Slides
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1 ESMO Investor Event Merck & Co., Inc., Rahway, N.J., USA October 26, 2026
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Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA 2 This presentation 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).
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Agenda Agenda 3 ESMO Data Highlights | Dr. Marjorie Green Closing Remarks | Dr. Eliav Barr Q&A | All Opening Remarks | Dr. Eliav Barr
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Opening Remarks Dr. Eliav Barr Senior Vice President, Head of Global Clinical Development & Chief Medical Officer 4
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5 LEVERAGE KEYTRUDA as foundation to advance standard of care Sustaining durable leadership in oncology through two strategic objectives outlined in 2021 MAXIMIZE impact and move into earlier stage disease including with KEYTRUDA QLEX DIVERSIFY pipeline with novel mechanisms
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Uniquely positioned to advance cancer care with differentiated portfolio and pipeline 6 Precision Molecular Targeting Impact pathways that can drive cancer growth Tissue Targeting Increase cancer cell sensitivity with ADCs and immune cell engagers Immuno-oncology Boost anti-tumor immune responses MK-2010 Anti-PD1 x VEGF bispecific intismeran autogene1 (V940) Individualized Neoantigen Therapy nemtabrutinib (MK-1026) BTKi bomedemstat (MK-3543) LSD1i MK-4208 (formerly TERN-701) Allosteric TKI opevesostat (MK-5684) CYP11A1i calderasib (MK-1084) KRAS G12Ci MK-2690 (formerly SPR2015) KRAS G12Di MK-4716 KRAS sacituzumab tirumotecan (MK-2870) TROP2 ADC zilovertamab vedotin (MK-2140) ROR1 ADC MK-1045 CD19xCD3 TCE MK-2750 4 ADC – undisclosed target MK-82945 TCE – undisclosed target Undisclosed preclinical ADCs I-DXd4 (MK-2400) B7-H3 ADC R-DXd4 (MK-5909) CDH6 ADC HER3-DXd4 (MK-1022) HER3 ADC gocatamig 4 (MK-6070) DLL3 TCE MK-6255 TCE – undisclosed target 2 3 1. Collaboration with Moderna 2. Collaboration with AstraZeneca 3. Collaboration with Eisai 4. Collaboration with Daiichi Sankyo 5. Collaboration with Janux Therapeutics
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7 Develop medicines with single agent activity which can be strategically combined with other agents Combinable agents Best outcomes achieved when non-cross resistant therapies are combined or given sequentially Develop medicines in earlier stages of disease Earlier-stage disease Early treatment improves probability for better outcomes Improve therapeutic index through precision medicine Biomarkers Predictive biomarkers enable stratification that can improve therapeutic index of medications Strategy to maximize benefit for patients with unambiguous efficacy, informed combinations, biomarker enrichment, curative intent settings
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ESMO Data Highlights Dr. Marjorie Green Senior Vice President, Head of Oncology Global Clinical Development 8
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9 Potentially practice changing data across broad oncology pipeline at ESMO >90 submitted abstracts >20 tumor types 3 Presidential Symposia 13 compounds Intismeran autogene1 − INTerpath-001 (adjuvant stage IIB-IV melanoma) Sac-TMT − TroFuse-005 (post anti PD-1/L1 and platinum chemotherapy endometrial cancer) KEYTRUDA − KEYNOTE-C93 (1L dMMR advanced or recurrent endometrial cancer) 1. Collaboration with Moderna ESMO at a glance Presidential Symposia
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10 • TROP2-directed ADC with belotecan-derived topoisomerase I inhibitor payload • Unique bifunctional linker designed to maximize payload delivery to tumor cells − Irreversible connection to antibody reduces free payload in circulation − pH sensitive connection ensures intracellular payload release in lysosomes Sac-TMT designed as cornerstone ADC with potential to deliver best-in- class profile across multiple tumors Sac-TMT Mechanism of Action
