Merck & Co. (MRK) 25 Apr 242024 Q1 Earnings call transcript

Thank you for standing by. Welcome to the Merck & Co. Q1 Sales and Earnings Conference Call. [Operator Instructions] This call is being recorded.

If you have any objections, you may disconnect at this time. I would now like to turn the call over to Mr. President, Vice Senior Dannenbaum, Investor Relations. Peter may you begin. Sir,

everyone. Thank First Merck's and morning, you, good Welcome Quarter to Shirley, XXXX Conference Call.

call Caroline Officer; today's Chief Labs. President on will Davis, Research Rob Speaking Chairman of Executive Merck Officer; Dr. Litchfield, and Financial Chief Dean Li, be and

get we items. like out a to Before point I'd few started,

charges, we certain other and that see our will costs items in GAAP restructuring results, You have such as acquisition-related items.

are our provide press have and current excluded of actual would materially these our uncertainties our a forward-looking made set You based reconciliation Private you note results subject Reform are of underlying or and forth differ in in make today remind Securities the that we and to Litigation forward-looking may on Merck's should of assumptions be beliefs of statements meaning Act the harbor uncertainties. statements release. I management materialize, the significant may the Such we of non-GAAP like risks provision from some to inaccurate U.S. considered If results statements. that within those safe prove the statements from the that XXXX.

no cause to to factors in Our Item identify company's risk the that obligation any our XA forward-looking and of statements. any differ morning. results the could undertakes cautionary publicly this XXXX SEC certain actual Merck materially from statements projected XX-K, and including filings, those forward-looking made statements update

I'd the of prepared release, to to accompany will posted SEC that, Rob. speakers' today's Relations are our presentation remarks. and our Investor slides, remarks filings, slide a the website. With our like call, call today's section prepared along These turn During with over earnings to Merck's all

are and advance continuing business. business for benefit potential and morning, XXXX candidates significant our product therapeutic and of deep call. approval are across in the while now commercial in and to power impact areas, thank launch for our new We're executed our space additional Thanks, We the momentum today's the maximizing development portfolio drove key X growth of strong for begun joining patients. innovation broad oncology. the the cardiometabolic important launching Peter. pipeline in of of Good strategic you We've a harnessing with preparing vaccines in also

We of areas highly and focused us ahead have significant our opportunities business, all realizing of across on we're them.

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can accelerate broad commercial engine, our through serve in people regulatory which over patients value clinical prescriptions discoveries X for WINREVAIR to provides of our we development to important enable for where together tremendous long-term further, We opportunity of to the pipeline, already being to launch and powerful increased therapy scale, this global our PAH. can for external targets business prowess and our access We've add development significant identify our and us shareholders. living Just of to strong written. see important turns have to best we company. Strategic commercial now on execution our priority the our discovery attention years seen focused a important an a adding expertise since lives impact need. to sustainable research value patients our our with in the remains positively deliver acquisition to confidence deep medical science the then And ability leverage that with demonstrated importance

to momentum moment. our this in full for to our innovative Turning results. We're year reflect updated portfolio. first strong quarter pleased demand to will achieved in a speak robust We reflecting guidance, growth, our which Caroline

broader and to for the prevention. efforts. our to diverse We're our to advancing In leading-edge optimize new we the focused foundation programs of expansive Turning reduce by global on the set pipeline patients. vaccines, building we're pioneer approaches research benefit to HPV, In continue disease of GARDASIL by burden generating by on whether the approved not females dose males with ages potentially in to GARDASIL-X of clearly providing protection demonstrate X-dose vaccine HPV of multivalent HPV-related broader cancers new or XX. a data protection comparable and regimen disease single certain a XX and to to provides long-term and further

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we expand programs leadership term. our long pipeline initiated diverse candidates over position novel for several and of impact our oncology, our And reinforce from work the in we patients as late-stage to

growing, summary, a shareholders wave points I'm and important proof Merck we patients, significant a science-led to deliver therapeutic strategy Finally, positioned delivering to is creating organization. enormous confident clinical strong and beyond. decade to again are, into the innovations that, that My have Cutting-edge With more next compelling to that at innovation well the to positioned all drivers continued across on clinical I'll success want global stakeholders. In and and year will and call value drive turn is our build areas. the patient of a deep I pipeline, are lead Caroline. value future. range of we next recognize and this to growth of science is portfolio that confidence are is of momentum engine our the our momentum our impact across we well that with of over and the and to creation in diversified core this we over who well the efforts sustainable

