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April 24, 2025 6:30 am ET Total Worldwide Sales Were $15.5 Billion, a Decrease of 2% From First Quarter 2024; Excluding the Impact of Foreign Exchange, Sales Grew 1% KEYTRUDA Sales Grew 4% to $7.2 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 6% WINREVAIR Sales Were $280 Million Animal Health Sales Grew 5% to $1.6 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 10% GARDASIL/GARDASIL 9 Sales Declined 41% to $1.3 Billion; Excluding the Impact of Foreign Exchange, Sales Declined 40% GAAP EPS Was $2.01; Non-GAAP EPS Was $2.22 Presented Compelling Data From a Diverse Range of Programs, Including: Phase 3 Trial of Subcutaneous Pembrolizumab With Berahyaluronidase Alfa Phase 3 ZENITH Trial of WINREVAIR for the Treatment of Adults With PAH (WHO Group 1) Functional Class III or IV at High Risk of Mortality Phase 3 Trials Evaluating Investigational, Once-Daily, Oral Two-Drug Regimen of Doravirine/Islatravir for the Treatment of Adults With Virologically Suppressed HIV-1 Infection Expanded Pipeline Through Exclusive License Agreement With Hengrui Pharma for an Investigational Oral Small Molecule Lp(a) Inhibitor; Transaction Expected to Close in Second Quarter 2025 Full-Year 2025 Financial Outlook Continues To Expect Worldwide Sales To Be Between $64.1 Billion and $65.6 Billion Now Expects Non-GAAP EPS To Be Between $8.82 and $8.97; Outlook Revised to Reflect Negative Impact From Anticipated One-Time Charge of Approximately $0.06 per Share Related to License Agreement With Hengrui Pharma Outlook Absorbs an Estimated $200 Million of Additional Costs for Tariffs Implemented to Date KEYTRUDA Sales Grew 4% to $7.2 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 6% WINREVAIR Sales Were $280 Million Animal Health Sales Grew 5% to $1.6 Billion; Excluding the Impact of Foreign Exchange, Sales Grew 10% GARDASIL/GARDASIL 9 Sales Declined 41% to $1.3 Billion; Excluding the Impact of Foreign Exchange, Sales Declined 40% Phase 3 Trial of Subcutaneous Pembrolizumab With Berahyaluronidase Alfa Phase 3 ZENITH Trial of WINREVAIR for the Treatment of Adults With PAH (WHO Group 1) Functional Class III or IV at High Risk of Mortality Phase 3 Trials Evaluating Investigational, Once-Daily, Oral Two-Drug Regimen of Doravirine/Islatravir for the Treatment of Adults With Virologically Suppressed HIV-1 Infection Continues To Expect Worldwide Sales To Be Between $64.1 Billion and $65.6 Billion Now Expects Non-GAAP EPS To Be Between $8.82 and $8.97; Outlook Revised to Reflect Negative Impact From Anticipated One-Time Charge of Approximately $0.06 per Share Related to License Agreement With Hengrui Pharma Outlook Absorbs an Estimated $200 Million of Additional Costs for Tariffs Implemented to Date RAHWAY, N.J.--(BUSINESS WIRE)-- Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced financial results for the first quarter of 2025. “Our company made strong progress to start the year, with increasing contributions from our newer commercialized medicines and vaccines and continued advancement of our pipeline,” said Robert M. Davis, chairman and chief executive officer, Merck. “We are working with focus and urgency to both realize the full potential of our near-term opportunities and to rapidly progress the next wave of innovation that will positively impact the lives of patients and drive future value creation for all of our stakeholders.” Financial Summary $ in millions, except EPS amounts First Quarter 2025 2024 Change Change Ex- Exchange Sales $15,529 $15,775 -2% 1% GAAP net income1 5,079 4,762 7% 12% Non-GAAP net income that excludes certain items1,2* 5,611 5,279 6% 11% GAAP EPS 2.01 1.87 7% 13% Non-GAAP EPS that excludes certain items2* 2.22 2.07 7% 12% *Refer to table on page 7. For the first quarter of 2025, Generally Accepted Accounting Principles (GAAP) earnings per share (EPS) assuming dilution was $2.01 and non-GAAP EPS was $2.22. GAAP and non-GAAP EPS in the first quarter of 2024 include a charge of $0.26 per share for the acquisition of Harpoon Therapeutics, Inc. (Harpoon). Non-GAAP EPS excludes acquisition- and divestiture-related costs, costs related to restructuring programs, and income and losses from investments in equity securities. First-Quarter Sales Performance The following table reflects sales of the company’s top products and significant performance drivers. First Quarter $ in millions 2025 2024 Change Change Ex-Exchange Commentary Total Sales $15,529 $15,775 -2% 1% Pharmaceutical 13,638 14,006 -3% -1% Decline driven by vaccines, virology and immunology, partially offset by growth in oncology, cardiology and diabetes. KEYTRUDA 7,205 6,947 4% 6% Growth driven by increased global uptake in earlier-stage indications, including triple-negative breast cancer, renal cell carcinoma and non-small cell lung cancer, as well as continued strong global demand from metastatic indications, including increased uptake in bladder, endometrial and microsatellite instability-high (MSI-H) cancers, partially offset by timing of wholesaler purchases in the U.S. GARDASIL/GARDASIL 9 1,327 2,249 -41% -40% Decline primarily due to lower demand in China, partially offset by higher demand in most international regions, particularly in Japan, as well as higher pricing and demand in the U.S. Excluding China, sales grew 14%, or 16% excluding impact of foreign exchange. JANUVIA/JANUMET 796 670 19% 21% Increase primarily due to higher net pricing in the U.S., partially offset by lower demand in most international markets due to ongoing generic competition, and in the U.S. due to competitive pressure. PROQUAD, M-M-R II and VARIVAX 539 570 -5% -5% Decrease primarily reflects lower U.S. sales of PROQUAD that resulted from borrowing of doses from the U.S. Centers for Disease Control and Prevention Pediatric Vaccine Stockpile, partially offset by higher U.S. sales of M-M-R II largely attributable to private-sector buy-in due to measles outbreaks and higher pricing. BRIDION 441 440 - 1% Relatively flat compared with prior year, as higher demand and pricing in the U.S. were offset by lower demand in several international markets due to ongoing generic competition. Lynparza* 312 292 7% 8% Increase primarily due to higher demand in the U.S. and certain international markets. WINREVAIR 280 - - - Represents continued uptake since second-quarter 2024 launch in the U.S. Lenvima* 258 255 1% 2% Increase primarily due to higher demand in the U.S. VAXNEUVANCE 230 219 5% 7% Growth largely driven by higher demand in Europe and the Asia Pacific region, partially offset by lower demand in the U.S. due to competitive pressure. PREVYMIS 208 174 19% 22% Growth primarily due to higher demand in the U.S. WELIREG 137 85 62% 63% Growth primarily driven by higher demand in the U.S. CAPVAXIVE 