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Merck & Co. — Download icon 3Q26 Merck Earnings Presentation (company IR deck)
Merck & Co. (MRK) · 28 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All MRK deck slides
Slide 1 — Third-Quarter 2026
Third-Quarter 2026 Sales and Earnings Merck & Co., Inc., Rahway, N.J., USA October 29, 2026
Slide 2 — Agenda
Agenda 2 Strategy and Business Update Robert M. Davis Chairman and Chief Executive Officer Agenda Financial Results and Outlook Caroline Litchfield Executive Vice President and Chief Financial Officer Research Update Dr. Dean Y. Li Executive Vice President and President, Research Laboratories Question & Answer Session
Slide 3 — Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA
Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA 3 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).
Slide 4 — Strategy and
Strategy and Business Update Robert M. Davis Chairman and Chief Executive Officer 4
Slide 5 — $18.1B
¹Weber Shandwick/KCR Research, 2020 / AMO 2019 5 $18.1B Q3 Worldwide Sales Increasing contributions from new products Strength in Oncology and Animal Health +5% nominal +4% ex-exchange 1. In collaboration with Moderna Achieved significant clinical and regulatory progress, including: Oncology • Presented positive pivotal data at ESMO from multiple novel candidates and broad oncology portfolio, including sacituzumab tirumotecan and intismeran autogene1 Ophthalmology • Presented results for remigromig from Phase 2b/3 BRUNELLO trial in DME at AAO Immunology • Presented results for tulisokibart from Phase 2b trial in HS at EADV
Slide 6 — Successfully executing on strategy to broaden and diversify pipeline with
Successfully executing on strategy to broaden and diversify pipeline with >20 current and future potential growth drivers 6 1. Future potential growth drivers reflect pipeline compounds currently being evaluated in Phase 2/3 or Phase 3 clinical trials. 2. In collaboration with Moderna 3. In collaboration with Gilead 4. In collaboration with Daiichi Sankyo 1 2 3 Approved islatravir / lenacapavir3 NRTI / capsid inhibitor MK-1406 zanamivir-Fc conjugate alimatravir NRTI islatravir + ulonivirine NRTI + NNRTI V181 Tetravalent dengue vaccine Infectious Disease Future potential growth drivers1 tulisokibart TL1A mAb Immunology remigromig Wnt agonist MK-8748 Tie2 agonist/anti-VEGF Ophthalmology sacituzumab tirumotecan TROP2 ADC intismeran autogene2 INT nemtabrutinib BTK inhibitor bomedemstat LSD1 inhibitor zilovertamab vedotin ROR1 ADC ifinatamab deruxtecan4 B7-H3 ADC Oncology calderasib KRAS G12C inhibitor raludotatug deruxtecan4 CDH6 ADC opevesostat CYP11A1 inhibitor patritumab deruxtecan4 HER3 ADC MK-1045 CD19xCD3 T-cell engager gocatamig3 DLL3 T-cell engager
Slide 7 — Financial Results
Financial Results and Outlook Caroline Litchfield Executive Vice President and Chief Financial Officer 7
Slide 8 — $18.1B
8 Q3 growth across human and animal health with increasing contributions from new products 1. Worldwide Sales includes Other Revenue 2. Launch products include WINREVAIR, KEYTRUDA QLEX, CAPVAXIVE, OHTUVAYRE, ENFLONSIA, IDVYNSO, LIPFENDRA, BRAVECTO QUANTUM and NUMELVI $18.1B +5% nominal +4% ex-exchange WORLDWIDE SALES1 Human Health $16.3B +4% growth +4% ex-exchange Animal Health $1.7B +4% growth +3% ex-exchange 3Q25 3Q26 $2.2B $0.8B Launch product revenue2 OHTUVAYRE sales reported by Verona Pharma
Slide 9 — Oncology: KEYTRUDA continues to benefit patients and drive growth
Oncology: KEYTRUDA continues to benefit patients and drive growth 9 KEYTRUDA family1 sales of $8.6B increased 6% driven by strong uptake in earlier-stage cancers and continued robust demand from metastatic indications ‒ Growth driven by usage in tumors predominantly affecting women, including those with certain cervical and breast cancers ‒ Increased use in combination with Padcev (enfortumab vedotin) in urothelial cancer and continued uptake in earlier-stage head and neck cancer ‒ U.S. YoY timing headwind largely offset by increase in channel inventory, expected to unwind in 4Q26 ‒ KEYTRUDA QLEX sales of $830M in 3Q26 following launch in 3Q25 3Q24 3Q25 3Q26 $7.4B +21%2 $8.6B +6% $8.1B +8% Growth rates exclude the impact of foreign exchange 1. KEYTRUDA family includes KEYTRUDA and KEYTRUDA QLEX (available as KEYTRUDA SC in some markets) 2. ~3 percentage points of negative impact of foreign exchange was due to devaluation of Argentine peso, which was largely offset by inflation-related price increases, consistent with practice in that market.
