Genmab (GMAB) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Strategic transformation and business focus

• Transitioning from an R&D-centric model to an integrated innovation powerhouse with eight marketed products and a focus on expanding market reach for co-commercialized assets like EPKINLY and TIVDAK.

• Completed the first acquisition in 25 years, bringing ProfoundBio and its late-stage candidate Rina-S into the pipeline, with rapid integration underway.

• Emphasis on increasing value capture by moving from licensing to a model with more wholly owned assets, aiming for a higher proportion of 100% owned programs by decade's end.

• Investments in commercialization capabilities, especially in the US and Japan, have positioned the company for future launches and competitive performance.

• Focus shifting toward late-stage clinical development and commercial expansion, with a more disciplined approach to R&D and SG&A spending.

Pipeline and clinical development

• Rina-S, acquired from ProfoundBio, is phase III-ready, with the first pivotal trial accelerated to start in 2024 and plans for broad indication expansion.

• ProfoundBio’s linker technology enables broader patient eligibility and improved safety for ADCs, with expectations for longer-lasting responses and cleaner safety profiles.

• The pipeline includes a growing proportion of ADCs, with plans to further increase ADC representation and explore combinations with immune activators.

• Acasunlimab will enter phase III soon, with continued collaboration on other 4-1BB programs and a focus on conditional immune activation strategies.

• GEN3014 (HexaBody-CD38) is positioned as a next-generation, highly differentiated CD38 antibody, with top-line data expected by next year and potential for J&J opt-in.

Financial and operational outlook

• Incremental R&D investment will focus on registrational and phase III trials, with research and early development spending now at scale.

• SG&A and G&A investments have reached scale in key markets, with future increases expected to be incremental and focused on field-facing costs for new launches.

• The company remains open to further M&A and business development, but current priority is seamless integration of ProfoundBio and execution of Rina-S and other ADC programs.

• Operational discipline is emphasized, with a commitment to scrutinize investments and drive efficiencies while supporting long-term growth.

• Key upcoming milestones include multiple data readouts, phase III trial initiations, and potential regulatory filings, particularly for Rina-S, acasunlimab, EPKINLY, and GEN3014.