Thank you, Good morning. Rob.

across noted, we outlook. in reinforces As we growth a business, the to our which confidence year robust Rob have have strong start had with the our

strategic positioning deliver value long-term are save and to to science around and lives patients, leverage customers to shareholders. continue also We us world, to making leading-edge the investments improve for

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will on basis. ex-exchange The be following an revenue comments

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treated WELIREG as from Alliance early-stage certain launch a setting, demand million, In Lynparza cancer. was performance XX%, triple-negative In advanced to uptake high-risk earlier-stage including by as cell earlier-stage in increased driven to from the respectively. cancers, KEYNOTE-XXX Inflation-related Argentina stage the our of Turning and uptake U.S., doubled the urothelial grew increase brands. sales growth. $X.X contributed we across was well X% earlier certain LITESPARK-XXX by metastatic KEYTRUDA indications. with disease-associated also the than cancer driven strong tumors. recent with continued patients as of indication and with to practice from the price carcinoma $XX key cell of following from broad breast KEYNOTE renal growth consistent strong grew of U.S., in grew demand uptake largely cell first-line strong carcinoma and patients continued increases the to from billion, continued VHL of market uptake tumors. following non-small In and disease. increased the cancers lung saw and for FDA sales advanced XX% renal KEYTRUDA KEYTRUDA revenue driven by of launches range attributable AXX more well metastatic the metastatic in Lenvima additional by Outside cancers, cancer in KEYNOTE-XXX. In approval oncology, as to previously

in reflects this comments well in as indication Animal favorable for will growth acquisition will related certain billion purchasing actions. I into U.S. Europe. In increase my and sales price Harpoon ongoing from and mix. well grew charge poultry in went VAXNEUVANCE in charges through to GARDASIL, development year to quarter million Our of and for the growth be products. at non-GAAP particularly margin swine points price a the million, CDC China which now was you demand our rates basis. global Gross to driven which percentage U.S., also and the XX% of driven increased billion, in also on Sales and remainder CDC by Companion sales X%. driven an was growth, Livestock shipments our XX.X%, X.X royalty by reduced Sales $X.X for walk KEYTRUDA Health P&L, patterns animal of product decreased markets, patterns. business of the driven strong the beginning the $XXX international as Therapeutics delivered of demand. by U.S. GARDASIL, of this transactions. $X.X in portfolio lower to of timing purchasing year continued led expenses X% VAXNEUVANCE of $X.X a $XXX by as pediatric uptake benefited vaccines a grew Operating was than the from ago billion, business benefited effect the actions as sales by the launches

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expect strong billion, of non-GAAP of strength guidance. At resulting this $XXX to $XX.X operational negative year range, impact strength of is from a incremental million the in from to exchange operational revenue foreign exchange foreign guidance. The approximately business revenue our headwind negative year-over-year X%. year growth full offset the million from mid-April exchange. turning narrow business full XXXX approximately revenue us partially raise $XX.X of to X% now our approximately between using be foreign an our Now enabled impact rates of million We $XXX in and reflecting by X%, has and to our including of midpoint

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is assume development operating be $XXX not of expenses million. between range is expense $XX.X $XX.X which billion, and business to estimated million additional expected approximately potential Other significant does Our transactions.

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patients FDA provide treatment adult to for the WINREVAIR. novel following recent a We of arterial excited with option hypertension, are pulmonary approval

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We to business near- will long-term prioritize growth. in drive and investments our

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Our will into deliver to innovation excellent the shareholders now I'd to future. patients, customers over enable in call that, execution and us continued value like investments turn to to now and well and Dean. the With

Thank and you, regulatory pipeline. oncology vaccine Today, Caroline. milestones to with the updates cardiometabolic continued cadence from steady in of programs with first we I HIV provide and progress In will disease make clinical our pipeline. our across advances portfolio, quarter, our close a

the for WINREVAIR, class worsening arterial for first-in-class treatment dose Caroline hypertension to and risk the last reduce Rob and exercise and pulmonary capacity, with noted, inhibitor improve approval month, WHO increase clinical of FDA As we living the functional of signaling our active received events. from late