Slide 10 — Oncology: Continued impact for patients across broad portfolio
3Q24 3Q25 3Q26 Oncology: Continued impact for patients across broad portfolio 10 WELIREG sales of $307M grew 58% driven by continued higher demand in the U.S. and launch uptake in international markets Lynparza1 alliance revenue of $352M decreased 7% primarily due to lower net pricing in the U.S. and lower demand and pricing in China Lenvima2 alliance revenue of $287M grew 11% primarily due to higher demand in the U.S. Growth rates exclude the impact of foreign exchange 1. In collaboration with AstraZeneca 2. In collaboration with Eisai 3Q24 3Q25 3Q26 $379M +12% $337M +13% $352M -7% 3Q24 3Q25 3Q26 $258M +2% $251M -4% $287M +11% $139M +157% $196M +41% $307M +58%
Slide 11 — Vaccines & Infectious Diseases: Impacting lives globally
3Q24 3Q25 3Q26 Vaccines & Infectious Diseases: Impacting lives globally 11 GARDASIL sales of $2.0B grew 14% driven by a significant CDC purchase and higher price in the U.S. CAPVAXIVE1 sales of $263M grew 7% driven by ongoing launches in certain international markets and increased U.S. market share, partially offset by lower pneumococcal vaccination rates in the U.S. ENFLONSIA2 sales of $187M reflect seasonal demand and inventory build 3Q24 3Q25 3Q26 $244M N/M $47M $263M +7% 3Q24 3Q25 3Q26 $79M $251M -4% $187M +136% $2.3B -10% $1.7B -25% $2.0B +14% Growth rates exclude the impact of foreign exchange 1. Launched in 3Q24 2. Launched in 3Q25
Slide 12 — Cardiometabolic & Respiratory: Driving growth and continuing to benefit
Cardiometabolic & Respiratory: Driving growth and continuing to benefit patients with successful ongoing launches WINREVAIR sales of $694M grew 94% driven by continued growth in new patient starts and total prescriptions, as well as a benefit from channel inventory ‒ In the U.S., ~1,600 new patients prescribed and >38,000 total prescriptions dispensed ‒ Ex-U.S., making progress with ongoing launches OHTUVAYRE1 sales of $184M reflect continued demand, partially offset by a small headwind from timing of specialty pharmacy purchases 3Q24 3Q25 3Q26 $1.7B +40% 3Q24 3Q25 3Q26 $184M Growth rates exclude the impact of foreign exchange 1. Ohtuvayre was obtained as part of the acquisition of Verona Pharma on October 7, 2025 2. Sales reported by Verona Pharma $360M +141% $694M +94% $135M2 $149M 12
Slide 13 — Animal Health: Solid growth driven by companion animal and livestock
Animal Health: Solid growth driven by companion animal and livestock 13 Animal Health sales increased 3% to $1.7B ‒ Companion Animal sales grew 6% driven by new product launches ‒ Livestock sales grew 2% driven by higher demand for poultry products 3Q24 3Q25 3Q26 $1.5B +11%1 $1.6B +7% $1.7B +3% Growth rates exclude the impact of foreign exchange 1. ~2 percentage points of negative impact of foreign exchange due to devaluation of Argentine peso, which was largely offset by inflation-related price increases, consistent with practice in that market Animal Health
Slide 14 — Q3 2026 non-GAAP financial results summary1
Q3 2026 non-GAAP financial results summary1 $ in billions, except EPS amounts 14 1. The company is providing certain 2026 and 2025 non-GAAP information that excludes certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. Management believes that providing this information enhances investors’ understanding of the company’s results because management uses non-GAAP results to assess performance. Management uses non-GAAP measures internally for planning and forecasting purposes and to measure the performance of the company along with other metrics. In addition, annual employee compensation, including senior management’s compensation, is derived in part using a non-GAAP pretax income metric. This information should be considered in addition to, but not as a substitute for or superior to, information prepared in accordance with GAAP. For a description of the non-GAAP adjustments, see Table 2a attached to the earnings release. 