{"id":53084,"date":"2026-08-21T10:45:08","date_gmt":"2026-08-21T10:45:08","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/moderna-merck-and-the-different-ways-markets-value-a-breakthrough\/"},"modified":"2026-08-21T10:45:08","modified_gmt":"2026-08-21T10:45:08","slug":"moderna-merck-and-the-different-ways-markets-value-a-breakthrough","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/opinion\/moderna-merck-and-the-different-ways-markets-value-a-breakthrough\/","title":{"rendered":"Moderna, Merck ve Piyasalar\u0131n Bir At\u0131l\u0131m\u0131 Farkl\u0131 \u015eekillerde Fiyatlama Bi\u00e7imleri"},"content":{"rendered":"<figure class=\"wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1250\" height=\"700\" src=\"https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/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\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/08\/Moderna-Merck-pharma.webp 1250w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/08\/Moderna-Merck-pharma-300x168.webp 300w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/08\/Moderna-Merck-pharma-1024x573.webp 1024w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/08\/Moderna-Merck-pharma-768x430.webp 768w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/08\/Moderna-Merck-pharma-500x280.webp 500w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/08\/Moderna-Merck-pharma-400x224.webp 400w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/08\/Moderna-Merck-pharma-350x196.webp 350w, https:\/\/www.vtmarkets.com\/tr-mena\/wp-content\/uploads\/sites\/9\/2026\/08\/Moderna-Merck-pharma-200x112.webp 200w\" sizes=\"auto, (max-width: 1250px) 100vw, 1250px\" \/><\/figure>\n\n\n<p class=\"wp-block-paragraph\">19 A\u011fustos \u00c7ar\u015famba g\u00fcn\u00fc Moderna, ki\u015fiye \u00f6zel mRNA kanser tedavisinin <a href=\"https:\/\/www.cnbc.com\/2026\/08\/19\/moderna-merck-cancer-vaccine-shows-initial-late-stage-melanoma-data.html\">Faz 3 klinik \u00e7al\u0131\u015fmada ba\u015far\u0131l\u0131 oldu\u011funu<\/a> duyurdu. Bu haber hisseyi sert yukar\u0131 ta\u015f\u0131d\u0131. Hisse ayn\u0131 seansta %177 y\u00fckselerek <a href=\"https:\/\/www.wsj.com\/health\/pharma\/moderna-merck-vaccine-succeeds-in-preventing-melanoma-from-returning-540e9e18?mod=hp_lead_pos5\">bir g\u00fcnde iki kattan fazla artt\u0131<\/a> ve 174 dolar\u0131n \u00fczerinde kapand\u0131. Programda Moderna ile ortak olan Merck de %12,6 y\u00fckseldi.<\/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\">Ancak bu tepki iki \u015firket i\u00e7in ayn\u0131 \u015fekilde s\u00fcrmedi. Per\u015fembe \u00f6\u011fleden sonra Moderna g\u00fcn i\u00e7inde %25\u2019e kadar gerileyip 129 dolar civar\u0131nda i\u015flem g\u00f6rd\u00fc ve g\u00fcn\u00fc yakla\u015f\u0131k %19 d\u00fc\u015f\u00fc\u015fle kapatt\u0131. Hisseden <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=\"\">yakla\u015f\u0131k 18 milyar dolarl\u0131k piyasa de\u011feri<\/a> silindi. Merck ise ayn\u0131 seans\u0131 yaln\u0131zca %0,57 ekside tamamlad\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Klinik \u00e7al\u0131\u015fman\u0131n sonucu de\u011fi\u015fmemi\u015fti. \u00c7ar\u015famba g\u00fcn\u00fc Moderna\u2019y\u0131 u\u00e7uran veri seti Per\u015fembe g\u00fcn\u00fc de ayn\u0131yd\u0131. Fark, yat\u0131r\u0131mc\u0131lar\u0131n her iki \u015firketin bu bilimsel at\u0131l\u0131m\u0131 uzun vadeli de\u011fere ve gelire \u00e7evirme g\u00fcc\u00fcn\u00fc nas\u0131l g\u00f6rd\u00fc\u011f\u00fcnde ortaya \u00e7\u0131kt\u0131. Bu, \u201cke\u015fif\u201d ile \u201cekonomik de\u011fer\u201d aras\u0131ndaki fiyat fark\u0131n\u0131 belirledi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c7al\u0131\u015fma ne g\u00f6sterdi?