[JPM 2026] 머크

1. Keytruda SC 승인 및 제품 포지셔닝 (Prepared remarks) (1) 승인 및 제형 차별성 “Obviously, we’re excited that in the third quarter we got approval of Culex, which is our subcutaneous form of Keytruda, an administration under the skin that we can do in as little as one minute.” • Q3 승인 완료 • 피하주사(SC) • 투여 시간: as little as one minute ⸻ 2. TMT(ADC)와의 병용 전략에서의 Keytruda SC 역할 “We recently went from 15 to 16 [phase 3 studies] because we initiated a new study in combination with Culex.” “As we think about what we’re going to have is our next life cycle planning... we are already looking at how can you combine with Culex as an opportunity that brings advantage to patients.” • Keytruda SC는 단독 LOE 방어 수단이 아니라 • ADC(TMT)와의 병용을 포함한 lifecycle extension 플랫폼 • IV 대비 병용 부담을 낮추는 ‘enabler’ 역할 ⸻ 3. Adoption 목표 (Q&A) (1) 미국 시장 adoption 가이던스 “Our confidence that we can achieve that 30 to 40% adoption in the next 18 to 24 months continues to be quite high.” “For the first six months, while we’re waiting for the final J-code, it’ll be a little bit slower. But then we do expect to ramp to that 30 to 40% in the United States.” • 18-24 개월내 30-40% • 초기 6개월은 J-code 이슈로 완만 • 이후 본격 확산 가정 ⸻ 4. 어떤 환자군에서 먼저 쓰일 것인가? “This is primarily where we see the highest rates of adoption coming will be in monotherapy or in combinations with oral agents like Lynparza, like Welireg.” “We do think we’ll have adoption into the space in patients who are on IV. We just think it will be less in that space.” • Monotherapy • Oral agent 병용 • IV 병용 환자군으로의 확산은 후순위 ⸻ 5. LOE 시점에서의 전략: ‘Cliff 회피’ 논리의 핵심 (1) 가격·점유율 전략 “Our intention is to price to ensure we can maintain share and maximize that tail as long as possible.” “We’re looking much more at the value under the curve, as opposed to trying to do something where you take a short window of time to optimize value and then have it fall off a cliff.” • 장기 tail 유지가 목적 • SC 제형은 ‘value under the curve’를 늘리는 핵심 수단 ⸻ 6. Keytruda 전체 전략 속에서 SC의 위치 “That would put us out about the period of time... to be in a situation that we have that at the time that we lose exclusivity.” • LOE 시점 이전에 • SC 제형 adoption을 충분히 끌어올려 • IV → SC 전환된 환자 pool을 확보 • 이후: 가격 전략 + 제형 편의성으로 tail 극대화 #알테오젠