran autogene. Combined with Merck's Keytruda as a treatment for certain types of melanoma, this drug showed impressive efficacy in phase 3 trial results announced early this year ... something else more investors are now aware of.

That being said, August's FDA approval of an updated COVID-19 vaccine, as well as the recent approval of a Moderna-made flu vaccine, are also contributing factors to this year's 700% run-up for the stock, which boosted the company's market cap enough to qualify it for inclusion in the Nasdaq-100.

James Brumley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Merck and Moderna. The Motley Fool recommends Nasdaq. The Motley Fool has a disclosure policy.
2026-10-16 20:46 8d ago
2026-10-16 15:36 8d ago
Moderna and Novavax Stocks Slump as Biotech's Rally Takes a Breather
MRNA Moderna
FMP Stock News
Original source text
Moderna and Revolution Medicines have upcoming catalysts that could help sustain their gains, even as biotech stocks retreat.
2026-10-16 18:16 8d ago
2026-10-16 13:35 8d ago
Why is Moderna down 10% on Friday?
MRNA Moderna
FMP Stock News
Original source text
Moderna MRNA shares suffered a sharp reversal on Friday, falling close to 10% after a strong October rally had pushed the biotechnology to its 52-week high. The shares, which reached $242.29 during their recent advance, were trading near $213 at the time of writing.
2026-10-16 13:18 8d ago
2026-10-16 07:05 8d ago
Meet the New Nasdaq-100 Stock That's Crushing Nvidia, Micron, and Sandisk. Is It Too Late to Buy?
MRNA Moderna
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Original source text
In recent years, artificial intelligence (AI) stocks soared in the triple and quadruple digits, leading the S&P 500 higher. Investors rushed to get in on the next big tech growth story, a technology with the potential to transform how many things are done and, as a result, fuel significant gains in corporate earnings. Companies such as AI chip designer Nvidia and memory chip providers Micron Technology and Sandisk have seen their shares skyrocket, and the positive momentum continues today.

But this year, AI stocks haven't been the only growth story. In fact, though they continue to advance, investors have expanded into other industries and turned their attention to new growth opportunities. And this brings me to the stock I'll talk about right here.

This particular company, a biotech innovator, has seen its shares surge more than 600% this year, largely outperforming Nvidia, Micron, Sandisk, and many other top-performing AI stocks. And just a few days ago, it entered the prestigious Nasdaq-100, an index that tracks the biggest non-financial Nasdaq companies.

This stock has been a clear winner for investors this year. But after its enormous gain, is it too late to buy now? Let's find out.

Image source: Getty Images.

Moderna's coronavirus blockbusterThe stock I'm talking about has known both tremendous increases and major declines in past years. This company is Moderna (MRNA +4.51%), a biotech that made headlines when it brought its coronavirus vaccine from the drawing board to commercialization in less than a year. That was during the early days of the pandemic, and the vaccine, the company's first commercialized product, became a blockbuster, bringing in more than $18 billion at its peak in 2022. Investors piled into Moderna stock, pushing it to a gain of more than 2,000% over about a year and a half.

MRNA Moderna$236.50+$10.20 (+4.51%)

NASDAQ · As of 4:00 PM ET 10/15/26

In recent years, however, Moderna faced significant headwinds. Demand for the vaccine declined in the later days of the pandemic, the company's respiratory syncytial virus (RSV) vaccine has struggled to gain market share, and Moderna's much-anticipated cytomegalovirus (CMV) vaccine candidate failed in a phase 3 study.

But Moderna has progressively turned things around. The company cut costs to match the current coronavirus vaccine revenue opportunity, won approval of new products such as a flu vaccine and new coronavirus vaccine updates, and focused its pipeline on oncology and rare diseases in addition to respiratory illnesses. In fact, the progress in oncology has been a catalyst for the stock's performance this year.

Moderna is studying intismeran autogene, a personalized cancer vaccine, in 10 clinical studies, with the most advanced in phase 3. In August, the company announced that intismeran autogene in combination with Merck's Keytruda met its goals of recurrence-free survival and survival without the spread of disease to distant organs in patients with melanoma. The companies said they would "engage with regulators on filing submissions," suggesting a new product approval for Moderna may be on the horizon.

