Littelfuse Appoints Anne-Marie D’Angelo as Chief Legal Officer and Corporate Secretary

Littelfuse Appoints Anne-Marie D’Angelo as Chief Legal Officer and Corporate Secretary

CHICAGO–(BUSINESS WIRE)–Littelfuse, Inc. (NASDAQ: LFUS), a leader in developing smart solutions that enable safe and efficient electrical energy transfer, today announced that Anne‑Marie D’Angelo will join the company as Chief Legal Officer and Corporate Secretary, effective May 1, 2026.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260421867892/en/

Anne-Marie D’Angelo, Littelfuse Chief Legal Officer and Corporate Secretary

Anne-Marie D’Angelo, Littelfuse Chief Legal Officer and Corporate Secretary

Greg Henderson, President and Chief Executive Officer, commented, “We are pleased to welcome Anne‑Marie to the Littelfuse executive leadership team. She is a proven leader with an exceptional track record of navigating complex global legal and regulatory landscapes. Her deep expertise in corporate governance, M&A, and strategic planning will be invaluable as we continue to drive growth and deliver long-term value for our shareholders.”

Ms. D’Angelo brings over two decades of legal and executive experience across diverse, highly regulated industries. Most recently, she served as Executive Vice President and General Counsel at Hilton Worldwide Holdings, Inc., where she led a global team of legal and compliance professionals and served as a trusted advisor to the Board of Directors.

Prior to Hilton, Ms. D’Angelo held senior leadership roles including Chief Legal and Government Affairs Officer at Molson Coors Beverage Company and Executive Vice President and General Counsel at NiSource. She also served as General Counsel and Corporate Secretary for Global Brass and Copper Holdings, Inc., and spent over a decade in various legal leadership positions at McDonald’s Corporation.

D’Angelo holds a Juris Doctor from the University of Notre Dame Law School and a Bachelor of Arts from the College of the Holy Cross.

About Littelfuse

Littelfuse, Inc. (NASDAQ: LFUS) is a diversified, industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 20 countries, and with approximately 17,000 global associates, we partner with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, our products are found in a variety of industrial, transportation, and electronics end markets–everywhere, every day. Learn more at Littelfuse.com.

LFUS-F

David Kelley

224-727-2535

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Hardware Manufacturing Other Manufacturing Electronic Design Automation Technology

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Anne-Marie D’Angelo, Littelfuse Chief Legal Officer and Corporate Secretary
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Mueller Industries, Inc. Reports First Quarter 2026 Earnings

Mueller Industries, Inc. Reports First Quarter 2026 Earnings

COLLIERVILLE, Tenn.–(BUSINESS WIRE)–
Mueller Industries, Inc. (NYSE: MLI) announces results for the first quarter of 2026. Comparisons are to the first quarter of 2025.

  • Net Sales increased to $1.19 billion versus $1.00 billion.

  • Net Income increased to $239.0 million versus $157.4 million.

  • Operating Income increased to $312.2 million versus $206.3 million.

  • Diluted EPS increased to $2.16 versus $1.39.

  • Dividends per share increased to $.35 versus $.25.

First Quarter Financial and Operating Highlights:

  • COMEX copper averaged $5.80 per pound during the quarter, a 26.8 percent increase.

  • Improved sales in our industrial, electrical, commercial and mechanical markets, combined with higher selling prices stemming from the rise in raw material costs, contributed to the overall increase in net sales.

  • Our reported operating income includes a gain of $41.4 million on the sale of our Sherwood Valve business. The prior year period included a gain of $14.5 million on the sale of assets. Adjusting for these gains, our operating income increased 41 percent.

  • Net cash generated from operations was $79.7 million. We utilized $75.0 million during the quarter to repurchase 650,000 shares of our common stock.

  • Our cash balance at quarter end was $1.38 billion, with no debt, and our current ratio remains strong at 5.4 to 1.

Regarding the results, Greg Christopher, Mueller’s CEO said, “Solid operational execution, including effective raw material and price management and prudent cost controls, along with our diverse end market portfolio, all contributed to the best first quarter earnings in our Company’s history. In addition, our continued strong cash generation supported components of our overall capital allocation strategy, including the stock buyback and a 40 percent increase in our quarterly dividend, our sixth consecutive annual double-digit increase.

We also were excited to complete the acquisition of Bison Metals Technologies on March 30th, and to welcome Bison’s experienced and talented leadership team. The acquisition will immediately provide important synergies that will benefit our entire North American copper tube products platform and enable us to increase our collective copper tube manufacturing capacities. Out of the gate, the integration has been seamless and successful.”

Regarding the outlook he added, “Business conditions and our outlook remain consistent with those described in our recently published annual report. Shifts in patterns of construction and market effects from tariffs have strengthened demand for higher margin products, and as we adjust to the changes in mix, we expect our production and shipments to further improve. We also look forward to an improvement in economic conditions abroad, and particularly, an improvement in the residential and commercial construction markets in the U.S. Once those markets recover, we are exceedingly well positioned to benefit.”

Mueller Industries, Inc. (NYSE: MLI) is an industrial corporation whose holdings manufacture vital goods for important markets such as air, water, oil and gas distribution; climate comfort; food preservation; electrical transmission; medical; aerospace; and automotive. It includes a network of companies and brands throughout North America, Europe, Asia, and the Middle East.

Statements in this release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties. These include economic and currency conditions, continued availability of raw materials and energy, market demand, pricing, competitive and technological factors, and the availability of financing, among others, as set forth in the Company’s SEC filings. The words “outlook,” “estimate,” “project,” “intend,” “expect,” “believe,” “target,” “encourage,” “anticipate,” “appear,” and similar expressions are intended to identify forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date of this report. The Company has no obligation to publicly update or revise any forward-looking statements to reflect events after the date of this report.

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

For the Quarter Ended

(In thousands, except per share data)

 

March 28,

2026

 

March 29,

2025

 

 

 

 

 

Net sales

 

$

1,193,005

 

 

$

1,000,165

 

 

 

 

 

 

Cost of goods sold

 

 

834,561

 

 

 

728,185

 

Depreciation and amortization

 

 

16,652

 

 

 

17,123

 

Selling, general, and administrative expense

 

 

66,785

 

 

 

63,060

 

Loss (gain) on disposal of assets, net

 

 

1,533

 

 

 

(14,465

)

Gain on sale of business

 

 

(41,407

)

 

 

 

Asset impairments

 

 

2,653

 

 

 

 

 

 

 

 

 

Operating income

 

 

312,228

 

 

 

206,262

 

 

 

 

 

 

Interest expense

 

 

 

 

 

(25

)

Interest income

 

 

11,870

 

 

 

9,901

 

Unrealized losses on short-term investments

 

 

(2,037

)

 

 

(5,010

)

Other (expense) income, net

 

 

(1,232

)

 

 

92

 

 

 

 

 

 

Income before income taxes

 

 

320,829

 

 

 

211,220

 

 

 

 

 

 

Income tax expense

 

 

(79,555

)

 

 

(51,475

)

Income (loss) from unconsolidated affiliates, net of foreign tax

 

 

115

 

 

 

(458

)

 

 

 

 

 

Consolidated net income

 

 

241,389

 

 

 

159,287

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

(2,371

)

 

 

(1,855

)

 

 

 

 

 

Net income attributable to Mueller Industries, Inc.

 

$

239,018

 

 

$

157,432

 

 

 

 

 

 

Weighted average shares for basic earnings per share

 

 

109,094

 

 

 

110,739

 

Effect of dilutive stock-based awards

 

 

1,815

 

 

 

2,333

 

 

 

 

 

 

Adjusted weighted average shares for diluted earnings per share

 

 

110,909

 

 

 

113,072

 

 

 

 

 

 

Basic earnings per share

 

$

2.19

 

 

$

1.42

 

 

 

 

 

 

Diluted earnings per share

 

$

2.16

 

 

$

1.39

 

 

 

 

 

 

Dividends per share

 

$

0.35

 

 

$

0.25

 

 

 

 

 

 

 

 

 

 

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME, CONTINUED

(Unaudited)

 

 

 

 

 

 

 

For the Quarter Ended

(In thousands)

 

March 28,

2026

 

March 29,

2025

 

 

 

 

 

Summary Segment Data:

 

 

 

 

 

 

 

 

 

Net sales:

 

 

 

 

Piping Systems Segment

 

$

760,528

 

 

$

639,683

 

Industrial Metals Segment

 

 

321,277

 

 

 

251,913

 

Climate Segment

 

 

123,765

 

 

 

123,107

 

Elimination of intersegment sales

 

 

(12,565

)

 

 

(14,538

)

 

 

 

 

 

Net sales

 

$

1,193,005

 

 

$

1,000,165

 

 

 

 

 

 

Operating income:

 

 

 

 

Piping Systems Segment

 

$

217,010

 

 

$

158,164

 

Industrial Metals Segment

 

 

44,271

 

 

 

30,084

 

Climate Segment

 

 

33,379

 

 

 

35,624

 

Unallocated income (expenses)

 

 

17,568

 

 

 

(17,610

)

 

 

 

 

 

Operating income

 

$

312,228

 

 

$

206,262

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

(Unaudited)

 

 

(In thousands)

 

March 28,

2026

 

December 27,

2025

ASSETS

 

 

 

 

Cash and cash equivalents

 

$

1,382,345

 

$

1,367,003

Short-term investments

 

 

20,696

 

 

22,733

Accounts receivable, net

 

 

670,511

 

 

475,566

Inventories

 

 

545,451

 

 

510,463

Other current assets

 

 

53,037

 

 

69,980

 

 

 

 

 

Total current assets

 

 

2,672,040

 

 

2,445,745

 

 

 

 

 

Property, plant, and equipment, net

 

 

530,300

 

 

536,466

Operating lease right-of-use assets

 

 

22,868

 

 

27,211

Other assets

 

 

717,155

 

 

723,607

 

 

 

 

 

Total assets

 

$

3,942,363

 

$

3,733,029

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Accounts payable

 

$

243,539

 

$

180,577

Current portion of operating lease liabilities

 

 

7,907

 

 

8,520

Other current liabilities

 

 

247,835

 

 

224,037

 

 

 

 

 

Total current liabilities

 

 

499,281

 

 

413,134

 

 

 

 

 

Pension and postretirement liabilities

 

 

8,373

 

 

8,393

Environmental reserves

 

 

15,501

 

 

15,684

Deferred income taxes

 

 

32,499

 

 

31,640

Noncurrent operating lease liabilities

 

 

14,917

 

 

18,970

Other noncurrent liabilities

 

 

10,960

 

 

9,302

 

 

 

 

 

Total liabilities

 

 

581,531

 

 

497,123

 

 

 

 

 

Total Mueller Industries, Inc. stockholders’ equity

 

 

3,334,451

 

 

3,209,966

Noncontrolling interests

 

 

26,381

 

 

25,940

 

 

 

 

 

Total equity

 

 

3,360,832

 

 

3,235,906

 

 

 

 

 

Total liabilities and equity

 

$

3,942,363

 

$

3,733,029

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the Quarter Ended

(In thousands)

 

March 28,

2026

 

March 29,

2025

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

Consolidated net income

 

$

241,389

 

 

$

159,287

 

Reconciliation of consolidated net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

16,652

 

 

 

17,123

 

Stock-based compensation expense

 

 

7,332

 

 

 

6,150

 

Provision for credit losses

 

 

861

 

 

 

99

 

(Income) loss from unconsolidated affiliates

 

 

(115

)

 

 

458

 

Dividends from unconsolidated affiliates

 

 

1,724

 

 

 

2,812

 

Loss (gain) on disposals of assets, net

 

 

1,533

 

 

 

(14,465

)

Gain on sale of business

 

 

(41,407

)

 

 

 

Unrealized losses on short-term investments

 

 

2,037

 

 

 

5,010

 

Impairment charges

 

 

2,653

 

 

 

 

Deferred income tax expense

 

 

2,036

 

 

 

1,651

 

Changes in assets and liabilities, net of effects of business sold:

 

 

 

 

Receivables

 

 

(200,192

)

 

 

(101,524

)

Inventories

 

 

(43,936

)

 

 

(18,542

)

Other assets

 

 

(612

)

 

 

410

 

Current liabilities

 

 

88,912

 

 

 

57,702

 

Other liabilities

 

 

1,509

 

 

 

(2,598

)

Other, net

 

 

(635

)

 

 

(14

)

 

 

 

 

 

Net cash provided by operating activities

 

$

79,741

 

 

$

113,559

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Capital expenditures

 

$

(17,236

)

 

$

(16,592

)

Proceeds from sale of business, net of cash sold

 

 

57,004

 

 

 

 

Purchase of short-term investments

 

 

 

 

 

(26,633

)

Purchase of long-term investments

 

 

(834

)

 

 

(552

)

Proceeds from sales of assets

 

 

5

 

 

 

19,737

 

Other

 

 

 

 

 

600

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

$

38,939

 

 

$

(23,440

)

 

 

 

 

 

 

 

 

 

 

MUELLER INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

For the Quarter Ended

(In thousands)

 

March 28,

2026

 

March 29,

2025

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Dividends paid to stockholders of Mueller Industries, Inc.

 

$

(38,043

)

 

$

(27,262

)

Repurchase of common stock

 

 

(74,981

)

 

 

(243,615

)

Repayments of debt

 

 

 

 

 

(56

)

Net cash used to settle stock-based awards

 

 

(535

)

 

 

(4,494

)

Dividends paid to noncontrolling interests

 

 

(4,766

)

 

 

(12,240

)

Other

 

 

3,100

 

 

 

 

 

 

 

 

 

Net cash used in financing activities

 

$

(115,225

)

 

$

(287,667

)

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

(1,810

)

 

 

392

 

 

 

 

 

 

Increase (decrease) in cash, cash equivalents, and restricted cash

 

 

1,645

 

 

 

(197,156

)

Cash, cash equivalents, and restricted cash at the beginning of the period

 

 

1,385,157

 

 

 

1,038,895

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash at the end of the period

 

$

1,386,802

 

 

$

841,739

 

 

Jeffrey A. Martin

(901) 753-3226

KEYWORDS: Tennessee United States North America

INDUSTRY KEYWORDS: Chemicals/Plastics Oil/Gas Manufacturing Energy Other Manufacturing Steel

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Bowman to Attend May Investor Conferences

RESTON, Va., April 21, 2026 (GLOBE NEWSWIRE) — Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, announced it will participate in two investor conferences in May:

  • BofA Securities Industrials, Transportation & Airlines Key Leaders Conference, held May 12-14 in New York, NY
  • B. Riley Securities 26th Annual Institutional Investor Conference, held May 20-21 in Marina Del Rey, CA



About Bowman Consulting Group Ltd.


Headquartered in Reston, Virginia, Bowman is a national engineering services firm delivering infrastructure, technology and project management solutions to customers who own, develop and maintain the built environment. With over 2,500 employees in more than 100 locations throughout the United States, Bowman provides extensive planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.

Investor Relations Contact:

Betsy Patterson
[email protected]



Magnachip Launches 8th-generation Ultra Low-Rss(on) 12V BatteryFET Designed for Smartphone Battery Power Efficiency

Magnachip Launches 8th-generation Ultra Low-Rss(on) 12V BatteryFET Designed for Smartphone Battery Power Efficiency

  • RSS(on) Typ. below 1mΩ — delivering ultra-low on-resistance for battery protection circuits (PCMs)

  • 48% reduction in specific on-resistance (Rsp) and 185% improvement in current density compared to the previous generation

  • Designed to meet next-generation smartphone requirements for ultra-fast charging and high-efficiency battery protection

 

SEOUL, South Korea–(BUSINESS WIRE)–
Magnachip Semiconductor Corporation (NYSE: MX, “Magnachip”) today announced the launch of two new 8th-generation Ultra Low-Ron 12V low-voltage (LV) MOSFETs designed for high-performance smartphone battery protection circuits (PCMs). These new products target next-generation smartphones, where ultra-fast charging and energy efficiency are increasingly critical, and represent an expansion of Magnachip’s product lineup, strengthening its competitiveness in the mobile battery protection FET market. One of them is in mass production and is currently being supplied to a major global smartphone manufacturer, having demonstrated proven performance and reliability.

As smartphones incorporate advanced AI functionalities and increasingly high-performance applications, computational loads are rising, driving the importance of power efficiency and charging performance. As a result, MOSFETs used in battery protection circuits (PCMs) are required to deliver low on-resistance, high current density, and efficient performance within limited board space. In addition, the growing adoption of innovative form factors such as foldable and rollable devices further constrains circuit design space, increasing the importance of enhancing performance within the same footprint while reducing component count.

The new products are designed as main switching devices in smartphone battery protection circuits (PCMs), performing critical functions such as overcharge and over-discharge protection, as well as charge and discharge current control. They offer two key advantages:

First, by significantly reducing on-resistance within the same package size, the products minimize heat generation. For example, the MDWC12D013PERH achieves more than a 50% improvement in on-resistance (Rss(on)) compared to Magnachip’s 7th-generation device of the same size, resulting in a temperature reduction of up to 10°C under identical test conditions. This reduced heat contributes to extended battery life and improved charging stability in smartphones.

Second, enhanced current density and pin-to-pin compatibility enable replacement and integration within existing circuit designs, reducing PCB footprint and the number of FETs required, which helps reduce production costs. This allows manufacturers to utilize the saved space for larger battery capacity or slimmer device designs.

The new products incorporate Magnachip’s 8th-generation technology, utilizing a high-density trench cell structure. They reduce specific on-resistance (Rsp) by approximately 48% and improve current density by approximately 185% compared to the previous generation, achieving RSS(on) Typ. below 1mΩ.

According to Omdia, generative AI has emerged as a key trend in the technology market and is rapidly expanding, driven by the consumer (digital) segment. The market is projected to grow from approximately $7.7 billion in 2022 to $30.4 billion by 2028, with smartphones expected to account for a major share of applications.

In response to these market trends, Magnachip plans to introduce 22V Ultra Low-Ron products within the year, further expanding its LV MOSFET portfolio for high-performance mobile devices.

“Achieving low on-resistance and superior thermal performance within limited space is a key challenge in smartphone battery protection circuit design. Our 8th-generation Ultra Low-Ron 12V LV MOSFET is designed to address these requirements, delivering enhanced efficiency and reliability, and is expected to provide highly competitive technical value in this application. Leveraging our expertise in power semiconductor design and manufacturing, Magnachip will continue to enhance its product competitiveness across a wide range of applications, including mobile,” said Hyuk Woo, CTO of Magnachip Semiconductor.

At PCIM Europe 2026 in Nuremberg, Germany (Hall 6, Booth 337), Magnachip will showcase its power semiconductor solutions, including these new products.

Magnachip’s New 8th-generation LV MOSFETs

Product

VSS [V]

RSS(on) [mΩ] @VGS=3.8V

Package (mm)

Max.

Typ.

MDWS12D012PERH

12

1.2

0.9

WLCSP (3.20 x 1.95)

MDWC12D013PERH

12

1.2

0.9

WLCSP (2.98 x 1.49)

Related Links

Power Solutions > MXT MOSFETs > 12V

Related Articles

Magnachip Unveils Its First 8th-Generation MXT LV MOSFET Designed with Super-Short Channel FET II

Magnachip Launches New 24V BatteryFET for Tri-Fold Smartphone Battery Protection

About Magnachip Semiconductor

Magnachip is a designer and manufacturer of analog and mixed-signal power semiconductor platform solutions for various applications, including industrial, automotive, communication, consumer and computing. The Company provides a broad range of standard products to customers worldwide. Magnachip, with about 45 years of operating history, owns a substantial number of registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

Mike Bishop

United States (Investor Relations)

Bishop IR, LLC

Tel. +1-415-891-9633

[email protected]

Kyeongah Cho

Global Marketing Communication

Magnachip Semiconductor

Tel. +82-2-6903-3179

[email protected]

KEYWORDS: Germany Europe South Korea Asia Pacific

INDUSTRY KEYWORDS: Semiconductor Technology Batteries Mobile/Wireless Artificial Intelligence Hardware

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Tractor Supply Company Reports First Quarter 2026 Financial Results; Reaffirms Fiscal Year 2026 Outlook

Tractor Supply Company Reports First Quarter 2026 Financial Results; Reaffirms Fiscal Year 2026 Outlook

BRENTWOOD, Tenn.–(BUSINESS WIRE)–Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States (the “Company”), today reported financial results for its first quarter ended March 28, 2026.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260421543068/en/

  • Net Sales Increased 3.6% to $3.59 Billion

  • Comparable Store Sales Increased 0.5%

  • Diluted Earnings per Share (“EPS”) of $0.31

  • Company Reaffirms Fiscal Year 2026 Outlook, Including Comparable Store Sales Growth of 1% to 3% and Diluted EPS of $2.13 to $2.23

“We delivered solid performance across the majority of our business in the first quarter, supported by our needs-based model and ongoing customer engagement. We continued to gain market share in farm and ranch and had strong double-digit growth in digital sales. Performance was positive across four of our five product categories. While companion animal trailed the Company average, we are taking decisive actions to improve its performance. I want to thank our more than 52,000 Team Members for their ongoing dedication to serving our customers and living our Mission and Values each day,” said Hal Lawton, President and Chief Executive Officer of Tractor Supply.

“We remain confident in our outlook and our ability to drive continued market share gains as our customers remain engaged. The underlying health of Tractor Supply remains strong, supported by a loyal customer base, a differentiated business model and consistent execution.”

First Quarter 2026 Results

Net sales for the first quarter of 2026 increased 3.6% to $3.59 billion from $3.47 billion in the first quarter of 2025. The increase in net sales was driven by robust new store openings and, to a lesser extent, growth in comparable store sales. Comparable store sales increased 0.5% compared to a decrease of 0.9% in the prior year’s first quarter. Comparable average ticket increased 1.6%, partially offset by a comparable average transaction count decrease of 1.0%. The Company delivered strong double-digit growth in digital sales. Four of five product categories delivered positive comparable sales growth in the quarter, complemented by strength in big ticket items. Companion animal performance was below the Company average, reflecting softer demand trends, category shifts and an unfavorable product mix.

Gross profit increased 3.6% to $1.30 billion from $1.26 billion in the prior year’s first quarter, and gross margin was flat with the prior year at 36.2%. The gross margin rate benefited from disciplined product cost management and the continued execution of an everyday low price strategy, offset by higher tariffs and delivery-related transportation costs.

Selling, general and administrative (“SG&A”) expenses, including depreciation and amortization, increased 6.1% to $1.07 billion from $1.01 billion in the prior year’s first quarter. As a percent of net sales, SG&A expenses increased 70 basis points to 29.7% from 29.0% in the first quarter of 2025. The increase in SG&A, as a percent of net sales, was primarily attributable to deleverage of fixed costs given the comparable store sales performance and an accelerated new store opening cadence, partially offset by an ongoing focus on productivity and cost discipline.

Operating income decreased 6.3% to $233.4 million from $249.1 million in the first quarter of 2025.

The effective income tax rate was 23.2% compared to 21.8% in the first quarter of 2025. The effective tax rate for the prior year’s first quarter was impacted by the timing of discrete items.

Net income decreased 8.3% to $164.5 million from $179.4 million in the prior year’s first quarter. Diluted EPS decreased 7.2% to $0.31 compared to $0.34.

The Company repurchased approximately 2.3 million shares of its common stock for $118.0 million and paid quarterly cash dividends totaling $126.4 million, returning a total of $244.4 million of capital to shareholders in the first quarter of 2026.

The Company opened 40 new Tractor Supply stores and closed one Petsense by Tractor Supply store in the first quarter of 2026.

Fiscal Year 2026 Financial Outlook

Based on year-to-date performance and its outlook, Tractor Supply reiterates the following financial guidance for fiscal year 2026, initially provided on January 29, 2026:

 

Outlook

Net Sales

+4% to +6%

Comparable Store Sales

+1% to +3%

Operating Margin Rate

9.3% to 9.6%

Net Income

$1.11 billion to $1.17 billion

Earnings per Diluted Share

$2.13 to $2.23

Conference Call Information

Tractor Supply Company will hold a conference call today, Tuesday, April 21, 2026 at 10 a.m. ET. The call will be webcast live at IR.TractorSupply.com.

Please allow extra time prior to the call to visit the site and download the streaming media software required to access the webcast.

A replay of the webcast will also be available at IR.TractorSupply.com shortly after the call concludes.

About Tractor Supply Company

For more than 85 years, Tractor Supply Company (NASDAQ: TSCO) has been passionate about serving the needs of recreational farmers, ranchers, homeowners, gardeners, pet enthusiasts and all those who enjoy living Life Out Here. Tractor Supply is the largest rural lifestyle retailer in the U.S., ranking 296 on the Fortune 500. The Company’s more than 52,000 Team Members are known for delivering legendary service and helping customers pursue their passions, whether that means being closer to the land, taking care of animals or living a hands-on, DIY lifestyle. In store and online, Tractor Supply provides what customers need – anytime, anywhere, any way they choose at the low prices they deserve.

As part of the Company’s commitment to caring for animals of all kinds, Tractor Supply is proud to include Petsense by Tractor Supply, a pet specialty retailer, and Allivet, a leading online pet and animal pharmacy, in its family of brands. Together, Tractor Supply is able to provide comprehensive solutions for pet care, livestock wellness and rural living, ensuring customers and their animals thrive. From its stores to the customer’s doorstep, Tractor Supply is here to serve and support Life Out Here.