107 - - - Represents continued uptake since third-quarter 2024 launch in the U.S. LAGEVRIO 102 350 -71% -69% Decline largely driven by lower demand in the Asia Pacific region, particularly in Japan. SIMPONI - 184 -100% -100% Marketing rights in former Merck territories reverted to Johnson & Johnson on Oct. 1, 2024. Animal Health 1,588 1,511 5% 10% Growth primarily due to higher demand for Livestock products, as well as inclusion of sales from Elanco aqua business that was acquired in July 2024. Livestock 924 850 9% 16% Growth primarily driven by higher demand across all species, a benefit from timing of ruminant product sales, as well as inclusion of sales from Elanco aqua business that was acquired in July 2024. Companion Animal 664 661 - 3% Sales consistent with prior year. Sales of BRAVECTO were $327 million and $332 million in current and prior year quarters, respectively, which represents decline of 1%, or growth of 2% excluding impact of foreign exchange. Other Revenues** 303 258 17% 16% Increase primarily due to higher payments received for out-licensing arrangements and higher royalties, partially offset by lower revenue from third-party manufacturing arrangements. *Alliance revenue for this product represents Merck’s share of profits, which are product sales net of cost of sales and commercialization costs. **Other revenues are comprised primarily of revenues from third-party manufacturing arrangements and miscellaneous corporate revenues, including revenue-hedging activities. First-Quarter Expense, EPS and Related Information The table below presents selected expense information. $ in millions GAAP Acquisition- and Divestiture- Related Costs3 Restructuring Costs (Income) Loss From Investments in Equity Securities Non- GAAP2 First Quarter 2025 Cost of sales $3,419 $620 $36 $ - $2,763 Selling, general and administrative 2,552 23 - - 2,529 Research and development 3,621 7 - - 3,614 Restructuring costs 69 - 69 - - Other (income) expense, net (35) (3) - (107) 75 First Quarter 2024 Cost of sales $3,540 $463 $116 $- $2,961 Selling, general and administrative 2,483 21 5 - 2,457 Research and development 3,992 16 2 - 3,974 Restructuring costs 123 - 123 - - Other (income) expense, net (33) (4) - (116) 87 GAAP Expense, EPS and Related Information Gross margin was 78.0% for the first quarter of 2025 compared with 77.6% for the first quarter of 2024. The increase was primarily due to the favorable impacts of product mix and lower restructuring costs, partially offset by higher amortization of intangible assets and the unfavorable impact of foreign exchange. Selling, general and administrative (SG&A) expenses were $2.6 billion in the first quarter of 2025, an increase of 3% compared with the first quarter of 2024. The increase was primarily due to higher administrative and promotional costs, partially offset by the favorable impact of foreign exchange. Research and development (R&D) expenses were $3.6 billion in the first quarter of 2025, a decrease of 9% compared with the first quarter of 2024. The decrease was primarily due to a $656 million charge for the acquisition of Harpoon in the first quarter of 2024 and the favorable impact of foreign exchange. The decrease was partially offset by a $100 million charge in the first quarter of 2025 associated with the achievement of a developmental milestone related to the 2024 acquisition of Eyebiotech Limited (EyeBio), increased compensation and benefit costs, higher clinical development costs, and increased discovery research and early drug development costs. Other (income) expense, net, was $35 million of income in the first quarter of 2025 compared with $33 million of income in the first quarter of 2024. The effective tax rate was 13.9% for the first quarter of 2025. GAAP EPS was $2.01 for the first quarter of 2025 compared with $1.87 for the first quarter of 2024. The increase was primarily driven by a $0.26 per share charge included in the first quarter of 2024 for the acquisition of Harpoon, partially offset by the unfavorable impact of foreign exchange. Non-GAAP Expense, EPS and Related Information Non-GAAP gross margin was 82.2% for the first quarter of 2025 compared with 81.2% for the first quarter of 2024. The increase was primarily due to the favorable impact of product mix, partially offset by the unfavorable impact of foreign exchange. Non-GAAP SG&A expenses were $2.5 billion in the first quarter of 2025, an increase of 3% compared with the first quarter of 2024. The increase was primarily due to higher administrative and promotional costs, partially offset by the favorable impact of foreign exchange. Non-GAAP R&D expenses were $3.6 billion in the first quarter of 2025, a decrease of 9% compared with the first quarter of 2024. The decrease was primarily due to a $656 million charge for the acquisition of Harpoon in the first quarter of 2024 and the favorable impact of foreign exchange. The decrease was partially offset by a $100 million charge in the first quarter of 2025 associated with the achievement of a developmental milestone related to the 2024 acquisition of EyeBio, increased compensation and benefit costs, higher clinical development costs, and increased discovery research and early drug development costs. Non-GAAP other (income) expense, net, was $75 million of expense in the first quarter of 2025 compared with $87 million of expense in the first quarter of 2024. The non-GAAP effective tax rate was 14.2% for the first quarter of 2025. Non-GAAP EPS was $2.22 for the first quarter of 2025 compared with $2.07 for the first quarter of 2024. The increase was primarily driven by a $0.26 per share charge included in the first quarter of 2024 for the acquisition of Harpoon, partially offset by the unfavorable impact of foreign exchange. A reconciliation of GAAP to non-GAAP net income and EPS is provided in the table that follows. First Quarter $ in millions, except EPS amounts 2025 2024 EPS GAAP EPS $2.01 $1.87 Difference 0.21 0.20 Non-GAAP EPS that excludes items listed below2 $2.22 $2.07 Net Income GAAP net income1 $5,079 $4,762 Difference 532 517 Non-GAAP net income that excludes items listed below1,2 $5,611 $5,279 Excluded Items: Acquisition- and divestiture-related costs3 $647 $496 Restructuring costs 105 246 Income from investments in equity securities (107) (116) Decrease to net income before taxes 645 626 Estimated income tax (benefit) expense4 (113) (109) Decrease to net income $532 $517 Pipeline and Portfolio Highlights In the first quarter, Merck continued to advance its broad and diverse pipeline, achieving key regulatory and clinical milestones across a range of therapeutic areas. In oncology, at the European Lung Cancer Congress 2025, Merck presented pivotal data from the 3475A-D77 Phase 3 trial evaluating the subcutaneous