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11 TroFuse-005 aims to address significant remaining unmet need in endometrial cancer 11 1. Histologically-confirmed diagnosis of endometrial carcinoma or carcinosarcoma; radiologically apparent measurable or non-measurable disease; prior platinum exposure and prior anti-PD-1/PD-L1 exposure (given separately or in combination), in any setting, including neoadjuvant or adjuvant therapy; recurrence <12 months after completing platinum-based adjuvant therapy, or received platinum in the metastatic setting, or received an IO-based regimen in the recurrent setting after initial adjuvant platinum therapy regardless of platinum-free interval; does not require recurrent drainage of effusions within 6 weeks before randomization 2. Doxorubicin 60 mg/m2 IV Q3W OR Paclitaxel 80 mg/m2 IV on Days 1, 8 and 15 of each 28-day cycle • 6th most common cancer in women with increasing incidence and mortality • Persistent racial disparities with >2x mortality rate for black women • Following primary treatment, patients face risk of cancer returning, often as distant metastasis with poor outcomes • Different subtypes of endometrial cancer exist (e.g. carcinomas, carcinosarcomas, serous adenocarcinoma) • Biomarkers utilized to predict benefit of therapy − Mismatch repair (dMMR or pMMR); HER2 • Limited treatment options after 1L therapy for advanced disease with OS usually < 1 year Endometrial cancer TroFuse-005 Study Design R 1:1 N=776 sac-TMT 4 mg/kg IV Q2W Treatment of Physician’s Choice2 PD by BICR PD by BICR Dual Primary Endpoints • Progression free survival (PFS) by independent radiologists (BICR) • Overall survival (OS) Key Eligibility Criteria1
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12 • Demonstrated statistically significant and clinically meaningful improvement in OS and PFS in patients with advanced or recurrent endometrial cancer who received platinum-based chemotherapy and anti-PD-1/L1 immunotherapy vs TPC − Extended median OS by 6.9 months to 19 months − Deep responses and prolonged DOR, indicating a favorable durability and disease control • Safety profile consistent with previously reported studies and no new signals observed • First and only global Phase 3 study of a TROP2 ADC to improve outcomes for certain patients with endometrial cancer TroFuse-005 is the first positive global Phase 3 study for sac-TMT from expansive TroFuse clinical development program PFS by BICR OS at IA Response assessed per RECIST v1.1 by BICR. aThe observed 1-sided log-rank test p-value met the prespecified boundary for significance (P=0.0025) at this interim analysis. Data cutoff date: March 23, 2026. aThe observed 1- sided log-rank test p-value crossed the prespecified significance boundary (P=0.00636) at this interim analysis. At this time, subsequent anticancer therapy was received by 35% of participants in the sac -TMT group and 49% in the TPC group; of those, 4.9% and 12.1%, respectively, had received ADCs. Data cutoff date: March 23, 2026.
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13 • Demonstrated statistically significant and clinically meaningful improvement in PFS as first line treatment for certain patients with nonsquamous PD-L1-negative NSCLC • Deeper and longer duration of response − Deep response rate2 of 28.8 vs 17.3 − Median DOR of 13.6 months vs 6.8 months • Favorable trend in OS, although data remain immature • First positive Phase 3 study of sac-TMT plus KEYTRUDA vs KEYTRUDA plus chemotherapy • Planning underway for global Phase 3 studies evaluating sac-TMT in combination with either KEYTRUDA or MK-2010 in 1L NSCLC Results from OptiTROP-Lung061 strengthens evidence for sac-TMT in 1L NSCLC PFS by BICR OS at IA a Updated efficacy boundary (corresponding to 205 actual PFS events by BICR): 0.0160 (2 -sided). NE, not estimable. Median follow-up was 9.7 months 1. Study conducted in China 2. Measured by ≥50% SLD reduction
