GMAB: EPCORE DLBCL-4 Positive Update Reinforces 1L Potential; Several Readouts in 2H26 Should Provide Upside for Shares

Research evidence excerpt

GMAB: EPCORE DLBCL-4 Positive Update Reinforces 1L Potential; Several Readouts in 2H26 Should Provide Upside for Shares

Equity Research

Flash Comment — June 29, 2026

Biotechnology

Genmab A/S Sponsored ADR

EPCORE DLBCL-4 Positive Update Reinforces 1L Potential; Overweight

Several Readouts in 2H26 Should Provide Upside for Shares Price Target: $40.00

Ticker GMAB

Our Call Upside/(Downside) to Target 53.7%

Today's readout reinforces our confidence on epcor's mkt potl in DLBCL, further de- Price (06/29/2026) $26.02

risking the upcoming EPCORE DLBCL-2 1L topline readout expected later this year. 52 Week Range $20.23 - 35.43

Market Cap (MM) $16,615

Source: Company Data, Wells Fargo Securities estimates, and Factset.Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

What happened? The company announced that the EPCORE DLBCL-4 study evaluating

epcoritamab+lenalidomide in 2L R/R DLBCL vs R-GemOx met its primary endpoint of Eva Fortea Verdejo, PhD

mPFS, with risk of disease progression and death reduced by 60% and 56%, respectively. Equity Analyst | Wells Fargo Securities, LLC

Eva.ForteaVerdejo@wellsfargo.com | 212-214-5340

Further, safety was consistent with previous reports for each individual agent. The

company plans to engage with global regulatory authorities and submit data for

presentation at a future medical meeting.

We believe today's news further support a high POS for the 1L readout. The topline

readout for epcoritamab + R-CHOP vs. R-CHOP in 1L DLBCL (EPCORE DLBCL-2) is

expected in 2026, which we view as a key catalyst for shares to unlock epcor's $2-3B mkt

potl. The 1L study’s primary endpoint is mPFS, consistent with EPCORE DLBCL-4, which

in our view further de-risks the study, particularly in the higher-risk population (IPI 3–5).