New York, Feb 12, 2026, 16:23 EST — After-hours
- Merck dipped 0.03% to finish at $119.28, pulling back from an earlier high of $121.62.
- The FDA has signed off on Keytruda and the Keytruda Qlex combo for some patients with PD-L1 positive, platinum-resistant ovarian cancer.
- Company teases fresh bladder and kidney cancer results just before ASCO GU, set for Feb. 26-28.
Merck & Co finished almost flat on Thursday, wiping out earlier gains, after the FDA signed off on a Keytruda combo for certain patients with platinum-resistant ovarian cancer—a form that recurs within six months after platinum chemo. Shares slipped 0.03% to $119.28, swinging between $118.18 and $121.62 over the session. (U.S. Food and Drug Administration)
The FDA’s move arrives just as investors watch Merck’s oncology line for any label expansions that could give its top drugs a wider market. Merck, for its part, is bringing new data to the table this week, stirring another burst of conference-fueled trading.
Approval hinges on PD‑L1, a tumor marker doctors rely on to select candidates for certain immunotherapies. The label also connects eligibility to a Combined Positive Score, or CPS, which measures PD‑L1 staining and can further limit which patients get access.
Merck reported its Keytruda and Keytruda Qlex, in combination with paclitaxel chemo, with or without bevacizumab, showed a 28% reduction in risk of disease progression or death during a Phase 3 trial. The risk of death alone dropped by 24%. Progression-free survival measures the stretch before a cancer worsens; overall survival looks at deaths from all causes. “Recurrence is not just a setback — it’s when options can become limited,” said Dr. Bradley Monk, gynecologic oncologist at Florida Cancer Specialists and Research Institute. Merck’s Dr. Gursel Aktan described the FDA clearance as “an important moment” for the ovarian cancer community. (Merck)
Separately on Thursday, Merck pointed to fresh bladder and kidney cancer data it plans to unveil at the ASCO GU Cancers Symposium, set for Feb. 26-28. The company highlighted late-breaking KEYNOTE‑B15 results showing that Keytruda, used in combination with Padcev—an antibody-drug conjugate—led to improvements in event‑free survival, overall survival, and pathologic complete response rates. That last measure indicates no cancer detected in tissue removed during surgery. “We’re excited to share new results … for more patients with certain types of bladder and kidney cancers,” said Dr. Marjorie Green, Merck Research Laboratories’ senior VP and global oncology clinical development head. (Merck)
Merck closed flat, snapping a strong stretch on Wednesday that saw shares climb 1.84% to $119.31—beating out Johnson & Johnson and Pfizer for the session, according to MarketWatch data. (MarketWatch)
Chief Marketing Officer Chirfi Guindo unloaded 10,000 Merck shares on Feb. 12, according to a filing, getting a weighted average price of $121.4562 each. After the sale, Guindo’s direct holdings stood at around 60,615 shares. (SEC)
But commercial prospects look messy here. The label calls for PD‑L1 testing, and the regimen adds immunotherapy to chemotherapy, raising the risk of added side effects that could curb uptake. These ASCO GU results are still just meeting-stage numbers — more context could shift sentiment in either direction.
Merck is set to report earnings on April 30, but first, traders are watching the ASCO GU meeting, running February 26-28, for any updates on KEYNOTE‑B15 and the rest of the lineup. (Merck)