administration of pembrolizumab with berahyaluronidase alfa (subcutaneous pembrolizumab). Based on these data, applications for subcutaneous pembrolizumab are under review in the U.S. and Europe; in the U.S., the Prescription Drug User Fee Act (PDUFA) date is Sept. 23, 2025. If approved, subcutaneous pembrolizumab has the potential to become a new, meaningful treatment option that may increase access and save time needed for administration compared to intravenous (IV) KEYTRUDA. Merck also announced the initiation of waveLINE-010, a Phase 3 trial evaluating a combination regimen that incorporates zilovertamab vedotin, an investigational antibody-drug conjugate (ADC) targeting receptor tyrosine kinase-like orphan receptor 1, for the treatment of patients with previously untreated diffuse large B-cell lymphoma (DLBCL). Additional regulatory milestones include the U.S. Food and Drug Administration (FDA) granting Priority Review to Merck’s application for KEYTRUDA plus standard of care as perioperative treatment for resectable locally advanced head and neck squamous cell carcinoma (LA-HNSCC), following compelling results from the KEYNOTE-689 trial. The FDA has set a PDUFA date of June 23, 2025. In addition, Merck received approval from the European Commission (EC) for KEYTRUDA plus chemotherapy as first-line treatment for adult patients with unresectable non-epithelioid metastatic malignant pleural mesothelioma, based on results from the Phase 2/3 IND.227/KEYNOTE-483 trial. The company also received conditional EC approval for two indications for WELIREG, making it the first and only oral hypoxia-inducible factor-2 alpha inhibitor approved in the European Union, based on results from the Phase 2 LITESPARK-004 and Phase 3 LITESPARK-005 trials. In vaccines and infectious diseases, Merck received EC approval for CAPVAXIVE for the prevention of invasive pneumococcal disease and pneumococcal pneumonia in adults, marking the fourth approval for CAPVAXIVE following the U.S., Canada and Australia. Merck also received approval for GARDASIL 9 for males in China, making it the first 9-valent HPV vaccine approved for the prevention of certain HPV-related cancers and diseases in Chinese males 16-26 years of age. At the 32nd Conference on Retroviruses and Opportunistic Infections, Merck presented positive results from two pivotal Phase 3 trials of the investigational, once-daily, oral two-drug regimen of doravirine/islatravir (DOR/ISL) in adults with virologically suppressed HIV-1 infection. Merck plans to begin submitting applications for marketing authorization of DOR/ISL by mid-2025. In cardiovascular disease, results were presented from the Phase 3 ZENITH trial evaluating WINREVAIR when added to background therapy in adults with pulmonary arterial hypertension (PAH, Group 1 PH) WHO functional class (FC) III or IV at high risk of mortality. The results, presented at the American College of Cardiology’s 74th Annual Scientific Session and Expo, demonstrated that WINREVAIR reduced the risk of a composite of all-cause death, lung transplantation and hospitalization for PAH by 76% compared to placebo. The trial was stopped early due to overwhelming efficacy at the interim analysis. Merck continued executing on its business development strategy to expand and diversify its pipeline. The company entered into an exclusive license agreement with Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Hengrui Pharma) for HRS-5346, an investigational oral small molecule Lipoprotein(a) [Lp(a)] inhibitor currently being evaluated in a Phase 2 clinical trial in China. The transaction is expected to close in the second quarter of 2025. Notable recent news releases on Merck’s pipeline and portfolio are provided in the table that follows. Oncology FDA Granted Priority Review for Merck’s Application for KEYTRUDA Plus Standard of Care as Perioperative Treatment for Resectable LA-HNSCC; Based on Results From Phase 3 KEYNOTE-689 Trial; FDA Set PDUFA Date of June 23, 2025 (Read Announcement) WELIREG Received First Conditional EC Approval for Two Indications; Based on Results From Phase 2 LITESPARK-004 and Phase 3 LITESPARK-005 Trials (Read Announcement) Merck’s Investigational Subcutaneous Pembrolizumab With Berahyaluronidase Alfa Demonstrated Noninferior Pharmacokinetics Compared to IV KEYTRUDA in Pivotal 3475A-D77 Trial; FDA Set PDUFA Date of Sept. 23, 2025 (Read Announcement) Merck Announced Phase 3 waveLINE-010 Trial Initiation Evaluating Zilovertamab Vedotin, an Investigational ADC, for the Treatment of Patients With Previously Untreated DLBCL (Read Announcement) Vaccines EC Approved CAPVAXIVE for Prevention of Invasive Pneumococcal Disease and Pneumococcal Pneumonia in Adults (Read Announcement) Cardiovascular WINREVAIR Reduced Risk of a Composite of All-Cause Death, Lung Transplantation and Hospitalization for PAH by 76% Compared to Placebo in Phase 3 ZENITH Trial (Read Announcement) Infectious Diseases Merck Announced Positive Data From Phase 3 Trials That Show the Investigational, Once-Daily, Oral Two-Drug Regimen of Doravirine/Islatravir (DOR/ISL) Maintained HIV-1 Viral Suppression at Week 48 (Read Announcement) Manufacturing and R&D Investment Merck is making long-term investments in its U.S. manufacturing and R&D capabilities. Merck has allocated more than $12 billion toward U.S. capital investment since 2018 and expects to invest over $9 billion more by the end of 2028. This includes the recently announced opening of a new, $1 billion, 225,000-square-foot facility dedicated to vaccine manufacturing at Merck’s Durham, North Carolina, site. Upcoming Investor Event Merck will host an Oncology Investor Event to coincide with the American Society for Clinical Oncology Annual Meeting on Monday, June 2, 2025, 6 p.m. CT, at which senior management will provide an update on the company’s oncology strategy and program. The event will take place in Chicago and will be accessible via live audio webcast at this weblink. Full-Year 2025 Financial Outlook The following table summarizes the company’s full-year financial outlook. Full Year 2025 Updated Prior Sales* $64.1 billion to $65.6 billion $64.1 billion to $65.6 billion Non-GAAP Gross margin2 Approximately 82% Approximately 82.5% Non-GAAPOperating expenses2** $25.6 billion to $26.6 billion $25.4 billion to $26.4 billion Non-GAAPOther (income) expense, net2 $300 million to $400 million expense $300 million to $400 million expense Non-GAAPEffective tax rate2 15.5% to 16.5% 16.0% to 17.0% Non-GAAPEPS2*** $8.82 to $8.97 $8.88 to $9.03 Share count (assuming dilution) Approximately 2.51 billion Approximately 2.53 billion *The company does not have any non-GAAP adjustments to sales. **Includes $300 million for an anticipated milestone payment to LaNova Medicines Ltd. (LaNova) associated