Moderna's ESMO data disappoints as Amgen's lung cancer drug wins praise

what happened

According to Barron's, Moderna and Merck expected a strong showing at Europe's leading oncology conference, but another drugmaker drew the most attention. Data on the vaccine intismeran autogene were solid, yet they fell short of the high expectations built up after Moderna's sharp share rally over the summer. Citi analyst Geoff Meacham said the audience response was lukewarm and that the results support approval but leave the drug's positioning unresolved.

Amgen presented trial data for Imdelltra combined with AstraZeneca's Imfinzi in extensive-stage small-cell lung cancer. Amgen said the combination reduced the risk of death by 58%. Jefferies analyst Akash Tewari called the data excellent. Amgen shares rose 1.7% on Monday, while Moderna fell 0.9%, extending losses to a third straight session. Merck stock dropped by a similar amount.

why it matters

For markets, expectations matter as much as clinical results. Moderna's strong rally before the congress made the disappointment sharper, while Amgen gained from the limited competition in this setting. Investors also note that Amgen's valuation depends on more than this single asset, including its weight-loss candidate MariTide.

market impact

Moderna and Merck: ESMO disappointment weighs on shares; Amgen: strong data supports the stock

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