As of March 28, 2026, the Company operated 2,435 Tractor Supply stores in 49 states and 206 Petsense by Tractor Supply stores in 23 states. For more information, visit www.tractorsupply.com and www.Petsense.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, including statements regarding market share gains, value creation, customer trends, new stores and distribution centers, property development plans, return of capital, financial guidance for fiscal 2026, including net sales, comparable store sales, operating margin rates, net income and earnings per diluted share. All forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, are subject to the finalization of the Company’s quarterly financial and accounting procedures, and may be affected by certain risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company’s operations. Forward-looking statements are usually identified by or are associated with such words as “will,” “intend,” “would,” “expect,” “continue,” “believe,” “anticipate,” “optimistic,” “forecasted” and similar terminology. Actual results could vary materially from the expectations reflected in these statements. As with any business, all phases of our operations are subject to facts outside of our control. These factors include, without limitation, the impact of the recent and potential future tariff announcements and the corresponding macroeconomic pressures and those factors discussed in the “Risk Factors” section of the Company’s Annual Reports or Form 10-K and other filings with the Securities and Exchange Commission. Forward-looking statements made by or on behalf of the Company are based on knowledge of its business and the environment in which it operates, but because of the factors listed above, actual results could differ materially from those reflected by any forward-looking statements. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Company’s most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. There can be no assurance that the results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business and operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

(Financial tables to follow)

Consolidated Statements of Income

(Unaudited)

(in thousands, except per share and percentage data)

 

For the Fiscal Three

 

Months Ended

 

March 28,

2026

 

March 29,

2025

 

 

 

% of

 

 

 

% of

 

 

 

Net

 

 

 

Net

 

 

 

Sales

 

 

 

Sales

Net sales

$

3,592,046

 

100.00

%

 

$

3,466,952

 

100.00

%

Cost of merchandise sold

 

2,290,861

 

63.78

 

 

 

2,211,530

 

63.79

 

Gross profit

 

1,301,185

 

36.22

 

 

 

1,255,422

 

36.21

 

Selling, general and administrative expenses

 

941,153

 

26.20

 

 

 

886,206

 

25.56

 

Depreciation and amortization

 

126,601

 

3.52

 

 

 

120,079

 

3.46

 

Operating income

 

233,431

 

6.50

 

 

 

249,137

 

7.19

 

Interest expense, net

 

19,108

 

0.53

 

 

 

19,641

 

0.57

 

Income before income taxes

 

214,323

 

5.97

 

 

 

229,496

 

6.62

 

Income tax expense

 

49,799

 

1.39

 

 

 

50,127

 

1.45

 

Net income

$

164,524

 

4.58

%

 

$

179,369

 

5.17

%

 

 

 

 

 

 

 

 

Net income per share – basic

$

0.31

 

 

 

$

0.34

 

 

Net income per share – diluted

$

0.31

 

 

 

$

0.34

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

Basic

 

526,327

 

 

 

 

531,730

 

 

Diluted

 

528,136

 

 

 

 

534,099

 

 

 

 

 

 

 

 

 

 

Dividends declared per common share outstanding

$

0.24

 

 

 

$

0.23

 

 

 

Note: Percent of net sales amounts may not sum to totals due to rounding.

Consolidated Statements of Comprehensive Income

(Unaudited)

(in thousands)

 

 

For the Fiscal Three

 

Months Ended

 

March 28,

2026

 

 

March 29,

2025

Net income

$

164,524

 

 

$

179,369

 

Other comprehensive loss:

 

 

 

 

Change in fair value of interest rate swaps, net of taxes

 

 

 

 

(1,217

)

Total other comprehensive loss

 

 

 

 

(1,217

)

Total comprehensive income

$

164,524

 

 

$

178,152

 

 

Consolidated Balance Sheets

(Unaudited)

(in thousands)

 

 

March 28,

2026

 

March 29,

2025

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

224,269

 

 

$

231,717

 

Inventories

 

3,583,601

 

 

 

3,213,885

 

Prepaid expenses and other current assets

 

222,440

 

 

 

210,480

 

Income taxes receivable

 

11,286

 

 

 

 

Total current assets

 

4,041,596

 

 

 

3,656,082

 

Property and equipment, net

 

3,132,326

 

 

 

2,752,137

 

Operating lease right-of-use assets

 

4,031,692

 

 

 

3,502,880

 

Goodwill and other intangible assets

 

398,213

 

 

 

400,656

 

Other assets

 

58,270

 

 

 

73,562

 

Total assets

$

11,662,097

 

 

$

10,385,317

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

1,760,426

 

 

$

1,559,210

 

Accrued employee compensation

 

20,977

 

 

 

17,487

 

Other accrued expenses

 

674,003

 

 

 

587,800

 

Current portion of finance lease liabilities

 

7,128

 

 

 

2,847

 

Current portion of operating lease liabilities

 

455,159

 

 

 

403,600

 

Income taxes payable

 

12,028

 

 

 

29,570

 

Total current liabilities

 

2,929,721

 

 

 

2,600,514

 

Long-term debt

 

2,125,726

 

 

 

2,082,721

 

Finance lease liabilities, less current portion

 

35,157

 

 

 

24,289

 

Operating lease liabilities, less current portion

 

3,785,608

 

 

 

3,248,270

 

Deferred income taxes

 

113,354

 

 

 

41,649

 

Other long-term liabilities

 

158,782

 

 

 

149,334

 

Total liabilities

 

9,148,348

 

 

 

8,146,777

 

 

 

 

 

Stockholders’ equity:

 

 

 

Common stock

 

7,134

 

 

 

7,123

 

Additional paid-in capital

 

1,454,387

 

 

 

1,382,807

 

Treasury stock

 

(6,505,040

)

 

 

(6,119,065

)

Accumulated other comprehensive income

 

 

 

 

 

Retained earnings

 

7,557,268

 

 

 

6,967,675

 

Total stockholders’ equity

 

2,513,749

 

 

 

2,238,540

 

Total liabilities and stockholders’ equity

$

11,662,097

 

 

$

10,385,317

 

 

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

 

For the Fiscal Three Months Ended

 

March 28,

2026

 

March 29,

2025

Cash flows from operating activities:

 

 

 

Net income

$

164,524

 

 

$

179,369

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

126,601

 

 

 

120,079

 

Gain on disposition of property and equipment

 

(22,741

)

 

 

(17,415

)

Share-based compensation expense

 

17,631

 

 

 

13,226

 

Deferred income taxes

 

23,501

 

 

 

1,677

 

Change in assets and liabilities:

 

 

 

Inventories

 

(499,515

)

 

 

(355,486

)

Prepaid expenses and other current assets

 

(19,953

)

 

 

(11,320

)

Accounts payable

 

369,593

 

 

 

311,807

 

Accrued employee compensation

 

(93,864

)

 

 

(83,666

)

Other accrued expenses

 

(11,047

)

 

 

2,609

 

Income taxes

 

27,787

 

 

 

46,526

 

Other

 

8,603

 

 

 

9,369

 

Net cash provided by operating activities

 

91,120

 

 

 

216,775

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(202,610

)

 

 

(141,280

)

Proceeds from sale of property and equipment

 

31,274

 

 

 

20,851

 

Acquisition of Allivet, net of cash acquired

 

 

 

 

(140,625

)

Net cash used in investing activities

 

(171,336

)

 

 

(261,054

)

Cash flows from financing activities:

 

 

 

Borrowings under debt facilities

 

1,480,000

 

 

 

605,000

 

Repayments under debt facilities

 

(1,120,000

)

 

 

(355,000

)

Principal payments under finance lease liabilities

 

(717

)

 

 

(1,068

)

Repurchase of shares to satisfy tax obligations

 

(14,102

)

 

 

(13,960

)

Repurchase of common stock

 

(118,019

)

 

 

(95,082

)

Net proceeds from issuance of common stock

 

9,595

 

 

 

7,016

 

Cash dividends paid to stockholders

 

(126,381

)

 

 

(122,401

)

Net cash provided by financing activities

 

110,376

 

 

 

24,505

 

Net increase (decrease) in cash and cash equivalents

 

30,160

 

 

 

(19,774

)

Cash and cash equivalents at beginning of period

 

194,109

 

 

 

251,491

 

Cash and cash equivalents at end of period

$

224,269

 

 

$

231,717

 

 

Selected Financial and Operating Information

(Unaudited)

 

 

For the Fiscal Three

 

Months Ended

 

March 28,

2026

 

March 29,

2025

Sales Information:

 

 

 

Comparable store sales increase/(decrease)

 

0.5

%

 

 

(0.9

)%

New store sales (% of total sales)

 

3.1

%

 

 

2.8

%

Average transaction value

$

57.71

 

 

$

56.87

 

Comparable store average transaction value increase/(decrease) (a)

 

1.6

%

 

 

(2.9

)%

Comparable store average transaction count increase/(decrease)

 

(1.0

)%

 

 

2.1

%

Total selling square footage (000’s)

 

41,438

 

 

 

39,353

 

Owned Brands and Exclusive Product Categories (% of total sales) (b)

 

31.8

%

 

 

30.9

%

Imports (% of total sales)

 

10.6

%

 

 

11.2

%

 

 

 

 

Store Count Information:

 

 

 

Tractor Supply

 

 

 

Beginning of period

 

2,395

 

 

 

2,296

 

New stores opened

 

40

 

 

 

15

 

Stores closed

 

 

 

 

 

End of period

 

2,435

 

 

 

2,311

 

Petsense by Tractor Supply

 

 

 

Beginning of period

 

207

 

 

 

206

 

New stores opened

 

 

 

 

2

 

Stores closed

 

(1

)

 

 

(2

)

End of period

 

206

 

 

 

206

 

Consolidated end of period

 

2,641

 

 

 

2,517

 

 

 

 

 

Pre-opening costs (000’s)

$

4,284

 

 

$

2,512

 

 

 

 

 

Balance Sheet Information:

 

 

 

Average inventory per store (000’s) (c)

$

1,278.3

 

 

$

1,202.1

 

Inventory turns (annualized)

 

2.92

 

 

 

3.00

 

 

 

 

 

Share repurchase program:

 

 

 

Cost (000’s) (d)

$

118,811

 

 

$

93,827

 

Average purchase price per share

$

50.75

 

 

$

54.39

 

 

(a) Comparable store average transaction value changes include the impact of transaction value changes achieved on the current period change in transaction count.

(b) Beginning in the fiscal year ended December 27, 2025, the metric of exclusive brands as a percentage of total sales, which historically included only Tractor Supply Owned Brands, was revised to include both Tractor Supply Owned Brands and Exclusive Product Categories as a percentage of total sales. Prior period amounts have been recast to conform to the current year presentation.

(c) Assumes average inventory cost, excluding inventory in transit.

(d) Effective January 1, 2023, the Company’s share repurchases are subject to a 1% excise tax as a result of the Inflation Reduction Act of 2022. Excise taxes incurred on share repurchases represent direct costs of the repurchase and are recorded as a part of the cost basis of the shares within treasury stock.

 

Note: Comparable store metrics percentages may not sum to total due to rounding.

 

 

For the Fiscal Three

 

Months Ended

 

March 28,

2026

 

March 29,

2025

Capital Expenditures (in millions):

 

 

 

New stores, relocated stores and stores not yet opened

$

93.7

 

$

59.5

Existing stores

 

52.6

 

 

43.0

Information technology

 

34.1

 

 

26.0

Distribution center capacity and improvements

 

22.0

 

 

8.0

Corporate and other

 

0.2

 

 

4.8

Total

$

202.6

 

$

141.3

 

Mary Winn Pilkington (615) 440-4212

Rena Clayton Rolfe (615) 647-1561

[email protected]

KEYWORDS: Tennessee United States North America

INDUSTRY KEYWORDS: Retail Consumer Agriculture Specialty Pets Natural Resources

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Janus International Group to Report First Quarter 2026 Results on May 12, 2026

Janus International Group to Report First Quarter 2026 Results on May 12, 2026

TEMPLE, Ga.–(BUSINESS WIRE)–Janus International Group, Inc. (NYSE: JBI) (“Janus” or the “Company”), a leading global manufacturer and provider of turnkey self-storage, commercial, and industrial building solutions, announced today that the Company will release its first quarter 2026 financial results before the market opens on Tuesday, May 12, 2026. A webcast and conference call will be held the same day at 10:00 a.m. ET to review the Company’s first quarter financial results and conduct a question-and-answer session.

The live webcast and archived replay of the conference call can be accessed on the Investors section of the Company’s website at www.janusintl.com. For those unable to access the webcast, the conference call will be accessible domestically or internationally, by dialing 1-800-267-6316 or 1-203-518-9783 respectively. Upon dialing in, please request to join the Janus International Group First Quarter 2026 Earnings Conference Call. To access the replay of the call, dial 1-844-512-2921 (Domestic) or 1-412-317-6671 (International) with pass code 11161304.

About Janus International Group

Janus International Group, Inc. (www.JanusIntl.com) is a leading global manufacturer and provider of turnkey self-storage, commercial, and industrial building solutions, including: roll-up and swing doors, hallway systems, single-story and multi-story steel buildings, building components, relocatable storage units, and facility and door automation technologies. The Janus team operates out of several U.S. and international locations.

Investor Contact

Sara Macioch

Senior Director of Investor Relations, Janus International

(770) 562-6399

[email protected]

Media Contact

Christine DeBord

Marketing, Janus International

[email protected]

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Other Construction & Property Manufacturing Commercial Building & Real Estate Construction & Property Building Systems Other Manufacturing

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Ryder Returns to ACT Expo 2026 to Spotlight Advanced Vehicle Technology Solutions & Industry Expertise

Ryder Returns to ACT Expo 2026 to Spotlight Advanced Vehicle Technology Solutions & Industry Expertise

  • Ryder experts to speak on automation and last-mile delivery solutions

  • Ryder booth features RyderElectric+ solution showcasing light-duty vehicles and yard tractor options

MIAMI–(BUSINESS WIRE)–
Ryder System, Inc. (NYSE: R) will return to the Advanced Clean Transportation (ACT) Expo, May 4–7 in Las Vegas, showcasing the company’s industry expertise in next-generation logistics and vehicle technologies. This includes executive speaking sessions and an interactive booth featuring emission reduction technologies such as near-zero and zero-emission solutions for light‑duty vehicles and yard tractors.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260421495128/en/

Ryder executives will participate in three ACT Expo sessions focused on automation and last-mile delivery—key challenges facing commercial fleets as they scale next-generation vehicle technologies:

  • Seth DeVlugt, senior director of new product strategy and RyderVentures, will moderate “Real-World Automation: On the Road and in the Yard” on Monday, May 4, from 10:00–11:00 a.m. PT, examining how automation is being implemented today in yard and on-road use cases.
  • Arun Chickmenahalli, director of maintenance, research, and development of advanced vehicle technology, will speak on “Commercial EV Proliferation: The Factors Driving EV Adoption Across Real-World Delivery Fleets” on Monday, May 4, from 5:25–5:50 p.m. PT, sharing insights on the technical, operational, and infrastructure considerations shaping electric vehicle (EV) deployment at scale.
  • Angie Hargesheimer, group director of accounts for advanced vehicle technology, will join the panel “Last Mile Sector – Powering the Final Stretch of Clean Delivery” on Tuesday, May 5, from 7:45–8:45 a.m. PT, addressing the operational realities of delivery in urban and regional networks.

“We’re excited to be back at ACT Expo and to demonstrate how RyderElectric+ fits into our broader technology strategy to support customers as they explore and adopt next‑generation solutions when and where it makes sense for their operations,” says Jason Leon, chief technology product officer for Ryder’s Fleet Maintenance Solutions business. “Our focus is on integrating advanced vehicle technologies, data, and operational expertise into turnkey solutions that are practical, scalable, and designed for real‑world deployment—so customers can reduce complexity, manage risk, and move forward with solutions that support measurable outcomes in a changing landscape.”

At booth #1853, Ryder will feature RyderElectric+, its end-to-end EV solution, alongside a hands-on display of an Orange EV eTRIEVER® electric yard tractor. Ryder experts will be available to discuss light-duty EVs, yard operations, charging considerations, and fleet integration strategies.

Launched in 2023, RyderElectric+ is designed to simplify fleet electrification by providing integrated support across vehicle selection, charging infrastructure assistance, advisory services, maintenance, and advanced telematics—helping customers move from pilot programs to broader deployment.

About Ryder System, Inc.

Ryder System, Inc. (NYSE: R) is a nearly $13 billion leading provider of outsourced logistics and transportation services throughout the United States, Canada, and Mexico. Ryder offers supply chain, dedicated transportation, and fleet management solutions that integrate every step of the supply chain port‑to‑door, including cross-border logistics, fleet and transportation management, warehousing and distribution, and final delivery to customers’ doorsteps. Ryder’s broad portfolio of services encompasses managed transportation, freight brokerage, dedicated contract carriage with professional drivers, full‑service fleet leasing and maintenance, commercial truck rental, automation and robotics, digital technologies, contract manufacturing and packaging, omnichannel retail fulfillment including e-commerce and last-mile delivery, and used vehicle sales. Serving more than 20 industries, Ryder manages approximately 240,000 commercial vehicles, operates nearly 800 maintenance locations, and runs approximately 320 warehouses totaling more than 100 million square feet. Ryder is consistently recognized for technology‑driven innovation and industry‑leading practices in safety, health, security, talent acquisition, and environmental management, and was most recently named to Fortune’s “America’s Most Innovative Companies” list. www.ryder.com

Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements, including expectations regarding next-generation vehicle technologies, are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

ryder-fms

For Information Contact:

Amy Federman, [email protected]

Rachel Pelletier, [email protected]

KEYWORDS: Florida Nevada United States North America

INDUSTRY KEYWORDS: Technology Fleet Management Robotics Automotive Manufacturing EV/Electric Vehicles Manufacturing Alternative Vehicles/Fuels Automotive Trucking Vehicle Technology Transport Environment Hardware Green Technology

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MSCI Reports Financial Results for First Quarter 2026

MSCI Reports Financial Results for First Quarter 2026

NEW YORK–(BUSINESS WIRE)–
MSCI Inc. (“MSCI” or the “Company”) (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, today announced its financial results for the three months ended March 31, 2026 (“first quarter 2026”).

Financial and Operational Highlights for First Quarter 2026

(Note: Unless otherwise noted, percentage and other changes are relative to the three months ended March 31, 2025 (“first quarter 2025”) and Run Rate percentage changes are relative to March 31, 2025).

  • Operating revenues of $850.8 million, up 14.1%; Organic operating revenue growth of 13.3%
  • Recurring subscription revenues up 8.6%; Asset-based fees up 26.6%
  • Operating margin of 53.7%; Adjusted EBITDA margin of 59.3%
  • Diluted EPS of $5.53, up 49.1%; Adjusted EPS of $4.55, up 13.8%
  • Organic recurring subscription Run Rate growth of 8.2%; Retention Rate of 95.4%
  • In first quarter 2026 and through April 20, 2026, a total of $464 million or 835,591 shares were repurchased at an average repurchase price of $555.61
  • Approximately $150 million in dividends were paid to shareholders in first quarter 2026; Cash dividend of $2.05 per share declared by MSCI Board of Directors for second quarter 2026

 

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

 

 

In millions, except per share data (unaudited)

 

 

2026

 

 

 

2025

 

 

% Change

Operating revenues

 

$

850.8

 

 

$

745.8

 

 

14.1

%

Operating income

 

$

456.9

 

 

$

377.0

 

 

21.2

%

Operating margin %

 

 

53.7

%

 

 

50.6

%

 

 

 

 

 

 

 

 

 

Net income

 

$

406.0

 

 

$

288.6

 

 

40.7

%

 

 

 

 

 

 

 

Diluted EPS

 

$

5.53

 

 

$

3.71

 

 

49.1

%

Adjusted EPS

 

$

4.55

 

 

$

4.00

 

 

13.8

%

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

504.7

 

 

$

425.6

 

 

18.6

%

Adjusted EBITDA margin %

 

 

59.3

%

 

 

57.1

%

 

 

“In the first quarter MSCI delivered strong financial and operating metrics, including a record asset-based-fee run rate and our best Q1 of recurring net-new subscription sales since 2022. Among product lines and client segments, we posted record levels of Q1 recurring sales in both Index and Analytics, along with our best-ever Q1 recurring net-new sales with hedge funds and with banks and broker-dealers,” said Henry A. Fernandez, Chairman and CEO of MSCI.

“These results affirmed MSCI’s foundational, mission-critical role in global capital markets, which is also reflected in the growing liquidity and scale of the investment ecosystem linked to our indexes and IP. The sales momentum we have achieved cuts across regions, product lines, client segments and asset classes, and we are building on it through relentless, AI-fueled product innovation,” Fernandez added.

First Quarter Consolidated Results

Operating Revenues: Operating revenues were $850.8 million, up 14.1%. Organic operating revenue growth was 13.3%. The $105.0 million increase was the result of a $47.6 million increase in recurring subscription revenues and a $47.1 million increase in asset-based fees, as well as a $10.3 million increase in non-recurring revenues.

Run Rate and Retention Rate: Total Run Rate at March 31, 2026 was $3,357.3 million, up 12.7%. Recurring subscription Run Rate increased by $203.3 million, and asset-based fees Run Rate increased by $174.8 million. Organic recurring subscription Run Rate growth was 8.2%. Retention Rate in first quarter 2026 was 95.4%, compared to 95.3% in first quarter 2025.

Expenses: Total operating expenses were $393.9 million, up 6.8%. Adjusted EBITDA expenses were $346.1 million, up 8.1%, primarily reflecting higher compensation and benefits costs as a result of increased headcount costs partially offset by lower severance costs. The increase was also driven by non-compensation costs, primarily reflecting higher professional fees, market data costs and information technology costs.

Total operating expenses excluding the impact of foreign currency exchange rate fluctuations (“ex-FX”) and adjusted EBITDA expenses ex-FX increased 4.4% and 5.4%, respectively.

Operating Income: Operating income was $456.9 million, up 21.2%. Operating income margin in first quarter 2026 was 53.7%, compared to 50.6% in first quarter 2025.

Headcount: As of March 31, 2026, we had 6,319 employees, reflecting a 2.2% increase, with 29% and 71% of employees located in developed market and emerging market locations, respectively.

Other Expense (Income), Net: Other expense (income), net was $67.7 million, up 47.5%, primarily driven by higher interest expense as a result of higher debt levels.

Income Taxes:The effective tax rate decreased to (4.3)% in first quarter 2026 compared to 12.8% in first quarter 2025. As previously disclosed, in the fourth quarter 2025, the Company commenced a multi-phase internal legal entity restructuring. In connection with the completion of the subsequent phase of this restructuring in the first quarter 2026, the Company recognized an $88 million discrete tax benefit which resulted in a decrease in the effective tax rate.

Net Income: As a result of the factors described above, net income was $406.0 million, up 40.7%.

Adjusted EBITDA: Adjusted EBITDA was $504.7 million, up 18.6%. Adjusted EBITDA margin in first quarter 2026 was 59.3%, compared to 57.1% in first quarter 2025.

Index Segment:

Table 1A: Results (unaudited)

 

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

 

 

In millions

 

 

2026

 

 

 

2025

 

 

% Change

Operating revenues:

 

 

 

 

 

 

Recurring subscriptions

 

$

254.2

 

 

$

233.3

 

 

9.0

%

Asset-based fees

 

 

224.5

 

 

 

177.4

 

 

26.6

%

Non-recurring

 

 

17.6

 

 

 

11.0

 

 

60.0

%

Total operating revenues

 

 

496.3

 

 

 

421.7

 

 

17.7

%

Adjusted EBITDA expenses

 

 

121.1

 

 

 

110.1

 

 

10.0

%

Adjusted EBITDA

 

$

375.2

 

 

$

311.6

 

 

20.4

%

Adjusted EBITDA margin %

 

 

75.6

%

 

 

73.9

%

 

 

Index operating revenues were $496.3 million, up 17.7%. The $74.6 million increase was primarily driven by $47.1 million in higher asset-based fees and $20.9 million in higher recurring subscription revenues. Organic operating revenue growth for Index was 17.6%.

Index Run Rate as of March 31, 2026, was $1.9 billion, up 16.8%. The $276.2 million increase was comprised of a $174.8 million increase in asset-based fees Run Rate and a $101.4 million increase in recurring subscription Run Rate. The increase in asset-based fees Run Rate was driven by higher AUM in both ETFs linked to MSCI equity indexes and non-ETF indexed funds linked to MSCI indexes. The increase in recurring subscription Run Rate was primarily driven by growth from market cap-weighted and custom Index products. The increase reflected growth across all regions. Organic recurring subscription Run Rate growth for Index was 10.4%.

Analytics Segment:

Table 1B: Results (unaudited)

 

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

 

 

In millions

 

 

2026

 

 

 

2025

 

 

% Change

Operating revenues:

 

 

 

 

 

 

Recurring subscriptions

 

$

183.2

 

 

$

169.8

 

 

7.9

%

Non-recurring

 

 

6.8

 

 

 

2.4

 

 

183.3

%

Total operating revenues

 

 

190.0

 

 

 

172.2

 

 

10.3

%

Adjusted EBITDA expenses

 

 

107.2

 

 

 

96.2

 

 

11.4

%

Adjusted EBITDA

 

$

82.8

 

 

$

76.0

 

 

8.9

%

Adjusted EBITDA margin %

 

 

43.6

%

 

 

44.2

%

 

 

Analytics operating revenues were $190.0 million, up 10.3%. Organic operating revenue growth for Analytics was 10.5%.

