The world's most sophisticated drug companies are putting billions into vaccines — despite the political environment

Impact · against what's priced in

The report of positive cancer vaccine data is not a catalyst for Moderna or Merck as the market has already baked in the success of the melanoma trial. The news merely reinforces existing bullish assumptions without providing the commercial scale or expanded indications required to move the needle.

MRK+0.10

Already priced in

The price assumes

mRNA cancer vaccine (Intismeran) with Keytruda in melanoma and broader cancers