{"id":52987,"date":"2026-08-21T14:03:56","date_gmt":"2026-08-21T14:03:56","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-eu\/uncategorized\/moderna-merck-and-the-different-ways-markets-value-a-breakthrough\/"},"modified":"2026-08-21T14:03:56","modified_gmt":"2026-08-21T14:03:56","slug":"moderna-merck-and-the-different-ways-markets-value-a-breakthrough","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-eu\/opinion\/moderna-merck-and-the-different-ways-markets-value-a-breakthrough\/","title":{"rendered":"Moderna, Merck et les diff\u00e9rentes mani\u00e8res dont les march\u00e9s valorisent une perc\u00e9e majeure"},"content":{"rendered":"<figure class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1250\" height=\"700\" src=\"https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/Moderna-Merck-pharma.webp\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/Moderna-Merck-pharma.webp 1250w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/Moderna-Merck-pharma-300x168.webp 300w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/Moderna-Merck-pharma-1024x573.webp 1024w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/Moderna-Merck-pharma-768x430.webp 768w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/Moderna-Merck-pharma-500x280.webp 500w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/Moderna-Merck-pharma-400x224.webp 400w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/Moderna-Merck-pharma-350x196.webp 350w, https:\/\/www.vtmarkets.com\/fr-eu\/wp-content\/uploads\/sites\/19\/2026\/08\/Moderna-Merck-pharma-200x112.webp 200w\" sizes=\"auto, (max-width: 1250px) 100vw, 1250px\" \/><\/figure>\n\n\n<p class=\"wp-block-paragraph\">Mercredi 19 ao\u00fbt, Moderna a annonc\u00e9 que son traitement anticanc\u00e9reux personnalis\u00e9 \u00e0 ARNm avait <a href=\"https:\/\/www.cnbc.com\/2026\/08\/19\/moderna-merck-cancer-vaccine-shows-initial-late-stage-melanoma-data.html\">r\u00e9ussi un essai clinique de phase 3<\/a> (phase finale, r\u00e9alis\u00e9e sur un grand nombre de patients pour confirmer l\u2019efficacit\u00e9 et la s\u00e9curit\u00e9). La nouvelle a propuls\u00e9 le titre. L\u2019action a bondi de 177%, <a href=\"https:\/\/www.wsj.com\/health\/pharma\/moderna-merck-vaccine-succeeds-in-preventing-melanoma-from-returning-540e9e18?mod=hp_lead_pos5\">plus que doublant en une seule s\u00e9ance<\/a>, pour cl\u00f4turer au-dessus de 174 dollars. Merck, partenaire de Moderna sur ce programme, a aussi progress\u00e9, avec une hausse de 12,6%.<\/p>\n\n\n\n<script type=\"module\" src=\"https:\/\/widgets.tradingview-widget.com\/w\/en\/tv-tickers.js\"><\/script>\n\n<tv-tickers symbols=\"NASDAQ:MRNA,NYSE:MRK\" hover-type=\"performance-grid\" show-hover><\/tv-tickers>\n\n\n\n<p class=\"wp-block-paragraph\">La r\u00e9action n\u2019a pas \u00e9t\u00e9 la m\u00eame pour les deux groupes. Jeudi apr\u00e8s-midi, Moderna a c\u00e9d\u00e9 jusqu\u2019\u00e0 25%, autour de 129 dollars, avant de finir la s\u00e9ance en baisse d\u2019environ 19%. Pr\u00e8s de <a href=\"https:\/\/www.forbes.com\/sites\/tylerroush\/2026\/08\/20\/moderna-stock-plunges-25-wiping-out-18-billion-after-historic-cancer-vaccine-breakthrough\/\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">18 milliards de dollars de capitalisation boursi\u00e8re<\/a> (valeur totale de l\u2019entreprise en Bourse) se sont \u00e9vapor\u00e9s. Merck, de son c\u00f4t\u00e9, a termin\u00e9 la m\u00eame s\u00e9ance en recul limit\u00e9 \u00e0 0,57%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le r\u00e9sultat de l\u2019essai n\u2019avait pourtant pas chang\u00e9. Les m\u00eames donn\u00e9es qui avaient port\u00e9 Moderna mercredi \u00e9taient toujours l\u00e0 jeudi. Ce qui a chang\u00e9, c\u2019est la mani\u00e8re dont les investisseurs ont jug\u00e9 la capacit\u00e9 de chaque entreprise \u00e0 transformer cette avanc\u00e9e scientifique en valeur durable, autrement dit l\u2019\u00e9cart entre d\u00e9couverte et valeur \u00e9conomique.