with the technology transfer for MK-2010 and an anticipated $200 million upfront payment to Hengrui Pharma upon closing of the license agreement. Outlook does not assume any additional significant potential business development transactions. ***Includes expected one-time charges of approximately $0.15 per share in the aggregate related to the $300 million payment to LaNova upon completion of the technology transfer for MK-2010 and the $200 million upfront payment to Hengrui Pharma upon closing of the license agreement. Merck has not provided a reconciliation of forward-looking non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other (income) expense, net, non-GAAP effective tax rate and non-GAAP EPS to the most directly comparable GAAP measures, given it cannot predict with reasonable certainty the amounts necessary for such a reconciliation, including intangible asset impairment charges, legal settlements, and income and losses from investments in equity securities either owned directly or through ownership interests in investment funds, without unreasonable effort. These items are inherently difficult to forecast and could have a significant impact on the company’s future GAAP results. Merck continues to expect full-year 2025 sales to be between $64.1 billion and $65.6 billion, including a revised negative impact of foreign exchange of approximately 1% at mid-April 2025 exchange rates. Merck’s outlook includes the impact of tariffs implemented to date by the U.S. government on imports from other countries, plus the tariffs imposed by foreign governments on the U.S., the most significant of which relate to China. Merck estimates the impact of these tariffs will lead to incremental costs of approximately $200 million, which will primarily be recorded in Cost of Sales, negatively impacting gross margin. Merck now expects its full-year non-GAAP effective income tax rate to be between 15.5% and 16.5%. Merck now expects its full-year non-GAAP EPS to be between $8.82 and $8.97, including a negative impact of foreign exchange of more than $0.20 per share. This revised non-GAAP EPS range now reflects an anticipated one-time charge of $200 million, or approximately $0.06 per share, for an upfront payment to be made upon closing of the license agreement with Hengrui Pharma, which is expected in the second quarter of 2025. If not for this newly anticipated charge, the updated non-GAAP EPS outlook would have been unchanged from the prior outlook. The guidance range continues to reflect an anticipated one-time charge of $300 million, or approximately $0.09 per share, related to the payment to LaNova that will be recognized upon completion of the technology transfer for MK-2010. In 2024, non-GAAP EPS of $7.65 was negatively impacted by a net charge of $1.28 per share related to certain asset acquisitions, licensing agreements and collaborations. Consistent with past practice, the financial outlook does not assume additional significant potential business development transactions. Earnings Conference Call Investors, journalists and the general public may access a live audio webcast of the call on Thursday, April 24, at 9 a.m. ET via this weblink. A replay of the webcast, along with the sales and earnings news release, supplemental financial disclosures and slides highlighting the results, will be available at www.merck.com. All participants may join the call by dialing (800) 369-3351 (U.S. and Canada Toll-Free) or (517) 308-9448 and using the access code 9818590. About Merck At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn. Forward-Looking Statement of Merck & Co., Inc., Rahway, N.J., USA This news release 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, 2024 and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov). Appendix Generic product names are provided below. Pharmaceutical BRIDION (sugammadex) CAPVAXIVE (Pneumococcal 21-valent Conjugate Vaccine) GARDASIL (Human Papillomavirus Quadrivalent [Types 6, 11, 16 and 18] Vaccine, Recombinant) GARDASIL 9 (Human Papillomavirus 9-valent Vaccine, Recombinant) JANUMET (sitagliptin and metformin HCl) JANUVIA (sitagliptin) KEYTRUDA (pembrolizumab) LAGEVRIO (molnupiravir) Lenvima (lenvatinib) Lynparza (olaparib) M-M-R II (Measles, Mumps and Rubella Virus Vaccine Live) PREVYMIS (letermovir) PROQUAD (Measles, Mumps, Rubella and Varicella Virus Vaccine Live) SIMPONI (golimumab) VARIVAX (Varicella Virus Vaccine Live) VAXNEUVANCE (Pneumococcal 15-valent Conjugate Vaccine) WELIREG (belzutifan) WINREVAIR (sotatercept-csrk) Animal Health BRAVECTO (fluralaner) ____________________ 1 Net income attributable to Merck & Co., Inc. 2 Merck is providing certain 2025 and 2024 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 this release. 3 Reflects expenses related to business combinations, including the amortization of intangible assets, intangible asset impairment charges, and expense or income related to changes in the estimated fair value measurement of liabilities for contingent consideration. Also includes integration, transaction and certain other costs associated with acquisitions and divestitures, as well as amortization of intangible assets related to collaborations and licensing arrangements. 4 Includes the estimated tax impacts on the reconciling items based on applying the statutory rate of the originating territory of the non-GAAP adjustments. 1Q25 1Q24 $ 15,529 $ 15,775 -2% 3,419 3,540 -3% 2,552 2,483 3% 3,621 3,992 -9% 69 123 -44% (35 ) (33 ) 6% 5,903 5,670 4% 818 903 5,085 4,767 7% 6 5 $ 5,079 $ 4,762 7% $ 2.01 $ 1.87 7% 2,531 2,544 13.9 % 15.9 % $ 3,419 620 36 656 $ 2,763 2,552 23 23 2,529 3,621 7 7 3,614 69 69 69 – (35 ) (3 ) (107 ) (110 ) 75 5,903 (647 ) (105 ) 107 (645 ) 6,548 818 (117 ) (3 ) (18 ) (3 ) 22 (3 ) (113 ) 931 5,085 (530 ) (87 ) 85 (532 ) 5,617 5,079 (530 ) (87 ) 85 (532 ) 5,611 $ 2.01 (0.21 ) (0.03 ) 0.03 (0.21 ) $ 2.22 13.9 % 14.2 % 2025 2024 $15,529 $15,775 $16,112 $16,657 $15,624 $64,168 -2 1 13,638 14,006 14,408 14,943 14,042 57,400 -3 -1 7,205 6,947 7,270 7,429 7,836 29,482 4 6 312 292 317 337 365 1,311 7 8 258 255 249 251 255 1,010 1 2 137 85 126 139 160 509 62 63 119 71 90 100 110 371 68 68 1,327 2,249 2,478 2,306 1,550 8,583 -41 -40 539 570 617 703 594 2,485 -5 -5 230 219 189 239 161 808 5 7 228 216 163 193 139 711 5 7 107 47 50 97 - - 41 61 59 68 74 263 -33 -30 441 440 455 420 449 1,764 - 1 208 174 188 208 215 785 19 22 83 73 92 96 79 340 13 13 70 56 62 64 70 252 24 27 280 70 149 200 419 - - 106 98 106 102 109 415 8 8 68 70 72 72 73 287 -3 1 102 350 110 383 121 964 -71 -69 90 111 89 102 92 394 -19 -17 67 56 60 65 69 249 19 24 45 42 39 42 40 163 7 7 50 46 53 78 45 222 8 13 184 172 189 543 -100 -100 39 35 41 114 -100 -100 549 419 405 278 232 1,334 31 33 247 251 224 204 255 935 -2 2 729 632 618 638 699 2,590 16 18 1,588 1,511 1,482 1,487 1,397 5,877 5 10 924 850 837 886 889 3,462 9 16 664 661 645 601 508 2,415 - 3 303 258 222 227 185 891 17 16 Media Contacts: Robert Josephson robert.josephson@merck.com Michael Levey michael.levey@merck.com Investor Contacts: Peter Dannenbaum (732) 594-1579 Steven Graziano (732) 594-1583

