Report published September 24, 2026
Merck & Co.: Ophthalmology Topline Mixed; Details to Come – Goldman Sachs Research
Goldman Sachs · September 24, 2026
Merck released mixed Phase 2b/3 BRUNELLO topline results for remigromig in diabetic macular edema, achieving primary non-inferiority efficacy versus Lucentis but showing increased adverse events. Goldman Sachs reiterates a Buy rating and $160 price target, expecting limited market impact ahead of the ESMO congress.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Merck reported mixed Phase 2b/3 BRUNELLO results for remigromig in diabetic macular edema; both doses achieved BCVA non-inferiority to Lucentis at Week 52, but higher rates of PDR, vitreous hemorrhage, and adverse event discontinuations introduced unexpected safety questions.
- 2.Goldman Sachs expects a muted stock reaction because remigromig is not individually modeled and investors remain primarily focused on the upcoming ESMO conference (Oct 23-27), featuring data for the Moderna-partnered personalized cancer vaccine intismeran.
- 3.Goldman Sachs maintains a Buy rating on Merck with a 12-month price target of $160, implying an 8.0% upside, based on a 16x P/E multiple applied to Q5-Q8 adjusted EPS.
Table of Contents
- Valuation and Risks
Report data
GS Forecast — as of September 23, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12m Price Target | 160.0 USD | Price target for Merck & Co. (MRK) |
| Closing Price | 148.08 USD | Closing share price of MRK as of 23 Sep 2026 close |
| Upside Potential | 8.0% | Implied upside to $160 price target from $148.08 share price |
| Market Capitalization | 365.2 USD billion | Market capitalization of MRK |
| Enterprise Value | 409.9 USD billion | Enterprise value of MRK |
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