Slow And Steady Wins
Merck Has Good Reasons for Its Keytruda Delay
Rushing into things isn't how the cancer drug has built its lead.
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Slow and steady has been winning the race for Merck & Co. Inc.'s Keytruda in the multi-billion-dollar market for immune-boosting cancer medicines. Now it's being punished for that approach.
Merck on Friday revealed a change to a highly anticipated trial of Keytruda in combination with chemotherapy in newly diagnosed lung-cancer patients. It may push trial results into 2019, a year past previous expectations. Merck revealed later on Friday it was withdrawing an application for European approval of the combo based on a smaller earlier study. Shares dropped 6 percent on Friday and fell another 6 percent on Monday after analyst downgrades.