BOSTON, MA, USA I April 15, 2025 I Radiance Biopharma, Inc. (“Radiance” or the “Company”), a clinical stage biopharmaceutical company advancing Antibody Drug Conjugates (‘ADCs’), today announced that the first patient in China has been dosed in the Phase 1 clinical trial of RB-164™ (SYS6005), a next-generation antibody-drug-conjugate (ADC) targeting ROR-1. “The initiation of the Phase 1 clinical trial being conducted by our development partner CSPC Pharmaceutical Group in China is a significant milestone for Radiance and RB-164™ (SYS6005),” said Robert Brooks, JD, Chief Executive Officer of Radiance. “The preclinical and non-human primate studies suggest RB-164™ has the potential to translate into meaningful clinical benefits with acceptable toxicity for patients with ROR-1 positive hematologic cancers such as Diffuse Large B-Cell Lymphoma and solid tumors,” said Martin Olivo, MD, Chief Medical Officer of Radiance. The Phase 1 portion of the open label study which will be conducted by Radiance in the U.S., Australia and Europe will evaluate the safety, efficacy and pharmacokinetics (PK) of RB-164™ in participants with hematologic cancers such as lymphoma and advanced solid tumors that are associated with high ROR-1 expression. The Phase 1 clinical trial initiates with dose escalation followed by dose optimization and expansion. About RB-164™ RB-164™ is a next generation ROR-1 ADC which employs an Fc-silenced monoclonal antibody, glutamine side chain-based conjugation to prevent deconjugation of the linker-MMAE payload and site specific conjugation to deliver a homogeneous Drug-to-Antibody distribution and thereby an improved pharmacokinetic and toxicology profile. An IND application for RB-164™ (SYS6005) has been cleared by China’s National Medical Products Administration (NMPA) and the U.S. FDA. About Radiance Radiance is focused on developing a pipeline of antibody-based cancer therapeutics for the treatment of cancer and other unmet medical needs, including monospecific and bispecific Antibody Drug Conjugates. In addition to RB-164™, Radiance is developing RB-201™, a HER2/TROP2 Bispecific ADC which is currently in preclinical stages. For more information on Radiance visit www.radiancebiopharma.com. SOURCE: Radiance Biopharma

In February 2025, the global biopharmaceutical industry remains active in clinical-stage drug financing and collaboration activities. For instance, XtalPi Holdings successfully raised over HKD 3.2 billion via two equity placements, which will be used to further develop its AI+CRO business model. Additionally, in the realm of innovative drug partnership deals, CSPC Group’s subsidiary signed an exclusive licensing agreement with Radiance Biopharma for the antibody-drug conjugate (ADC) SYS6005, which includes up to $150 million in potential development and regulatory milestone payments as well as up to $1.075 billion in potential sales milestone payments. Innovent Biologics outlined a global exclusive collaboration and licensing agreement with Roche for the next-generation ADC candidate IBI3009, with potential milestone payments reaching up to $1 billion. 1. Nxera Pharma and Viatris Collaborate to Advance the Development and Commercialization of an S1P1 Receptor Modulator in the Asia-Pacific Region On February 28, 2025, Nxera Pharma reached a significant agreement with Viatris Inc. and Idorsia Pharmaceuticals Ltd regarding the rights to develop and commercialize Cenerimod in Japan, South Korea, and other Asia-Pacific regions (excluding China). Cenerimod, a novel oral S1P1 receptor modulator, holds significant potential as a first-line or best-in-class therapy for various autoimmune diseases. Under the terms of the agreement, Nxera Pharma will receive an upfront payment of $10 million from Viatris and will be eligible for regulatory milestone payments upon Cenerimod's approval in Japan. Additionally, Nxera Pharma will collect royalties based on net sales within the designated territories. Cenerimod is a highly selective S1P1 receptor modulator that primarily works by controlling lymphocyte migration to reduce inflammation. Prior to this, Viatris had already secured exclusive global rights to develop and commercialize Cenerimod outside of Japan and the Asia-Pacific region (excluding China) through a 2024 research and development agreement with Idorsia. This new partnership with Nxera Pharma further reinforces Viatris's global positioning in drug development and provides robust support for Cenerimod's ongoing research and development. The mechanism of Cenerimod lies in its selective targeting of the S1P1 receptor. By inhibiting lymphocyte egress from peripheral lymphoid organs into systemic circulation, Cenerimod effectively suppresses inflammatory responses. This allows it to address the abnormally elevated levels of type I interferons (IFN-1) and other pro-inflammatory cytokines observed in autoimmune diseases such as systemic lupus erythematosus (SLE). This collaboration underscores the critical role of cross-company partnerships in accelerating the development of innovative medicines. It not only expedites market entry for novel drugs to meet unmet medical needs but also effectively distributes research and development risks, fostering sustainable growth within the pharmaceutical industry. For Cenerimod, this collaboration promises broader market access and technical support, paving the way for potential breakthroughs in the treatment of autoimmune diseases. 2. Shuangqi Pharmaceutical and Anaerobic Biotechnology Collaborate to Advance the Development and Commercialization of a Quadrivalent Lactobacillus Vaginal Live Biotherapeutic Capsule Inner Mongolia Shuangqi Pharmaceutical has entered into a significant agreement with Anaerobic Biotechnology concerning an innovative live biotherapeutic product, KAL-001, for vaginal use. This microecological therapy aims to restore a healthy vaginal environment by regulating its microbiota, specifically targeting vaginal inflammatory conditions in women of reproductive age. KAL-001 is composed of four specific strains of Lactobacillus, identified after a complex process of screening, isolation, preservation, and evaluation by Anaerobic Biotechnology. KAL-001 works by replenishing beneficial bacterial flora, i.e., Lactobacillus, in the vagina to restore and maintain a healthy microbial balance. This therapeutic approach differs from traditional antibiotic treatments. Instead of directly killing pathogens, it inhibits the growth of harmful microorganisms by increasing the population of beneficial microbes. Lactobacilli produce metabolic byproducts such as lactic acid, which lower vaginal pH and create an inhospitable environment for pathogenic organisms. Additionally, Lactobacillus may competitively exclude other potential pathogens and enhance the host’s local immune response through immunomodulatory mechanisms. The collaboration extends beyond product development and includes the transfer of commercialization rights. According to the licensing agreement, Shuangqi Pharmaceutical will pay Anaerobic Biotechnology an upfront fee of RMB 25 million and commit to milestone payments of up to RMB 170 million based on development progress and sales performance, along with royalties derived from net sales. This arrangement reflects the confidence both parties have in the market potential of KAL-001 and highlights their commitment to supporting R&D investments. 