2. Q3 2026 non-GAAP results include a charge of $400 million, or $0.12 per share, related to an exclusive global license agreement with SciBrunch Therapeutics. Q3 2025 non-GAAP results include a $300 million charge, or $0.10 per share, related to the LaNova Medicines technology transfer milestone payment. 3. Q3 2026 GAAP EPS of $2.04. Q3 2026 Q3 2025 Change Change Ex-FX Sales $18.1 $17.3 +5% +4% Non-GAAP Gross Margin 81.4% 81.9% -0.5pts -0.6 pts Non-GAAP Operating Expenses2 $7.4 $6.6 12% 12% Non-GAAP Tax Rate 10.9% 13.4% -2.5pts N/A Non-GAAP EPS2,3 $2.49 $2.58 -3% -5%
Slide 15 — Updated 2026 financial outlook
15 Updated 2026 financial outlook 1. Guidance does not assume additional significant potential business development transactions Prior Guidance Updated Guidance Key Assumptions Revenue $66.3B to $67.3B $66.8B to $67.3B • Assumes ~1 percentage point positive impact from FX • Now implies +3% to +4% nominal (+2% to +3% ex-FX) Non-GAAP Gross Margin Rate ~81.0% ~81.0% Non-GAAP Operating Expenses1 $42.0B to $42.7B $42.4B to $42.9B • Now includes one-time $0.4B charge related to global license agreement with SciBrunch Therapeutics Other (Income) / Expense ~$1.4B of expense ~$1.4B of expense Tax Rate ~35.0% to 36.0% ~32.0% to 33.0% Shares Outstanding ~2.48B ~2.48B • Assumes ~$3B of share repurchases Non-GAAP EPS1 $2.66 to $2.76 $2.77 to $2.82 • Incorporates $0.12 impact related to SciBrunch charge • Assumes ~$0.15 positive impact from FX
Slide 16 — Key modeling considerations
Key modeling considerations 16 U.S. Purchase Timing • 3Q26 benefitted from ~$550M of favorable purchase timing • Expect KEYTRUDA and WINREVAIR benefit to fully unwind in 4Q26, and majority of vaccines benefit, primarily GARDASIL, to unwind in 2027 KEYTRUDA • Expect moderating growth as we approach peak revenues for certain approved indications • Expect German market to be impacted by policy dynamics BRIDION • Experiencing competition from multiple generics Operating Expense • Anticipate underlying operating expenses to increase mid- to high-single digits in 2027
Slide 17 — Remain committed to balanced capital allocation strategy
Remain committed to balanced capital allocation strategy 3Q Spend ($ in billions)1 17 1. Reflects quarter spend subject to finalization of the Company’s statement of cash flows 2. Reflects R&D excluding Business Development 3. Includes BD payments reflected in operating cash flow Augmented our pipeline with value-enhancing business development while investing in our pipeline and business as well as returning cash to shareholders Capital allocation order of priority $4.0 $1.0 $2.1 $0.7 $0.7 After-Tax R&D² CapEx Dividends Paid Business Development (ex-divestitures) Share Repurchase 3
Slide 18 — Research Update
Research Update Dr. Dean Y. Li Executive Vice President and President, Research Laboratories 18
Slide 19 — Meaningful progress across innovative oncology pipeline and portfolio
