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CLAIM #43610 · Merck & Company Inc (MRK) · 2025Q3 earnings call · Oct 30, 2025 · due Jun 30, 2026

I believe that we will be putting out a top line once we know it as well.

Dean Li · President of Research Labs

PENDING
graded after results covering Jun 30, 2026 are reported

In context

question comes from Umer Raffat with Evercore. Umer Raffat: I was wondering if I should ask about Organon situation, but I realize it's multiple years removed, stand-alone company. So maybe there's not a whole lot you could say anyways. So let me focus instead on CADENCE trial instead. And Dean, my question is, it finished late September. You're indicating first half '26. It sounds to me like that's a little longer than I would have expected to get the readout out there on 150-patient trial. So could you just catch us up on your thought process there? Dean Li: Yes. So just as everyone knows, we have ZENITH, HYPERION earlier in disease, those data have come through. We have a primary completion date of CADENCE this year, and we said that we would be presenting it to the data in a meeting. I believe that we will be putting out a top line once we know it as well. So when we talked about the first half of -- or the first quarter or first half of 2026, we were talking about the full data at a medical meeting. We are eager to see that result because that result will suggest to us how much we can use WINREVAIR outside of the patient population that's formally PAH. And so we're eager to see those results as well. Operator: Our next question comes from Courtney Breen with Bernstein. Courtney Breen: Just coming back to some of the White House price policy pressures and comments you've made already. I wanted to ask this in a slightly different way. If we look at kind of Merck's ratio of revenue today, it's about 50-50 inside the U.S. versus outside the U.S. How different do you expect that to be in 5 years' time? And how much of that could be attributed t

Verify independently

SEC filings for MRK · Claim quote is verbatim from the 2025Q3 earnings call.