Analytics Run Rate as of March 31, 2026, was $763.4 million, up 7.9%. The increase of $55.6 million was driven by growth in both Multi-Asset Class and Equity Analytics products, and reflected growth across all regions, primarily led by hedge fund managers, banking and brokerages and asset managers client segments. Organic recurring subscription Run Rate growth for Analytics was 7.4%.

Sustainability and Climate Segment:

Table 1C: Results (unaudited)

 

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

 

 

In millions

 

 

2026

 

 

 

2025

 

 

% Change

Operating revenues:

 

 

 

 

 

 

Recurring subscriptions

 

$

90.9

 

 

$

82.7

 

 

9.9

%

Non-recurring

 

 

1.0

 

 

 

1.9

 

 

(47.4

)%

Total operating revenues

 

 

91.9

 

 

 

84.6

 

 

8.6

%

Adjusted EBITDA expenses

 

 

58.9

 

 

 

60.8

 

 

(3.1

)%

Adjusted EBITDA

 

$

33.0

 

 

$

23.8

 

 

38.7

%

Adjusted EBITDA margin %

 

 

35.9

%

 

 

28.2

%

 

 

Sustainability and Climate operating revenues were $91.9 million, up 8.6%. Organic operating revenue growth for Sustainability and Climate was 3.7%.

Sustainability and Climate Run Rate as of March 31, 2026, was $375.7 million, up 6.6%. The $23.4 million increase was driven by growth from Ratings, Climate and Screening products, primarily attributable to EMEA. Organic recurring subscription Run Rate growth for Sustainability and Climate was 4.2%.

All Other – Private Assets:

Table 1D: Results (unaudited)

 

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

 

 

In millions

 

 

2026

 

 

 

2025

 

 

% Change

Operating revenues:

 

 

 

 

 

 

Recurring subscriptions

 

$

71.9

 

 

$

66.8

 

 

7.6

%

Non-recurring

 

 

0.7

 

 

 

0.5

 

 

40.0

%

Total operating revenues

 

 

72.6

 

 

 

67.3

 

 

7.9

%

Adjusted EBITDA expenses

 

 

58.9

 

 

 

53.1

 

 

10.9

%

Adjusted EBITDA

 

$

13.7

 

 

$

14.2

 

 

(3.5

)%

Adjusted EBITDA margin %

 

 

18.9

%

 

 

21.1

%

 

 

All Other – Private Assets operating revenues, which reflect the Real Assets and Private Capital Solutions operating segments, were $72.6 million, up 7.9%. Organic operating revenue growth for All Other – Private Assets was 5.3%.

All Other – Private Assets Run Rate was $296.4 million as of March 31, 2026, up 8.4%. The increase in Run Rate was primarily driven by Private Capital Solutions related to Private Capital Transparency Data, Total Plan Manager and Private Capital Intel products. The increase reflected growth across all regions and was primarily driven by asset owner and asset manager client segments. Organic recurring subscription Run Rate growth for All Other – Private Assets was 7.8%.

Select Balance Sheet Items and Capital Allocation

Cash Balances and Outstanding Debt: Cash and cash equivalents was $385.3 million as of March 31, 2026. MSCI typically seeks to maintain minimum cash balances globally of approximately $225.0 million to $275.0 million for general operating purposes.

Total principal amount of debt outstanding as of March 31, 2026, was $6.5 billion. The total debt to net income ratio (based on trailing twelve months net income) was 4.9x. The total debt to adjusted EBITDA ratio (based on trailing twelve months adjusted EBITDA) was 3.2x.

MSCI seeks to maintain total debt to adjusted EBITDA in a target range of 3.0x to 3.5x.

Capex and Cash Flow: Capex was $28.8 million, and net cash provided by operating activities increased by 1.7% to $306.8 million, primarily reflecting higher cash collections from customers, partially offset by higher cash expenses, interest expense and income taxes paid in the quarter. Free cash flow for first quarter 2026 was up 3.4% year-over-year to $278.0 million.

Share Count and Share Repurchases: Weighted average diluted shares outstanding were 73.4 million in first quarter 2026, down 5.7% year-over-year. Total shares outstanding as of March 31, 2026 were 72.9 million. As of April 20, 2026, a total of approximately $1.7 billion remains available on the outstanding share repurchase authorization.

Dividends: Approximately $150.1 million in dividends were paid to shareholders in first quarter 2026. On April 20, 2026, the MSCI Board of Directors declared a cash dividend of $2.05 per share for second quarter 2026, payable on May 29, 2026 to shareholders of record as of the close of trading on May 15, 2026.

Full-Year 2026 Guidance

MSCI’s guidance for the year ending December 31, 2026 (“Full-Year 2026”) is based on assumptions about a number of factors, in particular related to macroeconomic factors and the capital markets. These assumptions are subject to uncertainty, and actual results for the year could differ materially from our current guidance, including as a result of the uncertainties, risks and assumptions discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K, as updated in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. See “Forward-Looking Statements” below.

Guidance Item

Current Guidance for Full-Year 2026

Prior Guidance for Full-Year 2026

Operating Expense

$1,490 to $1,530 million

$1,490 to $1,530 million

Adjusted EBITDA Expense

$1,305 to $1,335 million

$1,305 to $1,335 million

Interest Expense

(including amortization of financing fees)1

$274 to $280 million

$274 to $280 million

Depreciation & Amortization Expense

$190 to $200 million

$185 to $195 million

Effective Tax Rate2

18.0% to 20.0%

18.0% to 20.0%

Capital Expenditures

$160 to $170 million

$160 to $170 million

Net Cash Provided by Operating Activities

$1,640 to $1,690 million

$1,640 to $1,690 million

Free Cash Flow

$1,470 to $1,530 million

$1,470 to $1,530 million

1 A portion of our annual interest expense is from our variable rate indebtedness under our revolving credit facility, while the majority is from fixed rate senior unsecured notes. Changes to the secured overnight funding rate (“SOFR”) and indebtedness levels can cause our annual interest expense to vary.

2 Excludes the impact of a multi-phase internal legal entity restructuring that commenced in fourth quarter 2025 and was completed in the first quarter 2026. In connection with the completion of the subsequent phase of the restructuring in first quarter 2026, we recognized a tax benefit of $88 million, which is excluded from applicable non-GAAP measures when presented.

Conference Call Information

MSCI’s senior management will review the first quarter 2026 results on Tuesday, April 21, 2026 at 11:00 AM Eastern Time. To listen to the live event via webcast, visit the events and presentations section of MSCI’s Investor Relations website, https://ir.msci.com/events-and-presentations. Participants who wish to join via telephone should click here to register in advance. Registered participants will receive an email confirmation with a unique PIN to access the conference call. The earnings call webcast will include an accompanying slide presentation that can be accessed through MSCI’s Investor Relations website.

About MSCI Inc.

MSCI Inc. (NYSE: MSCI) strengthens global markets by connecting participants across the financial ecosystem with a common language. Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities so they can make better decisions and unlock innovation. We serve asset managers and owners, private-market sponsors and investors, hedge funds, wealth managers, banks, insurers and corporates. To learn more, please visit www.msci.com. MSCI#IR

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI’s Full-Year 2026 guidance. These forward-looking statements relate to future events or to future financial performance and involve underlying assumptions, as well as known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI’s control and that could materially affect actual results, levels of activity, performance or achievements.

Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on February 6, 2026 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks, uncertainties or other matters materialize, or if MSCI’s underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement in this earnings release reflects MSCI’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI’s operations, results of operations, growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.

Website and Social Media Disclosure

MSCI uses its investor relations website ir.msci.com and social media outlets, such as LinkedIn or X (@MSCI_Inc), as channels of distribution of company information. The information MSCI posts through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following MSCI’s press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about MSCI when you enroll your email address by visiting the “Email Alerts” section of MSCI’s Investor Relations homepage at http://ir.msci.com/email-alerts. The contents of MSCI’s website, including its quarterly updates, blog, podcasts and social media channels are not, however, incorporated by reference into this earnings release.

Notes Regarding the Use of Operating Metrics

MSCI has presented supplemental key operating metrics as part of this earnings release, including Run Rate, Retention Rate, subscription sales, subscription cancellations and non-recurring sales.

A substantial portion of MSCI’s operating revenues is derived from recurring subscriptions or licenses for products and services that are ongoing in nature and provided over contractually agreed periods, which are subject to renewal or cancellation upon the expiration of the then-current term. In addition, we generate non-recurring revenues from one-time sales and other transactions or services that are discrete in nature or that have a defined life. The operating metrics defined below help management assess the stability and growth of this recurring-revenue base and track non-recurring revenues. There have been no changes to the methodologies used to compute these metrics compared with prior periods.

Run Rate estimates, at a specific point in time, the annualized value of the recurring portion of executed client contracts (“Client Contracts”) expected to generate revenues over the next 12 months, assuming that all such Client Contracts are renewed and using fixed foreign exchange rates. Run Rate includes new Client Contracts upon execution, even if the license start date and related revenue recognition occur later.

For Client Contracts where fees are linked to an investment product’s assets or trading volume or fees (referred to as “Asset-based Fees”), the Run Rate calculation is based on:

  • For exchange-traded funds (“ETFs”): assets under management as of the last trading day of the period;

  • For non-ETF products: the most recent client-reported assets under management; and

  • For listed futures and options contracts: the most recent quarterly volumes and/or reported exchange fees.

Run Rate excludes fees associated with one-time or other non-recurring transactions. We remove from Run Rate the annualized fee value associated with products or services under any Client Contracts when (i) we have received a notice of termination, reduction in fees, non-renewal or other clear indication that the client does not intend to continue its subscription at then current fees; and (ii) management has determined that such notice or indication reflects the client’s final decision to terminate, not renew or renew at a lower fee the applicable products or services, even if such termination or non-renewal is not yet effective (each such event, a “Subscription Cancellation”).

In general, when a client reduces the fees paid to MSCI associated with a reduction in the number of products or services to which it subscribes within a segment, or a switch between products or services within a segment, unless the client switches to a product or service that management considers a replacement, such reduction or switch is treated as a Subscription Cancellation, including for purposes of calculating MSCI’s Retention Rate (as detailed below). In the cases where the client switches products or services to a replacement service, only the net decrease, if any, is reported as a cancellation.

  • In the Analytics and Sustainability and Climate operating segments, substantially all such product or service switches are treated as replacements and are netted accordingly.

  • In contrast, in the Index, Real Assets, and Private Capital Solutions operating segments, such netting treatment is applied only in limited circumstances.

Organic recurring subscription Run Rate growth is defined as the period-over-period growth in Run Rate, excluding:

  • The impact of changes in foreign currency exchange rates;

  • The impact of acquisitions during the first 12 months following the transaction date; and

  • The impact of divestitures, where Run Rate from divested businesses are excluded from prior period Run Rates.

Retention Rate is a key performance metric that provides insight into the stability and durability of MSCI’s recurring revenue base. Subscription cancellations reduce Run Rate and, over time, lower future operating revenues.

For full-year periods, Retention Rate is calculated as the retained subscription Run Rate, which is defined as the subscription Run Rate at the beginning of the fiscal year minus actual subscription cancellations during the fiscal year, expressed as a percentage of the subscription Run Rate at the beginning of the fiscal year.

For interim (non-annual) periods, Retention Rate is presented on an annualized basis. The annualized Retention Rate is calculated by:

  1. Dividing annualized subscription cancellations in the period by the subscription Run Rate at the beginning of the fiscal year, to determine a cancellation rate; and

  2. Subtracting that rate from 100%, to derive the annualized Retention Rate.

Retention Rate is calculated by operating segment and is based on an individual product or service level within each segment. We do not calculate Retention Rate for the portion of Run Rate attributable to Asset-based Fees.

Sales represents the annualized value of products and services that clients have committed to purchase from MSCI and that are expected to result in additional operating revenues.

Non-recurring sales represent the aggregate value of client agreements entered into during the period that generate non-recurring fees and are not included in Run Rate (as defined elsewhere herein), even if such agreements span multiple periods or years.

New recurring subscription sales represent the annualized value of additional client commitments entered into during the period – such as new Client Contracts, expansions of existing Client Contracts or price increases – that contribute to Run Rate.

Net new recurring subscription sales represent new recurring subscription sales minus the impact of Subscription Cancellations, capturing the net impact to Run Rate for the period.

Total gross sales is the sum of new recurring subscription sales and non-recurring sales.

Total net sales is total gross sales minus the impact of Subscription Cancellations.

Notes Regarding the Use of Non-GAAP Financial Measures

MSCI has presented supplemental non-GAAP financial measures as part of this earnings release. Reconciliations are provided in Tables 9 through 13 below that reconcile each non-GAAP financial measure with the most comparable GAAP measure. The non-GAAP financial measures presented in this earnings release should not be considered as alternative measures for the most directly comparable GAAP financial measures. The non-GAAP financial measures presented in this earnings release are used by management to monitor the financial performance of the business, inform business decision-making and forecast future results.

“Adjusted EBITDA” is defined as net income before (1) provision for income taxes, (2) other expense (income), net, (3) depreciation and amortization of property, equipment and leasehold improvements, (4) amortization of intangible assets and, at times, (5) certain other transactions or adjustments, including, when applicable, certain acquisition-related integration and transaction costs.

“Adjusted EBITDA expenses” is defined as operating expenses less depreciation and amortization of property, equipment and leasehold improvements and amortization of intangible assets and, at times, certain other transactions or adjustments, including, when applicable, certain acquisition-related integration and transaction costs.

“Adjusted EBITDA margin” is defined as adjusted EBITDA divided by operating revenues.

“Adjusted net income” and “adjusted EPS” are defined as net income and diluted EPS, respectively, before the after-tax impact of: the amortization of acquired intangible assets and, at times, certain other transactions or adjustments, including, when applicable, the impact related to certain acquisition-related integration and transaction costs, the impact related to the write-off of deferred fees on debt extinguishment, the impact related to certain gains or losses on investees, and the impact of certain discrete tax items.

“Capex” is defined as capital expenditures plus capitalized software development costs.

“Free cash flow” is defined as net cash provided by operating activities, less Capex.

“Organic operating revenue growth” is defined as operating revenue growth compared to the prior year period excluding the impact of acquired businesses, divested businesses and foreign currency exchange rate fluctuations.

Asset-based fees ex-FX does not adjust for the impact from foreign currency exchange rate fluctuations on the underlying assets under management (“AUM”).

We believe adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA expenses are meaningful measures of the operating performance of MSCI because they adjust for significant one-time, unusual or non-recurring items as well as eliminate the accounting effects of certain capital spending and acquisitions that do not directly affect what management considers to be our ongoing operating performance in the period.

We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI because they adjust for the after-tax impact of significant one-time, unusual or non-recurring items as well as eliminate the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. We also exclude the after-tax impact of the amortization of acquired intangible assets and amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee at historical carrying value, as these non-cash amounts are significantly impacted by the timing and size of each acquisition and therefore not meaningful to the ongoing operating performance in the period.

We believe that free cash flow is useful to investors because it relates the operating cash flow of MSCI to the capital that is spent to continue and improve business operations, such as investment in MSCI’s existing products. Further, free cash flow indicates our ability to strengthen MSCI’s balance sheet, repay our debt obligations, pay cash dividends and repurchase shares of our common stock.

We believe organic operating revenue growth is a meaningful measure of the operating performance of MSCI because it adjusts for the impact of foreign currency exchange rate fluctuations and excludes the impact of operating revenues attributable to acquired and divested businesses for the comparable prior year period, providing insight into our ongoing operating performance for the period(s) presented.

We believe that the non-GAAP financial measures presented in this earnings release facilitate meaningful period-to-period comparisons and provide a baseline for the evaluation of future results.

Adjusted EBITDA expenses, adjusted EBITDA margin, adjusted EBITDA, adjusted net income, adjusted EPS, Capex, free cash flow and organic operating revenue growth are not defined in the same manner by all companies and may not be comparable to similarly-titled non-GAAP financial measures of other companies. These measures can differ significantly from company to company depending on, among other things, long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. Accordingly, the Company’s computation of these measures may not be comparable to similarly-titled measures computed by other companies.

Notes Regarding Adjusting for the Impact of Foreign Currency Exchange Rate Fluctuations

Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have been adjusted for the impact of foreign currency fluctuations, the underlying AUM, which is the primary component of asset-based fees, is not adjusted for foreign currency fluctuations. Approximately three-fifths of the AUM is invested in securities denominated in currencies other than the U.S. dollar, and any such impact is excluded from the disclosed foreign currency-adjusted variances.

Table 2: Condensed Consolidated Statements of Income (unaudited)

 

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

In millions, except per share data

 

 

2026

 

 

 

2025

 

Operating revenues

 

$

850.8

 

 

$

745.8

 

Operating expenses:

 

 

 

 

Cost of revenues (exclusive of depreciation and amortization)

 

 

141.8

 

 

 

136.8

 

Selling and marketing

 

 

85.7

 

 

 

78.7

 

Research and development

 

 

49.6

 

 

 

47.6

 

General and administrative

 

 

69.0

 

 

 

57.1

 

Amortization of intangible assets

 

 

41.9

 

 

 

43.9

 

Depreciation and amortization of property, equipment and leasehold improvements

 

 

5.9

 

 

 

4.7

 

Total operating expenses1

 

 

393.9

 

 

 

368.8

 

 

 

 

 

 

Operating income

 

 

456.9

 

 

 

377.0

 

 

 

 

 

 

Interest income

 

 

(2.8

)

 

 

(3.9

)

Interest expense

 

 

69.1

 

 

 

46.5

 

Other expense (income)

 

 

1.4

 

 

 

3.3

 

Other expense (income), net

 

 

67.7

 

 

 

45.9

 

 

 

 

 

 

Income before provision for income taxes

 

 

389.2

 

 

 

331.1

 

Provision for income taxes

 

 

(16.8

)

 

 

42.5

 

Net income

 

$

406.0

 

 

$

288.6

 

 

 

 

 

 

Earnings per share:

 

 

 

 

Basic

 

$

5.54

 

 

$

3.72

 

Diluted

 

$

5.53

 

 

$

3.71

 

 

 

 

 

 

Weighted average shares outstanding used in computing earnings per share:

 

 

 

 

Basic

 

 

73.3

 

 

 

77.6

 

Diluted

 

 

73.4

 

 

 

77.8

 

 

 

 

 

 

1 Includes stock-based compensation expense of $47.7 million and $40.1 million for the three months ended March 31, 2026 and 2025, respectively.

Table 3: Condensed Consolidated Balance Sheets (unaudited)

 

 

As of

 

 

Mar. 31,

 

Dec. 31,

In millions

 

 

2026

 

 

 

2025

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

385.3

 

 

$

515.3

 

Accounts receivable

 

 

883.2

 

 

 

986.7

 

Other current assets

 

 

125.6

 

 

 

142.8

 

Total current assets

 

 

1,394.1

 

 

 

1,644.8

 

Property, equipment and leasehold improvements, net

 

 

87.3

 

 

 

87.3

 

Right of use assets

 

 

146.8

 

 

 

112.9

 

Goodwill

 

 

2,962.3

 

 

 

2,923.4

 

Intangible assets, net

 

 

851.0

 

 

 

832.5

 

Other non-current assets

 

 

103.8

 

 

 

101.6

 

Total assets

 

$

5,545.3

 

 

$

5,702.5

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

Current liabilities:

 

 

 

 

Deferred revenue

 

$

1,184.0

 

 

$

1,231.8

 

Other current liabilities

 

 

429.2

 

 

 

598.0

 

Total current liabilities

 

 

1,613.2

 

 

 

1,829.8

 

Long-term debt

 

 

6,403.8

 

 

 

6,202.3

 

Long-term operating lease liabilities

 

 

143.9

 

 

 

107.5

 

Other non-current liabilities

 

 

158.5

 

 

 

217.4

 

Total liabilities

 

 

8,319.4

 

 

 

8,357.0

 

 

 

 

 

 

Total shareholders’ equity (deficit)

 

 

(2,774.1

)

 

 

(2,654.5

)

Total liabilities and shareholders’ equity (deficit)

 

$

5,545.3

 

 

$

5,702.5

 

Table 4: Condensed Consolidated Statements of Cash Flows (unaudited)

 

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

In millions

 

 

2026

 

 

 

2025

 

Cash flows from operating activities

 

 

 

 

Net income

 

$

406.0

 

 

$

288.6

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Amortization of intangible assets

 

 

41.9

 

 

 

43.9

 

Stock-based compensation expense

 

 

47.7

 

 

 

40.0

 

Depreciation and amortization of property, equipment and leasehold improvements

 

 

5.9

 

 

 

4.7

 

Amortization of right of use assets

 

 

6.8

 

 

 

5.9

 

Other adjustments

 

 

(85.9

)

 

 

12.0

 

Net changes in other operating assets and liabilities

 

 

(115.6

)

 

 

(93.4

)

Net cash provided by operating activities

 

 

306.8

 

 

 

301.7

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Capitalized software development costs

 

 

(26.0

)

 

 

(21.3

)

Capital expenditures

 

 

(2.8

)

 

 

(11.6

)

Business acquisitions, net of cash acquired1

 

 

(41.7

)

 

 

 

Net cash used in investing activities

 

 

(70.5

)

 

 

(32.9

)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Repurchase of common stock held in treasury

 

 

(414.8

)

 

 

(213.1

)

Payment of dividends

 

 

(150.5

)

 

 

(143.8

)

Repayment of borrowings

 

 

(175.0

)

 

 

(65.0

)

Proceeds from borrowings

 

 

375.0

 

 

 

100.0

 

Proceeds from exercise of stock options

 

 

1.3

 

 

 

0.4

 

Payment of contingent consideration and deferred purchase price from acquisitions

 

 

(0.5

)

 

 

(0.2

)

Net cash used in financing activities

 

 

(364.5

)

 

 

(321.7

)

 

 

 

 

 

Effect of exchange rate changes

 

 

(1.8

)

 

 

4.2

 

 

 

 

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

(130.0

)

 

 

(48.7

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

515.3

 

 

 

409.4

 

Cash, cash equivalents and restricted cash, end of period

 

$

385.3

 

 

$

360.7

 

1Includes cash paid for the acquisitions of Compass Financial Technologies and Vantager.