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ce que l\u2019essai a montr\u00e9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Intismeran autogene est un traitement anticanc\u00e9reux personnalis\u00e9, con\u00e7u \u00e0 partir des mutations (changements dans l\u2019ADN) propres \u00e0 la tumeur de chaque patient. L\u2019objectif est d\u2019apprendre au syst\u00e8me immunitaire (les d\u00e9fenses naturelles) \u00e0 rep\u00e9rer et attaquer ces cibles canc\u00e9reuses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il est administr\u00e9 en compl\u00e9ment de <a href=\"https:\/\/www.merck.com\/news\/keytruda-pembrolizumab-and-keytruda-qlex-pembrolizumab-and-berahyaluronidase-alfa-pmph-plus-paclitaxel-%C2%B1-bevacizumab-approved-for-certain-adults-with-pd-l1-cps-%E2%89%A51\/\">Keytruda, de Merck<\/a> (immunoth\u00e9rapie, c\u2019est-\u00e0-dire un m\u00e9dicament qui aide le syst\u00e8me immunitaire \u00e0 lutter contre le cancer), et non en remplacement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dans l\u2019<a href=\"https:\/\/www.merck.com\/news\/merck-and-moderna-announce-phase-3-interpath-001-trial-of-intismeran-autogene-plus-keytruda-met-endpoints-of-recurrence-free-survival-rfs-and-distant-metastasis-free-survival-dmfs-in-patient\/\">essai INTerpath-001<\/a>, la combinaison a atteint son crit\u00e8re principal d\u2019\u00e9valuation (objectif principal de l\u2019\u00e9tude) de survie sans rechute (absence de retour du cancer) et un crit\u00e8re secondaire de survie sans m\u00e9tastases \u00e0 distance (absence de propagation vers d\u2019autres organes) chez des patients atteints de m\u00e9lanome de stade IIB \u00e0 IV apr\u00e8s chirurgie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il s\u2019agit du premier r\u00e9sultat positif, \u00e0 un stade avanc\u00e9, pour un traitement anticanc\u00e9reux bas\u00e9 sur l\u2019ARNm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un point a toutefois retenu l\u2019attention. Le communiqu\u00e9 ne donnait pas de \u00ab hazard ratios \u00bb (mesure statistique qui compare le risque d\u2019un \u00e9v\u00e9nement, ici rechute ou m\u00e9tastase, entre deux groupes) ni de chiffres d\u00e9taill\u00e9s d\u2019efficacit\u00e9. Le march\u00e9 a fortement r\u00e9agi \u00e0 une annonce de succ\u00e8s \u00ab en haut de page \u00bb (r\u00e9sum\u00e9 des r\u00e9sultats), avant la publication des donn\u00e9es compl\u00e8tes. Les investisseurs n\u2019ont donc pas seulement valoris\u00e9 la science, mais aussi l\u2019impact commercial potentiel.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>M\u00eame avanc\u00e9e, valorisations diff\u00e9rentes<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna a con\u00e7u le traitement et d\u00e9tient la plateforme ARNm (la technologie de base). Merck apporte Keytruda, l\u2019exp\u00e9rience avec les autorit\u00e9s de sant\u00e9 (proc\u00e9dures d\u2019autorisation) et une force commerciale mondiale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les deux entreprises profitent du r\u00e9sultat, mais les investisseurs n\u2019ont pas \u00e9valu\u00e9 leurs perspectives de la m\u00eame fa\u00e7on.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Pour Moderna, l\u2019essai ouvre davantage de possibilit\u00e9s. Une plateforme de traitement anticanc\u00e9reux personnalis\u00e9 qui fonctionne pourrait s\u2019\u00e9tendre \u00e0 plusieurs cancers.<\/li>\n\n\n\n<li>Pour Merck, l\u2019enjeu est plus imm\u00e9diat. Le traitement pourrait renforcer la \u00ab franchise \u00bb Keytruda (ensemble des ventes et indications autour de ce m\u00e9dicament) <a href=\"https:\/\/www.businesstimes.com.sg\/international\/merck-create-separate-cancer-business-keytruda-patent-loss-looms\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">au moment o\u00f9 l\u2019entreprise fait face \u00e0 une des plus importantes pertes de brevets du secteur<\/a>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Le march\u00e9 ne demandait pas seulement: \u00ab Qui a r\u00e9alis\u00e9 l\u2019avanc\u00e9e ? \u00bb<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais: \u00ab Qui est le mieux plac\u00e9 pour en tirer des revenus ? \u00bb<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Une trajectoire commerciale plus lisible pour MRK<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Pour Merck, l\u2019enjeu est clair: remplacer les revenus de Keytruda avant la fin de la protection par brevet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Keytruda <a href=\"https:\/\/finance.yahoo.com\/news\/keytruda-aid-mrks-growth-2026-144800572.