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provide Chicago Monday, molecular the our portfolio an immuno-oncology, diverse at host June Finally, agents. and of X, please mark where in calendars event and precision tissue-targeting of update will your ASCO an evening investor for on we

primary month X cancer. Looking to be pneumococcal KEYTRUDA and promises prevention and or non-small patritumab/deruxtecan advanced busy for cell a endometrial for of June action disease dates, including VXXX for advanced pneumococcal carcinoma; adults. recurrent in forward, regulatory EGFR-mutated lung invasive with pneumonia

execute our the with further updates strategy now providing on throughout will continue on look the on focus progress call We our back to Peter. year. And excellence to operational I a and turn forward to

you, Thank Q&A. begin Thank ready we're Surely, Dean. [Operator to you. Instructions]

Instructions] [Operator Our Terence question Morgan from comes with Flynn first Stanley.

probably have Dean. is This focused on building been for you your Obviously, out guys one cardiometabolic franchise now.

You underway. have the launch sotatercept

got You've oral development. PCSKX late-stage an in

it You have the how hand, a NASH, about But GLP guess for forward be obesity believe. just think on broadly I with glucagon in footprint. other it also towards moving your current I I'd specialty you curious as, opportunity seems one of it seems the primary align from like care. away Merck gone kind like more on and hand, has markets But could

So thoughts maybe there, love would you your just Dean, think building as out. about

have in you that we Yes, build-out about are thank metabolic. much. cardiovascular excited very the we Well,

assure to think there GLP that have relationship me a the it: pointed your I you at programs at But more obesity can about and angle, question you you, angle. and look years. In right can it from GLP you at X an from most You be obesity, will there's to the it other visibility ways over the look look coming visibility have that will out now. let programs

in whether a benefit NASH, that be sleep With GLP weight or very that example, that's you're where And more GLP give in we're cardiovascular our a of loss, at been distinct in recently a takes has within recently, really you from play, in there also most think and concern. has of do NASH interested generally, impact we right, and talking for could primary molecules. If that XX% relationship outcomes, where different call But do populations, reduction relations, to angle, it whether think will is also you you muscle they be have care look it work And think a to liver will outcomes distinct wave another really we it also that's very are, if or fat call you're drug going additional not about there apnea. And think sub that in we showing of space. I you that -- And important how weight significant outcome. molecule an the obese important be diabetes, it MASH. that, people think We a important think need there at you that be there's gives how the you are, I it the on accessibility these tolerable how they right loss in in molecule out that that thinking obesity, may More may molecule to also the start orals, I every those different best one now. maintain, outcomes. same its look XX%. When about important tolerable combinations, preserve work populations. wins of

the obesity. there's the some wonder And when opportunity so there. I be generally, example, And fractionation if would will patient say for just population -- word, I there you wonder if of we

comes Evan BMO question with next Seigerman from Our Markets. Capital

GXXC, Dean's your touch specifically I with echoing wanted comment. of lung on some work to cancer, KRAS in

one Maybe the or you crowded. So today from development. pan-KRAS believe approved in walk this space is assets becoming through increasingly currently your from assets the differentiates me what

Yes.

more So of is projects. my this favorite one

it. that of point that a the appreciate more in to multiple all prominent percentage you mutations. a have It's, I GXXC broadly, XX% cell data RAS non-small I GXXC, non-small KRAS lung KEYNOTE-XXX. So lot KRAS, When of also question all cancer. a it's cell to you driver population lung especially XX% patient if we population. And will IO. KRAS plus patient is one in that you that the out, but the where ask KRAS It's that's also to depending mutations is KRAS important It's and mutations as emphasize actually look not true. In cancers. most at chemo But pan-RAS, percentage, is say you of relationship small there -- And in about in cancer. on in that relationship the is

You with we're that to the line. KRAS potent game compound it into to first a trying move need play. a That's

has the us that you to pembro, But looking an about crowded. the is ORR it monotherapy potent that ability when have combine it that's you combination. And reported example, for you're compound of modifications. XX% data tremendous dose maintain in made most for we importantly, with, maintain what think So dose, a I efficacy. the because excited you But is not this

that's to for and are in think then in molecules get race that other us space. to also So that. The first and we're other about why the indications and is lung line advancing coming IO-sensitive/insensitive KRAS through cancer it

conjugate. them of some drug antibody to are And related

is are XXXX, very we moving our III. So Phase to excited about which GXXC KRAS program,

