{"schema_version":"1.0","type":"article","title":"默沙東還能再造一個腫瘤帝國嗎？","url":"https://drugnews.com.tw/articles/2026-04-02-dcard-261221419.html","markdown_url":"https://drugnews.com.tw/articles/2026-04-02-dcard-261221419.md","lang":"zh-Hant","date":"2026-04-02","publish_at":"2026-04-02T10:30:00+08:00","updated_at":"2026-04-02","category":"商業分析系列","topic":"商業分析系列","tags":["商業分析系列","免費文章","生技投資","製藥巨頭"],"summary":"2026 年才過了不到三個月，默沙東已經用兩個動作，把自己對「後 Keytruda 時代」的答案講得愈來愈清楚。","key_points":[],"facts":[],"sections":["67 億美元買下 Terns，默沙東真正要買的，是 Keytruda 之後的時間","壓力其實早就擺在財報上","Keytruda 不再只是主角，而是整個新體系的底座","mRNA 癌症疫苗，也被拉進 Keytruda 體系","T-cell engager 也被正式納入新帝國拼圖","ADC 不是補充，而是默沙東真正重押的下一代主戰場","真正值得看的，不只是量，而是質","真正讓市場不安的，是第二成長引擎還沒有完全成形","Keytruda 之後，第二個足以撐起估值想像的大型成長引擎，到底在哪裡？","為什麼是 TERN-701？","默沙東真正買的，不只是分子，而是一條可商業化的血液腫瘤賽道","這場賽道，也不是只有默沙東和諾華在跑","結語：默沙東真正要買的，是 Keytruda 之後的時間"],"references":[{"title":"[0]:各公司官網＆ 公開資料","source":"","date":"","url":""},{"title":"[1]:","source":"","date":"","url":""},{"title":"KEYTRUDA® (pembrolizumab) Plus Padcev® (enfortumab vedotin-ejfv) Reduced Risk of Event-Free Survival Events by 47% and Risk of Death by 35% for Cisplatin-Eligible Patients with Muscle-Invasive Bladder Cancer When Given Before and After Surgery - Merck.com","source":"","date":"","url":""},{"title":"First and only immunotherapy plus antibody-drug conjugate regimen, used perioperatively, to significantly extend survival for these patients KEYNOTE-B15 is the sixth study demonstrating overall survival with a KEYTRUDA-based regimen in an earlier-stage ca","source":"","date":"","url":""},{"title":"www.merck.com","source":"","date":"","url":""},{"title":"[2]:","source":"","date":"","url":""},{"title":"Merck & Co., Inc., Rahway, N.J., USA Announces Fourth-Quarter and Full-Year 2025 Financial Results; Highlights Progress Advancing Broad, Diverse Pipeline - Merck.com","source":"","date":"","url":""},{"title":"Reports Strength in Oncology and Animal Health, Plus Increasing Contributions From WINREVAIR and CAPVAXIVE Fourth-Quarter Worldwide Sales Were $16.4 Billion (5% Growth; 4% Growth ex-FX) Fourth-Quarter GAAP EPS Was $1.19; Non-GAAP EPS Was $2.04; GAAP and N","source":"","date":"","url":""},{"title":"www.merck.com","source":"","date":"","url":""},{"title":"\"Merck & Co., Inc., Rahway, N.J., USA Announces Fourth-Quarter and Full-Year 2025 Financial Results; Highlights Progress Advancing Broad, Diverse Pipeline - Merck.com\"","source":"","date":"","url":""},{"title":"[3]:","source":"","date":"","url":""},{"title":"Moderna & Merck Announce 5-Year Data for Intismeran Autogene in Combination With KEYTRUDA® (pembrolizumab) Demonstrated Sustained Improvement in the Primary Endpoint of Recurrence-Free Survival in Patients With High-Risk Stage III/IV Melanoma Following Co","source":"","date":"","url":""},{"title":"At a median five-year pre-planned follow-up of the Phase 2b KEYNOTE-942/mRNA-4157-P201 study, intismeran autogene in combination with KEYTRUDA reduced the risk of recurrence or death by 49% (HR=0.510; [95% CI, 0.294–0.887]) compared to KEYTRUDA alone   Th","source":"","date":"","url":""},{"title":"www.merck.com","source":"","date":"","url":""},{"title":"\"Moderna & Merck Announce 5-Year Data for Intismeran Autogene in Combination With KEYTRUDA® (pembrolizumab) Demonstrated Sustained Improvement in the Primary Endpoint of Recurrence-Free Survival in Patients With High-Risk Stage III/IV Melanoma Following Complete Resection - Merck.com\"","source":"","date":"","url":""},{"title":"[4]:","source":"","date":"","url":""},{"title":"Merck Completes Acquisition of Harpoon Therapeutics, Inc. - Merck.com","source":"","date":"","url":""},{"title":"Acquisition broadens oncology pipeline with a portfolio of novel T-cell engagers including HPN328 (MK-6070), an investigational delta-like ligand 3 (DLL3) targeting T-cell engager Merck (NYSE: MRK), known as MSD outside of the United States and Canada, to","source":"","date":"","url":""},{"title":"www.merck.com","source":"","date":"","url":""},{"title":"\"Merck Completes Acquisition of Harpoon Therapeutics, Inc. - Merck.com\"","source":"","date":"","url":""},{"title":"[5]:","source":"","date":"","url":""},{"title":"Kelun-Biotech's TROP2 ADC Sacituzumab tirumotecan (sac-TMT) Approved For Marketing By NMPA Of China For 2L+ Advanced or Metastatic TNBC","source":"","date":"","url":""},{"title":"/PRNewswire/ -- Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. (the \"Company\") announced that the Company received marketing authorization in China from...","source":"","date":"","url":""},{"title":"www.prnewswire.com","source":"","date":"","url":""}],"images":[{"alt":"Dcard 原圖：默沙東還能再造一個腫瘤帝國嗎？（圖 1）","url":"https://drugnews.com.tw/assets/articles/dcard-261221419/dcard-01.webp"},{"alt":"Dcard 原圖：默沙東還能再造一個腫瘤帝國嗎？（圖 2）","url":"https://drugnews.com.tw/assets/articles/dcard-261221419/dcard-02.webp"},{"alt":"Dcard 原圖：默沙東還能再造一個腫瘤帝國嗎？（圖 3）","url":"https://drugnews.com.tw/assets/articles/dcard-261221419/dcard-03.png"}],"cover_image":"https://drugnews.com.tw/assets/articles/dcard-261221419/dcard-01.webp","publisher":{"name":"Drugnews｜藥時事","url":"https://drugnews.com.tw/","profile":"https://drugnews.com.tw/brand-profile.json"},"citation":"Drugnews｜藥時事（2026-04-02）。默沙東還能再造一個腫瘤帝國嗎？。https://drugnews.com.tw/articles/2026-04-02-dcard-261221419.html","disclaimer":"本文僅供產業研究與知識分享，不構成投資、醫療、募資或個股建議。","translations":{"en":"2026-04-02-dcard-261221419-en.html"},"relationship":"independent_editorial","disclosure_url":"https://drugnews.com.tw/policy/"}