3. Sino Biopharmaceutical Collaborates with Sciwind Biosciences to Advance the IL-29 Project; CPX102 Expected to Become a Breakthrough Treatment for RSV Sino Biopharmaceutical has announced the signing of an exclusive strategic collaboration agreement with Sciwind Biosciences for the development and commercialization of the human interleukin-29 (IL-29, also known as interferon-λ1) project. The deal grants exclusive licensing and cooperation rights in 19 countries, including China (including Hong Kong, Macau, and Taiwan), Brazil, Saudi Arabia, Thailand, and Singapore. The partnership aims to expedite the development of CPX102 and expand its applications in the global market. CPX102 is an inhalable aerosol solution developed through protein engineering based on IL-29. As a type III interferon, it does not directly kill or inhibit viruses but induces antiviral protein production by activating cell surface receptors, thereby preventing viral replication. Additionally, it can activate immune cells, such as cytotoxic T lymphocytes (CTLs) and natural killer (NK) cells, thus enhancing the body's innate immune response against viral infections. This treatment is particularly effective for respiratory syncytial virus (RSV) infections in children, as it directly targets the epithelial cells in the lungs via inhalation, allowing for rapid onset of action and significantly improving the clearance of the virus. As the world's first aerosolized inhalation medication for RSV treatment, CPX102 offers high patient acceptability, particularly for children. Its local administration results in systemic exposure that is only about 1/100 of the injection dosage, drastically reducing the occurrence of systemic side effects. This not only helps avoid the discomfort associated with injections but also makes the treatment process safer and more comfortable, an especially critical factor for pediatric patients with pulmonary viral infections. As a broad-spectrum antiviral drug, CPX102 activates the host immune system to clear various respiratory viruses, including RSV, SARS-CoV-2, and influenza viruses, and is not affected by viral mutations. Given the current lack of effective treatments for RSV, particularly in high-incidence countries like China, CPX102 has vast market potential. It is estimated that RSV causes approximately 330 million respiratory infections globally each year, with China being one of the countries with the highest incidence rate. Currently, CPX102 is undergoing Phase IIb clinical trials in China and is expected to become the first Class 1 innovative drug in the country approved for the nebulized treatment of RSV infections in children. Considering the unmet demand for RSV therapies both in China and globally, along with the promising clinical results of CPX102, this drug has the potential to become a blockbuster product in the respiratory and anti-infective therapeutic area, bringing tremendous market value and social benefits. 4. Ligand Pharmaceuticals Invests $75 Million to Support Castle Creek Biosciences’ D-Fi Gene Therapy On February 25, Ligand Pharmaceuticals announced the completion of a $75 million royalty financing agreement with Castle Creek Biosciences to fund the Phase III clinical development of D-Fi (FCX-007), a gene therapy for dystrophic epidermolysis bullosa (DEB), through its initial data readouts. Of the $75 million investment, Ligand provided $50 million, while leading a consortium—including Paragon Biosciences, Valor Equity Partners, and new investor XOMA Royalty Corporation—that contributed the remaining $25 million. In return, the investors will receive single-digit percentage royalties on global sales of D-Fi. D-Fi is an autologous gene-modified cell therapy designed to treat DEB, a rare genetic skin disorder caused by mutations in the COL7A1 gene. This condition results in insufficient production of type VII collagen (COL7), which is critical for anchoring the dermis to the epidermis. To address this, D-Fi uses dermal fibroblasts harvested from the patient, modifies them ex vivo with a self-inactivating (SIN) lentiviral vector encoding the COL7A1 gene to produce COL7 protein, and locally injects the treated cells into chronic wounds. This promotes the formation of anchoring fibrils within the skin. Clinical studies have shown that D-Fi is well-tolerated, with the primary adverse reactions being localized injection site responses. This collaboration underscores Ligand's commitment to investing in breakthrough treatments that have the potential to transform patients’ lives while also diversifying its income-generating asset portfolio. Matthew Gantz, President and CEO of Castle Creek Biosciences, expressed support for the partnership, emphasizing its significance as a critical step towards addressing the unmet needs of patients with DEB. 5. Eli Lilly Acquires Organovo's FXR Program, Including Key Therapy FXR314 On February 25, 2025, Organovo Holdings announced that Eli Lilly and Company would acquire its FXR program, including its core asset FXR314. This transaction marks a significant milestone for Organovo in advancing drug development for inflammatory bowel disease (IBD) using their proprietary 3D human tissue models. FXR314 is a potentially "best-in-class" oral farnesoid X receptor (FXR) agonist, initially developed to target metabolic dysfunction-associated steatohepatitis (MASH). However, recognizing the immense market potential of inflammatory bowel disease and the limitations of existing therapeutic options, Organovo deemed FXR314 equally compelling for the IBD space. Preclinical studies have demonstrated that FXR314 improves key indicators of ulcerative colitis in a dose-dependent manner using an adoptive T-cell transfer model. Under the agreement terms, Organovo will receive an upfront payment from Eli Lilly, in addition to milestone payments as FXR314 progresses through critical regulatory and commercial achievements. Moreover, Eli Lilly will obtain worldwide rights to develop and commercialize Organovo’s FXR program, including all associated intellectual property. Organovo anticipates reporting results from the Phase IIa clinical trial of FXR314 for ulcerative colitis in the first half of 2026. Through this acquisition, Eli Lilly not only strengthens its portfolio in the inflammatory bowel disease field but also underscores its commitment to innovative therapies. Previously, Eli Lilly successfully launched the IL-23 monoclonal antibody Mirikizumab for treating ulcerative colitis and Crohn’s disease, achieving significant results. With the addition of FXR314 from Organovo, Eli Lilly is well-positioned to further expand its impact in IBD treatment, offering new hope to patients. 