comes question Chris Sachs. from next Goldman Shibutani Our with

Maybe Phase think have your but you release, of pipeline us not highlighted about of acquisition, just areas immunology. there? press study talk just help II. And CNS, research. can How highlight distribution then in are on understand then just the immunology work with you and on as the not the focusing you doing that portfolio. Pandion folks the often, like I important TLXA, in we the specifically there With many also your efforts where are you about CNS. do on discovery that the do discovery to CNS areas X you lot you Crohn's a feel in how a So And overall highlight in

much. very you Thank

the So in TLXA I'll space. specifically first and touch immunology

program higher is of of we already will efficacy, the that tolerability. be Phase started So ulcerative -- effective in III colitis recruiting. highly think also terms not in That terms that TLXA, a has and it just and efficacy,

will few in and Crohn's for the next Phase months. we of the announcing that III opening are be the coming disease over patients We hopeful the

those. compound. I also one TLXA will disease, that the are really So that in And appropriately diseases. interest of there effects profound looking emphasize it specifically, and that's fibrosis on interesting just inflammatory a eagerly to But for the there we we profile to in not the seen in are is is things are of very inflammation. really diseases, TLXA, interested TLXA our of in see III about where moving really outline reasons and also is TLXA, it we're example, at sort Phase lung And and have that fibrosis, Crohn's be important sort aggressively other blocking within can component. we should differentiated our that's we have also really interested but it for excited believe about to move bowel other disease. But

assets hope Prometheus Alacrity. In relationship as is other as acquisition forward neuroscience, are readout MK-XXXX. TLXA getting internal to from the the other moving the be have to moving that We forward with well we both with not that

are works have in a have space accelerate public. And other been we of moving programs our standpoint We that made some that BD have some the commitments to and discovery in advancing. early made

think investment an critically the I think moving in business neuroscience, But as that neuro -- the well. unmet And IIbs, to development point, over I United disease States, arena from say care value interested we important internal in be a Phase to more next and psychiatry would speak II. we'll the neuro that degenerative development think I health importantly, Phase to in see really economic years, readouts Is From to but disease own not at classic lead to MK-XXXX. But terms disease We're program, I have others Especially space. I X just there, in fully. able just continuing be will but population. our in in moving the but the Phase also business program to list is place, in continues health and the seen of neuro being important. you've need, you care advance think, a not system X

Our next Graybosch. question from Daina

some I ask want to pneumococcal vaccine. on

that a customized in discussed you recommendation where the wonder You XX if for think XX on comment mentioned and I customized could in I which or older. scene, believe is you up ACIP VXXX. talk for Phase pediatric I several times wonder I older. VXXX on stack you And now recommendation end for they could adult the will patients. is In adults meeting, And about VXXX, is if how ACIP

behind Yes. you of tone at pleased Maybe we I higher what add. can look And That's serotypes-causing we we XX% saying Dean Obviously, just some about the the have the continue PCVXX. and the start, But come. tenor discussion talked overall if readouts that, -- that Dean then disease of as I the have we VXXX, and were of with start would out by you we've ACIP the cover coming in -- with recall, can of very to the than XX% meeting. look believe Daina, and data adults. strength mentioned clinical at of

specifically serotypes most how was and So disease. are targeting those designed, it adult it's was prevalent significant, that which in

is value of of that, result VXXX a As believe to the we proposition continue very compelling.

If to ACIP you And about the effectiveness, age as questions ask XX-plus. going look the that's as see the the it's at as a to I think you why XX cost very XX cohort to be a vaccine. result, well started cost-effective

in and of belief vaccine say I want overall broad for to see data space would I the their is coverage expect will going we're would of ACIP bring value the And don't value patients our in recommendation. So I the to out and conviction that of the pneumococcal coming significant. ACIP. ahead and get But the the this

XX% come add, clearly FDA. respectful lowering And that did cost Rob to we for idea something dropping that effectiveness But thought could such. vaccines. that we they a situation that is as interest XX be made believe calculus, by renewed for based versus good on ACIP specific increasing it the just want a that considered and again, been they in on you're age age the and changed universal And based would previously that would not other be it where the have there When given asking everyone something you that broader question talks for XX%, out from is to I to of the XX% we more, I would VXXX. that why point I XX, we Yes. coverage and that XX% and about vaccination notice. think remind XX% to and about, took that

had, which you maybe we in hopefully the PCV same that specifically is untoward an in those How effects. vaccine serotypes disease strategy targeted that was I'll VXXX, a develop about it's a investigational without there obviously, peds, think look answer, of causing second I question if with And children, is, general VXXX. to you VXXX: the give Daina, just cause at strategy do

model And is to at serotypes the VXXX thinking. any so not you peds. that model in thing just our given But the We've same follows look that a VXXX, of additional the it's understand if details that. or

