In 2009, Merck & Co.’s PD1-blocking antibody pembrolizumab was in development limbo. A decade on, the immuno-oncology drug is Merck’s crown jewel, with more than 20 approvals in 15 tumour types and revenues that are expected to reach US$10 billion this year. For Roger Perlmutter — an immunologist, president of Merck Research Laboratories and executive vice-president of Merck & Co. — this success was not always a sure thing. On the fifth anniversary of the FDA’s approval of pembrolizumab, he spoke with Asher Mullard about remaining immuno-oncology opportunities and questions.