Genmab: Multiple Late-Stage Readouts Ahead

Genmab has underperformed so far this year despite strong commercial performance and largely positive pipeline news flow. Strong Q2 royalty product sales (Darzalex +18% Y/Y, Tecvayli +57% Y/Y) support expectations for a revenue beat and upward guidance revision. The company expects to report topline results from up to five late-stage trials of Epkinly, petosemtamab, and Rina-S. I remain optimistic on all five upcoming readouts and expect them to market the start of a new growth phase for Genmab but acknowledge competitive and clinical trial risks. In today's article, I provide a preview of these readouts.

Genmab A/S (GMAB) has been underperforming this year. The stock received no love from investors despite good commercial progress and largely positive pipeline news flow, and it is down modestly since my last public update in October 2025. I think that directionless trading in the last few months reflects the uncertainty tied to the several upcoming late-stage readouts of Epkinly, Rina-S, and petosemtamab, as the results will shape the commercial outlook for the next 4-5 years. Rarely can we see such a large number of important readouts from one company, especially a company of Genmab's size. I remain optimistic about the outcomes of each of these readouts and even think that there is room for some disappointments considering the very attractive valuation. In other words, I doubt that the success of all three assets is anywhere close to being priced in, and I expect these readouts will mark the start of a new phase of growth for Genmab.

Expect A Beat-And-Raise When Genmab Reports Second Quarter Results Partners Johnson & Johnson (JNJ) and Novartis (NVS) reported second quarter results, and we know that Genmab’s royalty products had a very strong quarter: Net sales of Darzalex increased 18% Y/Y to $4.2 billion. Rybrevant plus Lazcluze increased 61% Y/Y to $289 million. Genmab receives royalties on net sales of Rybrevant, but J&J is not splitting out sales as they are used in combination. Tecvayli's net sales rose 57% Y/Y to $260 million, a second straight quarter of Y/Y growth acceleration. Talvey increased 64% Y/Y to $174 million. Net sales of Kesimpta rose 32% Y/Y to $1.42 billion. What we do not know are the net sales and royalties from Epkinly, royalties on Tepezza, and collaboration/milestone revenues. Based on the above-mentioned net sales of royalty products and my own estimates for these