Our Deutsche with Bank. Shin next question comes from James

the color does and Dean on focus, know can Merck not then product-level is contribution investor in REJOICE-Ovarian shows second any in lot provide advanced field [indiscernible] And guidance? space. for guidance, advanced but Firstly, for there's oncology a patients, does general. the FRalpha? in given I know I you importance much precision data development patritumab, on of between HERX is WINREVAIR to suppose know WINREVAIR's one high there how expression but And But provide and I for then overlap

So how does Merck or envision patritumab to positioned sequenced? be

question. And guidance. thank I'll the answer start. for provide James, The unfortunately, is, product-level you Maybe, Yes. don't we short

get said, I important to a you we so points don't to it's as into I it. tell how make want see contributor being seeing trying understand a So with in just to think WINREVAIR think we we're few what XXXX. But you that

First of to patients excited provide for very PAH. treatment all, we're this novel with

making patients' being homes. thing States, as note we'll non-COEs, As if launch. early, XXX And far. you you for patients I an non-COE. being hopefully, that well in the the Centers a as And seen which We've will a although the United Centers I is about is which good development. We've that's the and increasing seen COE prescriptions, both not so were changer Excellence space, dosed from repeat coming well well of prescriptions game other already. And then to as tell prepared know, is of locations the in I'd is the from written. also from soon, from and the think be as the both prescribers can very are this well Excellence, going think we very shipments already of We've begun number space. launch, the We have

seeing from then perspective, limits. to So note. payer something No we're real good finally, that's access. a And

In who comments, But we've fact quickly enacted And label saw a as we think fact, coverage policies. several after the that prepared already STELLAR. the out have Caroline policies good to already in see in with we this we patients pointed launch, as coverage sign. consistent I payers have established giving and the very seen what

It's looks quite obviously early. But far everything so good.

confidence in changed. a our So launch has successful not

And we'll as just consistent our this give can't for. expectations. give want see flavor, asking to we though you forward, the transparency. move to were with But guidance specific continue we I even you level appropriate We of give

let you part take Dean, question. of the I'll the second

Yes.

bit in relationship just WINREVAIR. to add a I'll So little

on will inform continue the I strengthen data indication that there indication will And think a the that STELLAR. and it's be or to important we is that field. to label emphasize based the broad is have and flows potential

We which have label. STELLAR and is open SOTERIA,

HYPERION, and mortality and -- earlier advanced, journey. which is look more in morbidity; will which ZENITH, have the We at that and is in

and innovation that, a happen the this just in in half of will to standpoint. the And we We self-administration provide even would that demand used this have self-administration relationship in hope is action is more XXXX. possible. for I as care that something and European becomes And be that a to emphasize that there second will health professionals innovation,

targeting ADCs. some and more You questions of of number of tissue and but got but related, broadly related to speaking, it many and questions the a ovarian, some asked of it out, blurred

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you hope I and -- thank you much we're that So that general a question. to happy very gives structure for and

question from Umer with Our Raffat comes next Evercore.

should trying who rates HPV HPV, next-gen to your with especially think taken And guess, penetration with X. about in we how opportunity I new just patients have revaccination potential through the broader-spectrum I'm GARDASIL think vaccine. already a

that relationship what and the to HPV, is Revaccination is? question

The new [indiscernible].

great works there With answer the when because get that, would to got because first GX+ that I'm really, I struggling GX+. are will be really that your a be think extremely question in that well. is I We early-stage And cancer. make to can you But also treat populations I the that cancer. potentially about that time well. and we've preventing would well the I cancers but really business This about talked cure, we're talked emphasize just served. of as patient

then that the you example, a recent the reduction questions in in to -- is populations, want patient of American us the data, XX% Cancer certain for vaccine XX-plus One And Society. -- comes cancer that incidents. Scandinavia, that reduction it's

cancer. you make whether one the the in vaccine, you cervical to both if women many hope make aspire screening cancer cancers also recommends fundamentally of cancer men you successful if of whether and cervical change for wondering how whether GX+ to and in are and reduction women argument, GX+ relationship we for, can could We a what with other the we're outside

