{"text":[[{"start":8.24,"text":"A cancer vaccine being developed by Merck and Moderna significantly reduced melanoma deaths compared to conventional treatments, according to data released on Thursday, though an online leak of the study prompted chaotic trading in their shares."}],[{"start":21.76,"text":"Although the results were in line with analysts’ expectations, Moderna’s shares sank about 18 per cent. The data was not scheduled to be published until Saturday but the companies released it after details of the trial results leaked out."}],[{"start":36.34,"text":"The results follow an August announcement from Merck and Moderna that said messenger RNA technology (mRNA) combined with conventional melanoma treatments proved successful in stopping cancer from returning and spreading in patients whose melanomas had been removed. Moderna’s shares more than doubled after the announcement; the Boston-based biotech remains the best performer in the S&P 500 index this year despite Thursday’s drop."}],[{"start":61.96,"text":"The latest trial results provided more information, specifically about the timing for a patient’s survival. After six months, the combination of mRNA and Merck’s cancer-killing drug Keytruda reduced the risk of tumour recurrence or death by 58 per cent, the companies said."}],[{"start":78.3,"text":"The timing of patients’ recurrence-free survival was in line with analysts’ estimates but failed to significantly improve upon Wall Street’s expectations."}],[{"start":86.04,"text":"The reduction in cancer recurrences and death is meaningful, said Evan Seigerman, analyst at BMO Capital Markets. The share price reaction “likely reflects inflated expectations into the full data release, rather than a true indictment of the efficacy of the combo therapy”, he said."}],[{"start":102.44,"text":"“These results are not enough to drive confidence amidst elevated expectations,” he added."}],[{"start":107.84,"text":"Merck’s shares on Thursday dropped after the leak but recovered and ended the day down 1 per cent. Moderna’s shares were down as much as 25 per cent in intraday trading."}],[{"start":118.28,"text":"Analysts said it remains uncertain how the melanoma results can be applied to other cancers. Merck and Moderna are also testing their therapies in bladder, lung and other cancers."}],[{"start":128.64,"text":"Thursday’s published results were a final phase 3 trial that has been in the works since 2023. The companies have said they are meeting the US drug regulator and expect approval next year."}],[{"start":144.28,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1792723263_2294.mp3"}