GMAB - EHA 2026: EPCORE FL-1 Subgroup Strengthens Epkinly's Case in FL

Research evidence excerpt

GMAB - EHA 2026: EPCORE FL-1 Subgroup Strengthens Epkinly's Case in FL

aset is the consistency of the PFS benefits with HR PFS below 0.30 even in the most

Market Cap ($M) $15,649 difficult-to-treat subgroups - 0.22 for POD24, 0.14 for NHL-5 H+I (unfit), and 0.25 for FLIPI

3-5 (high risk). We note that safety signals are higher for the triplet with known CRS/ICANS/ ADTV 1,254,415

infection risks. That said, these safety AEs are manageable across subgroups even in older Shares Out (M) 620 or frailer populations (a major focus during the session) - which further supports Epkinly +

Short Interest Ratio/% Of Float 1.6% R2's real-world utility.

Enterprise Value ($M) $18,653

Cash & Equivalents ($M) $1,929 EPCORE FL-1 further de-risking the 1L FL opportunity. We view the strength and

Total Debt ($M) $4,933 consistency of EPCORE FL-1 as continuing to de-risk Epkinly's development in 1L FL in

EPCORE FL-2. While we expect uptake in 2L FL (8k-9k U.S. pts) to continue to build with In USD. Price Target and market price cite

ADR, for which there is a 10:1 conversion ratio these data, the larger commercial opportunity remains in the 1L setting (25kU.S. pts). We

to underlying GMAB-DK shares. The “Shares currently attribute ~$7/share or 18% of our $40 PT to Epkinly, with FL contributing ~40% of

Out” shown above has been multiplied by 10 to that value and supporting ~$1B peak revenues. See Owning the Stage - In a Catalyst-Rich

accurately represent GMAB’s actual Market Cap. 2026 with Commercial Inflection.

4 Page Document Bottom line: While technically incremental to the ITT topline, we view these subgroup data

as a meaningful reinforcement of physician confidence in Epkinly + R2 vs. the now-likely

legacy R2, supporting broader adoption across the 2L setting. Importantly, we note the