Genmab: DB R&D call series feedback (CDO)

Research evidence excerpt

Genmab: DB R&D call series feedback (CDO)

Deutsche Bank

Research

Rating Company Date

Buy Genmab 19 June 2026

Breaking News

Europe

Denmark

Reuters Bloomberg Exchange Ticker Price at 18 Jun 2026 (DKK) 1,627.00

GMAB.CO GMAB DC CPH GMAB

Price Target (DKK) 2,250.00

Biotechnology

Biotechnology ADR ISIN 52-week range (DKK) 2,251.001,292.00-

GMXAY US3723032062

DB R&D call series feedback (CDO)

Valuation & Risks

Emmanuel Papadakis, Ph.D., CFA

Summary takes Research Analyst

We hosted GMAB’s CDO Judith Klimovsky as the final call in our DB R&D Q2 call +44-20-754-18522

series and provide feedback: as usual all comments bear our interpretation and a

Niall Alexander

replay is available upon request. We provide key takes below Research Analyst

+44-20-754-12185

Key details Henrietta Boeg

n On R&D spend outlook, GMAB reiterated the guide for ’26 and provided Research Associate

limited colour beyond, though commentary suggested that cons +44-20-754-10119

assuming a >25% FY26 opex inflation rate drops to c10% in FY27 may be

a little optimistic. On the BD side meanwhile post Profound/Merus, it Kate Farrelly

sounds like the company continues to explore a mix of in/organic Research Associate

opportunities

Shashindra Seresinhe n On CD3xCD20 duobody Epkinly for DLBCL/FL we got confirmation the 2L

DLBCL4 headline is still due Q2 but spent most of the time discussing the Research Associate

recent EPCORE DLBCL-1 details at EHA and x-reads for the 1L DLBCL-2

trial. On the former (we remind EPCORE was ok on PFS at HR 0.74 but OS Supun Ukwatta

HR 0.96 and curves crossed with an efficacy benefit offset by clearly higher Research Associate

tox – both COVID19 (9vs3) and other GR5 TEAE (8 vs3)…), GMAB

emphasised the sustained PFS effect in a convenient off the shelf option