I'll the Caroline. many against, many, vaccine cancers. received not them is sit to all protect world a people are here there we to HPV-related today, them have we that This that know add as just prevent around help from

possibility upon different the benefit on we GX protection, population we price based vaccine, multivalent groups. provide. we're that can And vaccine of With will further the appropriately a provide improving with that it will especially the hopeful for

to forward with see and GARDASIL the So our clinical in science evolves see continuing programs. how growth to we're looking

with Anderson from Tim next comes question Wolfe Research. Our

meaningful. I It commercially subcu. may course, not have few a KEYTRUDA scientifically quite on but of be it sexy, questions could be

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of that. you myself, patients. slam in the once So drugs I dunk is take innovative place I'll part remind nothing first

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is to with it have especially so important agents those it this just think those going treatment, especially in It be makes I patients really, be more who because in and much really important for oral combos accessible. for monotherapy patients. also will

we and the impact and patients of financial... we terms of think that elements this PD-X, an program foundational where have on So access PD-X. in know important their could it to substantial is And

account some can just for. I'll commentary your population Tim, much Maybe, the patient this Yes. uptake of how on questions and on provide

IO we data the about of with As point we would opportunity, underlying -- this that really uptake I starts out first agent itself. of think see the strength the clinical it

I our delivery with important will we breadth driving the mechanism, is. But we and goal tell about And more price the be the appropriately as KEYTRUDA. adoption. KEYTRUDA you we launch, the it's will of about about think the as data what So goal secondarily, then do forward just the quick have confidence we leveraging when about is think obviously that have in they bringing of this it's which

the see a the by be, see then XXXX, could it. we you do want think patient and the to you it happen, So to look just we that are with we into areas if if the time. do look that about where KEYTRUDA of neoadjuvant who XX% you of at stages some patient at represents moving are sense, adoption Obviously, of combinations who will disease who size those give our adjuvant at orals earlier population through monotherapy are and using of and patients on with population KEYTRUDA, with

we ability So we're people foreclosing value in that what of the metastatic the use, to of offering cost well. institutions is not given addressable access institutions. into to And share the you're and for time the in patient patient improves for The an market getting have think, and to ability allowing as to well use see health a to as potentially, be. And obviously really chair subcu of it through, from as long less the versus the setting. But sitting is to those a outside not care providing system, is the look outside IV. the being hospital the and care setting actually of for ease a the subcu opportunity the drives to as more moving move we care also the if obviously, then patients

that's see we of So uptake perspective, a we it forward. from beneficial we do when see both it important patient and think why this from bring provider perspective you'll the and medicine

Our from comes Chen Louise with next question Cantor.

about June very I for readouts excited X. just that on you're updates there wanted to you ASCO any presenting? ask specific Are

see will that or to series our many also the to III it of clinical the many going be with, KEYNOTE, cancer. earlier a programs to in Claudin of up bomedemstat not development, whether I hepatocellular, and I of to related Sankyo just to coming TROPX you're whole the the a sort that There [indiscernible]. think think gastric, KRAS from but discussions follow-ups familiar ADCs, of trial the There's website the molecules Daiichi we've ADCs stream whether just the ranging and of of lung non-small III be ADCs, shown be Phase in but a Phase relationship to bladder, are to it to going beginning in biliary, be that other you're molecules of program, series be that data. in there's cell updates relationship

whole of discussions the So full you'll array event. some ASCO, at a at of some have the investor those compounds, but ASCO

X in try XX or possible. to to get Louise. go extra many to We're going know queue. as we to several Great. an people questions I as minutes Thanks, more have the

with comes Our next from Huynh UBS. Trung question

UBS. from Huynh Trung

on would free WINREVAIR Part PAH the comments On patients could free thanks your and do of access you product on X/X initiate? today On commercial. what you hoping to that launch, for think those you're expand And and be Perhaps patients of D you third proportion D program assistance the year? this the coverage. receiving approval, that likely can noted Part