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Intismeran autogene, her hastan\u0131n t\u00fcm\u00f6r\u00fcnde g\u00f6r\u00fclen \u00f6zel genetik de\u011fi\u015fimlere (mutasyonlara) g\u00f6re tasarlanan ki\u015fiye \u00f6zel bir kanser tedavisidir. Ama\u00e7, ba\u011f\u0131\u015f\u0131kl\u0131k sistemini bu kanser hedeflerini tan\u0131y\u0131p sald\u0131racak \u015fekilde \u201ce\u011fitmektir\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tedavi, bir ila\u00e7 yerine ge\u00e7mek i\u00e7in de\u011fil, <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\/\">Merck\u2019in Keytruda\u2019s\u0131<\/a> ile birlikte kullan\u0131l\u0131yor. (Keytruda, ba\u011f\u0131\u015f\u0131kl\u0131k sisteminin kanserle sava\u015fmas\u0131n\u0131 g\u00fc\u00e7lendiren bir imm\u00fcnoterapi ilac\u0131d\u0131r.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><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\/\">INTerpath-001 \u00e7al\u0131\u015fmas\u0131nda<\/a> bu kombinasyon, ameliyat sonras\u0131 evre IIB\u2013IV melanom hastalar\u0131nda ana hedef olan \u201cn\u00fcks etmeme s\u00fcresi\u201dni (recurrence-free survival: kanserin geri d\u00f6nmedi\u011fi s\u00fcre) ve ikincil hedef olan \u201cuzak yay\u0131l\u0131m olmadan ge\u00e7en s\u00fcre\u201dyi (distant metastasis-free survival: kanserin ba\u015fka organlara yay\u0131lmadan ge\u00e7en s\u00fcre) kar\u015f\u0131lad\u0131. (Hedef\/endpoint: \u00c7al\u0131\u015fman\u0131n ba\u015far\u0131 say\u0131labilmesi i\u00e7in \u00f6nceden belirlenen \u00f6l\u00e7\u00fctt\u00fcr.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu sonu\u00e7, mRNA temelli bir kanser tedavisi i\u00e7in ge\u00e7 a\u015famada (Faz 3) al\u0131nan ilk olumlu sonu\u00e7 oldu. (Faz 3: \u0130lac\u0131n etkinlik ve g\u00fcvenli\u011finin geni\u015f hasta grubunda test edildi\u011fi son b\u00fcy\u00fck a\u015fama.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yine de bir ayr\u0131nt\u0131 dikkat \u00e7ekti: Duyuruda \u201ctehlike oran\u0131\u201d (hazard ratio: iki tedavi kolu aras\u0131nda riskin ne kadar azald\u0131\u011f\u0131n\u0131 g\u00f6steren oran) veya ayr\u0131nt\u0131l\u0131 etkinlik rakamlar\u0131 yer almad\u0131. Piyasa, \u201c\u00fcst d\u00fczey ba\u015far\u0131\u201d a\u00e7\u0131klamas\u0131yla sert hareket etti; tam veri g\u00f6r\u00fclmeden fiyatlama yap\u0131ld\u0131. Bu da yat\u0131r\u0131mc\u0131lar\u0131n yaln\u0131zca bilimi de\u011fil, ticari etkiyi de sat\u0131n ald\u0131\u011f\u0131n\u0131 g\u00f6sterdi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Ayn\u0131 at\u0131l\u0131m, farkl\u0131 piyasa de\u011feri<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna tedaviyi geli\u015ftirdi ve mRNA platformunun sahibidir. Merck ise Keytruda\u2019y\u0131, d\u00fczenleyici kurum (onay) tecr\u00fcbesini ve k\u00fcresel sat\u0131\u015f-da\u011f\u0131t\u0131m g\u00fcc\u00fcn\u00fc getirdi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sonu\u00e7tan iki \u015firket de fayda g\u00f6rd\u00fc, ancak yat\u0131r\u0131mc\u0131lar f\u0131rsat\u0131 farkl\u0131 de\u011ferlendirdi.