Surpassing Wall Street's price targetsModerna had already climbed about 100% this year prior to that news, but the stock soared thereafter, pushing it to gains that surpass those of the AI companies I mentioned earlier. And the stock, trading at around $225, surpasses the average Wall Street 12-month price estimate of $122.

MRNA data by YCharts

Now, let's get back to our question: Is it too late to buy this hot biotech stock? Moderna has a bright future ahead, with new products generating revenue and a late-stage pipeline that should deliver fresh revenue streams moving forward. So Moderna is no longer only a coronavirus vaccine company, and instead is transforming into a larger biotech company with the ability to address a broad range of treatment areas.

Moderna makes a fantastic stock to own, and it should have plenty of room to run in the future as it wins approval for some of its promising pipeline candidates and generates revenue. That said, considering the stock's massive increase this year, I would watch it closely and wait for an opportunity to buy on the dip.
2026-10-15 20:07 9d ago
2026-10-15 14:15 9d ago
Nike, Moderna, Walmart Get a Lift as Traders Flee AI Stocks
MRNA Moderna
FMP Stock News
Original source text
Shares of Nike Inc. (NYSE:NKE), Moderna Inc. (NASDAQ:MRNA) and Walmart Inc. (NASDAQ:WMT) climbed Thursday as money flowed out of tech and AI stocks for a second straight session. 

A broad tech selloff stretched into a second day as a second hotter-than-expected inflation report fed fears of another Fed rate hike.  

AI infrastructure names took the hardest hits. Early Thursday, Nvidia Corp. (NASDAQ:NVDA) and Broadcom Inc. (NASDAQ:AVGO) each fell 2.5%, Micron Technology Inc. (NASDAQ:MU) lost 4% and Dell Technologies Inc. (NYSE:DELL) slid more than 9%. 

CoreWeave Inc. (NASDAQ:CRWV) led neoclouds lower after a 15% slide Wednesday on fears about its debt-funded build-out. IREN Ltd. (NASDAQ:IREN) fell almost 9% in late-morning trading, Nebius Group N.V. (NASDAQ:NBIS) dropped about 5% and TeraWulf Inc. (NASDAQ:WULF) lost nearly 3%, per Benzinga Pro market data. 

Defensive sectors led the market Thursday as investors fled to safety, with the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) up 1.50% and the Health Care Select Sector SPDR Fund (NYSE:XLV) up 2.42%. 

Walmart Gets a Bull CallFew names captured the hunt for safety better than the country’s biggest retailer. Deutsche Bank upgraded the retailer to Buy from Hold on Thursday, betting sticky inflation will make Walmart more attractive to shoppers.

Analyst Krisztina Katai expects margins to improve "as higher-margin businesses continue to outgrow core retail" and automation gains reach the bottom line, per CNBC. She boosted her price target to $136 from $113. 

Read Next

Nike Bounces Off the FloorNike shares jumped more than 5%, though the fundamentals remain rough.

The apparel company said its fiscal first-quarter revenue fell 4% to $11.2 billion, citing declines in Greater China, and announced plans to lay off staff in 2027. The company guided fiscal 2027 adjusted earnings to $1.15 to $1.35 per share versus estimates of $1.69.

Thursday’s move looks like value hunting.

Moderna Keeps ClimbingModerna gained 5.3%, extending a run driven by its cancer pipeline. In August, Moderna and Merck & Co. Inc. (NYSE:MRK) reported that their personalized vaccine delayed both melanoma recurrence and spread. Merck was up almost 2% in midday trading on Thursday. 

More fuel arrived last week. Moderna entered the Nasdaq-100, and a planned NIH-backed national campaign to speed cancer vaccine development, expected to launch in December, put mRNA back in focus. 

Next up is detailed data. Phase 3 melanoma results are set for the Presidential Symposium at the ESMO Congress in Madrid on Oct. 24, with a live investor session the same day. 