 

 

 

 

Table 5: Operating Results (unaudited)

Index

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

 

%

In millions

 

 

2026

 

 

 

2025

 

 

Change

Operating revenues:

 

 

 

 

 

 

Recurring subscriptions

 

$

254.2

 

 

$

233.3

 

 

9.0

%

Asset-based fees

 

 

224.5

 

 

 

177.4

 

 

26.6

%

Non-recurring

 

 

17.6

 

 

 

11.0

 

 

60.0

%

Total operating revenues

 

 

496.3

 

 

 

421.7

 

 

17.7

%

Adjusted EBITDA expenses

 

 

121.1

 

 

 

110.1

 

 

10.0

%

Adjusted EBITDA

 

$

375.2

 

 

$

311.6

 

 

20.4

%

Adjusted EBITDA margin %

 

 

75.6

%

 

 

73.9

%

 

 

 

 

 

 

 

 

 

Analytics

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

 

%

In millions

 

 

2026

 

 

 

2025

 

 

Change

Operating revenues:

 

 

 

 

 

 

Recurring subscriptions

 

$

183.2

 

 

$

169.8

 

 

7.9

%

Non-recurring

 

 

6.8

 

 

 

2.4

 

 

183.3

%

Total operating revenues

 

 

190.0

 

 

 

172.2

 

 

10.3

%

Adjusted EBITDA expenses

 

 

107.2

 

 

 

96.2

 

 

11.4

%

Adjusted EBITDA

 

$

82.8

 

 

$

76.0

 

 

8.9

%

Adjusted EBITDA margin %

 

 

43.6

%

 

 

44.2

%

 

 

 

 

 

 

 

 

 

Sustainability and Climate

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

 

%

In millions

 

 

2026

 

 

 

2025

 

 

Change

Operating revenues:

 

 

 

 

 

 

Recurring subscriptions

 

$

90.9

 

 

$

82.7

 

 

9.9

%

Non-recurring

 

 

1.0

 

 

 

1.9

 

 

(47.4

)%

Total operating revenues

 

 

91.9

 

 

 

84.6

 

 

8.6

%

Adjusted EBITDA expenses

 

 

58.9

 

 

 

60.8

 

 

(3.1

)%

Adjusted EBITDA

 

$

33.0

 

 

$

23.8

 

 

38.7

%

Adjusted EBITDA margin %

 

 

35.9

%

 

 

28.2

%

 

 

 

 

 

 

 

 

 

All Other – Private Assets

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

 

%

In millions

 

 

2026

 

 

 

2025

 

 

Change

Operating revenues:

 

 

 

 

 

 

Recurring subscriptions

 

$

71.9

 

 

$

66.8

 

 

7.6

%

Non-recurring

 

 

0.7

 

 

 

0.5

 

 

40.0

%

Total operating revenues

 

 

72.6

 

 

 

67.3

 

 

7.9

%

Adjusted EBITDA expenses

 

 

58.9

 

 

 

53.1

 

 

10.9

%

Adjusted EBITDA

 

$

13.7

 

 

$

14.2

 

 

(3.5

)%

Adjusted EBITDA margin %

 

 

18.9

%

 

 

21.1

%

 

 

 

 

 

 

 

 

 

Consolidated

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

 

%

In millions

 

 

2026

 

 

 

2025

 

 

Change

Operating revenues:

 

 

 

 

 

 

Recurring subscriptions

 

$

600.2

 

 

$

552.6

 

 

8.6

%

Asset-based fees

 

 

224.5

 

 

 

177.4

 

 

26.6

%

Non-recurring

 

 

26.1

 

 

 

15.8

 

 

65.2

%

Operating revenues total

 

 

850.8

 

 

 

745.8

 

 

14.1

%

Adjusted EBITDA expenses

 

 

346.1

 

 

 

320.2

 

 

8.1

%

Adjusted EBITDA

 

$

504.7

 

 

$

425.6

 

 

18.6

%

Operating margin %

 

 

53.7

%

 

 

50.6

%

 

 

Adjusted EBITDA margin %

 

 

59.3

%

 

 

57.1

%

 

 

Table 6: Sales and Retention Rate (unaudited)1

 

 

Three Months Ended

 

 

 

 

Mar. 31,

 

Mar. 31,

 

%

In millions

 

 

2026

 

 

 

2025

 

 

Change

Index

 

 

 

 

 

 

New recurring subscription sales

 

$

32.8

 

 

$

22.5

 

 

45.8

%

Subscription cancellations

 

 

(8.0

)

 

 

(8.3

)

 

(3.6

)%

Net new recurring subscription sales

 

$

24.8

 

 

$

14.2

 

 

74.6

%

Non-recurring sales

 

$

16.7

 

 

$

12.4

 

 

34.7

%

Total gross sales

 

$

49.5

 

 

$

34.9

 

 

41.8

%

Total Index net sales

 

$

41.5

 

 

$

26.6

 

 

56.0

%

 

 

 

 

 

 

 

Index Retention Rate

 

 

96.9

%

 

 

96.5

%

 

 

 

 

 

 

 

 

 

Analytics

 

 

 

 

 

 

New recurring subscription sales

 

$

17.1

 

 

$

13.2

 

 

29.5

%

Subscription cancellations

 

 

(8.9

)

 

 

(7.9

)

 

12.7

%

Net new recurring subscription sales

 

$

8.2

 

 

$

5.3

 

 

54.7

%

Non-recurring sales

 

$

2.7

 

 

$

2.2

 

 

22.7

%

Total gross sales

 

$

19.8

 

 

$

15.4

 

 

28.6

%

Total Analytics net sales

 

$

10.9

 

 

$

7.5

 

 

45.3

%

 

 

 

 

 

 

 

Analytics Retention Rate

 

 

95.3

%

 

 

95.5

%

 

 

 

 

 

 

 

 

 

Sustainability and Climate

 

 

 

 

 

 

New recurring subscription sales

 

$

7.5

 

 

$

7.2

 

 

4.2

%

Subscription cancellations

 

 

(6.6

)

 

 

(4.7

)

 

40.4

%

Net new recurring subscription sales

 

$

0.9

 

 

$

2.5

 

 

(64.0

)%

Non-recurring sales

 

$

1.0

 

 

$

1.9

 

 

(47.4

)%

Total gross sales

 

$

8.5

 

 

$

9.1

 

 

(6.6

)%

Total Sustainability and Climate net sales

 

$

1.9

 

 

$

4.4

 

 

(56.8

)%

 

 

 

 

 

 

 

Sustainability and Climate Retention Rate

 

 

93.0

%

 

 

94.5

%

 

 

 

 

 

 

 

 

 

All Other – Private Assets

 

 

 

 

 

 

New recurring subscription sales

 

$

10.2

 

 

$

9.7

 

 

5.2

%

Subscription cancellations

 

 

(4.5

)

 

 

(5.6

)

 

(19.6

)%

Net new recurring subscription sales

 

$

5.7

 

 

$

4.1

 

 

39.0

%

Non-recurring sales

 

$

0.8

 

 

$

1.1

 

 

(27.3

)%

Total gross sales

 

$

11.0

 

 

$

10.8

 

 

1.9

%

Total All Other – Private Assets net sales

 

$

6.5

 

 

$

5.2

 

 

25.0

%

 

 

 

 

 

 

 

All Other – Private Assets Retention Rate

 

 

93.8

%

 

 

91.5

%

 

 

 

 

 

 

 

 

 

Consolidated

 

 

 

 

 

 

New recurring subscription sales

 

$

67.6

 

 

$

52.6

 

 

28.5

%

Subscription cancellations

 

 

(28.0

)

 

 

(26.5

)

 

5.7

%

Net new recurring subscription sales

 

$

39.6

 

 

$

26.1

 

 

51.7

%

Non-recurring sales

 

$

21.2

 

 

$

17.6

 

 

20.5

%

Total gross sales

 

$

88.8

 

 

$

70.2

 

 

26.5

%

Total net sales

 

$

60.8

 

 

$

43.7

 

 

39.1

%

 

 

 

 

 

 

 

Total Retention Rate

 

 

95.4

%

 

 

95.3

%

 

 

 

 

 

 

 

 

 

1 See “Notes Regarding the Use of Operating Metrics” for details regarding the definition of new recurring subscription sales, subscription cancellations, net new recurring subscription sales, non-recurring sales, total gross sales, total net sales and Retention Rate.

Table 7: AUM in ETFs Linked to MSCI Equity Indexes (unaudited)1,2

 

 

Three Months Ended

 

 

Mar. 31

 

Jun. 30

 

Sep. 30

 

Dec. 31

 

Mar. 31

In billions

 

2025

 

2025

 

2025

 

2025

 

 

2026

 

Beginning Period AUM in ETFs linked to MSCI equity indexes

 

$

1,725

 

$

1,783

 

$

2,025

 

$

2,211

 

$

2,341

 

Market Appreciation/(Depreciation)

 

 

16

 

 

193

 

 

140

 

 

63

 

 

(41

)

Cash Inflows

 

 

42

 

 

49

 

 

46

 

 

67

 

 

103

 

Period-End AUM in ETFs linked to MSCI equity indexes

 

$

1,783

 

$

2,025

 

$

2,211

 

$

2,341

 

$

2,403

 

 

 

 

 

 

 

 

 

 

 

 

Period Average AUM in ETFs linked to MSCI equity indexes

 

$

1,794

 

$

1,869

 

$

2,108

 

$

2,274

 

$

2,471

 

 

 

 

 

 

 

 

 

 

 

 

Period-End Basis Point Fee3

 

 

2.43

 

 

2.43

 

 

2.41

 

 

2.41

 

 

2.35

 

 

 

 

 

 

 

 

 

 

 

 

 

1 The historical values of the AUM in ETFs linked to our equity indexes as of the last day of the month and the monthly average balance can be found under the link “AUM in ETFs Linked to MSCI Equity Indexes” on our Investor Relations homepage at http://ir.msci.com. Information contained on our website is not incorporated by reference into this Press Release or any other report furnished or filed with the SEC. The AUM in ETFs also includes AUM in Exchange Traded Notes, the value of which is less than 1.0% of the AUM amounts presented.

2 The value of AUM in ETFs linked to MSCI equity indexes is calculated by multiplying the equity ETFs net asset value by the number of shares outstanding.

3 Based on period-end Run Rate for ETFs linked to MSCI equity indexes using period-end AUM.

Table 8: Run Rate (unaudited)1

 

 

 

As of

 

 

 

 

In millions

 

Mar. 31,

2026

 

Mar. 31,

2025

 

%

Run Rate

Growth

 

%

Organic Run

Rate Growth

 

Index

 

 

 

 

 

 

 

 

 

Recurring subscriptions

 

$

1,049.8

 

$

948.4

 

10.7

%

 

10.4

%

 

Asset-based fees

 

 

872.0

 

 

697.2

 

25.1

%

 

24.9

%

 

Index Run Rate

 

 

1,921.8

 

 

1,645.6

 

16.8

%

 

16.6

%

 

 

 

 

 

 

 

 

 

 

 

Analytics Run Rate

 

 

763.4

 

 

707.8

 

7.9

%

 

7.4

%

 

 

 

 

 

 

 

 

 

 

 

Sustainability and Climate Run Rate

 

 

375.7

 

 

352.3

 

6.6

%

 

4.2

%

 

 

 

 

 

 

 

 

 

 

 

All Other – Private Assets Run Rate

 

 

296.4

 

 

273.5

 

8.4

%

 

7.8

%

 

 

 

 

 

 

 

 

 

 

 

Total Run Rate

 

$

3,357.3

 

$

2,979.2

 

12.7

%

 

12.1

%

 

 

 

 

 

 

 

 

 

 

 

Total recurring subscriptions

 

$

2,485.3

 

$

2,282.0

 

8.9

%

 

8.2

%

 

Total asset-based fees

 

 

872.0

 

 

697.2

 

25.1

%

 

24.9

%

 

Total Run Rate

 

$

3,357.3

 

$

2,979.2

 

12.7

%

 

12.1

%

 

 

 

 

 

 

 

 

 

 

 

1 See “Notes Regarding the Use of Operating Metrics” for details regarding the definition of Run Rate.

Table 9: Reconciliation of Net Income to Adjusted EBITDA (unaudited)

 

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

In millions

 

 

2026

 

 

2025

Net income

 

$

406.0

 

 

$

288.6

Provision for income taxes

 

 

(16.8

)

 

 

42.5

Other expense (income), net

 

 

67.7

 

 

 

45.9

Operating income

 

 

456.9

 

 

 

377.0

Amortization of intangible assets

 

 

41.9

 

 

 

43.9

Depreciation and amortization of property, equipment and leasehold improvements

 

 

5.9

 

 

 

4.7

Consolidated adjusted EBITDA

 

$

504.7

 

 

$

425.6

 

 

 

 

 

Index adjusted EBITDA

 

$

375.2

 

 

$

311.6

Analytics adjusted EBITDA

 

 

82.8

 

 

 

76.0

Sustainability and Climate adjusted EBITDA

 

 

33.0

 

 

 

23.8

All Other – Private Assets adjusted EBITDA

 

 

13.7

 

 

 

14.2

Consolidated adjusted EBITDA

 

$

504.7

 

 

$

425.6

Table 10: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS (unaudited)

 

 

Three Months Ended

 

 

Mar. 31,

 

Mar. 31,

In millions, except per share data

 

 

2026

 

 

 

2025

 

Net income

 

$

406.0

 

 

$

288.6

 

Plus: Amortization of acquired intangible assets

 

 

19.6

 

 

 

25.8

 

Less: Tax impact of internal legal entity restructuring1

 

 

(88.0

)

 

 

 

Less: Income tax effect2

 

 

(3.6

)

 

 

(3.3

)

Adjusted net income

 

$

334.0

 

 

$

311.1

 

 

 

 

 

 

Diluted EPS

 

$

5.53

 

 

$

3.71

 

Plus: Amortization of acquired intangible assets

 

 

0.27

 

 

 

0.33

 

Less: Tax impact of internal legal entity restructuring1

 

 

(1.20

)

 

 

 

Less: Income tax effect2

 

 

(0.05

)

 

 

(0.04

)

Adjusted EPS

 

$

4.55

 

 

$

4.00

 

 

 

 

 

 

Diluted weighted average common shares outstanding

 

 

73.4

 

 

 

77.8

 

 

 

 

 

 

1 This adjustment reflects discrete income tax expense recognized in connection with a multi-phase internal legal entity restructuring that commenced in fourth quarter 2025 and was completed in first quarter 2026. In fourth quarter 2025, the Company recognized discrete tax expense of $38 million related to the first phase and recognized a discrete tax benefit of approximately $88 million in first quarter 2026 related to the subsequent phases of this internal legal entity restructuring. Management excludes these discrete tax effects from non-GAAP results because they are not indicative of ongoing operating performance or the Company’s underlying tax profile.

2 Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.

Table 11: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (unaudited)

 

 

Three Months Ended

 

Full-Year

 

 

Mar. 31,

 

Mar. 31,

 

2026

In millions

 

2026

 

2025

 

Guidance1

Total operating expenses

 

$

393.9

 

$

368.8

 

$1,490 – $1,530

Amortization of intangible assets

 

 

41.9

 

 

43.9

 

 

Depreciation and amortization of property, equipment and leasehold improvements

 

 

5.9

 

 

4.7

 

$190 – $200

Consolidated adjusted EBITDA expenses

 

$

346.1

 

$

320.2

 

$1,305 – $1,335

 

 

 

 

 

 

 

Index adjusted EBITDA expenses

 

$

121.1

 

$

110.1

 

 

Analytics adjusted EBITDA expenses

 

 

107.2

 

 

96.2

 

 

Sustainability and Climate adjusted EBITDA expenses

 

 

58.9

 

 

60.8

 

 

All Other – Private Assets adjusted EBITDA expenses

 

 

58.9

 

 

53.1

 

 

Consolidated adjusted EBITDA expenses

 

$

346.1

 

$

320.2

 

$1,305 – $1,335

 

 

 

 

 

 

 

1 We have not provided a full line-item reconciliation for total operating expenses to adjusted EBITDA expenses for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above.

Table 12: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (unaudited)

 

 

Three Months Ended

 

Full-Year

 

 

Mar. 31,

 

Mar. 31,

 

2026

In millions

 

 

2026

 

 

 

2025

 

 

Guidance1

Net cash provided by operating activities

 

$

306.8

 

 

$

301.7

 

 

$1,640 – $1,690

Capital expenditures

 

 

(2.8

)

 

 

(11.6

)

 

 

Capitalized software development costs

 

 

(26.0

)

 

 

(21.3

)

 

 

Capex

 

 

(28.8

)

 

 

(32.9

)

 

($160 – $170)

Free cash flow

 

$

278.0

 

 

$

268.8

 

 

$1,470 – $1,530

 

 

 

 

 

 

 

1 We have not provided a line-item reconciliation for free cash flow to net cash provided by operating activities for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See “Forward-Looking Statements” above.

Table 13: First Quarter 2026 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (unaudited)

 

Comparison of the Three Months Ended March 31, 2026 and 2025

 

Total

 

Recurring Subscription

 

Asset-Based Fees

 

Non-Recurring Revenues

Index

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

17.7

%

 

9.0

%

 

26.6

%

 

60.0

%

Impact of acquisitions and divestitures

(0.1

)%

 

(0.1

)%

 

(0.1

)%

 

%

Impact of foreign currency exchange rate fluctuations

%

 

0.1

%

 

(0.1

)%

 

%

Organic operating revenue growth

17.6

%

 

9.0

%

 

26.4

%

 

60.0

%

 

 

 

 

 

 

 

 

 

Total

 

Recurring Subscription

 

Asset-Based Fees

 

Non-Recurring Revenues

Analytics

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

10.3

%

 

7.9

%

 

%

 

183.3

%

Impact of acquisitions and divestitures

%

 

%

 

%

 

%

Impact of foreign currency exchange rate fluctuations

0.2

%

 

0.1

%

 

%

 

8.4

%

Organic operating revenue growth

10.5

%

 

8.0

%

 

%

 

191.7

%

 

 

 

 

 

 

 

 

 

Total

 

Recurring Subscription

 

Asset-Based Fees

 

Non-Recurring Revenues

Sustainability and Climate

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

8.6

%

 

9.9

%

 

%

 

(47.4

)%

Impact of acquisitions and divestitures

%

 

%

 

%

 

%

Impact of foreign currency exchange rate fluctuations

(4.9

)%

 

(4.9

)%

 

%

 

(5.2

)%

Organic operating revenue growth

3.7

%

 

5.0

%

 

%

 

(52.6

)%

 

 

 

 

 

 

 

 

 

Total

 

Recurring Subscription

 

Asset-Based Fees

 

Non-Recurring Revenues

All Other – Private Assets

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

7.9

%

 

7.6

%

 

%

 

40.0

%

Impact of acquisitions and divestitures

%

 

%

 

%

 

%

Impact of foreign currency exchange rate fluctuations

(2.6

)%

 

(2.5

)%

 

%

 

%

Organic operating revenue growth

5.3

%

 

5.1

%

 

%

 

40.0

%

 

 

 

 

 

 

 

 

 

Total

 

Recurring Subscription

 

Asset-Based Fees

 

Non-Recurring Revenues

Consolidated

Change Percentage

 

Change Percentage

 

Change Percentage

 

Change Percentage

Operating revenue growth

14.1

%

 

8.6

%

 

26.6

%

 

65.2

%

Impact of acquisitions and divestitures

(0.1

)%

 

%

 

(0.1

)%

 

%

Impact of foreign currency exchange rate fluctuations

(0.7

)%

 

(1.0

)%

 

(0.1

)%

 

%

Organic operating revenue growth

13.3

%

 

7.6

%

 

26.4

%

 

65.2

%

 

MSCI Inc. Contacts


Investor Inquiries

[email protected]

Jeremy Ulan +1 646 778 4184

[email protected]

Jisoo Suh +1 917 825 7111

Media Inquiries

[email protected]

Melanie Blanco +1 212 981 1049

Konstantinos Makrygiannis +44 (0)7768 930056

Tina Tan +852 2844 9320

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Merck and Eisai Provide Update on Phase 3 LITESPARK-012 Trial Evaluating First-Line Combination Treatments for Certain Patients With Advanced Renal Cell Carcinoma (RCC)

Merck and Eisai Provide Update on Phase 3 LITESPARK-012 Trial Evaluating First-Line Combination Treatments for Certain Patients With Advanced Renal Cell Carcinoma (RCC)

RAHWAY, N.J. & NUTLEY, N.J.–(BUSINESS WIRE)–
Merck (NYSE: MRK), known as MSD outside of the United States and Canada, and Eisai today announced results from the Phase 3 LITESPARK-012 trial evaluating combination regimens for the first-line treatment of patients with advanced clear cell renal cell carcinoma (RCC). The trial evaluated the triplet therapy of KEYTRUDA® (pembrolizumab), Merck’s anti-PD-1 therapy, plus LENVIMA® (lenvatinib), the orally available multiple receptor tyrosine kinase inhibitor (TKI) discovered by Eisai, plus WELIREG® (belzutifan), Merck’s first-in-class, oral hypoxia-inducible factor-2 alpha (HIF-2α) inhibitor. The study also evaluated MK-1308A, the coformulation of KEYTRUDA and quavonlimab, Merck’s investigational anti-CTLA-4 antibody, plus LENVIMA. Both combination regimens were compared to KEYTRUDA plus LENVIMA for these patients.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260421205834/en/

At a pre-specified interim analysis, the combination regimens did not meet the dual primary endpoints of progression-free survival (PFS) and overall survival (OS) for the first-line treatment of patients with RCC compared to KEYTRUDA plus LENVIMA. The safety profiles of the combination regimens were consistent with those observed in previously reported studies evaluating the individual medicines and the KEYTRUDA plus LENVIMA combination. A full evaluation of the data from this study is ongoing, and Merck and Eisai will work with investigators to share the results with the scientific community.

“With the LITESPARK-012 trial, we explored whether combining therapies with established activity could improve upon well-established standards set by KEYTRUDA-based regimens, reflecting our commitment to continuously explore ways to improve outcomes for the kidney cancer community,” said Dr. M. Catherine Pietanza, Vice President, Global Clinical Development, Merck Research Laboratories. “While these regimens did not demonstrate the results we hoped, the data deepen our understanding of advanced renal cell carcinoma and will help shape the next generation of treatment approaches.”

“While we are disappointed that LITESPARK-012 did not meet its primary endpoints, the findings reinforce the central role of KEYTRUDA plus LENVIMA in the first-line treatment of patients with advanced renal cell carcinoma,” said Dr. Corina Dutcus, Senior Vice President, Oncology Global Clinical Development Lead at Eisai Inc. “Findings from trials such as this play an important role in shaping health care providers’ perspectives as the treatment paradigm for advanced renal cell carcinoma continues to evolve. We are committed to advancing the care of people living with this disease and we are grateful to the patients, caregivers and investigators whose participation and dedication made this research possible.”

Results from the LITESPARK-012 trial do not affect other ongoing trials from the LITESPARK clinical program, including those conducted jointly with Eisai. As previously announced, the U.S. Food and Drug Administration (FDA) has accepted two supplemental New Drug Applications (sNDA) for review based on the Phase 3 LITESPARK-011 trial evaluating WELIREG in combination with LENVIMA for certain previously treated patients with advanced RCC and has set a Prescription Drug User Fee Act (PDUFA), or target action, date of Oct. 4, 2026.

KEYTRUDA is currently approved as adjuvant monotherapy and in combination regimens for appropriate patients with RCC in the U.S., European Union (EU), Japan and other countries around the world. For more information, please see the “Selected KEYTRUDA® (pembrolizumab) Indications in the U.S.” section below.

KEYTRUDA plus LENVIMA is approved in the U.S., EU, Japan and other countries for the first-line treatment of adult patients with advanced RCC. Lenvatinib is approved as KISPLYX for advanced RCC in the EU.

LENVIMA in combination with everolimus is approved in the U.S., EU and other regions for the treatment of adult patients with advanced RCC following one prior anti-angiogenic therapy.

WELIREG is approved in the U.S., EU, Japan and other countries for the treatment of adult patients with advanced clear cell RCC following a PD-1/PD-L1 inhibitor and 1-2 VEGF-TKIs based on results from the Phase 3 LITESPARK-005 trial.

About LITESPARK-012

LITESPARK-012 is a randomized, open-label Phase 3 trial (ClinicalTrials.gov, NCT04736706) evaluating either the triplet therapy of KEYTRUDA plus LENVIMA plus WELIREG or MK-1308A plus LENVIMA compared to KEYTRUDA plus LENVIMA for the first-line treatment of patients with advanced clear cell RCC. The primary endpoints are PFS, as assessed by blinded independent central review (BICR) according to Response Evaluation Criteria in Solid Tumors version 1.1 (RECIST v1.1) modified to follow a maximum of 10 target lesions and a maximum of 5 target lesions per organ, and OS. Secondary endpoints are objective response rate and duration of response as assessed by BICR according to RECIST v1.1, as well as safety. The study enrolled 1,688 patients who were randomized to receive:

  • KEYTRUDA (400 mg intravenously [IV] every six weeks [Q6W]) plus LENVIMA (20 mg orally once daily [QD]) plus WELIREG (120 mg orally QD);

  • MK-1308A (coformulation of pembrolizumab [400 mg] and quavonlimab [25 mg] IV Q6W) plus LENVIMA (20 mg orally QD);

  • KEYTRUDA (400 mg IV Q6W) plus LENVIMA (20 mg orally QD).

All study drugs were continued until protocol-specified discontinuation criteria. KEYTRUDA and MK-1308A were administered for up to two years (approximately 18 cycles). WELIREG and LENVIMA may have been administered in combination or as a single agent until progressive disease or discontinuation.

About renal cell carcinoma

Renal cell carcinoma is the most common type of kidney cancer, with about nine out of 10 kidney cancer diagnoses being RCC. In 2022, there were about 435,000 new cases of kidney cancer diagnosed and approximately 156,000 deaths from the disease worldwide. Renal cell carcinoma is about twice as common in men as in women. Most cases of RCC are discovered incidentally during imaging tests for other abdominal diseases, and about 70% are a form called clear cell RCC, which tends to be more aggressive and faster spreading. Approximately 30% of patients with kidney cancer are diagnosed at an advanced stage.

About Merck’s research in genitourinary cancers

Merck is advancing research aimed at helping transform the treatment landscape and broaden options for people with genitourinary (GU) cancers, including bladder, kidney and prostate cancers. Globally, GU cancers account for an estimated 2.6 million new cancer diagnoses each year, equaling over 1 in 8 of all cancer incidences. Through a robust clinical development program with more than 50 ongoing clinical trials evaluating more than 22,000 patients around the world, Merck is investigating the potential of several portfolio medicines and pipeline assets, leveraging multiple novel combination strategies, across various stages of disease, to help address unmet needs in GU cancers.

About KEYTRUDA® (pembrolizumab) injection for intravenous use, 100 mg

KEYTRUDA is an anti-programmed death receptor-1 (PD-1) therapy that works by increasing the ability of the body’s immune system to help detect and fight tumor cells. KEYTRUDA is a humanized monoclonal antibody that blocks the interaction between PD-1 and its ligands, PD-L1 and PD-L2, thereby activating T lymphocytes which may affect both tumor cells and healthy cells.

Merck has the industry’s largest immuno-oncology clinical research program. There are currently more than 2,800 trials studying KEYTRUDA across a wide variety of cancers and treatment settings. The KEYTRUDA clinical program seeks to understand the role of KEYTRUDA across cancers and the factors that may predict a patient’s likelihood of benefitting from treatment with KEYTRUDA, including exploring several different biomarkers.

Selected KEYTRUDA® (pembrolizumab) Indications in the U.S.

Renal Cell Carcinoma

KEYTRUDA, in combination with axitinib, is indicated for the first-line treatment of adult patients with advanced renal cell carcinoma (RCC).

