Post-1Q Weakness Seems Overdone

Research evidence excerpt

Post-1Q Weakness Seems Overdone

ny unknowns and variables that are EPS +3% +1% -2% -1%

difficult to control for.

2026 ($) Q1 Q2 Q3 Q4 FY

Lack of clarity on 1st-line peto study upsizing has frustrated investors: Debate over the

EPS -- -- -- -- 10.44

implications of the 1st-line peto trial upsizing is challenging to explain away without added

management rationale; hence, we await company commentary to help contextualise. While PREV 10.09

HPV-ve enrichment would likely benefit the overall survival analysis, we do appreciate that the

resultant readout timelines between Genmab and competitors could narrow.

JEFe event accrual projections based on our

Rina-S Phase III acceleration is a positive: Genmab's confirmatory Phase III for Rina-S in simulated enrolment curve and potential 2-

year PFS rates for the 1st-line Epkinly DLBCL-22nd+line platinum-resistant ovarian cancer (PROC) is now expected earlier in 2H26E, enabling study

earlier global filings. Here, Genmab was already notably ahead of the competition, while the

earlier confirmatory trial readout may also reduce the likelihood that competitors will be able

to file under accelerated approval. It also remains possible that endometrial studies have

enrolled faster than originally anticipated, suggesting the potential for other indications to

launch globally earlier than planned.

Reiterate Buy: Recent acquisitions of oncology assets Peto and Rina-S provide a credible long-

term growth path, suggesting that the terminal value risk from the loss of Darzalex royalties

in 2029E+ is now reduced. As a result, we believe Genmab is now set for a catalyst-rich 2026,

with the upside skew perhaps the most attractive in our large-cap coverage universe. .

Source: Jefferies research, EU Clin Trials Protocol, CT.gov,

NEJM