Meaningful progress across innovative oncology pipeline and portfolio 19 ESMO data highlights • TroFuse-005: sac-TMT the first and only TROP2 ADC to improve OS and PFS in certain patients with advanced endometrial cancer1 versus chemotherapy2 −Reduced risk of death by 32%, extending median OS by 6.9 months (19.0 vs. 12.1) −Reduced risk of disease progression or death by 41% • OptiTROP-Lung063: Positive findings from Phase 3 study conducted in China evaluating sac-TMT plus KEYTRUDA versus KEYTRUDA plus chemotherapy as 1L treatment for patients with PD-L1-negative locally advanced or metastatic non-squamous NSCLC • INTerpath-001: intismeran autogene4 plus KEYTRUDA improved RFS and DMFS over standard-of-care KEYTRUDA in patients with completely resected stage IIB-IV melanoma 1. Advanced or recurrent endometrial cancer who have received prior platinum-based chemotherapy and anti-PD-1/L1 immunotherapy 2. Chemotherapy = treatment of physician’s choice (doxorubicin or paclitaxel) 3. Conducted by Kelun Biotech 4. In collaboration • Subcutaneous pembrolizumab and berahyaluronidase alfa approved by regulatory authorities in Japan and China • EC approved KEYTRUDA plus Padcev as perioperative treatment in adults with resectable muscle-invasive bladder cancer • FDA approved WELIREG plus LENVIMA for treatment of patients with advanced ccRCC following treatment with a PD-1/PD-L1 inhibitor Recent regulatory milestones
Slide 20 — Expanding impact of WINREVAIR in pulmonary hypertension
Expanding impact of WINREVAIR in pulmonary hypertension 20 WINREVAIR • FDA approved update to U.S. label incorporating positive results from Phase 3 HYPERION study in adults on background therapy newly diagnosed1 with PAH at intermediate or high risk of disease progression • Plan to initiate Phase 3 CHORUS study in patients with combined post- and pre-capillary pulmonary hypertension associated with heart failure with preserved ejection fraction shortly Pulmonary hypertension development program 1. Diagnosed within 12 months WHO Group 1 PAH WHO Group 2 CpCPH-HFpEF Phase 2 CADENCE Phase 3 CHORUS
Slide 21 — Progressing late-stage immunology and ophthalmology pipeline
Progressing late-stage immunology and ophthalmology pipeline 21 Tulisokibart • Presented promising Phase 2b results in adults with moderate to severe hidradenitis suppurativa, with safety profile comparable to placebo −First positive Phase 2 data for anti-TL1A antibody in a dermatology indication −Plan to advance to Phase 3 in HS Remigromig • Positive Phase 3 BRUNELLO presented at AAO −Both doses (0.5mg and 0.8mg) of remigromig independently demonstrated non-inferiority to 0.5mg ranibizumab in mean change from baseline in BCVA at one year in adults with DME • Potential first-in-class tetravalent tri-specific antibody designed to agonize Wnt pathway to maintain vascular integrity and reduce vascular leakage • Anti-VEGF efficacy ceiling reached with up to 40% of patients with persistent DME after six months of treatment
Slide 22 — Significant late-stage pipeline milestones expected over next twelve
Significant late-stage pipeline milestones expected over next twelve months 22 Cardiometabolic & respiratory WINREVAIR • Initiation of Phase 3 CHORUS study in CpcPH- HFpEF Efinopegdutide • Presentation of results from Phase 2b trial in MASH at AASLD Immunology Tulisokibart • PCD in August for Phase 3 ATLAS-UC trial • Phase 2 data in additional indications including RA, R-axSpA and PsA Ophthalmology Remigromig • PCD in March for Phase 2b/3 BAROLO trial in DME 1. In collaboration Oncology Sac-TMT • PDUFA date June 15th based on TroFuse-005 • PCDs in January, May, and July for Phase 3 TroFuse program Intismeran autogene1 • Anticipated regulatory filings Infectious Disease Efitazanamavir alpha (MK-1406) • PCD in June for Phase 3 ANCHOR trial in prevention of influenza Alimatravir • PCD in July for Phase 3 EXPrESSIVE-11 trial in HIV PrEP Islatravir/lenacapavir1 • Anticipated regulatory filings IDVYNSO • PDUFA date April 22nd based on MK-8591A-053 (treatment naïve) ENFLONSIA • Second season SMART PDUFA date March 22nd
Slide 23 — Q&A
