GMAB - Quick Take - Positive DLBCL-4 PFS Reinforces Epkinly’s Positioning in Diffuse Large B-cell Lymphoma; Focus Now to DLBCL-2

Research evidence excerpt

GMAB - Quick Take - Positive DLBCL-4 PFS Reinforces Epkinly’s Positioning in Diffuse Large B-cell Lymphoma; Focus Now to DLBCL-2

Truist Securities

Equity Research Report June 29, 2026

HEALTHCARE: Biotech Genmab A/S (GMAB)

GMAB - Quick Take - Positive DLBCL-4 PFS Reinforces Epkinly’s Gregory Renza, M.D.

212-419-4617 Positioning in Diffuse Large B-cell Lymphoma; Focus Now to

Gregory.Renza@truist.com DLBCL-2

Supawat Thongthip, Ph.D.

212-401-4429 This evening, GMAB disclosed positive topline PFS from the ph.III EPCORE DLBCL-4 trial

Supawat.Thongthip@truist.com of Epkinly + lenalidomide/"len" vs.R-GemOx in 2L+ DLBCL. The study hit the primary PFS

endpoint, with HRs of 0.40 and 0.44 (U.S. vs. ex-U.S. censoring) and p<0.0001. Importantly,

Anish Nikhanj, Ph.D. these results exceeded our efficacy bar (HR <0.45) and compare favorably with

212-326-3106 Roche’s (RHHBY, NR) SUNMO (Lunsumio + Polivy; HR = 0.41) and STARGLO (Columvi

Anish.Nikhanj@truist.com + GemOx; HR = 0.45). While OS is likely still immature, we note mgmt indicated at our

East Coast Bus Tour that a positive PFS result alone could support a regulatory filing in 2L

DLBCL. The magnitude of the PFS benefit increases our confidence that a favorable OS

Current Price (Jun. 29, $26.02 trend could emerge with longer follow-up. We maintain our Buy rating. 2026)

DLBCL-2 remains the primary value driver. While a positive DLBCL-4 is an important de-

Stock Rating BUY risking event, we model the 2L+ opportunity at only ~$200-300M in peak sales vs. $1B+

Unchanged potential in 1L DLBCL. Our focus now shifts to the DLBCL-2's (Epkinly + R-CHOP vs. R-

CHOP) readout in 2026 (2H26E). We note that the DLBCL-2 study is supported by the long-

Price Target $40.00 term EPCORE-NHL-2 Arm 1 data - 85% CR and 80% 2-year PFS (IPI 3-5) vs. 74% CR