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Moderna i\u00e7in \u00e7al\u0131\u015fma, daha geni\u015f bir olas\u0131l\u0131k seti yaratt\u0131. Ki\u015fiye \u00f6zel bir mRNA \u201ckanser a\u015f\u0131s\u0131\u201d yakla\u015f\u0131m\u0131 (burada a\u015f\u0131, hastal\u0131\u011f\u0131 \u00f6nlemekten \u00e7ok ba\u011f\u0131\u015f\u0131kl\u0131\u011f\u0131 kanser hedeflerine y\u00f6nlendiren tedavi anlam\u0131ndad\u0131r) zamanla bir\u00e7ok kanser t\u00fcr\u00fcne yay\u0131labilir.<\/li>\n\n\n\n<li>Merck i\u00e7in f\u0131rsat daha k\u0131sa vadeli g\u00f6r\u00fcnd\u00fc. Tedavi, <a href=\"https:\/\/www.businesstimes.com.sg\/international\/merck-create-separate-cancer-business-keytruda-patent-loss-looms\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">ila\u00e7 sekt\u00f6r\u00fcndeki en b\u00fcy\u00fck patent s\u00fcre biti\u015flerinden biri yakla\u015f\u0131rken<\/a> Keytruda i\u015fini g\u00fc\u00e7lendirebilir. (Patent s\u00fcre biti\u015fi: Koruma kalk\u0131nca benzer\/biyobenzer \u00fcr\u00fcnlerle rekabet artar ve gelir bask\u0131lan\u0131r.)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Piyasan\u0131n sorusu sadece \u201cBu at\u0131l\u0131m\u0131 kim yapt\u0131?\u201d de\u011fildi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As\u0131l soru \u015fuydu: \u201cBunu paraya (gelire) en iyi kim \u00e7evirebilir?\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MRK i\u00e7in ticari de\u011fere daha net yol<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Merck\u2019in sorunu net: Patent korumas\u0131 bitmeden \u00f6nce Keytruda gelirinin yerini doldurmak.<\/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=\"\">y\u0131ll\u0131k yakla\u015f\u0131k 25,3 milyar dolar sat\u0131\u015f<\/a> \u00fcretti ve <a href=\"https:\/\/www.barrons.com\/articles\/keytruda-gardasil-sales-merck-stock-c19d0661\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">d\u00fcnyan\u0131n en b\u00fcy\u00fck ila\u00e7lar\u0131ndan biri<\/a> olmaya devam ediyor. ABD\u2019de tek sat\u0131c\u0131 olma hakk\u0131 (exclusivity: benzer \u00fcr\u00fcnlerin pazara girmesini s\u0131n\u0131rlayan koruma) Aral\u0131k 2028\u2019de bitiyor. Ayr\u0131ca Enflasyonu D\u00fc\u015f\u00fcrme Yasas\u0131 (Inflation Reduction Act) kapsam\u0131nda devletin fiyat bask\u0131s\u0131 Ocak 2028\u2019den itibaren se\u00e7ili ila\u00e7larda devreye girmeye ba\u015fl\u0131yor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu, Merck\u2019e net bir takvim veriyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Intismeran ile ba\u015far\u0131l\u0131 bir kombinasyon, Keytruda\u2019n\u0131n ticari \u00f6mr\u00fcn\u00fc uzatabilir. Merck, s\u0131f\u0131rdan ayr\u0131 bir \u00fcr\u00fcn eklemek yerine mevcut bir tedaviyi yeni bir katmanla g\u00fc\u00e7lendirebilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yat\u0131r\u0131mc\u0131lar da bu f\u0131rsata tepki verdi.<\/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=\"\">Merck i\u00e7in tavsiyesini \u201ca\u011f\u0131rl\u0131k art\u0131r\u201da<\/a> (Overweight: endekse g\u00f6re daha fazla pay \u00f6nerisi) y\u00fckseltti; bir\u00e7ok <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=\"\">analist hedef fiyat\u0131<\/a> yukar\u0131 \u00e7ekti. Gerek\u00e7e: Intismeran dahil \u00fcr\u00fcn adaylar\u0131 (pipeline: geli\u015ftirme a\u015famas\u0131ndaki ila\u00e7 portf\u00f6y\u00fc), Keytruda patent biti\u015finin yarataca\u011f\u0131 bask\u0131y\u0131 azaltabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Merck, duyuruya daha g\u00fc\u00e7l\u00fc bir finansal zeminle girdi. Sadece Keytruda, 2026\u2019n\u0131n ilk yar\u0131s\u0131nda 16 milyar dolar\u0131n \u00fczerinde nakit yarat\u0131m\u0131 sa\u011flad\u0131 (cash flow: i\u015fin \u00fcretti\u011fi nakit), bu da \u015firkete yat\u0131r\u0131m ve ticarile\u015ftirme i\u00e7in daha fazla hareket alan\u0131 veriyor.