Merck's Keytruda patent cliff in 2028 looms larger as oncology pipeline replacements underwhelm in trials. The subcutaneous Keytruda formulation provides only partial defense. Animal Health and Gardasil HPV vaccine face China demand softness. Recent M&A has not produced the diversification needed to absorb the eventual Keytruda step-down.
Signals scoped to US · Company-specific tagging coming soon.