Merck-Moderna Breakthrough Lifts Biotech Stocks

The recent announcement of positive topline Phase 3 results from Merck (NYSE:MRK) and Moderna's (NASDAQ:MRNA) joint individualized neoantigen therapy, intismeran autogene, has sparked excitement in the biotech industry. The therapy, paired with Keytruda in resected melanoma, outperformed Keytruda alone on recurrence-free survival.

The partnership between Merck and Moderna is crucial for both companies, as they need a success story outside of COVID-19 to drive growth. For Merck, the Keytruda U.S. patent cliff looms in 2028, with $31.641 billion in sales generated by the franchise in 2025 alone.

The individualized therapy requires sequencing each patient's tumor and manufacturing a bespoke batch, driving demand for sequencing capacity and bioprocessing consumables on a per-patient basis. This has positioned several companies to benefit from the potential market success of intismeran autogene.