Q&A Dr. Dean Y. Li Executive Vice President and President, Merck Research Laboratories Caroline Litchfield Executive Vice President and Chief Financial Officer Robert M. Davis Chairman and Chief Executive Officer Jannie Oosthuizen Executive Vice President and President, Oncology and MSD International Peter Dannenbaum Senior Vice President, Investor Relations Brian Foard Executive Vice President and President, Specialty, Pharma & Infectious Diseases
Slide 24 — Appendix
24 Appendix
Slide 25 — Q3 2026 GAAP financial results summary
Q3 2026 GAAP financial results summary $ in billions, except EPS amounts 25 Q3 2026 Q3 2025 Change Change Ex-FX Sales $18.1 $17.3 +5% +4% Operating Expenses (SG&A and R&D)1,2 $7.4 $6.9 +8% +8% Tax Rate 8.9% 14.2% -5.3 pts N/A GAAP EPS1,2 $2.04 $2.32 -12% -13% 1. Q3 2026 GAAP results include a charge of $400 million, or $0.12 negative EPS impact, related to an exclusive global license agreement with SciBrunch Therapeutics. 2. Q3 2025 GAAP results include a charge of $300 million, or $0.10 negative EPS impact, related to the LaNova Medicines technology transfer milestone payment
Slide 26 — ~$19B
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 $13.8 $4.0 $8.4 $27.4 $3.5 $0 $5 $10 $15 $20 $25 $30 After-Tax R&D CapEx Dividends Paid Business Development (ex-divestitures) Share Repurchase Billions Capital allocation: Trailing twelve months 26 Capital allocation order of priority 3 2 Executing upon balanced capital allocation strategy Over the past 12 months1 Committed to the dividend +2% +2% +15% +11% +7% +6% +6% +5% +5% +5% Capital investments 2026 to 2030 ~$19B Over 5 years, including more than $14B in the U.S. Well-positioned balance sheet with capacity to fund additional value- enhancing business development opportunities 1. Reflects trailing twelve months spend subject to finalization of the Company’s statement of cash flows 2. Reflects R&D excluding Business Development 3. Includes BD payments reflected in operating cash flow
Slide 27 — Broad and innovative pipeline to address significant unmet medical needs
Broad and innovative pipeline to address significant unmet medical needs 27 As of October 29, 2026 Phase 3 Oncology MK-1022 (patritumab deruxtecan)1 Breast MK-1026 (nemtabrutinib) Hematological Malignancies MK-1084 (calderasib) CRC NSCLC MK-2140 (zilovertamab vedotin) Hematological Malignancies MK-2400 (ifinatamab deruxtecan)1 Esophageal Prostate SCLC MK-2870 (sacituzumab tirumotecan) Bladder Breast Cervical Endometrial Gastric NSCLC Ovarian MK-1406 (efitazanamavir alpha) Influenza LAGEVRIO (MK-4482)1,3 COVID-19 (U.S.) MK-8527 (alimatravir) HIV-1 PrEP MK-8591D (islatravir + lenacapavir)1,2 HIV-1 Infection KEYTRUDA (MK-3475) SCLC MK-3543 (bomedemstat) Myeloproliferative Disorders MK-5684 (opevesostat) Prostate MK-5909 (raludotatug deruxtecan)1 Ovarian LYNPARZA (MK-7339)1 NSCLC SCLC V940 (intismeran autogene)1 Melanoma NSCLC Infectious Diseases MK-1022 (patritumab deruxtecan)1 Bladder Cervical Endometrial Esophageal Gastric Melanoma NSCLC Ovarian Pancreatic Prostate MK-1045 Hematological Malignancies MK-1084 (calderasib) Solid Tumors MK-2010 Solid Tumors MK-2400 (ifinatamab deruxtecan)1 Bladder Endometrial HCC HNSCC Melanoma NSCLC Ovarian Solid Tumors MK-2870 (sacituzumab tirumotecan) Biliary Esophageal Neoplasm Malignant Oncology Infectious Diseases MK-8591B (islatravir + ulonivirine) HIV-1 Infection MK-5475 (frespaciguat) PH-COPD MK-5884A (ensifentrine + glycopyrrolate) COPD MK-6024 (efinopegdutide) MASH MK-7262 Atherosclerosis WINREVAIR (MK-7962) Pulmonary Hypertension due to Left Heart Disease Cardiometabolic & Respiratory MK-7240 (tulisokibart) Axial Spondyloarthritis Hidradenitis Suppurativa Psoriatic Arthritis Rheumatoid Arthritis MK-8690 Ulcerative Colitis