Solid Epkinly 2nd+Line Topline; One Catalyst Down, Many to Go

Research evidence excerpt

Solid Epkinly 2nd+Line Topline; One Catalyst Down, Many to Go

s outcome closer to HR=0.40

offering positive read-across to the 1st-line opportunity. Importantly, results continue to show

consistency between Phase I/II and Phase III studies, whilst also suggesting continued ability

to use response rates to estimate potential PFS outcomes.

Result meets the efficacy bar set by Roche CD20s, but differentiates by being chemo-free:

Both Columvi and Lunsumio (Roche CD20 bispecifics) have readout key trial data in the 2nd

+line setting, showing similar c.60% (HR=0.4) PFS benefit over R-GemOx. Falling in-line with

this result but also offering a chemo-free fixed-duration option has differentiated in our view.

In addition, we note some physician feedback indicating that they wish to save Roche's Polivy

until later lines of therapy, given its utility as a salvage therapy. Overall, the most important

takeaway for investors from this positive result will likely be the de-risking of the more impactful

1st-line opportunity.

2nd+line combo represents c.15% total Epkinly opportunity: We believe the 2nd+line

incremental opportunity for Epkinly is worth c.$700+m peak sales, based on the transplant

ineligible/failed 2nd-line population which represents c.20k addressable patients across key

markets. Based on the direct value of the opportunity, as well as the positive read-across to

the 1st-line setting, we see potential for mid-s.d.% upside to today's stock price.

Genmab's 1st-line Epkinly study still awaits its interim analysis, supporting our optimism

for a competitive result: Genmab's partner confirms that the interim for Epkinly’s Phase 3 1st-

line DLBCL has not yet passed, and hence a readout this year would be an interim, supporting Benjamin Jackson * | Equity Analyst