Report published September 30, 2026
Merck & Co. (MRK): Encouraging Tulisokibart HS Data Another Incremental De-risking – Goldman Sachs Equity Research
Goldman Sachs · September 30, 2026
Goldman Sachs reiterates its Buy rating and $160 price target on Merck following encouraging Phase 2b data for tulisokibart in hidradenitis suppurativa at EADV 2026. The therapy exhibited strong placebo-adjusted efficacy (37% HiSCR50) and clean tolerability, de-risking Merck's post-Keytruda pipeline.
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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 presented detailed Phase 2b data for tulisokibart in hidradenitis suppurativa (HS), demonstrating 37% HiSCR50 and 27% HiSCR75 placebo-adjusted efficacy at 16 weeks on the high dose.
- 2.Tulisokibart's efficacy profile appears competitive with Bimzelx Phase 2 data and potentially favorable against approved Phase 3 agents, alongside a clean tolerability profile comparable to placebo.
- 3.Merck plans to advance tulisokibart monotherapy into Phase 3 for HS while exploring combinations; Goldman Sachs models $3.5bn in risk-adjusted peak sales across indications.
Table of Contents
- Valuation and Risks
Report data
Exhibit 2: Tolerability Profile - Kimball MK-7240 HS EADV 2026 Comparable Safety Profile Observed Between Tulisokibart and Placebo Groups — as of September 29, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Placebo-adjusted HiSCR50 at Week 16 (High Dose) | 37% | HiSCR50 endpoint for tulisokibart high dose (480 mg Q2W) in Phase 2b HS study |
| Placebo-adjusted HiSCR75 at Week 16 (High Dose) | 27% | HiSCR75 endpoint for tulisokibart high dose in Phase 2b HS study |
| Risk-adjusted Peak Sales for Tulisokibart | 3.5 USD Billion | Goldman Sachs model across all indications vs. Visible Alpha Consensus at $3.4bn |
| 12-month Price Target | 160.00 USD | Price target based on 16x P/E multiple on Q5-Q8 adjusted EPS |
| Closing Share Price | 149.28 USD | MRK closing price as of 29 Sep 2026 |
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