Merck-Moderna mRNA Vaccine Meets Phase III Melanoma Endpoint; Amgen Q2 Revenue $10.1 billion, Raises Guidance

Merck and Moderna jointly announced that their individualized mRNA cancer vaccine, intismeran autogene, in combination with Merck's drug Keytruda, met the primary endpoint in a Phase III trial. The trial enrolled patients with stage IIB to IV melanoma, and results showed that relapse-free survival met the primary goal, while also improving distant metastasis-free survival, meaning it delayed cancer spread. This is the first successful Phase III result for an mRNA therapy combined with a checkpoint inhibitor in any cancer type. Following the announcement, Moderna's shares rose more than 175% in a single day, then fell about 20% the next day; Merck's shares closed at $152.20, a record high, before retreating slightly. Affected by the news, mRNA-related stocks added about $100 billion in market value combined.

Merck had been under pressure due to pipeline concerns and reliance on Keytruda; this trial result led to a reassessment of its pipeline value. Merck's shares have risen about 15% since July 6, and are up about 30% year-to-date in 2026.

Amgen reported second-quarter 2026 revenue of $10.1 billion, up 10% year over year, with product sales up 9% to $9.5 billion. Net income was $2.4 billion, and quarterly free cash flow was $3.5 billion. Six growth driver products accounted for about 70% of product sales, and this group grew 26% combined. Specifically, Repatha, Evenity, and Tezspire grew 37%, 38%, and 42%, respectively; the rare disease business grew 21%, oncology grew 18%, and biosimilars grew 29%. Management raised full-year revenue guidance to $38.2 billion to $39.4 billion, non-GAAP EPS guidance to $22.30 to $23.50, and operating margin guidance to 45% to 46%.

Amgen's shares have risen about 35% year-to-date in 2026, and have continued to hit record highs this week.