KEYTRUDA, in combination with lenvatinib, is indicated for the first-line treatment of adult patients with advanced RCC.

KEYTRUDA is indicated for the adjuvant treatment of patients with RCC at intermediate-high or high risk of recurrence following nephrectomy, or following nephrectomy and resection of metastatic lesions.

See additional selected KEYTRUDA indications in the U.S. after the Selected Important Safety Information.

Selected Important Safety Information for KEYTRUDA

Severe and Fatal Immune-Mediated Adverse Reactions

KEYTRUDA is a monoclonal antibody that belongs to a class of drugs that bind to either the programmed death receptor-1 (PD-1) or the programmed death ligand 1 (PD-L1), blocking the PD-1/PD-L1 pathway, thereby removing inhibition of the immune response, potentially breaking peripheral tolerance and inducing immune-mediated adverse reactions. Immune-mediated adverse reactions, which may be severe or fatal, can occur in any organ system or tissue, can affect more than one body system simultaneously, and can occur at any time after starting treatment or after discontinuation of treatment. Important immune-mediated adverse reactions listed here may not include all possible severe and fatal immune-mediated adverse reactions.

Monitor patients closely for symptoms and signs that may be clinical manifestations of underlying immune-mediated adverse reactions. Early identification and management are essential to ensure safe use of anti–PD-1/PD-L1 treatments. Evaluate liver enzymes, creatinine, and thyroid function at baseline and periodically during treatment. For patients with TNBC treated with KEYTRUDA in the neoadjuvant setting, monitor blood cortisol at baseline, prior to surgery, and as clinically indicated. In cases of suspected immune-mediated adverse reactions, initiate appropriate workup to exclude alternative etiologies, including infection. Institute medical management promptly, including specialty consultation as appropriate.

Withhold or permanently discontinue KEYTRUDA depending on severity of the immune-mediated adverse reaction. In general, if KEYTRUDA requires interruption or discontinuation, administer systemic corticosteroid therapy (1 to 2 mg/kg/day prednisone or equivalent) until improvement to Grade 1 or less. Upon improvement to Grade 1 or less, initiate corticosteroid taper and continue to taper over at least 1 month. Consider administration of other systemic immunosuppressants in patients whose adverse reactions are not controlled with corticosteroid therapy.

Immune-Mediated Pneumonitis

KEYTRUDA can cause immune-mediated pneumonitis. The incidence is higher in patients who have received prior thoracic radiation. Immune-mediated pneumonitis occurred in 3.4% (94/2799) of patients receiving KEYTRUDA, including fatal (0.1%), Grade 4 (0.3%), Grade 3 (0.9%), and Grade 2 (1.3%) reactions. Systemic corticosteroids were required in 67% (63/94) of patients. Pneumonitis led to permanent discontinuation of KEYTRUDA in 1.3% (36) and withholding in 0.9% (26) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Pneumonitis resolved in 59% of the 94 patients.

Pneumonitis occurred in 8% (31/389) of adult patients with cHL receiving KEYTRUDA as a single agent, including Grades 3-4 in 2.3% of patients. Patients received high-dose corticosteroids for a median duration of 10 days (range: 2 days to 53 months). Pneumonitis rates were similar in patients with and without prior thoracic radiation. Pneumonitis led to discontinuation of KEYTRUDA in 5.4% (21) of patients. Of the patients who developed pneumonitis, 42% interrupted KEYTRUDA, 68% discontinued KEYTRUDA, and 77% had resolution.

Pneumonitis occurred in 7% (41/580) of adult patients with resected NSCLC who received KEYTRUDA as a single agent for adjuvant treatment of NSCLC, including fatal (0.2%), Grade 4 (0.3%), and Grade 3 (1%) adverse reactions. Patients received high-dose corticosteroids for a median duration of 10 days (range: 1 day to 2.3 months). Pneumonitis led to discontinuation of KEYTRUDA in 26 (4.5%) of patients. Of the patients who developed pneumonitis, 54% interrupted KEYTRUDA, 63% discontinued KEYTRUDA, and 71% had resolution.

Immune-Mediated Colitis

KEYTRUDA can cause immune-mediated colitis, which may present with diarrhea. Cytomegalovirus infection/reactivation has been reported in patients with corticosteroid-refractory immune-mediated colitis. In cases of corticosteroid-refractory colitis, consider repeating infectious workup to exclude alternative etiologies. Immune-mediated colitis occurred in 1.7% (48/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (1.1%), and Grade 2 (0.4%) reactions. Systemic corticosteroids were required in 69% (33/48); additional immunosuppressant therapy was required in 4.2% of patients. Colitis led to permanent discontinuation of KEYTRUDA in 0.5% (15) and withholding in 0.5% (13) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Colitis resolved in 85% of the 48 patients.

Hepatotoxicity and Immune-Mediated Hepatitis

KEYTRUDA as a Single Agent

KEYTRUDA can cause immune-mediated hepatitis. Immune-mediated hepatitis occurred in 0.7% (19/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.4%), and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 68% (13/19) of patients; additional immunosuppressant therapy was required in 11% of patients. Hepatitis led to permanent discontinuation of KEYTRUDA in 0.2% (6) and withholding in 0.3% (9) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, none had recurrence. Hepatitis resolved in 79% of the 19 patients.

KEYTRUDA With Axitinib

KEYTRUDA in combination with axitinib can cause hepatic toxicity. Monitor liver enzymes before initiation of and periodically throughout treatment. Consider monitoring more frequently as compared to when the drugs are administered as single agents. For elevated liver enzymes, interrupt KEYTRUDA and axitinib, and consider administering corticosteroids as needed. With the combination of KEYTRUDA and axitinib, Grades 3 and 4 increased alanine aminotransferase (ALT) (20%) and increased aspartate aminotransferase (AST) (13%) were seen at a higher frequency compared to KEYTRUDA alone. Fifty-nine percent of the patients with increased ALT received systemic corticosteroids. In patients with ALT ≥3 times upper limit of normal (ULN) (Grades 2-4, n=116), ALT resolved to Grades 0-1 in 94%. Among the 92 patients who were rechallenged with either KEYTRUDA (n=3) or axitinib (n=34) administered as a single agent or with both (n=55), recurrence of ALT ≥3 times ULN was observed in 1 patient receiving KEYTRUDA, 16 patients receiving axitinib, and 24 patients receiving both. All patients with a recurrence of ALT ≥3 ULN subsequently recovered from the event.

Immune-Mediated Endocrinopathies

Adrenal Insufficiency

KEYTRUDA can cause primary or secondary adrenal insufficiency. For Grade 2 or higher, initiate symptomatic treatment, including hormone replacement as clinically indicated. Withhold KEYTRUDA depending on severity. Adrenal insufficiency occurred in 0.8% (22/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.3%), and Grade 2 (0.3%) reactions. Systemic corticosteroids were required in 77% (17/22) of patients; of these, the majority remained on systemic corticosteroids. Adrenal insufficiency led to permanent discontinuation of KEYTRUDA in <0.1% (1) and withholding in 0.3% (8) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.

Hypophysitis

KEYTRUDA can cause immune-mediated hypophysitis. Hypophysitis can present with acute symptoms associated with mass effect such as headache, photophobia, or visual field defects. Hypophysitis can cause hypopituitarism. Initiate hormone replacement as indicated. Withhold or permanently discontinue KEYTRUDA depending on severity. Hypophysitis occurred in 0.6% (17/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.3%), and Grade 2 (0.2%) reactions. Systemic corticosteroids were required in 94% (16/17) of patients; of these, the majority remained on systemic corticosteroids. Hypophysitis led to permanent discontinuation of KEYTRUDA in 0.1% (4) and withholding in 0.3% (7) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.

Thyroid Disorders

KEYTRUDA can cause immune-mediated thyroid disorders. Thyroiditis can present with or without endocrinopathy. Hypothyroidism can follow hyperthyroidism. Initiate hormone replacement for hypothyroidism or institute medical management of hyperthyroidism as clinically indicated. Withhold or permanently discontinue KEYTRUDA depending on severity. Thyroiditis occurred in 0.6% (16/2799) of patients receiving KEYTRUDA, including Grade 2 (0.3%). None discontinued, but KEYTRUDA was withheld in <0.1% (1) of patients.

Hyperthyroidism occurred in 3.4% (96/2799) of patients receiving KEYTRUDA, including Grade 3 (0.1%) and Grade 2 (0.8%). It led to permanent discontinuation of KEYTRUDA in <0.1% (2) and withholding in 0.3% (7) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement. Hypothyroidism occurred in 8% (237/2799) of patients receiving KEYTRUDA, including Grade 3 (0.1%) and Grade 2 (6.2%). It led to permanent discontinuation of KEYTRUDA in <0.1% (1) and withholding in 0.5% (14) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement. The majority of patients with hypothyroidism required long-term thyroid hormone replacement. The incidence of new or worsening hypothyroidism was higher in 1185 patients with HNSCC, occurring in 16% of patients receiving KEYTRUDA as a single agent or in combination with platinum and FU, including Grade 3 (0.3%) hypothyroidism. The incidence of new or worsening hypothyroidism was higher in 389 adult patients with cHL (17%) receiving KEYTRUDA as a single agent, including Grade 1 (6.2%) and Grade 2 (10.8%) hypothyroidism. The incidence of new or worsening hyperthyroidism was higher in 580 patients with resected NSCLC, occurring in 11% of patients receiving KEYTRUDA as a single agent as adjuvant treatment, including Grade 3 (0.2%) hyperthyroidism. The incidence of new or worsening hypothyroidism was higher in 580 patients with resected NSCLC, occurring in 22% of patients receiving KEYTRUDA as a single agent as adjuvant treatment (KEYNOTE-091), including Grade 3 (0.3%) hypothyroidism.

Type 1 Diabetes Mellitus (DM), Which Can Present With Diabetic Ketoacidosis

Monitor patients for hyperglycemia or other signs and symptoms of diabetes. Initiate treatment with insulin as clinically indicated. Withhold KEYTRUDA depending on severity. Type 1 DM occurred in 0.2% (6/2799) of patients receiving KEYTRUDA. It led to permanent discontinuation in <0.1% (1) and withholding of KEYTRUDA in <0.1% (1) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.

Immune-Mediated Nephritis With Renal Dysfunction

KEYTRUDA can cause immune-mediated nephritis. Immune-mediated nephritis occurred in 0.3% (9/2799) of patients receiving KEYTRUDA, including Grade 4 (<0.1%), Grade 3 (0.1%), and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 89% (8/9) of patients. Nephritis led to permanent discontinuation of KEYTRUDA in 0.1% (3) and withholding in 0.1% (3) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, none had recurrence. Nephritis resolved in 56% of the 9 patients.

Immune-Mediated Dermatologic Adverse Reactions

KEYTRUDA can cause immune-mediated rash or dermatitis. Exfoliative dermatitis, including Stevens-Johnson syndrome, drug rash with eosinophilia and systemic symptoms, and toxic epidermal necrolysis, has occurred with anti– PD-1/PD-L1 treatments. Topical emollients and/or topical corticosteroids may be adequate to treat mild to moderate nonexfoliative rashes. Withhold or permanently discontinue KEYTRUDA depending on severity. Immune-mediated dermatologic adverse reactions occurred in 1.4% (38/2799) of patients receiving KEYTRUDA, including Grade 3 (1%) and Grade 2 (0.1%) reactions. Systemic corticosteroids were required in 40% (15/38) of patients. These reactions led to permanent discontinuation in 0.1% (2) and withholding of KEYTRUDA in 0.6% (16) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 6% had recurrence. The reactions resolved in 79% of the 38 patients.

Other Immune-Mediated Adverse Reactions

The following clinically significant immune-mediated adverse reactions occurred at an incidence of <1% (unless otherwise noted) in patients who received KEYTRUDA or were reported with the use of other anti–PD-1/PD-L1 treatments. Severe or fatal cases have been reported for some of these adverse reactions. Cardiac/Vascular: Myocarditis, pericarditis, vasculitis; Nervous System: Meningitis, encephalitis, myelitis and demyelination, myasthenic syndrome/myasthenia gravis (including exacerbation), Guillain-Barré syndrome, nerve paresis, autoimmune neuropathy; Ocular: Uveitis, iritis and other ocular inflammatory toxicities can occur. Some cases can be associated with retinal detachment. Various grades of visual impairment, including blindness, can occur. If uveitis occurs in combination with other immune-mediated adverse reactions, consider a Vogt-Koyanagi-Harada-like syndrome, as this may require treatment with systemic steroids to reduce the risk of permanent vision loss; Gastrointestinal: Pancreatitis, to include increases in serum amylase and lipase levels, gastritis, duodenitis; Musculoskeletal and Connective Tissue: Myositis/polymyositis, rhabdomyolysis (and associated sequelae, including renal failure), arthritis (1.5%), polymyalgia rheumatica; Endocrine: Hypoparathyroidism; Hematologic/Immune: Hemolytic anemia, aplastic anemia, hemophagocytic lymphohistiocytosis, systemic inflammatory response syndrome, histiocytic necrotizing lymphadenitis (Kikuchi lymphadenitis), sarcoidosis, immune thrombocytopenic purpura, solid organ transplant rejection, other transplant (including corneal graft) rejection.

Infusion-Related Reactions

KEYTRUDA can cause severe or life-threatening infusion-related reactions, including hypersensitivity and anaphylaxis, which have been reported in 0.2% of 2799 patients receiving KEYTRUDA. Monitor for signs and symptoms of infusion-related reactions. Interrupt or slow the rate of infusion for Grade 1 or Grade 2 reactions. For Grade 3 or Grade 4 reactions, stop infusion and permanently discontinue KEYTRUDA.

Complications of Allogeneic Hematopoietic Stem Cell Transplantation (HSCT)

Fatal and other serious complications can occur in patients who receive allogeneic HSCT before or after anti–PD-1/PD-L1 treatments. Transplant-related complications include hyperacute graft-versus-host disease (GVHD), acute and chronic GVHD, hepatic veno-occlusive disease after reduced intensity conditioning, and steroid-requiring febrile syndrome (without an identified infectious cause). These complications may occur despite intervening therapy between anti–PD-1/PD-L1 treatments and allogeneic HSCT. Follow patients closely for evidence of these complications and intervene promptly. Consider the benefit vs risks of using anti–PD-1/PD-L1 treatments prior to or after an allogeneic HSCT.

Increased Mortality in Patients With Multiple Myeloma

In trials in patients with multiple myeloma, the addition of KEYTRUDA to a thalidomide analogue plus dexamethasone resulted in increased mortality. Treatment of these patients with an anti–PD-1/PD-L1 treatment in this combination is not recommended outside of controlled trials.

Embryofetal Toxicity

Based on its mechanism of action, KEYTRUDA can cause fetal harm when administered to a pregnant woman. Advise women of this potential risk. In females of reproductive potential, verify pregnancy status prior to initiating KEYTRUDA and advise them to use effective contraception during treatment and for 4 months after the last dose.

Adverse Reactions

In KEYNOTE-006, KEYTRUDA was discontinued due to adverse reactions in 9% of 555 patients with advanced melanoma; adverse reactions leading to permanent discontinuation in more than one patient were colitis (1.4%), autoimmune hepatitis (0.7%), allergic reaction (0.4%), polyneuropathy (0.4%), and cardiac failure (0.4%). The most common adverse reactions (≥20%) with KEYTRUDA were fatigue (28%), diarrhea (26%), rash (24%), and nausea (21%).

In KEYNOTE-054, when KEYTRUDA was administered as a single agent to patients with stage III melanoma, KEYTRUDA was permanently discontinued due to adverse reactions in 14% of 509 patients; the most common (≥1%) were pneumonitis (1.4%), colitis (1.2%), and diarrhea (1%). Serious adverse reactions occurred in 25% of patients receiving KEYTRUDA. The most common adverse reaction (≥20%) with KEYTRUDA was diarrhea (28%). In KEYNOTE-716, when KEYTRUDA was administered as a single agent to patients with stage IIB or IIC melanoma, adverse reactions occurring in patients with stage IIB or IIC melanoma were similar to those occurring in 1011 patients with stage III melanoma from KEYNOTE-054.

In KEYNOTE-189, when KEYTRUDA was administered with pemetrexed and platinum chemotherapy in metastatic nonsquamous NSCLC, KEYTRUDA was discontinued due to adverse reactions in 20% of 405 patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA were pneumonitis (3%) and acute kidney injury (2%). The most common adverse reactions (≥20%) with KEYTRUDA were nausea (56%), fatigue (56%), constipation (35%), diarrhea (31%), decreased appetite (28%), rash (25%), vomiting (24%), cough (21%), dyspnea (21%), and pyrexia (20%).

In KEYNOTE-407, when KEYTRUDA was administered with carboplatin and either paclitaxel or paclitaxel protein-bound in metastatic squamous NSCLC, KEYTRUDA was discontinued due to adverse reactions in 15% of 101 patients. The most frequent serious adverse reactions reported in at least 2% of patients were febrile neutropenia, pneumonia, and urinary tract infection. Adverse reactions observed in KEYNOTE-407 were similar to those observed in KEYNOTE-189 with the exception that increased incidences of alopecia (47% vs 36%) and peripheral neuropathy (31% vs 25%) were observed in the KEYTRUDA and chemotherapy arm compared to the placebo and chemotherapy arm in KEYNOTE-407.

In KEYNOTE-042, KEYTRUDA was discontinued due to adverse reactions in 19% of 636 patients with advanced NSCLC; the most common were pneumonitis (3%), death due to unknown cause (1.6%), and pneumonia (1.4%). The most frequent serious adverse reactions reported in at least 2% of patients were pneumonia (7%), pneumonitis (3.9%), pulmonary embolism (2.4%), and pleural effusion (2.2%). The most common adverse reaction (≥20%) was fatigue (25%).

In KEYNOTE-010, KEYTRUDA monotherapy was discontinued due to adverse reactions in 8% of 682 patients with metastatic NSCLC; the most common was pneumonitis (1.8%). The most common adverse reactions (≥20%) were decreased appetite (25%), fatigue (25%), dyspnea (23%), and nausea (20%).

In KEYNOTE-671, adverse reactions occurring in patients with resectable NSCLC receiving KEYTRUDA in combination with platinum-containing chemotherapy, given as neoadjuvant treatment and continued as single-agent adjuvant treatment, were generally similar to those occurring in patients in other clinical trials across tumor types receiving KEYTRUDA in combination with chemotherapy.

The most common adverse reactions (reported in ≥20%) in patients receiving KEYTRUDA in combination with chemotherapy or chemoradiotherapy were fatigue/asthenia, nausea, constipation, diarrhea, decreased appetite, rash, vomiting, cough, dyspnea, pyrexia, alopecia, peripheral neuropathy, mucosal inflammation, stomatitis, headache, weight loss, abdominal pain, arthralgia, myalgia, insomnia, palmar-plantar erythrodysesthesia, urinary tract infection, hypothyroidism, radiation skin injury, dysphagia, dry mouth, and musculoskeletal pain.

In the neoadjuvant phase of KEYNOTE-671, when KEYTRUDA was administered in combination with platinum-containing chemotherapy as neoadjuvant treatment, serious adverse reactions occurred in 34% of 396 patients. The most frequent (≥2%) serious adverse reactions were pneumonia (4.8%), venous thromboembolism (3.3%), and anemia (2%). Fatal adverse reactions occurred in 1.3% of patients, including death due to unknown cause (0.8%), sepsis (0.3%), and immune-mediated lung disease (0.3%). Permanent discontinuation of any study drug due to an adverse reaction occurred in 18% of patients who received KEYTRUDA in combination with platinum-containing chemotherapy; the most frequent adverse reactions (≥1%) that led to permanent discontinuation of any study drug were acute kidney injury (1.8%), interstitial lung disease (1.8%), anemia (1.5%), neutropenia (1.5%), and pneumonia (1.3%).

Of the KEYTRUDA-treated patients who received neoadjuvant treatment, 6% of 396 patients did not receive surgery due to adverse reactions. The most frequent (≥1%) adverse reaction that led to cancellation of surgery in the KEYTRUDA arm was interstitial lung disease (1%).

In the adjuvant phase of KEYNOTE-671, when KEYTRUDA was administered as a single agent as adjuvant treatment, serious adverse reactions occurred in 14% of 290 patients. The most frequent serious adverse reaction was pneumonia (3.4%). One fatal adverse reaction of pulmonary hemorrhage occurred. Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 12% of patients who received KEYTRUDA as a single agent, given as adjuvant treatment; the most frequent adverse reactions (≥1%) that led to permanent discontinuation of KEYTRUDA were diarrhea (1.7%), interstitial lung disease (1.4%), increased aspartate aminotransferase (1%), and musculoskeletal pain (1%).

Adverse reactions observed in KEYNOTE-091 were generally similar to those occurring in other patients with NSCLC receiving KEYTRUDA as a single agent, with the exception of hypothyroidism (22%), hyperthyroidism (11%), and pneumonitis (7%). Two fatal adverse reactions of myocarditis occurred.

Adverse reactions observed in KEYNOTE-483 were generally similar to those occurring in other patients receiving KEYTRUDA in combination with pemetrexed and platinum chemotherapy.

In KEYNOTE-689, the most common adverse reactions (≥20%) in patients receiving KEYTRUDA were stomatitis (48%), radiation skin injury (40%), weight loss (36%), fatigue (33%), dysphagia (29%), constipation (27%), hypothyroidism (26%), nausea (24%), rash (22%), dry mouth (22%), diarrhea (22%), and musculoskeletal pain (22%).

In the neoadjuvant phase of KEYNOTE-689, of the 361 patients who received at least one dose of single agent KEYTRUDA, 11% experienced serious adverse reactions. Serious adverse reactions that occurred in more than one patient were pneumonia (1.4%), tumor hemorrhage (0.8%), dysphagia (0.6%), immune-mediated hepatitis (0.6%), cellulitis (0.6%), and dyspnea (0.6%). Fatal adverse reactions occurred in 1.1% of patients, including respiratory failure, clostridium infection, septic shock, and myocardial infarction (one patient each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 2.8% of patients who received KEYTRUDA as neoadjuvant treatment. The most frequent adverse reaction which resulted in permanent discontinuation of neoadjuvant KEYTRUDA in more than one patient was arthralgia (0.6%).

Of the 361 patients who received KEYTRUDA as neoadjuvant treatment, 11% did not receive surgery. Surgical cancellation on the KEYTRUDA arm was due to disease progression in 4%, patient decision in 3%, adverse reactions in 1.4%, physician’s decision in 1.1%, unresectable tumor in 0.6%, loss of follow-up in 0.3%, and use of non-study anti-cancer therapy in 0.3%.

Of the 323 KEYTRUDA-treated patients who received surgery following the neoadjuvant phase, 1.2% experienced delay of surgery (defined as on-study surgery occurring ≥9 weeks after initiation of neoadjuvant KEYTRUDA) due to adverse reactions, and 2.8% did not receive adjuvant treatment due to adverse reactions.

In the adjuvant phase of KEYNOTE-689, of the 255 patients who received at least one dose of KEYTRUDA, 38% experienced serious adverse reactions. The most frequent serious adverse reactions reported in ≥1% of KEYTRUDA- treated patients were pneumonia (2.7%), pyrexia (2.4%), stomatitis (2.4%), acute kidney injury (2.0%), pneumonitis (1.6%), COVID-19 (1.2%), death not otherwise specified (1.2%), diarrhea (1.2%), dysphagia (1.2%), gastrostomy tube site complication (1.2%), and immune-mediated hepatitis (1.2%). Fatal adverse reactions occurred in 5% of patients, including death not otherwise specified (1.2%), acute renal failure (0.4%), hypercalcemia (0.4%), pulmonary hemorrhage (0.4%), dysphagia/malnutrition (0.4%), mesenteric thrombosis (0.4%), sepsis (0.4%), pneumonia (0.4%), COVID-19 (0.4%), respiratory failure (0.4%), cardiovascular disorder (0.4%), and gastrointestinal hemorrhage (0.4%). Permanent discontinuation of adjuvant KEYTRUDA due to an adverse reaction occurred in 17% of patients. The most frequent (≥1%) adverse reactions that led to permanent discontinuation of adjuvant KEYTRUDA were pneumonitis, colitis, immune-mediated hepatitis, and death not otherwise specified.

In KEYNOTE-048, KEYTRUDA monotherapy was discontinued due to adverse events in 12% of 300 patients with HNSCC; the most common adverse reactions leading to permanent discontinuation were sepsis (1.7%) and pneumonia (1.3%). The most common adverse reactions (≥20%) were fatigue (33%), constipation (20%), and rash (20%).

In KEYNOTE-048, when KEYTRUDA was administered in combination with platinum (cisplatin or carboplatin) and FU chemotherapy, KEYTRUDA was discontinued due to adverse reactions in 16% of 276 patients with HNSCC. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA were pneumonia (2.5%), pneumonitis (1.8%), and septic shock (1.4%). The most common adverse reactions (≥20%) were nausea (51%), fatigue (49%), constipation (37%), vomiting (32%), mucosal inflammation (31%), diarrhea (29%), decreased appetite (29%), stomatitis (26%), and cough (22%).