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">a g\u00e9n\u00e9r\u00e9 environ 25,3 milliards de dollars de ventes annuelles<\/a> et <a href=\"https:\/\/www.barrons.com\/articles\/keytruda-gardasil-sales-merck-stock-c19d0661\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">reste l\u2019un des m\u00e9dicaments les plus vendus au monde<\/a>. L\u2019exclusivit\u00e9 aux \u00c9tats-Unis expire en d\u00e9cembre 2028, tandis que des mesures publiques sur les prix dans le cadre de l\u2019Inflation Reduction Act commenceront \u00e0 affecter certains m\u00e9dicaments d\u00e8s janvier 2028.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Merck dispose donc d\u2019un calendrier pr\u00e9cis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Une combinaison efficace avec intismeran pourrait prolonger la dur\u00e9e de vie commerciale de Keytruda. Plut\u00f4t que d\u2019ajouter un produit totalement s\u00e9par\u00e9, Merck pourrait renforcer un traitement d\u00e9j\u00e0 largement prescrit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les investisseurs ont r\u00e9agi \u00e0 cette perspective.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Morgan Stanley <a href=\"https:\/\/finance.yahoo.com\/markets\/stocks\/articles\/morgan-stanley-revamps-merck-stock-201857782.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">a relev\u00e9 sa recommandation sur Merck \u00e0 \u00ab Surpond\u00e9rer \u00bb<\/a> (conseil de d\u00e9tenir davantage que la moyenne du march\u00e9) et de nombreux <a href=\"https:\/\/www.gurufocus.com\/news\/9045774\/morgan-stanley-revamps-merck-stock-target-after-cancer-breakthrough?utm_source=yahoo_finance&amp;utm_medium=syndication&amp;utm_campaign=headlines&amp;r=caf6fe0e0db70d936033da5461e60141\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">analystes ont augment\u00e9 leur objectif de cours<\/a>, estimant que le pipeline (les m\u00e9dicaments en d\u00e9veloppement) dont intismeran pourrait compenser une partie du choc li\u00e9 \u00e0 l\u2019expiration du brevet de Keytruda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Merck abordait l\u2019annonce avec une base financi\u00e8re plus solide. Keytruda a, \u00e0 lui seul, g\u00e9n\u00e9r\u00e9 plus de 16 milliards de dollars de flux de tr\u00e9sorerie (cash g\u00e9n\u00e9r\u00e9 par l\u2019activit\u00e9) au premier semestre 2026, donnant au groupe davantage de marge pour financer le d\u00e9veloppement et la commercialisation de nouveaux traitements.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MRNA doit transformer le potentiel en revenus<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">La situation est diff\u00e9rente pour Moderna.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le groupe d\u00e9tient une plateforme technologique de valeur, mais il doit encore prouver qu\u2019elle peut g\u00e9n\u00e9rer des b\u00e9n\u00e9fices durables.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Au <a href=\"https:\/\/finance.yahoo.com\/healthcare\/articles\/moderna-q2-earnings-call-highlights-140404872.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">deuxi\u00e8me trimestre 2026, Moderna a publi\u00e9<\/a> un chiffre d\u2019affaires de 145 millions de dollars et une perte nette de 782 millions. Les d\u00e9penses de recherche et d\u00e9veloppement ont atteint 651 millions sur le trimestre, soit plus de quatre fois le chiffre d\u2019affaires.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fin juin, l\u2019entreprise affichait 6,9 milliards de dollars de tr\u00e9sorerie et placements, contre 7,5 milliards trois mois plus t\u00f4t. La direction vise une tr\u00e9sorerie et des placements de 4,7 \u00e0 5,2 milliards en fin d\u2019ann\u00e9e.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Par ailleurs, tous les programmes ARNm n\u2019avancent pas sans heurts. Le candidat de Moderna contre le norovirus, mRNA-1403, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-07-31\/moderna-says-early-results-of-norovirus-shot-were-not-successful\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">n\u2019a pas atteint les seuils statistiques attendus<\/a> lors d\u2019une analyse interm\u00e9diaire en phase 3 (analyse r\u00e9alis\u00e9e avant la fin de l\u2019\u00e9tude, avec des r\u00e8gles statistiques strictes).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le r\u00e9sultat dans le cancer am\u00e9liore les perspectives, mais ne change pas imm\u00e9diatement la situation financi\u00e8re.