Merck Prepares for KEYTRUDA Exclusivity Loss with Ambitious Growth Plan

Merck & Co., Inc. is gearing up for the loss of exclusivity on its blockbuster cancer treatment KEYTRUDA, but executives are confident in their plan to drive growth through pipeline investment and targeted business development.

Chief Financial Officer Caroline Litchfield said that Merck has increased its estimate of non-risk-adjusted revenue potential from its human health product portfolio to more than $70 billion by the mid-2030s. This is up from an earlier estimate of more than $50 billion, reflecting the company's growing pipeline and expanding reach in oncology, cardiometabolic disease, ophthalmology, immunology, and HIV.

Dean Li, head of R&D and president of Merck Research, highlighted sac-TMT, a TROP2 antibody-drug conjugate that is being advanced across a broad set of tumor types. The company has also focused development on individualized neoantigen therapy (INT) where KEYTRUDA has shown activity in earlier-stage disease.

Litchfield emphasized that Merck does not expect a revenue 'cliff' during the KEYTRUDA loss-of-exclusivity period, but rather a 'hill with a quick return to strong growth.' The company expects modest top-line growth by 2027, supported by growing contributions from recently launched products.