In KEYNOTE-012, KEYTRUDA was discontinued due to adverse reactions in 17% of 192 patients with HNSCC. Serious adverse reactions occurred in 45% of patients. The most frequent serious adverse reactions reported in at least 2% of patients were pneumonia, dyspnea, confusional state, vomiting, pleural effusion, and respiratory failure. The most common adverse reactions (≥20%) were fatigue, decreased appetite, and dyspnea. Adverse reactions occurring in patients with HNSCC were generally similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy, with the exception of increased incidences of facial edema and new or worsening hypothyroidism.

In KEYNOTE-204, KEYTRUDA was discontinued due to adverse reactions in 14% of 148 patients with cHL. Serious adverse reactions occurred in 30% of patients receiving KEYTRUDA; those ≥1% were pneumonitis, pneumonia, pyrexia, myocarditis, acute kidney injury, febrile neutropenia, and sepsis. Three patients died from causes other than disease progression: 2 from complications after allogeneic HSCT and 1 from unknown cause. The most common adverse reactions (≥20%) were upper respiratory tract infection (41%), musculoskeletal pain (32%), diarrhea (22%), and pyrexia, fatigue, rash, and cough (20% each).

In KEYNOTE-087, KEYTRUDA was discontinued due to adverse reactions in 5% of 210 patients with cHL. Serious adverse reactions occurred in 16% of patients; those ≥1% were pneumonia, pneumonitis, pyrexia, dyspnea, GVHD, and herpes zoster. Two patients died from causes other than disease progression: 1 from GVHD after subsequent allogeneic HSCT and 1 from septic shock. The most common adverse reactions (≥20%) were fatigue (26%), pyrexia (24%), cough (24%), musculoskeletal pain (21%), diarrhea (20%), and rash (20%).

In KEYNOTE-170, KEYTRUDA was discontinued due to adverse reactions in 8% of 53 patients with PMBCL. Serious adverse reactions occurred in 26% of patients and included arrhythmia (4%), cardiac tamponade (2%), myocardial infarction (2%), pericardial effusion (2%), and pericarditis (2%). Six (11%) patients died within 30 days of start of treatment. The most common adverse reactions (≥20%) were musculoskeletal pain (30%), upper respiratory tract infection and pyrexia (28% each), cough (26%), fatigue (23%), and dyspnea (21%).

In KEYNOTE-A39, when KEYTRUDA was administered in combination with enfortumab vedotin to patients with locally advanced or metastatic urothelial cancer (n=440), fatal adverse reactions occurred in 3.9% of patients, including acute respiratory failure (0.7%), pneumonia (0.5%), and pneumonitis/ILD (0.2%). Serious adverse reactions occurred in 50% of patients receiving KEYTRUDA in combination with enfortumab vedotin; the serious adverse reactions in ≥2% of patients were rash (6%), acute kidney injury (5%), pneumonitis/ILD (4.5%), urinary tract infection (3.6%), diarrhea (3.2%), pneumonia (2.3%), pyrexia (2%), and hyperglycemia (2%). Permanent discontinuation of KEYTRUDA occurred in 27% of patients. The most common adverse reactions (≥2%) resulting in permanent discontinuation of KEYTRUDA were pneumonitis/ILD (4.8%) and rash (3.4%). The most common adverse reactions (≥20%) occurring in patients treated with KEYTRUDA in combination with enfortumab vedotin were rash (68%), peripheral neuropathy (67%), fatigue (51%), pruritus (41%), diarrhea (38%), alopecia (35%), weight loss (33%), decreased appetite (33%), nausea (26%), constipation (26%), dry eye (24%), dysgeusia (21%), and urinary tract infection (21%).

In KEYNOTE-052, KEYTRUDA was discontinued due to adverse reactions in 11% of 370 patients with locally advanced or metastatic urothelial carcinoma. Serious adverse reactions occurred in 42% of patients; those ≥2% were urinary tract infection, hematuria, acute kidney injury, pneumonia, and urosepsis. The most common adverse reactions (≥20%) were fatigue (38%), musculoskeletal pain (24%), decreased appetite (22%), constipation (21%), rash (21%), and diarrhea (20%).

In KEYNOTE-045, KEYTRUDA was discontinued due to adverse reactions in 8% of 266 patients with locally advanced or metastatic urothelial carcinoma. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA was pneumonitis (1.9%). Serious adverse reactions occurred in 39% of KEYTRUDA-treated patients; those ≥2% were urinary tract infection, pneumonia, anemia, and pneumonitis. The most common adverse reactions (≥20%) in patients who received KEYTRUDA were fatigue (38%), musculoskeletal pain (32%), pruritus (23%), decreased appetite (21%), nausea (21%), and rash (20%).

In KEYNOTE-905, the most common adverse reactions (≥20%) occurring in cisplatin-ineligible patients with MIBC treated with KEYTRUDA in combination with enfortumab vedotin (n=167) were rash (54%), pruritus (47%), fatigue (47%), peripheral neuropathy (39%), alopecia (35%), dysgeusia (35%), diarrhea (34%), constipation (28%), decreased appetite (28%), nausea (26%), urinary tract infection (24%), dry eye (21%), and weight loss (20%).

In the neoadjuvant phase of KEYNOTE-905, serious adverse reactions occurred in 27% (n=167) of patients; the most frequent (≥2%) were urinary tract infection (3.6%) and hematuria (2.4%). Fatal adverse reactions occurred in 1.2% of patients, including myasthenia gravis and toxic epidermal necrolysis (0.6% each). Additional fatal adverse reactions were reported in 2.7% of patients in the post-surgery phase before adjuvant treatment started, including sepsis and intestinal obstruction (1.4% each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 15% of patients; the most frequent (>1%) were rash (2.4%, including generalized exfoliative dermatitis), increased alanine aminotransferase, increased aspartate aminotransferase, diarrhea, dysgeusia, and toxic epidermal necrolysis (1.2% each). Of the 167 patients in the KEYTRUDA in combination with enfortumab vedotin arm who received neoadjuvant treatment, 7 (4.2%) patients did not receive surgery due to adverse reactions. The adverse reactions that led to cancellation of surgery were acute myocardial infarction, bile duct cancer, colon cancer, respiratory distress, urinary tract infection, and the two deaths due to myasthenia gravis and toxic epidermal necrolysis (0.6% each).

Of the 146 patients who received neoadjuvant treatment with KEYTRUDA in combination with enfortumab vedotin and underwent radical cystectomy, 6 (4.1%) patients experienced delay of surgery (defined as time from last neoadjuvant treatment to surgery exceeding 8 weeks) due to adverse reactions.

In the adjuvant phase of KEYNOTE-905, serious adverse reactions occurred in 43% (n=100) of patients; the most frequent (≥2%) were urinary tract infection (8%); acute kidney injury and pyelonephritis (5% each); urosepsis (4%); and hypokalemia, intestinal obstruction, and sepsis (2% each). Fatal adverse reactions occurred in 7% of patients, including urosepsis, intracranial hemorrhage, death, myocardial infarction, multiple organ dysfunction syndrome, and pseudomonal pneumonia (1% each). Permanent discontinuation of KEYTRUDA due to an adverse reaction occurred in 28% of patients; the most frequent (>1%) were diarrhea (5%), peripheral neuropathy, acute kidney injury, and pneumonitis (2% each).

In KEYNOTE-057, KEYTRUDA was discontinued due to adverse reactions in 11% of 148 patients with high-risk NMIBC. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA was pneumonitis (1.4%). Serious adverse reactions occurred in 28% of patients; those ≥2% were pneumonia (3%), cardiac ischemia (2%), colitis (2%), pulmonary embolism (2%), sepsis (2%), and urinary tract infection (2%). The most common adverse reactions (≥20%) were fatigue (29%), diarrhea (24%), and rash (24%).

Adverse reactions occurring in patients with MSI-H or dMMR CRC were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy.

In KEYNOTE-158 and KEYNOTE-164, adverse reactions occurring in patients with MSI-H or dMMR cancer were similar to those occurring in patients with other solid tumors who received KEYTRUDA as a single agent.

In KEYNOTE-811, fatal adverse reactions occurred in 3 patients who received KEYTRUDA in combination with trastuzumab and CAPOX (capecitabine plus oxaliplatin) or FP (5-FU plus cisplatin) and included pneumonitis in 2 patients and hepatitis in 1 patient. KEYTRUDA was discontinued due to adverse reactions in 13% of 350 patients with locally advanced unresectable or metastatic HER2-positive gastric or GEJ adenocarcinoma. Adverse reactions resulting in permanent discontinuation of KEYTRUDA in ≥1% of patients were pneumonitis (2.0%) and pneumonia (1.1%). In the KEYTRUDA arm vs placebo, there was a difference of ≥5% incidence between patients treated with KEYTRUDA vs standard of care for diarrhea (53% vs 47%), rash (35% vs 28%), hypothyroidism (11% vs 5%), and pneumonia (11% vs 5%).

In KEYNOTE-859, when KEYTRUDA was administered in combination with fluoropyrimidine- and platinum-containing chemotherapy, serious adverse reactions occurred in 45% of 785 patients. Serious adverse reactions in >2% of patients included pneumonia (4.1%), diarrhea (3.9%), hemorrhage (3.9%), and vomiting (2.4%). Fatal adverse reactions occurred in 8% of patients who received KEYTRUDA, including infection (2.3%) and thromboembolism (1.3%). KEYTRUDA was permanently discontinued due to adverse reactions in 15% of patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA (≥1%) were infections (1.8%) and diarrhea (1.0%). The most common adverse reactions (reported in ≥20%) in patients receiving KEYTRUDA in combination with chemotherapy were peripheral neuropathy (47%), nausea (46%), fatigue (40%), diarrhea (36%), vomiting (34%), decreased appetite (29%), abdominal pain (26%), palmar-plantar erythrodysesthesia syndrome (25%), constipation (22%), and weight loss (20%).

In KEYNOTE-590, when KEYTRUDA was administered with cisplatin and fluorouracil to patients with metastatic or locally advanced esophageal or GEJ (tumors with epicenter 1 to 5 centimeters above the GEJ) carcinoma who were not candidates for surgical resection or definitive chemoradiation, KEYTRUDA was discontinued due to adverse reactions in 15% of 370 patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA (≥1%) were pneumonitis (1.6%), acute kidney injury (1.1%), and pneumonia (1.1%). The most common adverse reactions (≥20%) with KEYTRUDA in combination with chemotherapy were nausea (67%), fatigue (57%), decreased appetite (44%), constipation (40%), diarrhea (36%), vomiting (34%), stomatitis (27%), and weight loss (24%).

Adverse reactions occurring in patients with esophageal cancer who received KEYTRUDA as a monotherapy were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy.

In KEYNOTE-A18, when KEYTRUDA was administered with CRT (cisplatin plus external beam radiation therapy [EBRT] followed by brachytherapy [BT]) to patients with FIGO 2014 Stage III-IVA cervical cancer, fatal adverse reactions occurred in 1.4% of 294 patients, including 1 case each (0.3%) of large intestinal perforation, urosepsis, sepsis, and vaginal hemorrhage. Serious adverse reactions occurred in 34% of patients; those ≥1% included urinary tract infection (3.1%), urosepsis (1.4%), and sepsis (1%). KEYTRUDA was discontinued for adverse reactions in 9% of patients. The most common adverse reaction (≥1%) resulting in permanent discontinuation was diarrhea (1%). For patients treated with KEYTRUDA in combination with CRT, the most common adverse reactions (≥10%) were nausea (56%), diarrhea (51%), urinary tract infection (35%), vomiting (34%), fatigue (28%), hypothyroidism (23%), constipation (20%), weight loss (19%), decreased appetite (18%), pyrexia (14%), abdominal pain and hyperthyroidism (13% each), dysuria and rash (12% each), back and pelvic pain (11% each), and COVID-19 (10%).

In KEYNOTE-826, when KEYTRUDA was administered in combination with paclitaxel and cisplatin or paclitaxel and carboplatin, with or without bevacizumab (n=307), to patients with persistent, recurrent, or first-line metastatic cervical cancer regardless of tumor PD-L1 expression who had not been treated with chemotherapy except when used concurrently as a radio-sensitizing agent, fatal adverse reactions occurred in 4.6% of patients, including 3 cases of hemorrhage, 2 cases each of sepsis and due to unknown causes, and 1 case each of acute myocardial infarction, autoimmune encephalitis, cardiac arrest, cerebrovascular accident, femur fracture with perioperative pulmonary embolus, intestinal perforation, and pelvic infection. Serious adverse reactions occurred in 50% of patients receiving KEYTRUDA in combination with chemotherapy with or without bevacizumab; those ≥3% were febrile neutropenia (6.8%), urinary tract infection (5.2%), anemia (4.6%), and acute kidney injury and sepsis (3.3% each).

KEYTRUDA was discontinued in 15% of patients due to adverse reactions. The most common adverse reaction resulting in permanent discontinuation (≥1%) was colitis (1%).

For patients treated with KEYTRUDA, chemotherapy, and bevacizumab (n=196), the most common adverse reactions (≥20%) were peripheral neuropathy (62%), alopecia (58%), anemia (55%), fatigue/asthenia (53%), nausea and neutropenia (41% each), diarrhea (39%), hypertension and thrombocytopenia (35% each), constipation and arthralgia (31% each), vomiting (30%), urinary tract infection (27%), rash (26%), leukopenia (24%), hypothyroidism (22%), and decreased appetite (21%).

For patients treated with KEYTRUDA in combination with chemotherapy with or without bevacizumab, the most common adverse reactions (≥20%) were peripheral neuropathy (58%), alopecia (56%), fatigue (47%), nausea (40%), diarrhea (36%), constipation (28%), arthralgia (27%), vomiting (26%), hypertension and urinary tract infection (24% each), and rash (22%).

In KEYNOTE-158, KEYTRUDA was discontinued due to adverse reactions in 8% of 98 patients with previously treated recurrent or metastatic cervical cancer. Serious adverse reactions occurred in 39% of patients receiving KEYTRUDA; the most frequent included anemia (7%), fistula, hemorrhage, and infections [except urinary tract infections] (4.1% each). The most common adverse reactions (≥20%) were fatigue (43%), musculoskeletal pain (27%), diarrhea (23%), pain and abdominal pain (22% each), and decreased appetite (21%).

In KEYNOTE-394, KEYTRUDA was discontinued due to adverse reactions in 13% of 299 patients with previously treated hepatocellular carcinoma. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA was ascites (2.3%). The most common adverse reactions in patients receiving KEYTRUDA (≥10%) were pyrexia (18%), rash (18%), diarrhea (16%), decreased appetite (15%), pruritus (12%), upper respiratory tract infection (11%), cough (11%), and hypothyroidism (10%).

In KEYNOTE-966, when KEYTRUDA was administered in combination with gemcitabine and cisplatin, KEYTRUDA was discontinued for adverse reactions in 15% of 529 patients with locally advanced unresectable or metastatic biliary tract cancer. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA (≥1%) was pneumonitis (1.3%). Adverse reactions leading to the interruption of KEYTRUDA occurred in 55% of patients. The most common adverse reactions or laboratory abnormalities leading to interruption of KEYTRUDA (≥2%) were decreased neutrophil count (18%), decreased platelet count (10%), anemia (6%), decreased white blood cell count (4%), pyrexia (3.8%), fatigue (3.0%), cholangitis (2.8%), increased ALT (2.6%), increased AST (2.5%), and biliary obstruction (2.3%).

In KEYNOTE-017 and KEYNOTE-913, adverse reactions occurring in patients with MCC (n=105) were generally similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a single agent.

In KEYNOTE-426, when KEYTRUDA was administered in combination with axitinib, fatal adverse reactions occurred in 3.3% of 429 patients. Serious adverse reactions occurred in 40% of patients, the most frequent (≥1%) were hepatotoxicity (7%), diarrhea (4.2%), acute kidney injury (2.3%), dehydration (1%), and pneumonitis (1%). Permanent discontinuation due to an adverse reaction occurred in 31% of patients; KEYTRUDA only (13%), axitinib only (13%), and the combination (8%); the most common were hepatotoxicity (13%), diarrhea/colitis (1.9%), acute kidney injury (1.6%), and cerebrovascular accident (1.2%). The most common adverse reactions (≥20%) were diarrhea (56%), fatigue/asthenia (52%), hypertension (48%), hepatotoxicity (39%), hypothyroidism (35%), decreased appetite (30%), palmar-plantar erythrodysesthesia (28%), nausea (28%), stomatitis/mucosal inflammation (27%), dysphonia (25%), rash (25%), cough (21%), and constipation (21%).

In KEYNOTE-581, when KEYTRUDA was administered in combination with LENVIMA to patients with advanced renal cell carcinoma (n=352), fatal adverse reactions occurred in 4.3% of patients. Serious adverse reactions occurred in 51% of patients; the most common (≥2%) were hemorrhagic events (5%), diarrhea (4%), hypertension, myocardial infarction, pneumonitis, and vomiting (3% each), acute kidney injury, adrenal insufficiency, dyspnea, and pneumonia (2% each).

Permanent discontinuation of KEYTRUDA, LENVIMA, or both due to an adverse reaction occurred in 37% of patients; 29% KEYTRUDA only, 26% LENVIMA only, and 13% both. The most common adverse reaction (≥2%) resulting in permanent discontinuation of KEYTRUDA, LENVIMA, or the combination were pneumonitis, myocardial infarction, hepatotoxicity, acute kidney injury, rash (3% each), and diarrhea (2%).

The most common adverse reactions (≥20%) observed with KEYTRUDA in combination with LENVIMA were fatigue (63%), diarrhea (62%), musculoskeletal disorders (58%), hypothyroidism (57%), hypertension (56%), stomatitis (43%), decreased appetite (41%), rash (37%), nausea (36%), weight loss, dysphonia and proteinuria (30% each), palmar-plantar erythrodysesthesia syndrome (29%), abdominal pain and hemorrhagic events (27% each), vomiting (26%), constipation and hepatotoxicity (25% each), headache (23%), and acute kidney injury (21%).

In KEYNOTE-564, when KEYTRUDA was administered as a single agent for the adjuvant treatment of renal cell carcinoma, serious adverse reactions occurred in 20% of patients receiving KEYTRUDA; the serious adverse reactions (≥1%) were acute kidney injury, adrenal insufficiency, pneumonia, colitis, and diabetic ketoacidosis (1% each). Fatal adverse reactions occurred in 0.2% including 1 case of pneumonia. Discontinuation of KEYTRUDA due to adverse reactions occurred in 21% of 488 patients; the most common (≥1%) were increased ALT (1.6%), colitis (1%), and adrenal insufficiency (1%). The most common adverse reactions (≥20%) were musculoskeletal pain (41%), fatigue (40%), rash (30%), diarrhea (27%), pruritus (23%), and hypothyroidism (21%).

In KEYNOTE-868, when KEYTRUDA was administered in combination with chemotherapy (paclitaxel and carboplatin) to patients with advanced or recurrent endometrial carcinoma (n=382), serious adverse reactions occurred in 35% of patients receiving KEYTRUDA in combination with chemotherapy, compared to 19% of patients receiving placebo in combination with chemotherapy (n=377). Fatal adverse reactions occurred in 1.6% of patients receiving KEYTRUDA in combination with chemotherapy, including COVID-19 (0.5%) and cardiac arrest (0.3%). KEYTRUDA was discontinued for an adverse reaction in 14% of patients. Adverse reactions occurring in patients treated with KEYTRUDA and chemotherapy were generally similar to those observed with KEYTRUDA alone or chemotherapy alone, with the exception of rash (33% all Grades; 2.9% Grades 3-4).

In KEYNOTE-775, when KEYTRUDA was administered in combination with LENVIMA to patients with advanced endometrial carcinoma that was pMMR or not MSI-H (n=342), fatal adverse reactions occurred in 4.7% of patients. Serious adverse reactions occurred in 50% of these patients; the most common (≥3%) were hypertension (4.4%) and urinary tract infections (3.2%).

Discontinuation of KEYTRUDA due to an adverse reaction occurred in 15% of these patients. The most common adverse reaction leading to discontinuation of KEYTRUDA (≥1%) was increased ALT (1.2%).

The most common adverse reactions for KEYTRUDA in combination with LENVIMA (reported in ≥20% patients) were hypothyroidism and hypertension (67% each), fatigue (58%), diarrhea (55%), musculoskeletal disorders (53%), nausea (49%), decreased appetite (44%), vomiting (37%), stomatitis (35%), abdominal pain and weight loss (34% each), urinary tract infections (31%), proteinuria (29%), constipation (27%), headache (26%), hemorrhagic events (25%), palmar-plantar erythrodysesthesia (23%), dysphonia (22%), and rash (20%).

Adverse reactions occurring in patients with MSI-H or dMMR endometrial carcinoma who received KEYTRUDA as a single agent were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a single agent.

Adverse reactions occurring in patients with TMB-H cancer were similar to those occurring in patients with other solid tumors who received KEYTRUDA as a single agent.

Adverse reactions occurring in patients with recurrent or metastatic cSCC or locally advanced cSCC were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy.

In KEYNOTE-522, when KEYTRUDA was administered with neoadjuvant chemotherapy (carboplatin and paclitaxel followed by doxorubicin or epirubicin and cyclophosphamide) followed by surgery and continued adjuvant treatment with KEYTRUDA as a single agent (n=778) to patients with newly diagnosed, previously untreated, high-risk early-stage TNBC, fatal adverse reactions occurred in 0.9% of patients, including 1 each of adrenal crisis, autoimmune encephalitis, hepatitis, pneumonia, pneumonitis, pulmonary embolism, and sepsis in association with multiple organ dysfunction syndrome and myocardial infarction. Serious adverse reactions occurred in 44% of patients receiving KEYTRUDA; those ≥2% were febrile neutropenia (15%), pyrexia (3.7%), anemia (2.6%), and neutropenia (2.2%). KEYTRUDA was discontinued in 20% of patients due to adverse reactions. The most common reactions (≥1%) resulting in permanent discontinuation were increased ALT (2.7%), increased AST (1.5%), and rash (1%). The most common adverse reactions (≥20%) in patients receiving KEYTRUDA were fatigue (70%), nausea (67%), alopecia (61%), rash (52%), constipation (42%), diarrhea and peripheral neuropathy (41% each), stomatitis (34%), vomiting (31%), headache (30%), arthralgia (29%), pyrexia (28%), cough (26%), abdominal pain (24%), decreased appetite (23%), insomnia (21%), and myalgia (20%).

In KEYNOTE-355, when KEYTRUDA and chemotherapy (paclitaxel, paclitaxel protein-bound, or gemcitabine and carboplatin) were administered to patients with locally recurrent unresectable or metastatic TNBC who had not been previously treated with chemotherapy in the metastatic setting (n=596), fatal adverse reactions occurred in 2.5% of patients, including cardio-respiratory arrest (0.7%) and septic shock (0.3%). Serious adverse reactions occurred in 30% of patients receiving KEYTRUDA in combination with chemotherapy; the serious reactions in ≥2% were pneumonia (2.9%), anemia (2.2%), and thrombocytopenia (2%). KEYTRUDA was discontinued in 11% of patients due to adverse reactions. The most common reactions resulting in permanent discontinuation (≥1%) were increased ALT (2.2%), increased AST (1.5%), and pneumonitis (1.2%). The most common adverse reactions (≥20%) in patients receiving KEYTRUDA in combination with chemotherapy were fatigue (48%), nausea (44%), alopecia (34%), diarrhea and constipation (28% each), vomiting and rash (26% each), cough (23%), decreased appetite (21%), and headache (20%).

In KEYNOTE-B96, when KEYTRUDA was administered in combination with paclitaxel, with or without bevacizumab, serious adverse reactions occurred in 54% of patients. Serious adverse reactions in ≥2% of patients were pneumonia (4.3%), urinary tract infection (3.9%), adrenal insufficiency (3%), hyponatremia (3%), COVID-19, decreased neutrophil count, pulmonary embolism (2.6% each), abdominal pain, anemia, colitis, diarrhea, febrile neutropenia, pyrexia, and vomiting (2.1% each).

Fatal adverse reactions occurred in 3.9% of patients receiving KEYTRUDA and paclitaxel, with or without bevacizumab, including assisted suicide (0.9%), death, intestinal perforation, sepsis, COVID-19, cardio-respiratory arrest, colitis, and embolic stroke (0.4% each).

KEYTRUDA was permanently discontinued for adverse reactions in 16% of patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA (≥1%) were colitis and increased alanine aminotransferase (1.3% each). Adverse reactions leading to the interruption of KEYTRUDA occurred in 44% of patients. The most common adverse reactions leading to interruption of KEYTRUDA in ≥2% were urinary tract infection (3.9%), adrenal insufficiency, pyrexia, pneumonitis, upper respiratory tract infection (2.6% each), neutropenia, diarrhea, and COVID-19 (2.1% each).

The most common adverse reactions (≥20%) for patients treated with KEYTRUDA in combination with paclitaxel, with or without bevacizumab, were diarrhea (45%), fatigue (43%), nausea (41%), alopecia, peripheral neuropathy (38% each), epistaxis (31%), urinary tract infection (27%), constipation (25%), abdominal pain, decreased appetite, vomiting (24% each), hypothyroidism (21%), cough, hypertension, and rash (20% each).

For patients treated with KEYTRUDA in combination with paclitaxel and bevacizumab (N=169), decreased white blood cell count (27%), stomatitis (22%), and pyrexia (21%) were also reported as adverse reactions.