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MRNA potansiyeli gelire \u00e7evirmek zorunda<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna taraf\u0131nda tablo farkl\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u015eirket de\u011ferli bir platforma sahip, ancak bu platformun d\u00fczenli ve kal\u0131c\u0131 kazan\u00e7 \u00fcretebildi\u011fini kan\u0131tlamaya \u00e7al\u0131\u015f\u0131yor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/finance.yahoo.com\/healthcare\/articles\/moderna-q2-earnings-call-highlights-140404872.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">2026 ikinci \u00e7eyrekte<\/a> Moderna 145 milyon dolar gelir ve 782 milyon dolar net zarar a\u00e7\u0131klad\u0131. Ayn\u0131 d\u00f6nemde Ar-Ge harcamas\u0131 651 milyon dolara \u00e7\u0131kt\u0131; bu rakam gelirin d\u00f6rt kat\u0131ndan fazla. (Ar-Ge: yeni ila\u00e7 geli\u015ftirme giderleri.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u015eirket haziran sonunda 6,9 milyar dolar nakit ve yat\u0131r\u0131m ile kapan\u0131\u015f yapt\u0131; bu, \u00fc\u00e7 ay \u00f6nceki 7,5 milyar dolar\u0131n alt\u0131nda. Y\u00f6netim y\u0131l sonu nakit ve yat\u0131r\u0131m beklentisini 4,7\u20135,2 milyar dolar aral\u0131\u011f\u0131nda verdi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ayr\u0131ca her mRNA projesi sorunsuz ilerlemedi. Moderna\u2019n\u0131n <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=\"\">norovir\u00fcs aday\u0131 mRNA-1403<\/a>, Faz 3 ara analizinde istatistiksel ba\u015far\u0131 \u00e7\u0131tas\u0131n\u0131 tutturamad\u0131. (Ara analiz: \u00e7al\u0131\u015fma bitmeden yap\u0131lan ara de\u011ferlendirme; istatistiksel kriter: sonucun \u015fansa ba\u011fl\u0131 olmad\u0131\u011f\u0131n\u0131 g\u00f6steren e\u015fik.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kanser tedavisi sonucu \u015firketin gelecekteki ihtimallerini b\u00fcy\u00fctt\u00fc, ancak k\u0131sa vadede finansal tabloyu otomatik olarak de\u011fi\u015ftirmedi.<\/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>Ana katk\u0131<\/td><td>mRNA platformu ve ki\u015fiye \u00f6zel tedavi<\/td><td>Keytruda, sat\u0131\u015f \u00f6l\u00e7e\u011fi ve da\u011f\u0131t\u0131m a\u011f\u0131<\/td><\/tr><tr><td>2026 2\u00c7 g\u00f6r\u00fcn\u00fcm<\/td><td>145 milyon $ gelir, 782 milyon $ net zarar<\/td><td>Keytruda 2026 1Y\u2019de 16 milyar $+ nakit yarat\u0131m\u0131 sa\u011flad\u0131<\/td><\/tr><tr><td>Verinin de\u011feri<\/td><td>Daha geni\u015f platform potansiyeli yarat\u0131yor<\/td><td>Mevcut gelir hatt\u0131n\u0131 korumaya yard\u0131mc\u0131 oluyor<\/td><\/tr><tr><td>\u0130ki g\u00fcnde hisse hareketi<\/td><td>+%177, ard\u0131ndan kazanc\u0131n yakla\u015f\u0131k be\u015fte birini geri verdi<\/td><td>+%12,6, kazan\u0131mlar\u0131n b\u00fcy\u00fck k\u0131sm\u0131n\u0131 korudu<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna\u2019n\u0131n f\u0131rsat\u0131 \u201cse\u00e7enek de\u011feri\u201dne dayan\u0131yor: \u015eirketin <a href=\"https:\/\/finance.yahoo.com\/healthcare\/articles\/moderna-shares-surge-more-90-132957599.