Street View: Merck eye disease drug matches Roche's therapy in study, analysts cautious
MRK•Merck said experimental drug remigromig met its non-inferiority goal against Roche's Lucentis in a mid-to-late-stage diabetic macular edema trial, with patients gaining 8.7 to 9.1 vision-test letters after one year versus 11.8 with Lucentis. Analysts questioned its differentiation, and Jefferies cut its risk-adjusted sales estimate to about $300 million from $750 million.
1. Trial results
Merck said remigromig matched Lucentis in improving vision in a mid-to-late-stage trial involving patients with diabetic macular edema. After one year, patients receiving remigromig gained 8.7 to 9.1 letters on a standard vision test, compared with 11.8 letters for Lucentis, meeting the study's non-inferiority goal.
2. Analyst views
Jefferies said the data were less impressive than the topline results, citing numerically weaker vision gains, lack of subgroup data for previously treated patients and higher treatment discontinuations. BMO Capital Markets said the results validated efficacy but fell short of showing meaningful differentiation; Barclays said an advantage in patients who do not respond adequately to anti-VEGF therapy or when used alongside those treatments had not been shown.
3. Sales estimate cut
Jefferies said remigromig helps diversify Merck's pipeline but is not a clear product win, and reduced its risk-adjusted sales estimate for the drug to about $300 million from $750 million.