I Yes. appreciate question. the

to sure get very ensuring So our are committed program we the would out our have foundation of actually get on as we have you That normal And point data that patients run do that -- why really addition access making with is to access in run, focused there. operations. patients of medicine. we we We're we the because coming frankly, separate to report out, don't independent through run. that it's the much and very commercial do it. of program programs that's We goal, a medicines

committed to website, our get on be patients So accessed and to going go that sure not into. we're on specifics is But can the making that, available. It medicine. we're

question with Barclays. comes Carter Our next Gould from

preclude Can us Phase or would there thoughts manufacturing begs Maybe have. on of filing? existing an help and file as Moderna, think based with your the it be personalized sort question potential just around of the there course you to enrollment, on of would still you nears cancer you Any data you early of whether need maybe your update completion III vaccine on III appreciated. Phase sort data the the

whether FDA our everyone just But don't to take to I'll mean I'll the what I take excitement with Yes, what program not. will that. want about I our exciting working Moderna. about reemphasize speak I&T and is action or

we that benefit. early-stage pre-existing and leases coaxing a mixing So which the is drug immunogenicity, in inducing the is randomized, clinical a in well immunity, that's is of components it trial, of And here, and it with INT, of of IO we're not contribution sort KEYTRUDA. What very clear but in sensitive we're hands immunity. have known where our

at the So one I others. highlight to our that data looks of want data as about just

begun rigor cancer in ability to to that with but get is you're approval speed patients We it recruited, I or not. the an very which and III and of adjuvant are lung regardless decides move well, non-small will to III need show think adjuvant Phase we accelerated cell important melanoma Phase in also have on because our that going and FDA a what going be moving

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important will that important do to to be ability Our an this make treatment.

FDA the the they how decision, consider will As as as decision their need far make opportunity. to FDA's to the

next question JPMorgan. Chris comes Our from Schott with

Just a of questions. GARDASIL couple

of this if for you sales a perspective and the GARDASIL second can evenly guess like move to year? for mean is China tougher seems about the heart more year. a dose does And talk asset growth one just and distributed You're on it the from single growth a of is healthy for directionally pointing year, XQ more GARDASIL-X, a this comp. the it to what broadly GARDASIL to a franchise? commercially I still were for But sales that you we

Chris, it's Caroline.

in specifically revenue out. headwind in second So will China out, year the of in from it a we've year, called we the of as second to the tailwind What the the terms an that's saw second for pointed provide phasing during GARDASIL, to quarter. China, to actual that's of half quarter. XXXX, the but done first acceleration what significant it's quarter an half growth And in the of provided the first is more shipment the you of

the capacity As and continue at drive GARDASIL, world, to will support where during the for are market. enabling us in overall level of in the And vaccinations manufacturing scaling unconstrained manufacturing that XXXX, growth confident further we're we we to been growth the see look ability to have across up, with we supply our given we so given XXXX. our

rates, for As segment, increasingly upon we've to come in but improve to look opportunities as at look continue improve different gender-neutral significant vaccinations, vaccination the will to price really as adolescent get look past, talked growth the to lower-income activate which are to as mid-adult on point. and middle-income we a our we we markets, the

the and near continue the outlook today, confident in long be for term. GARDASIL here sit to we over both the As

to As What markets currently the some possibility of time the are certain we dose increasing bringing a the of vaccinate that on benefit vaccinate people to is look at term numbers dose and will broadening they plays a people be at by We'll implementing marketplace where in we're this to the stage. study be single single-dose the the the comprehensive with to of we're a vaccinating are or are based we many the that they as age vaccine a regimen, cohort study take are that can. will and world unfold. price GARDASIL, males seeing also out have low-income also we conducting ensure we we how data our long that opting will regards single to in

Hector Your Luisa next Berenberg. with question comes from

questions higher-priced a on behave that actually you into I'm the with is and to do some not that spread when launch. that's broadly I WINREVAIR that on into I therapies. an Do brings D think incremental similar it would pushback across auto-injector. WINREVAIR that expect should have payers the sitting question just that for expect do How that's can, next also a happens. Part just D Part more I the have might I price kind higher payers to you something to as will take maybe on the at rebates year. And next for payer whether that that you commercial? when Part more how come to another question for access Or restructure pace focus. burden if the bigger-picture administration within point? online sure D drug subcutaneous all products? the expect wanted expect at launch just of It's check a year. can actual greater you see oral is burden this you you be the straightforward Also, might we

answer questions I'll So in this is Dean. your of WINREVAIR. terms of delivery

a a where care We used. health We self-administration a situation vial, have it both quite a it have provider This both time and the we population feasible, vast doing or patient possible people use as in it is will is that self-administration. be majority and to with injection. in will used believe that that's