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">melanom, k\u00fc\u00e7\u00fck h\u00fccreli olmayan akci\u011fer kanseri, mesane kanseri ve b\u00f6brek h\u00fccreli kanser<\/a> dahil alanlarda dokuz Faz 2 ve Faz 3 intismeran \u00e7al\u0131\u015fmas\u0131 s\u00fcr\u00fcyor. (Faz 2: etkinli\u011fin ilk g\u00fc\u00e7l\u00fc testi; Faz 3: geni\u015f \u00f6l\u00e7ekte do\u011frulama.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sonu\u00e7lar birden fazla kanser t\u00fcr\u00fcne ta\u015f\u0131nabilirse f\u0131rsat \u00e7ok daha b\u00fcy\u00fck hale gelir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ancak bu \u201cse\u00e7enek de\u011feri\u201d belirsizlik yarat\u0131r ve fiyatlamay\u0131 zorla\u015ft\u0131r\u0131r. G\u00fc\u00e7l\u00fc bir teknolojiye sahip ama mevcut kazanc\u0131 s\u0131n\u0131rl\u0131 bir \u015firket, oturmu\u015f ve y\u00fcksek gelirli bir \u00fcr\u00fcne sahip \u015firket kadar sa\u011flam bir finansal dayana\u011fa sahip de\u011fildir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Biyoteknolojiyi \u015fekillendiren \u201cpatent u\u00e7urumu\u201d<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna\u2013Merck ortakl\u0131\u011f\u0131, <a href=\"https:\/\/finance.yahoo.com\/news\/big-pharma-navigating-300-billion-080000758.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">ila\u00e7 sekt\u00f6r\u00fcndeki daha geni\u015f bir e\u011filimi<\/a> yans\u0131t\u0131yor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/finance.yahoo.com\/news\/big-pharma-navigating-300-billion-080000758.html\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">2030\u2019a kadar yakla\u015f\u0131k 300 milyar dolarl\u0131k markal\u0131 ila\u00e7 gelirinin<\/a> patent s\u00fcre biti\u015fi bask\u0131s\u0131yla kar\u015f\u0131la\u015fmas\u0131 bekleniyor. Ayn\u0131 d\u00f6nemde b\u00fcy\u00fck \u015firketlerin b\u00fcy\u00fcme a\u00e7\u0131\u011f\u0131n\u0131 kapatmak i\u00e7in sat\u0131n alma\/ortakl\u0131k i\u015ftah\u0131 artt\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gerek\u00e7e basit: B\u00fcy\u00fck ila\u00e7 \u015firketleri yaln\u0131zca yeni bilim aram\u0131yor; eski gelirler zay\u0131flamadan \u00f6nce yeni gelir hatlar\u0131 ar\u0131yor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu da biyoteknoloji ile b\u00fcy\u00fck ila\u00e7 \u015firketleri aras\u0131ndaki dengeyi de\u011fi\u015ftiriyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">K\u00fc\u00e7\u00fck \u015firketler genelde yenilik ve bulu\u015f getiriyor. B\u00fcy\u00fck \u015firketler sermaye, onay s\u00fcre\u00e7lerinde deneyim ve k\u00fcresel sat\u0131\u015f altyap\u0131s\u0131 getiriyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aralar\u0131ndaki de\u011fer payla\u015f\u0131m\u0131 \u00e7o\u011fu zaman at\u0131l\u0131m ortaya \u00e7\u0131kmadan \u00f6nce, ortakl\u0131k anla\u015fmas\u0131 yap\u0131l\u0131rken belirleniyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bu y\u00fczden bilimsel do\u011frulama (i\u015fe yarad\u0131\u011f\u0131n\u0131n kan\u0131tlanmas\u0131), mucidin her zaman en b\u00fcy\u00fck de\u011fer pay\u0131n\u0131 alaca\u011f\u0131 anlam\u0131na gelmez.