Read Next

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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2026-10-15 20:07 9d ago
2026-10-15 14:24 9d ago
Moderna: Best S&P 500 Stock YTD Could Rally Into YE, But Valuation Is Uncertain
MRNA Moderna
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SummaryModerna has staged a dramatic rebound, becoming the best-performing S&P 500 stock YTD, driven by pipeline optimism and strong technical momentum.I maintain a "Hold" rating on MRNA due to persistent unprofitability, negative free cash flow, and a valuation highly dependent on pipeline execution.Key catalysts include upcoming Q3 earnings on November 6 and Analyst Day on November 12, with high implied volatility and significant event-driven price risk.MRNA's technicals are bullish, with support at $170–$177 and a measured move upside target near $380, but valuation remains story-driven and speculative. hapabapa/iStock Editorial via Getty Images

Moderna (MRNA) has been perhaps the most remarkable comeback story in markets over the past 12 months. The best-performing S&P 500 stock YTD, shares bottomed under $25 over the course of a few quarters last year, finally starting to revive as 2025 came

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
2026-10-15 15:13 9d ago
2026-10-15 09:01 9d ago
Moderna, Google DeepMind, Biocon on AI in Science
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Noubar Afeyan, Co-Founder & Chairman, Moderna and Founder & CEO, Flagship Pioneering; Lila Ibrahim, Chief AI Readiness Officer, Google DeepMind; and Kiran Mazumdar-Shaw, Founder & Executive Chairperson, Biocon discuss how AI is reshaping scientific discovery with Bloomberg's Francine Lacqua at the 2026 Bloomberg New Economy Forum in New Delhi. -------- More on Bloomberg Television and Markets Like this video?
2026-10-15 12:45 9d ago
2026-10-15 08:20 9d ago
Moderna Stock Is Soaring on Cancer Vaccine Buzz. Is It Too Late to Get In?
MRNA Moderna
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Moderna has surged more than 650% this year on cancer vaccine excitement, but analyst targets sit far below the current share price. Before you chase the rally, there are some uncomfortable numbers you need to see first.
2026-10-13 18:53 11d ago
2026-10-13 13:05 11d ago
MRNA Stock Gains Over $4B in a Week: Time to Buy, Hold or Sell?
MRNA Moderna
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Shares of Moderna MRNA have gained more than 5% over the past week, adding roughly $4.2 billion in market value.
2026-10-13 11:22 11d ago
2026-10-13 07:00 11d ago
Moderna to Report Third Quarter 2026 Financial Results on Friday, November 6, 2026
MRNA Moderna
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CAMBRIDGE, MA / ACCESS Newswire / October 13, 2026 / Moderna, Inc. (NASDAQ:MRNA), today announced that it will host a live conference call and webcast at 8:00 a.m. ET on Friday, November 6, 2026 to report its third quarter 2026 financial results, and provide a corporate update.

A live webcast of the call will be available under "Events and Presentations" in the Investors section of the Moderna website.

Webcast: https://investors.modernatx.comThe archived webcast will be available on Moderna's website approximately two hours after the conference call and will be available for one year following the call.

About Moderna

Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.

With a global team and a unique culture, driven by the company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.

Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
617-209-5834
[email protected]

SOURCE: Moderna, Inc.
2026-10-12 23:05 12d ago
2026-10-12 18:51 12d ago
Here's Why Moderna (MRNA) Fell More Than Broader Market
MRNA Moderna
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In the latest close session, Moderna (MRNA - Free Report) was down 5.05% at $213.63. The stock fell short of the S&P 500, which registered a loss of 0.06% for the day. On the other hand, the Dow registered a gain of 0.38%, and the technology-centric Nasdaq decreased by 0.44%.

The biotechnology company's stock has climbed by 56.28% in the past month, exceeding the Medical sector's gain of 0.04% and the S&P 500's gain of 2.36%.

The investment community will be paying close attention to the earnings performance of Moderna in its upcoming release. The company's upcoming EPS is projected at -$1.37, signifying a 168.63% drop compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $888.78 million, down 12.52% from the year-ago period.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$8.52 per share and a revenue of $2.1 billion, indicating changes of -17.36% and +8.27%, respectively, from the former year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Moderna. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.35% lower within the past month. Currently, Moderna is carrying a Zacks Rank of #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 166, positioning it in the bottom 33% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
2026-10-11 00:27 14d ago
2026-10-10 18:15 14d ago
Moderna Now Trades 61% Above Wall Street's Average Price Target. Should You Sell?
MRNA Moderna
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Moderna (MRNA +14.21%) has been one of the market's hottest stocks this year, surging more than 500% so far. The biotech stock has delivered these kinds of gains before, soaring more than 2,000% from the start of 2020 through early August of 2021, as its coronavirus vaccine delivered blockbuster revenue. Moderna was one of the stars of early pandemic days, bringing a vaccine to market in a matter of months -- a vaccine that would become one of the world's top-selling pharmaceutical products.