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\">Moderna<\/td><td class=\"has-text-align-center\" data-align=\"center\">Merck<\/td><\/tr><tr><td>Contribution principale<\/td><td>plateforme ARNm et traitement personnalis\u00e9<\/td><td>Keytruda, puissance commerciale et distribution<\/td><\/tr><tr><td>Situation au T2 2026<\/td><td>145 M$ de chiffre d\u2019affaires, 782 M$ de perte nette<\/td><td>Keytruda a g\u00e9n\u00e9r\u00e9 plus de 16 Md$ de flux de tr\u00e9sorerie au S1<\/td><\/tr><tr><td>Ce que valent les donn\u00e9es<\/td><td>ouvre un potentiel de plateforme plus large<\/td><td>aide \u00e0 prot\u00e9ger un flux de revenus existant<\/td><\/tr><tr><td>Variation du titre sur deux jours<\/td><td>+177%, puis restitution d\u2019environ un cinqui\u00e8me<\/td><td>+12,6%, gains globalement conserv\u00e9s<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019opportunit\u00e9 de Moderna repose sur des options de croissance (plusieurs sc\u00e9narios possibles, mais incertains). L\u2019<a href=\"https:\/\/finance.yahoo.com\/healthcare\/articles\/moderna-shares-surge-more-90-132957599.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">entreprise m\u00e8ne neuf essais de phase 2 et de phase 3 sur intismeran<\/a> dans le m\u00e9lanome, le cancer du poumon non \u00e0 petites cellules, le cancer de la vessie et le carcinome r\u00e9nal (cancer du rein).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Si les r\u00e9sultats se confirment dans plusieurs cancers, l\u2019opportunit\u00e9 devient bien plus importante.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais plus il y a de sc\u00e9narios, plus la valorisation est difficile. Une entreprise avec une technologie prometteuse mais peu de revenus n\u2019offre pas le m\u00eame point d\u2019appui financier qu\u2019un groupe d\u00e9j\u00e0 dot\u00e9 d\u2019un produit majeur.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">La fin de brevets qui redessine la biotech<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le partenariat Moderna-Merck illustre <a href=\"https:\/\/finance.yahoo.com\/news\/big-pharma-navigating-300-billion-080000758.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">une tendance plus large dans l\u2019industrie<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Environ <a href=\"https:\/\/finance.yahoo.com\/news\/big-pharma-navigating-300-billion-080000758.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">300 milliards de dollars de revenus de m\u00e9dicaments de marque<\/a> devraient subir la pression des expirations de brevet d\u2019ici 2030. Dans le m\u00eame temps, les op\u00e9rations de fusions-acquisitions se multiplient, les grands groupes cherchant de nouveaux relais de croissance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La logique est simple: les laboratoires \u00e9tablis ne cherchent pas seulement de nouvelles id\u00e9es scientifiques, mais des sources de revenus avant l\u2019\u00e9rosion des anciens m\u00e9dicaments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cela modifie l\u2019\u00e9quilibre entre biotechs et grands laboratoires.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les petites entreprises apportent souvent l\u2019innovation. Les grands groupes apportent le capital, l\u2019exp\u00e9rience r\u00e9glementaire et l\u2019infrastructure commerciale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La r\u00e9partition de la valeur se joue souvent tr\u00e8s t\u00f4t, au moment de la n\u00e9gociation des partenariats.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u2019est pourquoi la validation scientifique ne signifie pas toujours que l\u2019inventeur capte la plus grande part de la valeur.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La r\u00e9action de BioNTech illustre l\u2019autre c\u00f4t\u00e9 du ph\u00e9nom\u00e8ne. L\u2019entreprise, qui d\u00e9veloppe ses propres programmes de vaccins anticanc\u00e9reux personnalis\u00e9s, a recul\u00e9 de 4% le m\u00eame jour. Les investisseurs y ont vu une confirmation de la technologie, mais aussi une concurrence plus intense.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les risques derri\u00e8re l\u2019optimisme<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Malgr\u00e9 tout, la r\u00e9action actuelle du march\u00e9 ne dit pas tout.