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BioNTech tepkisi bu dinami\u011fin ba\u015fka bir y\u00fcz\u00fcn\u00fc g\u00f6sterdi. Kendi ki\u015fiye \u00f6zel kanser a\u015f\u0131s\u0131 programlar\u0131n\u0131 geli\u015ftiren \u015firket ayn\u0131 g\u00fcn %4 d\u00fc\u015ft\u00fc. Yat\u0131r\u0131mc\u0131lar sonucu teknolojinin do\u011frulanmas\u0131 olarak g\u00f6r\u00fcrken, rekabetin artt\u0131\u011f\u0131na da i\u015faret sayd\u0131.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u0130yimserli\u011fin arkas\u0131ndaki riskler<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Mevcut piyasa tepkisi tabloyu tamamen yans\u0131tmayabilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En b\u00fcy\u00fck zorluk \u00fcretim. Ki\u015fiye \u00f6zel kanser tedavilerinde her doz belirli bir hasta i\u00e7in haz\u0131rlan\u0131r. \u00dcretimi b\u00fcy\u00fctmek, kaliteyi ayn\u0131 seviyede tutmak ve lojisti\u011fi (numune-toplama, \u00fcretim, sevkiyat) y\u00f6netmek kritik soru i\u015faretleridir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moderna bu sorunlar\u0131 \u00e7\u00f6zebilirse, platform \u00f6nemli bir rekabet \u00fcst\u00fcnl\u00fc\u011f\u00fcne d\u00f6n\u00fc\u015febilir.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fiyatlama da belirsiz. Sa\u011fl\u0131k sistemlerinin ki\u015fiye \u00f6zel kanser tedavilerini geni\u015f \u00f6l\u00e7ekte nas\u0131l \u00f6deyece\u011fine (geri \u00f6deme: devlet\/\u00f6zel sigortalar\u0131n tedavi bedelini kar\u015f\u0131lama y\u00f6ntemi) dair yerle\u015fik bir model yok. G\u00fc\u00e7l\u00fc klinik sonu\u00e7lar, ticari ba\u015far\u0131y\u0131 otomatik garanti etmez.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d6te yandan Moderna lehine uzun vadeli bir tez de var.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Intismeran ba\u015fka kanser t\u00fcrlerinde de ba\u015far\u0131l\u0131 olursa, ortaya \u00e7\u0131kacak toplam de\u011fer bug\u00fcnk\u00fc fiyatlaman\u0131n \u00e7ok \u00fczerine \u00e7\u0131kabilir. Moderna ile Merck aras\u0131ndaki fark, bug\u00fcn\u00fcn finansal konumunu yans\u0131t\u0131yor; nihai sonucu de\u011fil.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">S\u0131rada ne var?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Bilim taraf\u0131nda \u00f6nemli bir ad\u0131m at\u0131ld\u0131. \u015eimdi tart\u0131\u015fma, uygulama (operasyonel ba\u015far\u0131) ve ekonomik de\u011ferin kimde kalaca\u011f\u0131 \u00fczerine.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sonraki ad\u0131mlar\u0131 belirleyecek ba\u015fl\u0131klar:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ek \u00e7al\u0131\u015fmalardan gelecek sonu\u00e7lar; \u00f6zellikle k\u00fc\u00e7\u00fck h\u00fccreli olmayan akci\u011fer kanseri ve mesane kanserinde platformun melanom d\u0131\u015f\u0131na ta\u015f\u0131n\u0131p ta\u015f\u0131nmad\u0131\u011f\u0131.<br><\/li>\n\n\n\n<li>D\u00fczenleyici takvim ve \u015firketlerin onay g\u00f6r\u00fc\u015fmelerine ne kadar h\u0131zl\u0131 gidebildi\u011fi. (D\u00fczenleyici kurum: FDA\/EMA gibi onay otoriteleri.)<br><\/li>\n\n\n\n<li>Moderna\u2019n\u0131n finansal durumu ve bu yeniden fiyatlamadan sonra daha iyi ko\u015fullarla kaynak bulup bulamayaca\u011f\u0131. (Finansman: sermaye art\u0131\u015f\u0131\/bor\u00e7lanma gibi y\u00f6ntemlerle para toplama.)<br><\/li>\n\n\n\n<li>Yeni biyoteknoloji\u2013ila\u00e7 ortakl\u0131klar\u0131; yenilik\u00e7i \u015firketlerin pazarl\u0131k g\u00fcc\u00fcn\u00fcn art\u0131p artmad\u0131\u011f\u0131.