In the years to follow, though, Moderna's earnings picture and stock performance fell into the doldrums. Demand for the vaccine, its only product at the time, slid in later pandemic days, and Moderna found itself cutting costs to account for this shift. Meanwhile, the company gained other product approvals and advanced its pipeline, but investors didn't immediately jump on board. In fact, the stock slid in recent years.

This year, however, investors have gotten excited about Moderna again, particularly in response to the progress of its personalized cancer vaccine candidate. That's supercharged Moderna's stock performance, and as a result, Moderna now trades 61% above Wall Street's average price target. Is it time to sell? Let's find out.

Image source: Getty Images.

Moderna's mRNA expertise Moderna, as mentioned, experienced tremendous growth thanks to its first commercialized product, the coronavirus vaccine. At its peak in 2022, it generated more than $18 billion in product revenue. And, importantly, it proved the efficacy of Moderna's messenger RNA technology, which the company uses across its pipeline. Moderna uses mRNA to teach the body to make certain proteins that protect against or fight certain diseases.

The biotech company has broadened its product portfolio and advanced its pipeline since early pandemic days. Today, it has four commercialized products in the U.S. -- two coronavirus vaccines, a flu vaccine, and a vaccine for respiratory syncytial virus (RSV). And it recently won approval in Europe for a combined flu/coronavirus vaccine.

Still, investors didn't immediately recognize the potential of Moderna beyond its early coronavirus days successes, and the stock slid 83% over the past three years.

This year, however, has marked a clear turnaround. Investors have cheered the progress of Moderna's personalized cancer vaccine and rushed to get in on the stock. Moderna is investigating the candidate in about 10 clinical trials, with the most advanced in phase 3. And just recently, Moderna said that its candidate, intismeran autogene, paired with Merck's Keytruda, met endpoints for recurrence-free survival and survival without cancer spreading to distant organs in a melanoma trial. Based on data from this phase 3 trial, Moderna says it will speak with regulators about filing submissions.

Moderna's tremendous gain Much of Moderna's gain for this year came after the release of that data.

Premium Feature

Moneyball Superscore

60/100

Today's Change

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14.21

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28.00

Current Price

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Now, let's return to our question: With Moderna now trading significantly above Wall Street's average price target, is it time to sell the stock? Considering Moderna's massive gain so far this year, I wouldn't be surprised to see the stock stagnate or pull back at a certain point. It may have climbed too far, too fast.

That said, Moderna's long-term story remains bright. While some of the good news may be priced in at today's levels, this biotech company is in the early days of its growth. The company's personalized vaccine is being studied across various types of cancer, so it could eventually be used for a broad range of patients. It is important to keep in mind, however, that personalized vaccines aren't as easy to produce at scale as a treatment that isn't personalized. So even product approval here may not drive rapid growth.

Moderna's pipeline is strong, however, and could progressively transform this company into a biotech giant, with a wide range of products across treatment areas and a strong earnings picture. So the stock holds growth potential over time.

What should you do now? If you've held Moderna shares for a while and aim to lock in some gains, potentially to expand into other stocks or sectors, now may be a good time to do so. As I mentioned above, the stock could take a pause after its tremendous gain this year. But over time, as Moderna launches new products and advances its pipeline, the stock should have plenty of room to run -- so overall, it is still a fantastic biotech player to own.
2026-10-10 02:22 15d ago
2026-10-09 19:47 15d ago
Why Moderna Stock Surged Today
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Shares of Moderna (MRNA +14.21%) jumped more than 14% on Friday, following reports of a major new cancer research initiative.

Image source: Getty Images.

A new counteroffensive against cancerThe National Institutes of Health (NIH) plans to begin a campaign to fast-track cancer treatment research in December, according to a report by The New York Times. The program hopes to replicate the success of efforts to develop Covid-19 vaccines during the early stages of the pandemic.

The public-private partnership would bring together researchers and other resources from a range of healthcare companies and nonprofits to accelerate scientific discoveries. Initial research is expected to focus on pancreatic, liver, and colorectal cancer, as well as pediatric tumors.