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Differentiated Phase 3 TroFuse development program with first mover opportunities to address unmet needs across common tumor types 14 GI Gastric TroFuse- 015 First mover opportunity Earlier Stage 1L Metastatic 2L+ Metastatic Breast HR+ TNBC TroFuse- 010 TroFuse- 011 TroFuse- 032 TroFuse- 012 Bladder GU TroFuse- 031 NSCLC EGFRmEGFRwt TroFuse- 004 TroFuse- 019 TroFuse- 007 TroFuse- 023 TroFuse- 009 Note: Biomarker strategy in place for multiple studies Gynecologic Endometrial Ovarian Cervical TroFuse- 033 TroFuse- 005 TroFuse- 022 TroFuse- 020 TroFuse- 036 TroFuse- 021 Differentiated profile Maintenance regimen Positive topline results Enrollment complete TroFuse- 055 Planning for additional Phase 3 studies of sac-TMT monotherapy and combination studies underway
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Uniquely positioned to explore promising science of PD-1xVEGF with MK- 2010 15 Study/protocol # MK-2010-003 MK-2010-002 REJOICE- Ovarian02 Combination partner Sac-TMT WELIREG, chemotherapy R-DXd Tumor area Solid tumors Solid tumors Ovarian Development phase Phase 2 Phase 2 Phase 1/2 Development considerations MK-2010 combination studies underway • Advantaged company to fully explore potential of PD-1xVEGF axis ‒ Leverage PD-1 and VEGF experience to inform clinical development program ‒ Portfolio of novel agents offer combination opportunities • Initiated Phase 2 studies in combination with other agents (e.g. sac-TMT, R-DXd, WELIREG, chemo) ‒ Will help inform signal and dose finding of combination across solid tumors • Productive discussions with the FDA, anticipate Phase 3 combination studies with sac-TMT in 1H 2027
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16 Intismeran autogene is an mRNA-based INT, bringing a new era of personalized cancer research In collaboration Intismeran • Investigational lipid encapsulated mRNA based individualized neoantigen therapy • Consists of an mRNA that encodes neoantigens designed specifically to each individual patient’s tumor mutanome and HLA type • Leverages deterministic machine learning algorithm to induce de novo and endogenous neoantigen specific anti-tumor T-cell responses (both class I (CD8) and class II (CD4)) Mechanism of action T-Cell Activation Tumor Destruction
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17 • Demonstrated statistically significant and clinically meaningful improvement in RFS and DMFS as adjuvant treatment in certain patients with completely resected stage IIB- IV melanoma • Favorable trend in OS, although data remain immature • Safety was generally consistent with previous experience, no new signals observed • First Phase 3 study to demonstrate clinically meaningful improvement in RFS and DMFS over KEYTRUDA in adjuvant treatment of resected melanoma • Building on evidence from KN-942, results strengthen confidence in curative potential of intismeran when given in combination with KEYTRUDA for these patients INTerpath001 is the first positive Phase 3 study for an mRNA-based individualized neoantigen therapy RFS DMFS: time from randomization to first occurrence of distant metastasis or death from any cause. Data cutoff date: June 30, 2026 (median study follow-up, 24.6 mo) RFS: time from randomization to the first occurrence of any recurrence or death from any cause. Data cutoff date: June 30, 2026 (median study follow-up, 24.6 mo) DMFS In collaboration
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18 • Delayed separation of RFS and DMFS • RFS and DMFS benefit greater after six months • Intismeran designed to help overcome tumor-mediated immune suppression by generating neoantigen-specific T cells, while KEYTRUDA releases PD-1- mediated inhibition Pre-specified piecewise sensitivity analysis shows benefit was greater after six months In collaboration RFS aRate calculated as no. of events divided by person-time in each interval. ITT: all randomized patients according to the arm to which they were assigned. Data cutoff date: June 30, 2026 (median study follow-up, 24.6 mo). DMFS 0-6 months: HR 0.99 (95% CI 0.66–1.49) >6 months: HR 0.42 (95% CI 0.30–0.58) 0-6 months: HR 1.01 (95% CI 0.58–1.79) >6 months: HR 0.50 (95% CI 0.34–0.73)