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Bilimi kan\u0131tlamak ile bunun ekonomik getirisini almak iki ayr\u0131 ba\u015far\u0131d\u0131r. Merck\u2019te y\u00fckseli\u015fin kal\u0131c\u0131 olmas\u0131n\u0131n nedeni, verinin mevcut ve para basan bir i\u015fin i\u00e7ine \u201coturmas\u0131yd\u0131\u201d. Moderna\u2019da ise bu i\u015f modeli h\u00e2l\u00e2 kurulma a\u015famas\u0131nda oldu\u011fu i\u00e7in hareket daha oynak kald\u0131.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Tek bir kataliz\u00f6r (fiyat\u0131 tetikleyen geli\u015fme), iki farkl\u0131 zemin. Moderna, klinik \u00e7al\u0131\u015fma ve onay haberlerinde sert hareket eden ve aralarda zay\u0131f seyreden bir \u201chaber riski\u201d hissesi gibi i\u015flem g\u00f6r\u00fcyor. Merck ise ayn\u0131 kanser temas\u0131yla, halihaz\u0131rda milyarlar \u00fcreten bir i\u015fin i\u00e7inde ilerliyor; bu da iki y\u00f6nde de daha s\u0131n\u0131rl\u0131 hareket anlam\u0131na geliyor.<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>Yat\u0131r\u0131mc\u0131n\u0131n \u00f6zeti i\u00e7in dokunun<\/summary>\n<p class=\"wp-block-paragraph\"><br><strong>Moderna ve Merck kanser a\u015f\u0131s\u0131 ortakl\u0131\u011f\u0131 nedir?<\/strong> <br>Moderna ki\u015fiye \u00f6zel mRNA kanser tedavisini geli\u015ftirdi. Merck ise Keytruda\u2019y\u0131 ve sat\u0131\u015f\/da\u011f\u0131t\u0131m tecr\u00fcbesini sa\u011fl\u0131yor. Ortakl\u0131k, Moderna\u2019n\u0131n teknolojisini Merck\u2019in onkoloji (kanser tedavisi) g\u00fcc\u00fcyle birle\u015ftiriyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Kanser a\u015f\u0131s\u0131 \u00e7al\u0131\u015fmas\u0131 sonras\u0131 Moderna hissesi neden y\u00fckseldi?<\/strong> <br>Ki\u015fiye \u00f6zel mRNA kanser tedavisi Faz 3\u2019te olumlu sonu\u00e7 verince, \u015firketin kanser alan\u0131ndaki gelecekteki \u00fcr\u00fcn adaylar\u0131 i\u00e7in beklentiler y\u00fckseldi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Moderna\u2019daki at\u0131l\u0131m Merck hissesine neden yarad\u0131?<\/strong> <br>Art\u0131\u015f, intismeran\u2019\u0131n Keytruda gelir hatt\u0131n\u0131 g\u00fc\u00e7lendirebilece\u011fi ve gelecekte b\u00fcy\u00fcmeyi destekleyebilece\u011fi beklentisine ba\u011fland\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ayn\u0131 sonu\u00e7 neden iki hissede farkl\u0131 tepki yaratt\u0131?<\/strong> <br>Moderna daha \u00e7ok gelecekteki platform potansiyelini temsil ediyor. Merck ise mevcut ve g\u00fc\u00e7l\u00fc bir onkoloji i\u015finde daha net bir ticari yola sahip.<\/p>\n<\/details>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr-mena\/trade-now\">buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>S\u00fcrpriz Faz 3 zaferi, hisseleri sallad\u0131: Moderna\u2019n\u0131n ki\u015fiye \u00f6zel mRNA kanser tedavisi Keytruda ile hedefleri tuttu; MRNA %177 u\u00e7up ertesi g\u00fcn sert d\u00fczeldi, Merck art\u0131\u015f\u0131 korudu.<\/p>\n","protected":false},"author":87,"featured_media":53083,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":["post-53084","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 - aioseo.com -->\n\t<meta name=\"description\" content=\"S\u00fcrpriz Faz 3 zaferi, hisseleri sallad\u0131: Moderna\u2019n\u0131n ki\u015fiye \u00f6zel mRNA kanser tedavisi Keytruda ile hedefleri tuttu; 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