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in the Important Disclosures section above. India: For private circulation only, not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
J.P.Morgan North America Equity Research O2 June 2014 • Merck & Co., Inc. Pushing Ahead Aggressively in PD-1 Development We attended Merck's ASCO analyst meeting today where the company reviewed new data and development plans for its PD-1 (pembrolizumab). Overall, we increasingly see M
s, "An investigation was launched in 2018 after a Business Email Compromise (BEC) attack interfered with digital communications between a company in New Zealand that was buying an airplane and a company in Australia that was selling it for $1,028,000. By infiltrating the emails of the two companies, cyber-s
ting an experimental vaccine from Sanofi/GSK and one from startup Novavax, which are expected to begin large trials in the U.S. in the coming weeks. Merck, which has received far less funding, is a few months further behind." Some Countries Face "Immense" Stakes With AstraZeneca's Vaccine. Bloomberg
s, "An investigation was launched in 2018 after a Business Email Compromise (BEC) attack interfered with digital communications between a company in New Zealand that was buying an airplane and a company in Australia that was selling it for $1,028,000. By infiltrating the emails of the two companies, cyber-s
ing an experimental vaccine from Sanofi/GSK and one from startup Novavax, which are expected to begin large trials in the U.S. in the coming weeks. Merck, which has received far less funding, is a few months further behind." Some Countries Face "Immense" Stakes With AstraZeneca's Vaccine. Bloomberg (1
nment Alcoa Inc. USA Affairs Yolanda Cuba Non-Executive Director Reunert Ltd South Africa Daniel Joshua Global Changemaker British Council New Zealand Cullum H. Lawrence Culp President and Chief Executive Officer Danaher Corporation USA Nelson W. Managing Partner McLarty Associates USA Cun
Secretary-General Chief Executive Officer Chief Executive Officer Managing Director, Legal and Risk Professor of Management Practice President, Merck Vaccines Director, Center for Public Leadership Artistic and General Director Managing Partner, Strategy and Business Development Managing Direc
USA Government Affairs Yolanda Cuba Non-Executive Director Reunert Ltd South Africa Daniel Joshua Cullum Global Changemaker British Council New Zealand H. Lawrence Culp Jr President and Chief Executive Officer Danaher Corporation USA Sir Jonathan Stephen Head of International Economic Cunliffe
and Risk Credit Suisse USA William W. George Professor of Management Practice Harvard Business School USA Julie Louise Gerberding President, Merck Vaccines Merck & Co. Inc. USA David R. Gergen Director, Center for Public Leadership Harvard Kennedy School USA Valery Gergiev Artistic and G
USA Government Affairs Yolanda Cuba Non-Executive Director Reunert Ltd South Africa Daniel Joshua Cullum Global Changemaker British Council New Zealand H. Lawrence Culp Jr President and Chief Executive Officer Danaher Corporation USA Sir Jonathan Stephen Head of International Economic Cunliffe
and Risk Credit Suisse USA William W. George Professor of Management Practice Harvard Business School USA Julie Louise Gerberding President, Merck Vaccines Merck & Co. Inc. USA David R. Gergen Director, Center for Public Leadership Harvard Kennedy School USA Valery Gergiev Artistic and G
Russian Federation Co-Founder Matthew Grob Executive Vice-President and Chief Qualcomm USA Technology Officer Tim Groser Minister of Trade of New Zealand Bill Gross Co-Founder and Chairman eSolar Inc. USA Daniel Gross Global Business Editor Newsweek and The Daily USA Beast Jiirgen R. Founder
iness School Google Inc. USA USA Germany Switzerland USA USA World Economic Forum Annual Meeting EFTA_R1_02105175 EFTA02707407 President, Merck Vaccines MSD USA Julie Louise Gerberding Mikhail Gerchuk Mohammad Abdullah Al Gergawi David R. Gergen Valery Gergiev Natalia Germanova Ola
n by t Morgan Securities (Taiwan) Limited. India: For private circulation only. not for sale. Pakistan: For private circulation only, not for sale. New Zealand: This material is issued and distributed by JPMSAL in New Zealand only to persons whose principal business is the investment of money or who, in the
truda label further reinforces our view that Opdivo will maintain a clear leadership position in the NSCLC marketplace. Overall, we continue to see Merck as a competitive I/O player with a lead in multiple tumors with large unmet need such as HNSCC and colorectal tumors harboring MMR mutations. • Ke
Entities connected to both New Zealand and Merck

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Donald Trump
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Virginia Giuffre
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Julie K. Brown
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Belgium
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