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19 Advancing a robust late-phase development plan for intismeran Phase 1 Phase 2 Phase 3 Status INTerpath-001 (adjuvant melanoma) POSITIVE DATA INTerpath-002 (adjuvant stage II-IIIB NSCLC) COMPLETED ENROLLMENT INTerpath-009 (perioperative stage II-IIIB NSCLC) RECRUITING INTerpath-014 (adjuvant stage I NSCLC) RECRUITING INTerpath-005 (adjuvant MIBC) COMPLETED ENROLLMENT INTerpath-004 (adjuvant RCC) COMPLETED ENROLLMENT INTerpath-011 (high-risk NMIBC) RECRUITING INTerpath-012 (1L melanoma) RECRUITING INTerpath-013 (1L squamous NSCLC) RECRUITING Data presented at ESMO 2026Earlier-stage indication Metastatic indication
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Closing Remarks Dr. Eliav Barr Senior Vice President, Head of Global Clinical Development & Chief Medical Officer 20
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Sac-TMT FDA accepted for priority review PDUFA June 15th BLA for patients with advanced or recurrent endometrial cancer who have received prior platinum- based chemotherapy and anti-PD-1/L1 immunotherapy Two potential important approvals next year Intismeran autogene1 FDA Breakthrough Therapy Designation With KEYTRUDA for adjuvant treatment of stage IIB- IV high-risk melanoma following complete resection 22 1. In collaboration 2027
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Approaching substantial registration-enabling opportunity set across diversified oncology pipeline 2027 TroFuse-004 TroFuse-010 TroFuse-015 Shorespan-006 Shorespan-007 BELLWAVE-008waveLINE-003 IDeate-Lung02 2028 TroFuse-007 TroFuse-009 TroFuse-020 IDeate- Esophageal01 IDeate- Prostate01 OMAHA-03 OMAHA-04 REJOICE- Ovarian01 KANDLELIT-004 22 Chart reflects Phase 2/3 or Phase 3 primary completion dates on clinicaltrials.gov as of October 15, 2026 1. In collaboration 2029 TroFuse-022 TroFuse-023 TroFuse-031 waveLINE-010 KANDLELIT-007 KANDLELIT-012 REJOICE- Ovarian03 sacituzumab tirumotecan (sac-TMT) (TROP2 ADC) raludotatug deruxtecan1 (CDH6 ADC) zilovertamab vedotin (ROR1 ADC) patritumab deruxtecan1 (HER3 ADC) ifinatamab deruxtecan1 (B7-H3 ADC) MK-1045 (CD19xCD3) Tissue Targeting intismeran autogene1 (V940) Immuno-oncology nemtabrutinib (BTKi) bomedemstat (LSD-1i) opevesostat (CYP11A1i) calderasib (KRAS G12Ci) Precision Molecular WELIREG BELLWAVE-011 TroFuse-011 TroFuse-012 TroFuse-019 TroFuse-021 TroFuse-032 TroFuse-033 TroFuse-036 BELLWAVE-010 MK-1045-005 KANDLELIT-013 INTerpath-002 INTerpath-009 INTerpath-014 HERTHENA- Breast04 2030+ TroFuse-055 MK-3543-025 KANDLELIT-015 MK-1045-007 REJOICE- Ovarian05 REJOICE- Ovarian04 LITESPARK-033 LITESPARK-034
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Q&A 23 Dr. Marjorie Green SVP, Head of Oncology Global Clinical Development Peter Dannenbaum SVP, Investor Relations Dr. Eliav Barr SVP, Head of Global Clinical Development & Chief Medical Officer
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Appendix 24
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1L = First-Line ADC = Antibody-drug conjugate B7-H3 = B7 homolog 3 BICR = Blinded independent central review BLA = Biologics license application BTKi = Bruton Tyrosine Kinase inhibitor CD = Cluster of Differentiation CDH6 = Cadherin-6 CI = Confidence interval CNPV = Commissioner's National Priority Voucher CYP11A1i = Cytochrome P450 Family 11 Subfamily A Member 1 inhibitor DLL3 = Delta-like ligand 3 DOR =Duration of Response DMFS = Distant Metastasis-Free Survival dMMR = Mismatch Repair Deficient EC = Endometrial cancer EGFR = Epidermal growth factor receptor EGFRm = Epidermal growth factor receptor mutant EGFRwt = Epidermal growth factor receptor wild type GI = Gastrointestinal NSCLC = Non-small cell lung cancer OS = Overall survival PD-1 = Programmed cell death protein 