Premium Feature

Moneyball Superscore

60/100

Today's Change

(

14.21

%) $

28.00

Current Price

$

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Moderna is a leader in cancer vaccine researchThe initiative comes at a time when advances in artificial intelligence (AI) and mRNA technology are making it possible for doctors to design treatments tailored to each patient's immune system.

On Aug. 19, Moderna and Merck (MRK +2.26%) announced that their co-developed investigational mRNA-based therapy, intismeran, when administered in combination with Merck's Keytruda, increased the time before cancer returned or spread in patients with high-risk melanoma.

These and other encouraging clinical trial results are prompting healthcare leaders to devote more resources to cancer research. That could help to accelerate Moderna's development timelines, potentially enabling the biotech to deliver new therapies to patients -- and profits to shareholders -- faster than previously expected.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Merck and Moderna. The Motley Fool has a disclosure policy.
2026-10-09 16:33 15d ago
2026-10-09 11:42 15d ago
Moderna stock fires past 52-week high: what's behind Friday's rally?
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powered by

MRNA buy

Buy Moderna (MRNA). Nasdaq-100 re-entry forces mechanical buying from index funds/ETFs tracking the Nasdaq-100, and the stock is already breaking to new highs—momentum plus sustained demand. The market is also focused on the Oct 24 Phase 3 readout for intismeran autogene, which can extend the rerating beyond index flows.

Key Risk: Phase 3 oncology data disappoints or fails to show clear benefit, killing the growth narrative and reversing the rerating.

Nasdaq-100 index buy

Buy Invesco QQQ (QQQ). Moderna’s addition is a direct tailwind to Nasdaq-100 tracking demand, and QQQ gives you exposure to the same “cooling yields + Nasdaq strength” backdrop without relying on one biotech outcome. If the index inclusion keeps driving flows, QQQ should benefit.

Key Risk: Nasdaq reverses hard due to a sharp rise in Treasury yields or a broad risk-off move that overwhelms single-name inclusion effects.

Moderna MRNA shares jumped more than 9% in early trading Friday, reaching a fresh 52-week high as the biotechnology company returned to the Nasdaq-100 index.

Moderna hit a 52-week high of $216.95. It lost some of the gains and was trading at $208.69, up 5.9% at the time of writing.

The broader market was also higher, with all three major US stock indexes gaining as Treasury yields cooled and oil prices declined.

Moderna's return to the Nasdaq-100 is proving to be the major catalyst for the stock.

The company had previously been part of the index before being removed following a decline in its shares after the pandemic. Its shares had fallen to as low as $22 before scripting a dramatic comeback.

Its re-entry comes after a sharp recovery in its market performance, with a rise of over 670% in one year. It has been among the most outstanding performers in the market this year.

The biotechnology company is replacing Warner Bros. Discovery in the technology-heavy index.

The inclusion has created additional demand for Moderna shares as index funds and exchange-traded funds that track the Nasdaq-100 adjust their portfolios to reflect the change.

The index is tracked by more than 200 investment products with over $800 billion in assets, broadening the pool of investors exposed to Moderna, who now have to include the biotech company in their funds.

Cancer therapy pipeline remains keyInvestors are also looking ahead to Moderna's oncology pipeline, particularly the upcoming Phase 3 data for intismeran autogene, an individualized neoantigen therapy developed in collaboration with Merck.

The data are scheduled to be presented on October 24. The positive Phase 3 results have been described as a historic milestone for commercialized individualized mRNA cancer therapy, attracting attention from investors and Wall Street.

Moderna has also announced Juan Andres as its new chief operating officer as the company looks toward potential expansion in oncology and a broader portfolio of commercial vaccines.

These developments are adding to investor interest beyond the immediate impact of the Nasdaq-100 inclusion.

However, the stock's substantial rise also raises questions about how much of the anticipated progress has already been reflected in its valuation.

Investors will be watching whether developments in Moderna's pipeline can translate into sustained financial gains over the longer term.

Earlier this month, Morgan Stanley raised its price target on Moderna to $95 from $89 while maintaining an Equal-Weight rating.

Citigroup analyst Geoff Meacham, meanwhile, downgraded the stock to Sell from Neutral, although he raised his price target to $80 from $60.

Both price targets remain well below Moderna's current trading level of just above $200.

These numbers indicate that analysts are still taking a cautious view of the stock even as the bull run refuses to end.