6. CARsgen Therapeutics Partners with SoftBank Xinchuang to Accelerate the Development of Off-the-Shelf CAR-T Cell Therapies in China On February 25, 2025, CARsgen Therapeutics announced a strategic partnership with SoftBank Xinchuang, jointly investing in Ukaize Biopharmaceuticals. This collaboration aims to accelerate the development and commercialization of CARsgen’s two off-the-shelf CAR-T cell therapy products in mainland China. These products include a BCMA CAR-T therapy targeting multiple myeloma and plasma cell leukemia, as well as a CD19/CD20 CAR-T therapy for B-cell malignancies. Through this partnership, CARsgen seeks to leverage external capital to expedite innovation in the CAR-T therapy field. As part of the agreement, a SoftBank Xinchuang-managed fund will subscribe to RMB 80,000,000 of newly issued registered capital in Ukaize Biopharmaceuticals, acquiring an 8% equity stake upon transaction completion. This financing not only provides essential funds for Ukaize but also reduces CARsgen’s ownership in Ukaize from 100% to 92%. The capital investment will be allocated to support Ukaize’s research, production, and commercialization efforts. For a rapidly evolving biotech company, such funding is vital to advancing clinical trials and shortening the time required to bring new products to market. CARsgen’s two CAR-T cell therapy products target key molecular markers: BCMA (B-cell maturation antigen) and CD19/CD20. The BCMA CAR-T therapy is primarily designed to treat multiple myeloma and plasma cell leukemia—both of which are challenging, refractory hematologic malignancies. Meanwhile, the CD19/CD20 CAR-T therapy is developed to combat B-cell-derived malignancies. These therapies work by genetically engineering patients' T cells to recognize and destroy cancer cells, offering a new form of personalized treatment. This approach represents a significant advancement in the field of cancer treatment by enabling precision-targeted therapy against cancer cells while minimizing damage to normal tissues. 7. CSPC Licenses ROR1-Targeting ADC to Radiance Biopharma On February 19, 2025, CSPC Pharmaceutical Group announced that it has granted Radiance Biopharma exclusive rights for the development and commercialization of its proprietary ROR1-targeting antibody-drug conjugate (ADC), SYS6005, in the United States and other major markets. Under the terms of the agreement, Radiance Biopharma will pay an upfront fee of $15 million, with additional development and regulatory milestone payments of up to $150 million, and sales milestone payments totaling up to $1.075 billion. Furthermore, Radiance Biopharma will pay tiered royalties based on the annual net sales of the product in the licensed territories. This collaboration marks another major milestone for CSPC in its global market expansion. SYS6005 is a monoclonal antibody-drug conjugate specifically designed to bind to the ROR1 receptor on the surface of tumor cells. Through endocytosis, the ADC delivers the potent mitotic inhibitor MMAE into cancer cells, where it releases its cytotoxic payload to effectively kill the cancer cells. This targeted design enhances therapeutic efficacy while minimizing damage to healthy tissues. SYS6005 received approval from the Chinese National Medical Products Administration (NMPA) to enter clinical trial stages by the end of 2024, with indications including hematological malignancies, ovarian cancer, non-small cell lung cancer, and other advanced malignancies. These developments highlight the broad potential application of SYS6005 in oncology. 8. Brexogen and BMI Korea Enter Technology Transfer Agreement for Exosome-Based Therapy On February 19, 2025, Brexogen, a biotechnology company specializing in exosome-based therapies, announced a technology transfer and licensing agreement with BMI Korea for its innovative injectable therapeutic, BxC-I17e. BxC-I17e, an exosome-based therapy currently undergoing clinical trials for the treatment of atopic dermatitis in the United States, is at the forefront of Brexogen’s pipeline. Under the terms of the agreement, BMI Korea gains rights to develop additional potential indications, excluding immune-related diseases, for domestic and major export markets. Financially, Brexogen will receive a non-refundable upfront payment of 30 billion KRW (approximately $23 million) and will be eligible for milestone payments tied to clinical, regulatory, and commercial achievements, alongside double-digit percentage royalties on net annual sales. Additionally, if BMI Korea enters sublicensing agreements with third parties, Brexogen will share in the resultant licensing revenues. BMI Korea, a company generating over 100 billion KRW in annual revenue, brings robust pharmaceutical manufacturing capabilities, ensuring high-quality and scalable production for BxC-I17e. BxC-I17e is a key asset in Brexogen's pipeline, leveraging the company’s proprietary exosome technology, which allows precise control over the therapeutic cargo carried by exosomes to enable targeted disease treatment. Currently undergoing Phase I clinical trials for atopic dermatitis, BxC-I17e demonstrates broad therapeutic potential. BMI Korea plans to explore its application in indications outside the immunology field, offering promising new therapeutic possibilities. At present, no exosome-based therapies have received commercial approval globally, making this collaboration a significant step forward in advancing innovation in exosome therapeutic development and setting new benchmarks within the industry. Brexogen is not only exploring dermatological treatments with BxC-I17e but has already successfully commercialized products like BREXTEM-S for skin regeneration and BREXTEM-H for hair restoration. Looking ahead, Brexogen is preparing for its anticipated 2026 IPO on KOSDAQ, which is expected to accelerate the clinical and commercial adoption of exosome-based therapies. 