Lactation

Because of the potential for serious adverse reactions in breastfed children, advise women not to breastfeed during treatment and for 4 months after the last dose.

Pediatric Use

In KEYNOTE-051, 173 pediatric patients (65 pediatric patients aged 6 months to younger than 12 years and 108 pediatric patients aged 12 years to 17 years) were administered KEYTRUDA 2 mg/kg every 3 weeks. The median duration of exposure was 2.1 months (range: 1 day to 25 months).

Adverse reactions that occurred at a ≥10% higher rate in pediatric patients when compared to adults were pyrexia (33%), leukopenia (30%), vomiting (29%), neutropenia (28%), headache (25%), abdominal pain (23%), thrombocytopenia (22%), Grade 3 anemia (17%), decreased lymphocyte count (13%), and decreased white blood cell count (11%).

Geriatric Use

Of the 564 patients with locally advanced or metastatic urothelial cancer treated with KEYTRUDA in combination with enfortumab vedotin, 44% (n=247) were 65-74 years and 26% (n=144) were 75 years or older. No overall differences in effectiveness were observed between patients 65 years of age or older and younger patients. Patients 75 years of age or older treated with KEYTRUDA in combination with enfortumab vedotin experienced a higher incidence of fatal adverse reactions than younger patients. The incidence of fatal adverse reactions was 4% in patients younger than 75 and 7% in patients 75 years or older.

Of the 167 patients with MIBC treated with KEYTRUDA in combination with enfortumab vedotin, 37% (n=61) were 65-74 years and 46% (n=77) were 75 years or older. Patients 75 years of age or older treated with KEYTRUDA in combination with enfortumab vedotin experienced a higher incidence of fatal adverse reactions than younger patients. The incidence of fatal adverse reactions was 4% in patients younger than 75 and 12% in patients 75 years or older.

Additional Selected KEYTRUDA Indications in the U.S.

Melanoma

KEYTRUDA is indicated for the treatment of patients with unresectable or metastatic melanoma.

KEYTRUDA is indicated for the adjuvant treatment of adult and pediatric (12 years and older) patients with Stage IIB, IIC, or III melanoma following complete resection.

Non-Small Cell Lung Cancer

KEYTRUDA, in combination with pemetrexed and platinum chemotherapy, is indicated for the first-line treatment of patients with metastatic nonsquamous non-small cell lung cancer (NSCLC), with no EGFR or ALK genomic tumor aberrations.

KEYTRUDA, in combination with carboplatin and either paclitaxel or paclitaxel protein-bound, is indicated for the first-line treatment of patients with metastatic squamous NSCLC.

KEYTRUDA, as a single agent, is indicated for the first-line treatment of patients with NSCLC expressing PD-L1 [Tumor Proportion Score (TPS) ≥1%] as determined by an FDA-authorized test, with no EGFR or ALK genomic tumor aberrations, and is:

  • Stage III where patients are not candidates for surgical resection or definitive chemoradiation, or

  • metastatic.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with metastatic NSCLC whose tumors express PD-L1 (TPS ≥1%) as determined by an FDA-authorized test, with disease progression on or after platinum-containing chemotherapy. Patients with EGFR or ALK genomic tumor aberrations should have disease progression on FDA-approved therapy for these aberrations prior to receiving KEYTRUDA.

KEYTRUDA is indicated for the treatment of patients with resectable (tumors ≥4 cm or node positive) NSCLC in combination with platinum-containing chemotherapy as neoadjuvant treatment, and then continued as a single agent as adjuvant treatment after surgery.

KEYTRUDA, as a single agent, is indicated as adjuvant treatment following resection and platinum-based chemotherapy for adult patients with Stage IB (T2a ≥4 cm), II, or IIIA NSCLC.

Malignant Pleural Mesothelioma

KEYTRUDA, in combination with pemetrexed and platinum chemotherapy, is indicated for the first-line treatment of adult patients with unresectable advanced or metastatic malignant pleural mesothelioma (MPM).

Head and Neck Squamous Cell Cancer

KEYTRUDA is indicated for the treatment of adult patients with resectable locally advanced head and neck squamous cell carcinoma (HNSCC) whose tumors express PD-L1 [Combined Positive Score (CPS) ≥1] as determined by an FDA-authorized test, as a single agent as neoadjuvant treatment, continued as adjuvant treatment in combination with radiotherapy (RT) with or without cisplatin and then as a single agent.

KEYTRUDA, in combination with platinum and fluorouracil (FU), is indicated for the first-line treatment of patients with metastatic or with unresectable, recurrent HNSCC.

KEYTRUDA, as a single agent, is indicated for the first-line treatment of patients with metastatic or with unresectable, recurrent HNSCC whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-authorized test.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with recurrent or metastatic HNSCC with disease progression on or after platinum-containing chemotherapy.

Classical Hodgkin Lymphoma

KEYTRUDA is indicated for the treatment of adult patients with relapsed or refractory classical Hodgkin lymphoma (cHL).

KEYTRUDA is indicated for the treatment of pediatric patients with refractory cHL, or cHL that has relapsed after 2 or more lines of therapy.

Primary Mediastinal Large B-Cell Lymphoma

KEYTRUDA is indicated for the treatment of adult and pediatric patients with refractory primary mediastinal large B-cell lymphoma (PMBCL), or who have relapsed after 2 or more prior lines of therapy. KEYTRUDA is not recommended for treatment of patients with PMBCL who require urgent cytoreductive therapy.

Urothelial Cancer

KEYTRUDA, in combination with enfortumab vedotin, is indicated for the treatment of adult patients with locally advanced or metastatic urothelial cancer.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with locally advanced or metastatic urothelial carcinoma:

  • who are not eligible for any platinum-containing chemotherapy, or

  • who have disease progression during or following platinum-containing chemotherapy or within 12 months of neoadjuvant or adjuvant treatment with platinum-containing chemotherapy.

KEYTRUDA, in combination with enfortumab vedotin, as neoadjuvant treatment and then continued after cystectomy as adjuvant treatment, is indicated for the treatment of adult patients with muscle invasive bladder cancer (MIBC) who are ineligible for cisplatin-containing chemotherapy.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with Bacillus Calmette-Guerin (BCG)-unresponsive, high-risk, non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors who are ineligible for or have elected not to undergo cystectomy.

Microsatellite Instability-High or Mismatch Repair Deficient Cancer

KEYTRUDA is indicated for the treatment of adult and pediatric patients with unresectable or metastatic microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) solid tumors, as determined by an FDA-authorized test, that have progressed following prior treatment and who have no satisfactory alternative treatment options.

Microsatellite Instability-High or Mismatch Repair Deficient Colorectal Cancer

KEYTRUDA is indicated for the treatment of patients with unresectable or metastatic MSI-H or dMMR colorectal cancer (CRC) as determined by an FDA-authorized test.

Gastric Cancer

KEYTRUDA, in combination with trastuzumab, fluoropyrimidine- and platinum-containing chemotherapy, is indicated for the first-line treatment of adults with locally advanced unresectable or metastatic HER2-positive gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-authorized test.

KEYTRUDA, in combination with fluoropyrimidine- and platinum-containing chemotherapy, is indicated for the first-line treatment of adults with locally advanced unresectable or metastatic HER2-negative gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors express PD-L1 (CPS ≥ 1) as determined by an FDA-authorized test.

Esophageal Cancer

KEYTRUDA is indicated for the treatment of patients with locally advanced or metastatic esophageal or gastroesophageal junction (GEJ) (tumors with epicenter 1 to 5 centimeters above the GEJ) carcinoma that is not amenable to surgical resection or definitive chemoradiation either:

  • in combination with platinum- and fluoropyrimidine-based chemotherapy for patients with tumors that express PD-L1 (CPS ≥1), or

  • as a single agent after one or more prior lines of systemic therapy for patients with tumors of squamous cell histology that express PD-L1 (CPS ≥10) as determined by an FDA-authorized test.

Cervical Cancer

KEYTRUDA, in combination with chemoradiotherapy (CRT), is indicated for the treatment of patients with locally advanced cervical cancer involving the lower third of the vagina, with or without extension to pelvic sidewall, or hydronephrosis/non-functioning kidney, or spread to adjacent pelvic organs (FIGO 2014 Stage III-IVA).

KEYTRUDA, in combination with chemotherapy, with or without bevacizumab, is indicated for the treatment of patients with persistent, recurrent, or metastatic cervical cancer whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-authorized test.

KEYTRUDA, as a single agent, is indicated for the treatment of patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-authorized test.

Hepatocellular Carcinoma

KEYTRUDA is indicated for the treatment of patients with hepatocellular carcinoma (HCC) secondary to hepatitis B who have received prior systemic therapy other than a PD-1/PD-L1-containing regimen.

Biliary Tract Cancer

KEYTRUDA, in combination with gemcitabine and cisplatin, is indicated for the treatment of patients with locally advanced unresectable or metastatic biliary tract cancer (BTC).

Merkel Cell Carcinoma

KEYTRUDA is indicated for the treatment of adult and pediatric patients with recurrent locally advanced or metastatic Merkel cell carcinoma (MCC).

Endometrial Carcinoma

KEYTRUDA, in combination with carboplatin and paclitaxel, followed by KEYTRUDA as a single agent, is indicated for the treatment of adult patients with primary advanced or recurrent endometrial carcinoma.

KEYTRUDA, in combination with lenvatinib, is indicated for the treatment of adult patients with advanced endometrial carcinoma that is mismatch repair proficient (pMMR) or not MSI-H as determined by an FDA-authorized test, who have disease progression following prior systemic therapy in any setting are not candidates for curative surgery or radiation.

KEYTRUDA, as a single agent, is indicated for the treatment of adult patients with advanced endometrial carcinoma that is MSI-H or dMMR, as determined by an FDA-authorized test, who have disease progression following prior systemic therapy in any setting and are not candidates for curative surgery or radiation.

Tumor Mutational Burden-High Cancer

KEYTRUDA is indicated for the treatment of adult and pediatric patients with unresectable or metastatic tumor mutational burden-high (TMB-H) [≥10 mutations/megabase (mut/Mb)] solid tumors, as determined by an FDA-authorized test, that have progressed following prior treatment and who have no satisfactory alternative treatment options.

This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials. The safety and effectiveness of KEYTRUDA in pediatric patients with TMB-H central nervous system cancers have not been established.

Cutaneous Squamous Cell Carcinoma

KEYTRUDA is indicated for the treatment of patients with recurrent or metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC that is not curable by surgery or radiation.

Triple-Negative Breast Cancer

KEYTRUDA is indicated for the treatment of patients with high-risk early-stage triple-negative breast cancer (TNBC) in combination with chemotherapy as neoadjuvant treatment, and then continued as a single agent as adjuvant treatment after surgery.

KEYTRUDA, in combination with chemotherapy, is indicated for the treatment of patients with locally recurrent unresectable or metastatic TNBC whose tumors express PD-L1 (CPS ≥10) as determined by an FDA-authorized test.

Ovarian Cancer

KEYTRUDA, in combination with paclitaxel, with or without bevacizumab, is indicated for the treatment of adult patients with platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal carcinoma whose tumors express PD-L1 (CPS ≥1) as determined by an FDA-authorized test, and who have received one or two prior systemic treatment regimens.

Please see Prescribing Information for KEYTRUDA (pembrolizumab) at https://www.merck.com/product/usa/pi_circulars/k/keytruda/keytruda_pi.pdf and Medication Guide for KEYTRUDA at https://www.merck.com/product/usa/pi_circulars/k/keytruda/keytruda_mg.pdf.

About LENVIMA® (lenvatinib); available as 10 mg and 4 mg capsules

LENVIMA, discovered and developed by Eisai, is an orally available multiple receptor tyrosine kinase inhibitor that inhibits the kinase activities of vascular endothelial growth factor (VEGF) receptors VEGFR1 (FLT1), VEGFR2 (KDR), and VEGFR3 (FLT4). LENVIMA inhibits other kinases that have been implicated in pathogenic angiogenesis, tumor growth, and cancer progression in addition to their normal cellular functions, including fibroblast growth factor (FGF) receptors FGFR1-4, the platelet derived growth factor receptor alpha (PDGFRα), KIT, and RET. In syngeneic mouse tumor models, LENVIMA decreased tumor-associated macrophages, increased activated cytotoxic T cells, and demonstrated greater antitumor activity in combination with an anti-PD-1 monoclonal antibody compared to either treatment alone. The combination of LENVIMA and everolimus showed increased antiangiogenic and antitumor activity as demonstrated by decreased human endothelial cell proliferation, tube formation, and VEGF signaling in vitro and tumor volume in mouse xenograft models of human renal cell cancer greater than each drug alone.

LENVIMA® (lenvatinib) Indications in the U.S.

  • For the treatment of adult patients with locally recurrent or metastatic, progressive, radioactive iodine-refractory differentiated thyroid cancer (DTC).

  • In combination with pembrolizumab, for the first-line treatment of adult patients with advanced renal cell carcinoma (RCC).

  • In combination with everolimus, for the treatment of adult patients with advanced renal cell carcinoma (RCC) following one prior anti-angiogenic therapy.

  • For the first-line treatment of patients with unresectable hepatocellular carcinoma (HCC).

  • In combination with pembrolizumab, for the treatment of patients with advanced endometrial carcinoma that is mismatch repair proficient (pMMR) or not microsatellite instability-high (MSI-H), as determined by an FDA-approved test, who have disease progression following prior systemic therapy in any setting and are not candidates for curative surgery or radiation.

Selected Safety Information for LENVIMA

Warnings and Precautions

Hypertension. In differentiated thyroid cancer (DTC), hypertension occurred in 73% of patients on LENVIMA (44% grade 3-4). In advanced renal cell carcinoma (RCC), hypertension occurred in 42% of patients on LENVIMA + everolimus (13% grade 3). Systolic blood pressure ≥160 mmHg occurred in 29% of patients, and 21% had diastolic blood pressure ≥100 mmHg. In unresectable hepatocellular carcinoma (HCC), hypertension occurred in 45% of LENVIMA-treated patients (24% grade 3). Grade 4 hypertension was not reported in HCC.

Serious complications of poorly controlled hypertension have been reported. Control blood pressure prior to initiation. Monitor blood pressure after 1 week, then every 2 weeks for the first 2 months, and then at least monthly thereafter during treatment. Withhold and resume at reduced dose when hypertension is controlled or permanently discontinue based on severity.

Cardiac Dysfunction. Serious and fatal cardiac dysfunction can occur with LENVIMA. Across clinical trials in 799 patients with DTC, RCC, and HCC, grade 3 or higher cardiac dysfunction occurred in 3% of LENVIMA-treated patients. Monitor for clinical symptoms or signs of cardiac dysfunction. Withhold and resume at reduced dose upon recovery or permanently discontinue based on severity.

Arterial Thromboembolic Events. Among patients receiving LENVIMA or LENVIMA + everolimus, arterial thromboembolic events of any severity occurred in 2% of patients in RCC and HCC and 5% in DTC. Grade 3-5 arterial thromboembolic events ranged from 2% to 3% across all clinical trials.

Among patients receiving LENVIMA with KEYTRUDA, arterial thrombotic events of any severity occurred in 5% of patients in CLEAR, including myocardial infarction (3.4%) and cerebrovascular accident (2.3%).

Permanently discontinue following an arterial thrombotic event. The safety of resuming after an arterial thromboembolic event has not been established, and LENVIMA has not been studied in patients who have had an arterial thromboembolic event within the previous 6 months.

Hepatotoxicity. Across clinical studies enrolling 1,327 LENVIMA-treated patients with malignancies other than HCC, serious hepatic adverse reactions occurred in 1.4% of patients. Fatal events, including hepatic failure, acute hepatitis and hepatorenal syndrome, occurred in 0.5% of patients. In HCC, hepatic encephalopathy occurred in 8% of LENVIMA-treated patients (5% grade 3-5). Grade 3-5 hepatic failure occurred in 3% of LENVIMA-treated patients. 2% of patients discontinued LENVIMA due to hepatic encephalopathy and 1% discontinued due to hepatic failure.

Monitor liver function prior to initiation, then every 2 weeks for the first 2 months, and at least monthly thereafter during treatment. Monitor patients with HCC closely for signs of hepatic failure, including hepatic encephalopathy. Withhold and resume at reduced dose upon recovery or permanently discontinue based on severity.

Renal Failure or Impairment. Serious, including fatal renal failure or impairment, can occur with LENVIMA. Renal impairment was reported in 14% and 7% of LENVIMA-treated patients in DTC and HCC, respectively. Grade 3-5 renal failure or impairment occurred in 3% of patients with DTC and 2% of patients with HCC, including 1 fatal event in each study. In RCC, renal impairment or renal failure was reported in 18% of LENVIMA + everolimus–treated patients (10% grade 3).

Initiate prompt management of diarrhea or dehydration/hypovolemia. Withhold and resume at reduced dose upon recovery or permanently discontinue for renal failure or impairment based on severity.

Proteinuria. In DTC and HCC, proteinuria was reported in 34% and 26% of LENVIMA-treated patients, respectively. Grade 3 proteinuria occurred in 11% and 6% in DTC and HCC, respectively. In RCC, proteinuria occurred in 31% of patients receiving LENVIMA + everolimus (8% grade 3). Monitor for proteinuria prior to initiation and periodically during treatment. If urine dipstick proteinuria ≥2+ is detected, obtain a 24-hour urine protein. Withhold and resume at reduced dose upon recovery or permanently discontinue based on severity.

Diarrhea. Of the 737 LENVIMA-treated patients in DTC and HCC, diarrhea occurred in 49% (6% grade 3). In RCC, diarrhea occurred in 81% of LENVIMA + everolimus–treated patients (19% grade 3). Diarrhea was the most frequent cause of dose interruption/reduction, and diarrhea recurred despite dose reduction. Promptly initiate management of diarrhea. Withhold and resume at reduced dose upon recovery or permanently discontinue based on severity.

Fistula Formation and Gastrointestinal Perforation. Of the 799 patients treated with LENVIMA or LENVIMA + everolimus in DTC, RCC, and HCC, fistula or gastrointestinal perforation occurred in 2%. Permanently discontinue in patients who develop gastrointestinal perforation of any severity or grade 3-4 fistula.

QT Interval Prolongation. In DTC, QT/QTc interval prolongation occurred in 9% of LENVIMA-treated patients and QT interval prolongation of >500 ms occurred in 2%. In RCC, QTc interval increases of >60 ms occurred in 11% of patients receiving LENVIMA + everolimus and QTc interval >500 ms occurred in 6%. In HCC, QTc interval increases of >60 ms occurred in 8% of LENVIMA-treated patients and QTc interval >500 ms occurred in 2%.

Monitor and correct electrolyte abnormalities at baseline and periodically during treatment. Monitor electrocardiograms in patients with congenital long QT syndrome, congestive heart failure, bradyarrhythmias, or those who are taking drugs known to prolong the QT interval, including Class Ia and III antiarrhythmics. Withhold and resume at reduced dose upon recovery based on severity.

Hypocalcemia. In DTC, grade 3-4 hypocalcemia occurred in 9% of LENVIMA-treated patients. In 65% of cases, hypocalcemia improved or resolved following calcium supplementation with or without dose interruption or dose reduction. In RCC, grade 3-4 hypocalcemia occurred in 6% of LENVIMA + everolimus–treated patients. In HCC, grade 3 hypocalcemia occurred in 0.8% of LENVIMA-treated patients. Monitor blood calcium levels at least monthly and replace calcium as necessary during treatment. Withhold and resume at reduced dose upon recovery or permanently discontinue depending on severity.

Reversible Posterior Leukoencephalopathy Syndrome (RPLS). Across clinical studies of 1,823 patients who received LENVIMA as a single agent, RPLS occurred in 0.3%. Confirm diagnosis of RPLS with MRI. Withhold and resume at reduced dose upon recovery or permanently discontinue depending on severity and persistence of neurologic symptoms.

Hemorrhagic Events. Serious including fatal hemorrhagic events can occur with LENVIMA. In DTC, RCC, and HCC clinical trials, hemorrhagic events, of any grade, occurred in 29% of the 799 patients treated with LENVIMA as a single agent or in combination with everolimus. The most frequently reported hemorrhagic events (all grades and occurring in at least 5% of patients) were epistaxis and hematuria. In DTC, grade 3-5 hemorrhage occurred in 2% of LENVIMA-treated patients, including 1 fatal intracranial hemorrhage among 16 patients who received LENVIMA and had CNS metastases at baseline. In RCC, grade 3-5 hemorrhage occurred in 8% of LENVIMA + everolimus–treated patients, including 1 fatal cerebral hemorrhage. In HCC, grade 3-5 hemorrhage occurred in 5% of LENVIMA-treated patients, including 7 fatal hemorrhagic events. Serious tumor-related bleeds, including fatal hemorrhagic events, occurred in LENVIMA-treated patients in clinical trials and in the postmarketing setting. In postmarketing surveillance, serious and fatal carotid artery hemorrhages were seen more frequently in patients with anaplastic thyroid carcinoma (ATC) than other tumors. Safety and effectiveness of LENVIMA in patients with ATC have not been demonstrated in clinical trials.

Consider the risk of severe or fatal hemorrhage associated with tumor invasion or infiltration of major blood vessels (eg, carotid artery). Withhold and resume at reduced dose upon recovery or permanently discontinue based on severity.

Impairment of Thyroid Stimulating Hormone Suppression/Thyroid Dysfunction. LENVIMA impairs exogenous thyroid suppression. In DTC, 88% of patients had baseline thyroid stimulating hormone (TSH) level ≤0.5 mU/L. In patients with normal TSH at baseline, elevation of TSH level >0.5 mU/L was observed post baseline in 57% of LENVIMA-treated patients. In RCC and HCC, grade 1 or 2 hypothyroidism occurred in 24% of LENVIMA + everolimus–treated patients and 21% of LENVIMA-treated patients, respectively. In patients with normal or low TSH at baseline, elevation of TSH was observed post baseline in 70% of LENVIMA-treated patients in HCC and 60% of LENVIMA + everolimus–treated patients in RCC.

Monitor thyroid function prior to initiation and at least monthly during treatment. Treat hypothyroidism according to standard medical practice.

Impaired Wound Healing. Impaired wound healing has been reported in patients who received LENVIMA. Withhold LENVIMA for at least 1 week prior to elective surgery. Do not administer for at least 2 weeks following major surgery and until adequate wound healing. The safety of resumption of LENVIMA after resolution of wound healing complications has not been established.

Osteonecrosis of the Jaw (ONJ). ONJ has been reported in patients receiving LENVIMA. Concomitant exposure to other risk factors, such as bisphosphonates, denosumab, dental disease or invasive dental procedures, may increase the risk of ONJ.

Perform an oral examination prior to treatment with LENVIMA and periodically during LENVIMA treatment. Advise patients regarding good oral hygiene practices and to consider having preventive dentistry performed prior to treatment with LENVIMA and throughout treatment with LENVIMA.

Avoid invasive dental procedures, if possible, while on LENVIMA treatment, particularly in patients at higher risk. Withhold LENVIMA for at least 1 week prior to scheduled dental surgery or invasive dental procedures, if possible. For patients requiring invasive dental procedures, discontinuation of bisphosphonate treatment may reduce the risk of ONJ.

Withhold LENVIMA if ONJ develops and restart based on clinical judgement of adequate resolution.

Embryo-Fetal Toxicity. Based on its mechanism of action and data from animal reproduction studies, LENVIMA can cause fetal harm when administered to pregnant women. In animal reproduction studies, oral administration of LENVIMA during organogenesis at doses below the recommended clinical doses resulted in embryotoxicity, fetotoxicity, and teratogenicity in rats and rabbits. Advise pregnant women of the potential risk to a fetus; and advise females of reproductive potential to use effective contraception during treatment with LENVIMA and for 30 days after the last dose.

Adverse Reactions

In DTC, the most common adverse reactions (≥30%) observed in LENVIMA-treated patients were hypertension (73%), fatigue (67%), diarrhea (67%), arthralgia/myalgia (62%), decreased appetite (54%), decreased weight (51%), nausea (47%), stomatitis (41%), headache (38%), vomiting (36%), proteinuria (34%), palmar-plantar erythrodysesthesia syndrome (32%), abdominal pain (31%), and dysphonia (31%). The most common serious adverse reactions (≥2%) were pneumonia (4%), hypertension (3%), and dehydration (3%). Adverse reactions led to dose reductions in 68% of LENVIMA-treated patients; 18% discontinued LENVIMA. The most common adverse reactions (≥10%) resulting in dose reductions were hypertension (13%), proteinuria (11%), decreased appetite (10%), and diarrhea (10%); the most common adverse reactions (≥1%) resulting in discontinuation of LENVIMA were hypertension (1%) and asthenia (1%).

