Genmab: Confident in the 3 catalysts in the next 9m, with a particularly attractive entry point

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Genmab: Confident in the 3 catalysts in the next 9m, with a particularly attractive entry point

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Genmab

Confident in the 3 catalysts in the next 9m,

with a particularly attractive entry point

Maintain Rating: BUY | PO: 2,500 DKK | Price: 1,684 DKK

Catalyst refresh ahead of key pivotal readouts 15 May 2026

We refresh our overview of the three key catalysts coming in the 9 months with a focus Equity

on dynamics for each read, alongside our views on current debates. We see a particularly

attractive entry point with upcoming catalysts risk-reward positive and we remain bullish Charlie Haywood >> Research Analyst

chance of data success and unconcerned by recent debates (Epkinly interim and Peto MLI (UK)

upsizing). Key catalysts are (our best estimate of order): 1) Epkinly 1L DLBCL $2bn opp +44charlie.haywood@bofa.com20 7996 4165

2Q26E (base case interim) or 4Q26E (final). 2L combo data is also 2Q; 2) Rina-S 2L Sachin Jain, CFA >>

PROC $2bn opp with data 2H26E for both fileable PII and confirmatory PIII; 3) Peto H&N Research Analyst

MLI (UK)

PIII interims – we think 2/3L data 2H26E with 1L data ($2bn opp) around end-26E. s.jain@bofa.com

Overall we are bullish the catalysts seeing each of the three as $2bn peak sales opps in Alexander Moore >>

attractive markets - with strong precedent datasets, and KOL feedback supportive. Research Analyst

Maintain Buy. Positive data can derisk GMAB’s path to offset its Darzalex LOE (28-30E). alexander.moore2@bofa.com

Keilah Carbonel-Deere >>Epkinly 1L DLBCL data “26E”. We still think interim 2Q Research Analyst

Epkinly 1L data in “26E” is the crux of debate for many. We see: 1) base case of 2Q MLI (UK)

interim which we don’t think has passed yet - based on sequence of commentary keilah.carbonel-deere@bofa.com