Genmab (GMAB) TD Cowen 46th Annual Health Care Conference summary

Key financial performance and outlook

• 2025 marked strong recurring revenue growth, disciplined OpEx management, and profitability focus, with these trends expected to continue into 2026 and 2027.

• Revenue quality has improved, driven by increasing recurring revenue and diversification across more proprietary products, notably EPKINLY and TIVDAK.

• EPKINLY is the main growth driver for 2026, while TIVDAK remains stable and foundational but not a future growth engine.

• New product launches for Rina-S and Petosemtamab are anticipated in 2027, with significant revenue contributions expected from 2028 onward.

• Commitment to deleveraging below 3x gross leverage to EBITDA by end of 2027, maintaining profitability and prudent investment.

Pipeline and clinical development

• Three late-stage programs—EPKINLY, Rina-S, and Petosemtamab—each have FDA Breakthrough Therapy designations and are expected to have registrational readouts in 2026.

• EPKINLY has strong penetration in third-line+ DLBCL and follicular lymphoma; growth in these segments is nearly saturated, with second-line follicular lymphoma driving 2026 growth.

• Data for Rina-S and Petosemtamab are expected in the second half of 2026, with launches likely in 2027 and meaningful contributions from 2028.

• Petosemtamab is positioned as a best-in-class EGFR-based bispecific, with ongoing studies in head and neck and colorectal cancers; additional phase II data in CRC expected in H2 2026.

• Expansion into new indications for Rina-S (e.g., non-small cell lung cancer) and Petosemtamab (e.g., colorectal cancer) is under consideration.

Revenue replacement and royalty business

• Peak sales targets: Rina-S over DKK 2 billion, EPKINLY DKK 3 billion (with half recognized), and Petosemtamab multi-billion potential.

• These assets are expected to offset potential declines in DARZALEX royalties as the decade progresses.

• Royalty business remains driven by DARZALEX and Kesimpta, with Tecvayli contributing to a lesser extent.

• Synergies from the Merus acquisition are not the primary deal driver but productivity and prioritization have led to OpEx savings of around DKK 100 million below consensus.

• Amortization from acquisitions will become more significant in 2027, with guidance already reflecting early impacts.