In RCC, the most common adverse reactions (≥20%) observed in LENVIMA + KEYTRUDA-treated patients were fatigue (63%), diarrhea (62%), musculoskeletal pain (58%), hypothyroidism (57%), hypertension (56%), stomatitis (43%), decreased appetite (41%), rash (37%), nausea (36%), decreased weight (30%), dysphonia (30%), proteinuria (30%), palmar-plantar erythrodysesthesia syndrome (29%), abdominal pain (27%), hemorrhagic events (27%), vomiting (26%), constipation (25%), hepatotoxicity (25%), headache (23%), and acute kidney injury (21%). Fatal adverse reactions occurred in 4.3% of patients receiving LENVIMA in combination with KEYTRUDA, including cardio-respiratory arrest (0.9%), sepsis (0.9%), and one case (0.3%) each of arrhythmia, autoimmune hepatitis, dyspnea, hypertensive crisis, increased blood creatinine, multiple organ dysfunction syndrome, myasthenic syndrome, myocarditis, nephritis, pneumonitis, ruptured aneurysm and subarachnoid hemorrhage. Serious adverse reactions occurred in 51% of patients receiving LENVIMA and KEYTRUDA. Serious adverse reactions in ≥2% of patients were hemorrhagic events (5%), diarrhea (4%), hypertension (3%), myocardial infarction (3%), pneumonitis (3%), vomiting (3%), acute kidney injury (2%), adrenal insufficiency (2%), dyspnea (2%), and pneumonia (2%). Permanent discontinuation of LENVIMA, KEYTRUDA, or both due to an adverse reaction occurred in 37% of patients; 26% LENVIMA only, 29% KEYTRUDA only, and 13% both drugs. The most common adverse reactions (≥2%) leading to permanent discontinuation of LENVIMA, KEYTRUDA, or both were pneumonitis (3%), myocardial infarction (3%), hepatotoxicity (3%), acute kidney injury (3%), rash (3%), and diarrhea (2%). Dose interruptions of LENVIMA, KEYTRUDA, or both due to an adverse reaction occurred in 78% of patients receiving LENVIMA in combination with KEYTRUDA. LENVIMA was interrupted in 73% of patients and both drugs were interrupted in 39% of patients. LENVIMA was dose reduced in 69% of patients. The most common adverse reactions (≥5%) resulting in dose reduction or interruption of LENVIMA were diarrhea (26%), fatigue (18%), hypertension (17%), proteinuria (13%), decreased appetite (12%), palmar-plantar erythrodysesthesia (11%), nausea (9%), stomatitis (9%), musculoskeletal pain (8%), rash (8%), increased lipase (7%), abdominal pain (6%), vomiting (6%), increased ALT (5%), and increased amylase (5%).

In RCC, the most common adverse reactions (≥30%) observed in LENVIMA + everolimus–treated patients were diarrhea (81%), fatigue (73%), arthralgia/myalgia (55%), decreased appetite (53%), vomiting (48%), nausea (45%), stomatitis (44%), hypertension (42%), peripheral edema (42%), cough (37%), abdominal pain (37%), dyspnea (35%), rash (35%), decreased weight (34%), hemorrhagic events (32%), and proteinuria (31%). The most common serious adverse reactions (≥5%) were renal failure (11%), dehydration (10%), anemia (6%), thrombocytopenia (5%), diarrhea (5%), vomiting (5%), and dyspnea (5%). Adverse reactions led to dose reductions or interruption in 89% of patients. The most common adverse reactions (≥5%) resulting in dose reductions were diarrhea (21%), fatigue (8%), thrombocytopenia (6%), vomiting (6%), nausea (5%), and proteinuria (5%). Treatment discontinuation due to an adverse reaction occurred in 29% of patients.

In HCC, the most common adverse reactions (≥20%) observed in LENVIMA-treated patients were hypertension (45%), fatigue (44%), diarrhea (39%), decreased appetite (34%), arthralgia/myalgia (31%), decreased weight (31%), abdominal pain (30%), palmar-plantar erythrodysesthesia syndrome (27%), proteinuria (26%), dysphonia (24%), hemorrhagic events (23%), hypothyroidism (21%), and nausea (20%). The most common serious adverse reactions (≥2%) were hepatic encephalopathy (5%), hepatic failure (3%), ascites (3%), and decreased appetite (2%). Adverse reactions led to dose reductions or interruption in 62% of patients. The most common adverse reactions (≥5%) resulting in dose reductions were fatigue (9%), decreased appetite (8%), diarrhea (8%), proteinuria (7%), hypertension (6%), and palmar-plantar erythrodysesthesia syndrome (5%). Treatment discontinuation due to an adverse reaction occurred in 20% of patients. The most common adverse reactions (≥1%) resulting in discontinuation of LENVIMA were fatigue (1%), hepatic encephalopathy (2%), hyperbilirubinemia (1%), and hepatic failure (1%).

In endometrial carcinoma, the most common adverse reactions (≥20%) observed in LENVIMA + KEYTRUDA-treated patients were hypothyroidism (67%), hypertension (67%), fatigue (58%), diarrhea (55%), musculoskeletal disorders (53%), nausea (49%), decreased appetite (44%), vomiting (37%), stomatitis (35%), decreased weight (34%), abdominal pain (34%), urinary tract infection (31%), proteinuria (29%), constipation (27%), headache (26%), hemorrhagic events (25%), palmar-plantar erythrodysesthesia (23%), dysphonia (22%), and rash (20%). Fatal adverse reactions among these patients occurred in 4.7% of those treated with LENVIMA and KEYTRUDA, including 2 cases of pneumonia, and 1 case of the following: acute kidney injury, acute myocardial infarction, colitis, decreased appetite, intestinal perforation, lower gastrointestinal hemorrhage, malignant gastrointestinal obstruction, multiple organ dysfunction syndrome, myelodysplastic syndrome, pulmonary embolism, and right ventricular dysfunction. Serious adverse reactions occurred in 50% of these patients receiving LENVIMA and KEYTRUDA. Serious adverse reactions with frequency ≥3% were hypertension (4.4%), and urinary tract infection (3.2%). Discontinuation of LENVIMA due to an adverse reaction occurred in 26% of these patients. The most common (≥1%) adverse reactions leading to discontinuation of LENVIMA were hypertension (2%), asthenia (1.8%), diarrhea (1.2%), decreased appetite (1.2%), proteinuria (1.2%), and vomiting (1.2%). Dose reductions of LENVIMA due to adverse reactions occurred in 67% of patients. The most common (≥5%) adverse reactions resulting in dose reduction of LENVIMA were hypertension (18%), diarrhea (11%), palmar-plantar erythrodysesthesia syndrome (9%), proteinuria (7%), fatigue (7%), decreased appetite (6%), asthenia (5%), and weight decreased (5%). Dose interruptions of LENVIMA due to an adverse reaction occurred in 58% of these patients. The most common (≥2%) adverse reactions leading to interruption of LENVIMA were hypertension (11%), diarrhea (11%), proteinuria (6%), decreased appetite (5%), vomiting (5%), increased alanine aminotransferase (3.5%), fatigue (3.5%), nausea (3.5%), abdominal pain (2.9%), weight decreased (2.6%), urinary tract infection (2.6%), increased aspartate aminotransferase (2.3%), asthenia (2.3%), and palmar-plantar erythrodysesthesia (2%).

Use in Specific Populations

Because of the potential for serious adverse reactions in breastfed children, advise women to discontinue breastfeeding during treatment and for 1 week after last dose. LENVIMA may impair fertility in males and females of reproductive potential.

No dose adjustment is recommended for patients with mild (creatinine clearance [CLcr] 60-89 mL/min) or moderate (CLcr 30-59 mL/min) renal impairment. LENVIMA concentrations may increase in patients with DTC, RCC, or endometrial carcinoma and severe (CLcr 15-29 mL/min) renal impairment. Reduce the dose for patients with DTC, RCC, or endometrial carcinoma and severe renal impairment. There is no recommended dose for patients with HCC and severe renal impairment. LENVIMA has not been studied in patients with end stage renal disease.

No dose adjustment is recommended for patients with HCC and mild hepatic impairment (Child-Pugh A). There is no recommended dose for patients with HCC with moderate (Child-Pugh B) or severe (Child-Pugh C) hepatic impairment. No dose adjustment is recommended for patients with DTC, RCC, or endometrial carcinoma and mild or moderate hepatic impairment. LENVIMA concentrations may increase in patients with DTC, RCC, or endometrial carcinoma and severe hepatic impairment. Reduce the dose for patients with DTC, RCC, or endometrial carcinoma and severe hepatic impairment.

Please see Prescribing Information for LENVIMA (lenvatinib) at http://www.lenvima.com/pdfs/prescribing-information.pdf.

About WELIREG® (belzutifan) 40 mg tablets, for oral use

WELIREG, Merck’s first-in-class hypoxia-inducible factor 2 alpha (HIF-2α) inhibitor, is an orally administered small-molecule designed to reduce transcription and expression of HIF-2α target genes associated with cellular proliferation, angiogenesis and tumor growth. By inhibiting HIF-2α signaling, WELIREG aims to disrupt key pathways certain tumors may use to adapt to low-oxygen conditions, including those that help promote abnormal blood vessel formation and support tumor survival.

WELIREG has demonstrated antitumor activity in certain von Hippel-Lindau (VHL) disease-associated tumors, renal cell carcinoma and in pheochromocytoma or paraganglioma. As part of a broader clinical program, Merck continues to research WELIREG monotherapy and combination approaches for people with genitourinary, breast and gynecologic cancers across a range of treatment settings to further define where HIF-2α inhibition may provide clinical benefit and to better understand which patients are most likely to respond.

Indications in the U.S.

Certain von Hippel-Lindau (VHL) disease-associated tumors

WELIREG is indicated for the treatment of adult patients with von Hippel-Lindau (VHL) disease who require therapy for associated renal cell carcinoma (RCC), central nervous system (CNS) hemangioblastomas, or pancreatic neuroendocrine tumors (pNET), not requiring immediate surgery.

Advanced Renal Cell Carcinoma (RCC)

WELIREG is indicated for the treatment of adult patients with advanced renal cell carcinoma (RCC) with a clear cell component following a programmed death receptor-1 (PD-1) or programmed death ligand 1 (PD-L1) inhibitor and a vascular endothelial growth factor tyrosine kinase inhibitor (VEGF-TKI).

Pheochromocytoma or Paraganglioma (PPGL)

WELIREG is indicated for the treatment of adult and pediatric patients 12 years and older with locally advanced, unresectable, or metastatic pheochromocytoma or paraganglioma (PPGL).

Selected Safety Information for WELIREG

Warning: Embryo-Fetal Toxicity

Exposure to WELIREG during pregnancy can cause embryo-fetal harm. Verify pregnancy status prior to the initiation of WELIREG. Advise patients of these risks and the need for effective non-hormonal contraception as WELIREG can render some hormonal contraceptives ineffective.

Anemia

WELIREG can cause severe anemia that can require blood transfusion. Monitor for anemia before initiation of, and periodically throughout, treatment. Transfuse patients as clinically indicated. For patients with hemoglobin <8 g/dL, withhold WELIREG until ≥8 g/dL, then resume at the same or reduced dose or permanently discontinue WELIREG, depending on the severity of anemia. For life-threatening anemia or when urgent intervention is indicated, withhold WELIREG until hemoglobin ≥8 g/dL, then resume at a reduced dose or permanently discontinue WELIREG.

In LITESPARK-004 (N=61), decreased hemoglobin occurred in 93% of patients with VHL disease and 7% had Grade 3 events. Median time to onset of anemia was 31 days (range: 1 day to 8.4 months).

The safety of erythropoiesis-stimulating agents (ESAs) for treatment of anemia in patients with VHL disease treated with WELIREG has not been established.

In LITESPARK-005 (n=372), decreased hemoglobin occurred in 88% of patients with advanced RCC with a clear cell component and 29% had Grade 3 events. Median time to onset of anemia was 29 days (range: 1 day to 16.6 months). Of the patients with anemia, 22% received transfusions only, 20% received ESAs only, and 12% received both transfusion and ESAs.

In LITESPARK-015, anemia occurred in 96% of patients and 22% had Grade 3 events. Median time to onset of anemia was 29 days (range: 1 day to 22.1 months). Of the patients with anemia, 20% received transfusions only, 26% received ESAs only, and 6% received both transfusion and ESAs.

Hypoxia

WELIREG can cause severe hypoxia that may require discontinuation, supplemental oxygen, or hospitalization.

Monitor oxygen saturation before initiation of, and periodically throughout, treatment. For decreased oxygen saturation with exercise (e.g., pulse oximeter <88% or PaO2 ≤55 mm Hg), consider withholding WELIREG until pulse oximetry with exercise is greater than 88%, then resume at the same dose or a reduced dose. For decreased oxygen saturation at rest (e.g., pulse oximeter <88% or PaO2 ≤55 mm Hg) or when urgent intervention is indicated, withhold WELIREG until resolved and resume at a reduced dose or discontinue. For life-threatening hypoxia or recurrent symptomatic hypoxia, permanently discontinue WELIREG. Advise patients to report signs and symptoms of hypoxia immediately to a healthcare provider.

In LITESPARK-004, hypoxia occurred in 1.6% of patients.

In LITESPARK-005, hypoxia occurred in 15% of patients and 10% had Grade 3 events. Of the patients with hypoxia, 69% were treated with oxygen therapy. Median time to onset of hypoxia was 30.5 days (range: 1 day to 21.1 months).

In LITESPARK-015, hypoxia occurred in 13% of patients and 10% had Grade 3 hypoxia. Median time to onset of hypoxia was 35 days (range: 6 days to 23.9 months). Of the patients with hypoxia, 67% were treated with oxygen therapy.

Embryo-Fetal Toxicity

Based on findings in animals, WELIREG can cause fetal harm when administered to a pregnant woman.

Advise pregnant women and females of reproductive potential of the potential risk to the fetus. Advise females of reproductive potential to use effective non-hormonal contraception during treatment with WELIREG and for 1 week after the last dose. WELIREG can render some hormonal contraceptives ineffective. Advise male patients with female partners of reproductive potential to use effective contraception during treatment with WELIREG and for 1 week after the last dose.

Adverse Reactions

Adverse Reactions in LITESPARK-004

Serious adverse reactions occurred in 15% of patients, including anemia, hypoxia, anaphylaxis reaction, retinal detachment, and central retinal vein occlusion (1 patient each).

WELIREG was permanently discontinued due to adverse reactions in 3.3% of patients for dizziness and opioid overdose (1.6% each).

Dosage interruptions due to an adverse reaction occurred in 39% of patients. Those which required dosage interruption in >2% of patients were fatigue, decreased hemoglobin, anemia, nausea, abdominal pain, headache, and influenza-like illness.

Dose reductions due to an adverse reaction occurred in 13% of patients. The most frequently reported adverse reaction which required dose reduction was fatigue (7%).

The most common adverse reactions (≥25%), including laboratory abnormalities, that occurred in patients who received WELIREG were decreased hemoglobin (93%), fatigue (64%), increased creatinine (64%), headache (39%), dizziness (38%), increased glucose (34%), and nausea (31%).

Adverse Reactions in LITESPARK-005

Serious adverse reactions occurred in 38% of patients. The most frequently reported serious adverse reactions were hypoxia (7%), anemia (5%), pneumonia (3.5%), hemorrhage (3%), and pleural effusion (2.2%). Fatal adverse reactions occurred in 3.2% of patients who received WELIREG, including sepsis (0.5%) and hemorrhage (0.5%).

WELIREG was permanently discontinued due to adverse reactions in 6% of patients. Adverse reactions which resulted in permanent discontinuation (≥0.5%) were hypoxia (1.1%), anemia (0.5%), and hemorrhage (0.5%).

Dosage interruptions due to an adverse reaction occurred in 39% of patients. Of the patients who received WELIREG, 28% were 65 to 74 years, and 10% were 75 years and over. Dose interruptions occurred in 48% of patients ≥65 years of age and in 34% of younger patients. Adverse reactions which required dosage interruption in ≥2% of patients were anemia (8%), hypoxia (5%), COVID-19 (4.3%), fatigue (3.2%), and hemorrhage (2.2%).

Dose reductions due to an adverse reaction occurred in 13% of patients. Dose reductions occurred in 18% of patients ≥65 years of age and in 10% of younger patients. The most frequently reported adverse reactions which required dose reduction (≥1.0%) were hypoxia (5%) and anemia (3.2%).

The most common (≥25%) adverse reactions, including laboratory abnormalities, were decreased hemoglobin (88%), fatigue (43%), musculoskeletal pain (34%), increased creatinine (34%), decreased lymphocytes (34%), increased alanine aminotransferase (32%), decreased sodium (31%), increased potassium (29%), and increased aspartate aminotransferase (27%).

Adverse Reactions in LITESPARK-015

Serious adverse reactions occurred in 36% of patients. The most frequently reported serious adverse reactions were anemia and hypertension (4.2% each) and pyelonephritis, pneumonia, hypoxia, dyspnea and hemorrhage (2.8% each).

WELIREG was permanently discontinued due to adverse reactions in 2 patients (2.8%). Adverse reactions which resulted in permanent discontinuation were increased alanine aminotransferase and paraparesis (1.4% each).

Dosage interruptions due to an adverse reaction occurred in 40% of patients. Of the patients who received WELIREG, 13% were ≥65 years old and 4.2% were ≥75 years. Adverse reactions which required dosage interruption in >3% of patients were hypoxia, nausea and fatigue (4.2% each).

Dose reductions due to an adverse reaction occurred in 14% of patients. The most frequently reported adverse reaction which required dose reduction was hypoxia (4.2%).

The most common (≥25%) adverse reactions, including laboratory abnormalities, that occurred in patients were anemia (96%), fatigue (56%), musculoskeletal pain (56%), decreased lymphocytes (54%), increased alanine aminotransferase (51%), increased aspartate aminotransferase (42%), increased calcium (34%), dyspnea (33%), increased potassium (31%), decreased leukocytes (30%), headache (29%), increased alkaline phosphatase (25%), dizziness (26%) and nausea (25%).

Drug Interactions

Coadministration of WELIREG with inhibitors of UGT2B17 or CYP2C19 increases plasma exposure of belzutifan, which may increase the incidence and severity of adverse reactions. Monitor for anemia and hypoxia and reduce the dosage of WELIREG as recommended.

Coadministration of WELIREG with CYP3A4 substrates decreases concentrations of CYP3A4 substrates, which may reduce the efficacy of these substrates or lead to therapeutic failures. Avoid coadministration with sensitive CYP3A4 substrates. If coadministration cannot be avoided, increase the sensitive CYP3A4 substrate dosage in accordance with its Prescribing Information. Coadministration of WELIREG with hormonal contraceptives may lead to contraceptive failure or an increase in breakthrough bleeding.

Lactation

Because of the potential for serious adverse reactions in breastfed children, advise women not to breastfeed during treatment with WELIREG and for 1 week after the last dose.

Females and Males of Reproductive Potential

WELIREG can cause fetal harm when administered to a pregnant woman. Verify the pregnancy status of females of reproductive potential prior to initiating treatment with WELIREG.

Use of WELIREG may reduce the efficacy of hormonal contraceptives. Advise females of reproductive potential to use effective non-hormonal contraception during treatment with WELIREG and for 1 week after the last dose. Advise males with female partners of reproductive potential to use effective contraception during treatment with WELIREG and for 1 week after the last dose.

Based on findings in animals, WELIREG may impair fertility in males and females of reproductive potential and the reversibility of this effect is unknown.

Pediatric Use

The safety and effectiveness of WELIREG have been established in pediatric patients aged 12 years and older for the treatment of locally advanced, unresectable, or metastatic pheochromocytoma or paraganglioma.

Renal Impairment

For patients with severe renal impairment (eGFR 15-29 mL/min estimated by MDRD), monitor for increased adverse reactions and modify the dosage as recommended.

Hepatic Impairment

WELIREG has not been studied in patients with severe hepatic impairment (total bilirubin >1.5 x ULN and any AST). For patients with moderate and severe hepatic impairment, monitor for increased adverse reactions and modify the dosage as recommended.

Please see Prescribing Information, including information for the Boxed Warning about embryo-fetal toxicity, for WELIREG (belzutifan) at https://www.merck.com/product/usa/pi_circulars/w/welireg/welireg_pi.pdfand Medication Guide for WELIREG at https://www.merck.com/product/usa/pi_circulars/w/welireg/welireg_mg.pdf.

About the Merck and Eisai strategic collaboration

In March 2018, Eisai and Merck, known as MSD outside of the United States and Canada, through an affiliate, entered into a strategic collaboration for the worldwide co-development and co-commercialization of LENVIMA. Under the agreement, the companies jointly develop, manufacture and commercialize LENVIMA, both as monotherapy and in combination with Merck’s anti-PD-1 therapy, KEYTRUDA, and HIF-2α inhibitor, WELIREG.

Merck’s focus on cancer

Every day, we follow the science as we work to discover innovations that can help patients, no matter what stage of cancer they have. As a leading oncology company, we are pursuing research where scientific opportunity and medical need converge, underpinned by our diverse pipeline of more than 20 novel mechanisms. With one of the largest clinical development programs across more than 30 tumor types, we strive to advance breakthrough science that will shape the future of oncology. By addressing barriers to clinical trial participation, screening and treatment, we work with urgency to reduce disparities and help ensure patients have access to high-quality cancer care. Our unwavering commitment is what will bring us closer to our goal of bringing life to more patients with cancer. For more information, visit https://www.merck.com/research/oncology.

About Merck

At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.

Eisai’s focus on cancer

Eisai positions Oncology as one of its key strategic areas, and aims to contribute to the cure of cancers through the discovery of innovative new drugs with new targets and mechanisms of action under the Deep Human Biology Learning (DHBL) drug discovery and development organization.

By utilizing biomarker data obtained from our products to elucidate the mechanisms of the incidence and root causes of cancer, as well as drug resistance, and using Eisai Group’s precision chemistry technology to turn undruggable intracellular therapeutic targets into druggable ones, we will create new backbone therapeutic drugs.

About Eisai

Eisai’s Corporate Concept is “to give first thought to patients and people in the daily living domain, and to increase the benefits that health care provides.” Under this Concept [also known as our human health care (hhc) Concept], we aim to effectively achieve social good in the form of relieving anxiety over health and reducing health disparities. With a global network of R&D facilities, manufacturing sites and marketing subsidiaries, we strive to create and deliver innovative products to target diseases with high unmet medical needs, with a particular focus in our strategic areas of Neurology and Oncology.

In addition, our continued commitment to the elimination of neglected tropical diseases (NTDs), which is a target (3.3) of the United Nations Sustainable Development Goals (SDGs), is demonstrated by our work on various activities together with global partners.

For more information about Eisai, please visit www.eisai.com (for global headquarters: Eisai Co., Ltd.), us.eisai.com (for U.S. headquarters: Eisai Inc.) or www.eisai.eu (for Europe, Middle East, Africa, Russia, Australia, and New Zealand headquarters: Eisai Europe Ltd.), and connect with us on Twitter (U.S. and global) and LinkedIn (for U.S. and EMEA).

Forward-Looking Statement of Merck & Co., Inc., Rahway, N.J., USA

This news release of Merck & Co., Inc., Rahway, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

Media Contacts:

Merck:

Julie Cunningham

[email protected]

John Infanti

[email protected]

Eisai:

Marie Ronda

[email protected]

Investor Contacts:

Merck:

Peter Dannenbaum

(732) 594-1579

Steven Graziano

(732) 594-1583

KEYWORDS: New Jersey United States North America

INDUSTRY KEYWORDS: Biotechnology Health Pharmaceutical Clinical Trials Oncology

MEDIA:

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BioNTech to Report First Quarter 2026 Financial Results and Corporate Update on May 5, 2026

MAINZ, Germany, April 21, 2026 (GLOBE NEWSWIRE) — BioNTech SE (Nasdaq: BNTX, “BioNTech” or “the Company”) will announce its financial results for the first quarter 2026 on Tuesday, May 5, 2026. Additionally, the Company will host a conference call and webcast that day at 8:00 a.m. ET (2:00 p.m. CET) for investors, financial analysts and the general public to discuss its financial results and provide a corporate update.

To access the live conference call via telephone, please register via this link. Once registered, dial-in numbers and a PIN will be provided. It is recommended to register at least one day in advance. The slide presentation and audio of the webcast will be available via this link.

Participants may also access the slides and the webcast of the conference call via the “Events & Presentations” page in the Investor Relations section of the Company’s website at www.BioNTech.com. A replay of the webcast will be made available shortly after the call and archived on the Company’s website for 30 days following the call.

About BioNTech

Biopharmaceutical New Technologies (BioNTech) is a global next generation immunotherapy company pioneering novel investigative therapies for cancer and other serious diseases. BioNTech exploits a wide array of computational discovery and therapeutic modalities with the intent of rapid development of novel biopharmaceuticals. Its diversified portfolio of oncology product candidates aiming to address the full continuum of cancer includes mRNA cancer immunotherapies, next-generation immunomodulators and targeted therapies such as antibody-drug conjugates (ADCs) and innovative chimeric antigen receptor (CAR) T cell therapies. Based on its deep expertise in mRNA development and in-house manufacturing capabilities, BioNTech and its collaborators are researching and developing multiple mRNA vaccine candidates for a range of infectious diseases alongside its diverse oncology pipeline. BioNTech has established a broad set of relationships with multiple global and specialized pharmaceutical collaborators, including Bristol Myers Squibb, Duality Biologics, Genentech, a member of the Roche Group, Genmab, MediLink, OncoC4, Pfizer and Regeneron.

For more information, please visit www.BioNTech.com.

CONTACTS

Investor Relations

Douglas Maffei, PhD
[email protected]

Media Relations

Jasmina Alatovic
[email protected]