1 PD-L1 = Programmed cell death ligand 1 PFS = Progression free survival pMMR = Proficient Mismatch Repair Q2W = Every two weeks RCC = Renal cell carcinoma R-DXd = Raludotatug Deruxtecan RFS = Recurrence free survival ROR1 = Receptor tyrosine kinase-like orphan receptor 1 sac-TMT = Sacituzumab Tirumotecan SLD = Sum of longest diameters TCE = T cell engager TKI = Tyrosine kinase inhibitor TNBC = Triple negative breast cancer TPC = Treatment of physician’s choice TROP2 = Trophoblast cell surface antigen-2 VEGF = Vascular endothelial growth factor GU = Genitourinary HER2 = Human epidermal growth factor receptor 2 HER3 = Human epidermal growth factor receptor 3 HLA = Human leukocyte antigen HR = Hazard ratio HR+ = Hormone receptor-positive IA = Interim analysis INT = Individualized neoantigen therapy IO = Immuno-oncology ITT = Intent-to-treat IV = Intravenous KRAS = Kirsten rat sarcoma viral oncogene homolog LA = Locally Advanced LSD1i = Lysine-Specific Demethylase 1 inhibitor MHC = Major Histocompatibility Complex MIBC = Muscle-invasive bladder cancer MOA = Mechanism of action mOS = Median Overall Survival mRNA = Messenger RNA NMIBC = Non-Muscle Invasive Bladder Cancer NR = Not reached Acronyms
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Eliav Barr, MD Senior Vice President, Head of Global Clinical Development, Chief Medical Officer Dr. Eliav Barr is senior vice president and head of Global Clinical Development and Chief Medical Officer at Merck Research Laboratories. He leads all late-stage clinical development for Merck’s human health portfolio and pipeline. Prior to his current role, Eliav led MRL’s Global Medical Affairs organization expanding Merck’s scientific engagement and implementation efforts in oncology, vaccines and infectious diseases. Since joining Merck in 1995, Eliav has held positions of increasing responsibility including leadership roles in oncology and infectious diseases clinical development. He was also previously Therapeutic Area Head for Infectious Diseases and managed product development teams in Oncology and Infectious Disease. Eliav is a cardiologist by training. He received his undergraduate degree from Penn State University and his medical degree from Thomas Jefferson University. He completed his Internal Medicine residency and Cardiology Fellowship at Johns Hopkins University, and subsequently pursued post -doctoral training at the University of Michigan. Prior to joining Merck, he held a faculty position at the University of Chicago.
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Marjorie Green, MD Senior Vice President, Head of Oncology Global Clinical Development Dr. Marjorie Green is senior vice president and head of oncology global clinical development at Merck Research Laboratories. Marjorie joined Merck from Seagen, where she was senior vice president and head of late -stage oncology, leading clinical development of a diverse portfolio of oncology candidates including multiple antibody drug conjugates. She previously held positions of increasing responsibility at Genentech culminating in her tenure as vice president, Global Product Development, head of breast and gynecologic tumor franchise. Previously, she was assistant professor and medical director of the Nellie B. Connally Breast Center and vice -chair of the Institutional Review Board at the MD Anderson Cancer Center, Houston, Texas. During her tenure a MD Anderson, Marjorie established herself as a nationally recognized clinical expert in the management of breast cancer and the treatment and prevention of associated bone metastases and has authored multiple manuscripts and book chapters on preoperative chemotherapy. Marjorie received her Bachelor of Arts from the University of Notre Dame and her medical degree from the University of Texas Medical Branch. She conducted an internal medicine residency at University of Virginia School of Medicine and completed fellowships in medical oncology and hematology at the MD Anderson Cancer Center.