Immunology KEYTRUDA (MK-3475) Prostate KEYTRUDA QLEX (MK-3475A) Hematological Malignancies (U.S.) MK-5684 (opevesostat) Breast Endometrial Ovarian MK-5909 (raludotatug deruxtecan)1 Cervical Endometrial Gastric NSCLC SCLC MK-6070 (gocatamig)1 SCLC WELIREG (MK-6482) Breast V940 (intismeran autogene)1 Bladder RCC MK-2214 Alzheimer’s Disease Neuroscience Under regulatory review Oncology KEYTRUDA (MK-3475) Cisplatin Eligible MIBC (JPN) Cisplatin Ineligible MIBC (JPN) Newly Diagnosed High-Risk Endometrial (EU) WELIREG (MK-6482) Clear Cell RCC Following Nephrectomy (EU, JPN)5 Previously Treated Advanced RCC (EU, JPN)1,6 MK-7240 (tulisokibart) Crohn’s Disease Ulcerative Colitis Immunology MK-3000 (remigromig)4 Diabetic Macular Edema MK-87484 Neovascular Age-Related Macular Degeneration Ophthalmology V181 Dengue Fever Virus Vaccines Phase 3 Phase 2 Infectious Diseases IDVYNSO (MK-8591A) HIV-1 Infection (EU) HIV-1 Infection (Treatment Naïve) (US) Cardiometabolic & Respiratory LIPFENDRA (MK-0616) Hypercholesterolemia (EU, JPN) 1. Being developed in a collaboration 2. On FDA partial clinical hold for higher doses of islatravir than those used in current clinical trials 3. Available in the U.S. under Emergency Use Authorization, which will terminate effective June 29, 2027 4. Program is in Phase 2/3 studies 5. Under review for combination use with KEYTRUDA 6. Under review in Japan for Lenvima, used in combination with WELIREG ENFLONSIA MK-1654 Respiratory Syncytial Virus (2nd Season) (US, EU, JPN) Vaccines
Slide 28 — Acronyms
28 AAO = American Academy of Ophthalmology AASLD = American Association for the Study of Liver Diseases ADC = Antibody-drug conjugate B7-H3 = B7 homolog 3 BCVA = Best corrected visual acuity BTKi = Bruton Tyrosine Kinase inhibitor ccRCC = Clear cell renal cell carcinoma CDH6 = Cadherin-6 COPD = Chronic obstructive pulmonary disease CpcPH-HFpEF = Combined postcapillary and precapillary pulmonary hypertension associated with heart failure with preserved ejection fraction CRC = Colorectal cancer CYP11A1 = Cytochrome P450 Family 11 Subfamily A Member 1 DLL3 = Delta-like ligand 3 DME = Diabetic macular edema DMFS = Distant metastasis-free survival EADV = European Academy of Dermatology and Venereology ESMO = European Society for Medical Oncology Acronyms PCD = Primary completion date PD-1/PD-L1 = Programmed cell death protein- 1/Programmed cell death ligand-1 PDUFA = Prescription Drug User Fee Act PFS = Progression-free survival PrEP = Pre-exposure prophylaxis PsA = Psoriatic arthritis RCC = Renal cell carcinoma RA = Rheumatoid arthritis R-axSpA = Radiographic axial spondyloarthritis RFS = Recurrence-free survival ROR1 = Receptor tyrosine kinase-like orphan receptor 1 SCLC = Small cell lung cancer Tie2 = Tyrosine kinase with immunoglobulin-like and EGF-like domains 2 TL1A = Tumor Necrosis Factor-like Ligand 1A TROP2 = Trophoblast cell surface antigen-2 UC = Ulcerative colitis VEGF = Vascular endothelial growth factor Wnt = Wingless-related integration site Pathway FZD4 = Frizzled-4 HCC = Hepatocellular carcinoma HIV-1 = Human Immunodeficiency Virus Type 1 HNSCC = Head and neck squamous cell carcinoma HS = Hidradenitis Suppurativa INT = Individualized neoantigen therapy KRAS = Kirsten rat sarcoma viral oncogene homolog LRP5 = Low-Density Lipoprotein Receptor-Related Protein 5 LSD1 = Lysine-specific demethylase 1 mAb = Monoclonal antibody MASH = Metabolic Dysfunction-Associated Steatohepatitis MIBC = Muscle invasive bladder cancer NRTI = Nucleoside reverse transcriptase inhibitor NNRTI = Non-nucleoside reverse transcriptase inhibitor NSCLC = Non-small cell lung cancer OS = Overall survival PAH = Pulmonary arterial hypertension