for, the and be will be an further to auto-injector will So we as you that, demanded patients and important. that think critically will innovation that will out, able get be navigate point access. But

plans are such to those We have in to how the we doing fact a we and agree those that provide totally will public evaluate option, But do now with future. in and important. you the hope future an near right studies we the auto-injector more options be

as real And equally stage, States. the the the policy value for and WINREVAIR the seeing seeing of as We're proposition Luisa, At across patient Medicare we Caroline. United coverage segment. population acceptance commercial of are this Medicaid a in both well this is

those we of can move So look as as coverage. across to we'll forward patients irrelevant we all many their just as forward, segments, of helping

question Seamus with from next Our Guggenheim. comes Fernandez

you executed RSV-targeted It development time. participation just that, and to Rob, on sort coming what the XXXX-XXXX year just have as still it evolution in for this as to I seems challenge market how with about of think Merck then this business market as the important thinking and supply sort ask you're how Merck's of of potential to forward applauded the years or size investors meaningful is from rest constraints of competitors' like the X opportunity last wanted in get size business. assets. of your to possible view terms the Merck Merck. And in market acquisitions mid- to has it global I type thinking about about more Wanted represents certainly qualitative in here the look year the later-stage actually into and relates antibody, follow-up. XXXX, aggressively in aggressively the X point a make a KEYTRUDA. for and meaningful market actually your to of for years, as But heading a at to optionality could for this

Yes.

So I'll take the RSV question.

excited So about clesrovimab, it. we're

really the give a it's seen dose season, this also, a alternative vaccination. And of will passive maternal it's and it's we get think, to of important people to immunity infant is ours be recently. and infants. resistance. As is I many think to single a have -- versus, important. has the which fixed that And and covering in to monoclonal monoclonal whole durability as a terms believe RSV antibody barrier then is We way example, it's any and And high a distinguished strategies, time for the we ability critically this antibody an to know,

season dengue we're want it So with about also excited efficacy Butantan press we've to and that with moving contributor, back this in we've VXXX, we're very the both speed one And it's and much rigor in RSV effectiveness to the especially that forward season. I moving from do tetravalent and vaccine. to seen very a already what colleagues be given live I'll moment Rob. in seeing excited. of into important in Phase just we're seen III, turn because as we attenuated Institute data our just say moving which vaccine. But vaccine to just equal eagerness think it's our market just excited to move that RSV lay will an this the -- about to and data get very it because We're the is past this the take not this

the Thanks No. for Yes. question.

to to any coming back. able do, a think haven't been what guess, years, would flawlessly just think with I we've bit last to relatively short islatravir, really how years we've It's that's raise. have points Dean, I now all just time, if able for been we hiccup they tremendous really X I maybe I through one colleagues want little I major amazing so period had R&D few to and where of The you over a our products move credit they've in think in about failures. of, made of our X to kind it And give One, pipeline. progress been the in, a but would

the how capability for it it in We in now coming a And do fact we the The pulling did we're it commercial R&D spaces what JANUVIA do. And to we of manufacturing proud products did showing colleagues that perspective, we're so think our I we'll in WINREVAIR, we're from launch able feel perspective, doing value. shows about very very have quickly. new through, and been ready forward. then with a WINREVAIR from KEYTRUDA, we're and in it I can build in

So that. about very feel we good

the all business delivering. manufacturing, across So is R&D, commercial, elements,

I as success we years, continues, time see in so it think And And LOE. a clinical frankly, important. more increasingly drivers by sit remind on over would I today, of our that XXXX. diversified me going other very you're with heard the focused that's in had settings, I'm to many less all us ever. really confidence here than, if to growth is if you've staggered And And set it's a leads what the way, you, we've express

Europe, in So XXXX in XXXX; and the Japan. it's XXXX in China, in in U.S.; it's

It engine you've my than high. a we're come over point. after from not say, focused more on actually the XXXX me see a I to a heard growth it's is of we're to this at being it that hill event. as said, And fast very one-moment So And sustainable time. But that is happens XXXX confidence with back that going cliff. very

a we reinforce with great I just where So been feel I've team. but it's are, and good a about I team left want to effort,

and a on all that time your Seamus, today. our you at you, I'm few interest the we'll X ASCO quarter. or June you this Thank of many and conferences for be see event of Great. hoping attending your at to thank

So you much. thank very all

We your Thank you. you this disconnect thank participation. lines. conclude At time, And for does conference. you that may today's your