9. Biogen and Stoke Therapeutics Collaborate on Developing a Treatment for Dravet Syndrome On February 18, 2025, Biogen and Stoke Therapeutics announced a collaboration to develop and commercialize zorevunersen, a potentially first-in-class therapeutic for the treatment of Dravet syndrome. Dravet syndrome is a rare genetic epilepsy disorder characterized by treatment-resistant seizures and neurodevelopmental delays. Under the agreement, Stoke will continue to lead global development and retain exclusive development and commercialization rights in the U.S., Canada, and Mexico, while Biogen will have exclusive commercialization rights in other territories worldwide. The partnership leverages Biogen’s extensive expertise in neurological disorders and its global commercialization capabilities, aiming to bring new therapeutic hope to patients with Dravet syndrome. As part of this collaboration, Stoke will receive an upfront payment of $165 million, and both companies will share external clinical development costs, with Biogen contributing 30% and Stoke covering 70%. Additionally, Stoke is eligible for up to $385 million in development and commercial milestone payments. If zorevunersen achieves commercial success globally, Stoke will receive tiered royalties on net sales, ranging from low double digits to high teens. This financial structure not only provides Stoke with the necessary funding support but also lays the groundwork for subsequent research and development activities. Zorevunersen is an investigational antisense oligonucleotide (ASO) targeting the SCN1A gene, which is the root cause of most Dravet syndrome cases. The drug has been granted Breakthrough Therapy Designation by the U.S. Food and Drug Administration (FDA) based on preliminary clinical evidence suggesting it can provide significant improvements unmet by existing therapies. In Phase I/IIa and open-label extension (OLE) studies, patients treated with zorevunersen experienced a sustained reduction in the frequency of convulsive tonic-clonic seizures, as well as improvements across multiple cognitive and behavioral metrics. These findings support the potential for zorevunersen to progress to pivotal global Phase III trials, potentially becoming the first treatment to alter the course of Dravet syndrome. Currently, there are no approved disease-modifying therapies for Dravet syndrome, making the development of zorevunersen highly significant. The pivotal Phase III EMPEROR trial is expected to commence in the second quarter of 2025, with primary data readouts anticipated in the second half of 2027 to support global regulatory submissions. This progress is crucial for addressing the significant unmet medical needs of patients with Dravet syndrome and may herald a new era in the treatment of severe genetic disorders. 10. Foundation Medicine Partners with Sumitomo Pharma America to Advance Innovative Treatments for Acute Leukemia On February 18, 2025, Foundation Medicine, a genomics company dedicated to transforming cancer care, announced a collaboration with Sumitomo Pharma America (SMPA) to develop FoundationOne® Heme as a companion diagnostic tool to identify acute leukemia patients with KMT2A rearrangements or NPM1 mutations. These patients may be eligible for treatment with SMPA’s investigational menin inhibitor, enzomenib (DSP-5336). The collaboration aims to leverage advanced comprehensive genomic analysis to develop novel targeted therapies for hematologic malignancies. Acute leukemia is a condition requiring urgent intervention due to its rapid proliferation of blood cells, leading to the swift onset of symptoms. Approximately 30% of acute myeloid leukemia (AML) patients carry NPM1 mutations, while 5–10% of AML patients present with KMT2A (MLL) rearrangements. Menin inhibitors are gaining focus as a targeted therapeutic option for these specific genetic alterations. Menin plays a critical role in regulating hematopoiesis through its interaction with the KMT2A gene. The mechanism of action of menin inhibitors involves disrupting this protein-protein interaction, thereby inhibiting the proliferation of leukemia cells. Enzomenib (DSP-5336), developed by Sumitomo Pharma, is a menin inhibitor designed to treat patients with KMT2A rearrangements or NPM1 mutations in acute leukemia. The drug works by interrupting the interaction between menin and KMT2A, aiming to inhibit the growth of leukemia cells. Preclinical studies have shown promising results for this therapeutic approach in patients with the aforementioned genetic variants. This partnership is expected to drive the development of enzomenib and accelerate its clinical application. The FoundationOne® Heme platform combines DNA sequencing with RNA sequencing technologies, enabling the detection of all types of genomic alterations, including base substitutions, insertions and deletions, copy number variations, and gene fusions. This platform provides physicians with testing options for both blood and tissue samples, helping tailor personalized treatment plans based on a patient's specific genomic alterations. Read the Rest of the Series Highlights of February 2025: Biopharmaceutical Clinical-Stage Drug Investment, Financing, and Collaboration Deals (2) How to get the latest progress on drug deals? If you would like to access the latest transaction event information, you can click on the 'Deal' module from the homepage of the Synapse database. Within the Deal module, you can search for global pharmaceutical transaction information using labels such as Drugs, Organization, Target, Drug Type, Deal Date.  Furthermore, you can obtain the original link to the transaction coverage by clicking on the "Deal Name." In the analysis view, you can see the most active assignors, assignees, popular targets, and other dimensions of analysis, as well as the distribution of research and development statuses at the time of the transaction, to help you better understand the search results. The Synapse database also supports the ability to view current transactions from the dimension of "drugs" (by selecting "drugs" from the "Adjust Dimension" dropdown menu above). Targeting transactions involving renowned pharmaceutical companies that are of interest to the industry, such as Merck, Roche, etc., Synapse has identified a group of "leading companies" through drugs that have achieved global sales exceeding 1 billion US dollars in 2022. Transactions involving drugs from these leading companies can be filtered by clicking on the "Leading Company" tag on the left-hand side. In addition to the drug transaction module, you can also view related transaction history on the drug detail page and the institution detail page. Click on the image below to explore new pharmaceutical funding transactions!