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le principal d\u00e9fi est industriel. Les traitements anticanc\u00e9reux personnalis\u00e9s exigent que chaque dose soit fabriqu\u00e9e pour un patient donn\u00e9. Augmenter la production, garantir une qualit\u00e9 constante et organiser la logistique restent des questions cl\u00e9s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Si Moderna r\u00e9sout ces d\u00e9fis, sa plateforme pourrait devenir un avantage concurrentiel important.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La tarification est une autre inconnue. Il n\u2019existe pas encore de mod\u00e8le clair pour le remboursement, \u00e0 grande \u00e9chelle, de traitements anticanc\u00e9reux personnalis\u00e9s. De bons r\u00e9sultats m\u00e9dicaux ne garantissent pas un succ\u00e8s commercial.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un argument joue aussi en faveur de Moderna \u00e0 plus long terme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Si intismeran r\u00e9ussit dans d\u2019autres cancers, la valeur cr\u00e9\u00e9e pourrait d\u00e9passer ce que le march\u00e9 int\u00e8gre aujourd\u2019hui. L\u2019\u00e9cart entre Moderna et Merck refl\u00e8te surtout la situation financi\u00e8re actuelle, pas forc\u00e9ment le r\u00e9sultat final.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ce qu\u2019il faut surveiller<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La question scientifique a progress\u00e9. Le d\u00e9bat porte d\u00e9sormais sur l\u2019ex\u00e9cution et le partage de la valeur.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Plusieurs \u00e9l\u00e9ments seront d\u00e9terminants:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Les r\u00e9sultats d\u2019autres essais, notamment dans le cancer du poumon non \u00e0 petites cellules et le cancer de la vessie, pour v\u00e9rifier si la plateforme fonctionne au-del\u00e0 du m\u00e9lanome.<br><\/li>\n\n\n\n<li>Les calendriers r\u00e9glementaires (d\u00e9lais d\u2019examen par les autorit\u00e9s) et la capacit\u00e9 \u00e0 engager rapidement les discussions en vue d\u2019une autorisation.<br><\/li>\n\n\n\n<li>La situation financi\u00e8re de Moderna et la possibilit\u00e9 de lever des fonds (obtenir du financement) dans de meilleures conditions apr\u00e8s ce changement de valorisation.<br><\/li>\n\n\n\n<li>Les futurs partenariats entre biotechs et grands laboratoires, pour voir si les innovateurs gagnent du poids dans la n\u00e9gociation.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">D\u00e9montrer l\u2019efficacit\u00e9 d\u2019un traitement et capter sa valeur \u00e9conomique sont deux choses diff\u00e9rentes. Le gain de Merck a mieux tenu car les donn\u00e9es s\u2019int\u00e8grent \u00e0 une activit\u00e9 d\u00e9j\u00e0 tr\u00e8s rentable. Chez Moderna, l\u2019activit\u00e9 est encore en construction.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Un m\u00eame catalyseur (\u00e9v\u00e9nement susceptible de faire bouger le cours), deux profils. Moderna est davantage expos\u00e9e au risque d\u2019annonce (fortes variations au gr\u00e9 des r\u00e9sultats d\u2019essais et des d\u00e9cisions des autorit\u00e9s, puis p\u00e9riodes d\u2019accalmie). Merck porte le m\u00eame th\u00e8me via une activit\u00e9 qui g\u00e9n\u00e8re d\u00e9j\u00e0 des milliards, ce qui, jusqu\u2019ici, a entra\u00een\u00e9 des mouvements plus limit\u00e9s dans un sens comme dans l\u2019autre.<\/p>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Commencez \u00e0 trader d\u00e8s maintenant \u2014 cliquez <a href=\"https:\/\/www.vtmarkets.com\/fr-eu\/trade-now\/\">ici<\/a> pour cr\u00e9er votre compte r\u00e9el VT Markets.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Coup de th\u00e9\u00e2tre en Bourse : l\u2019ARNm anticancer de Moderna r\u00e9ussit en phase 3 et fait flamber MRNA, avant une violente correction. Merck profite plus durablement, mieux arm\u00e9 commercialement et financi\u00e8rement.<\/p>\n","protected":false},"author":87,"featured_media":52986,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-52987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Coup de th\u00e9\u00e2tre en Bourse : l\u2019ARNm anticancer de Moderna r\u00e9ussit en phase 3 et fait flamber MRNA, avant une violente correction. 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