Genmab (GMAB.CO): Epkinly hits in EPCORE DLBCL-4; first of 4 potential transformative catalysts in 2H26

Research evidence excerpt

Genmab (GMAB.CO): Epkinly hits in EPCORE DLBCL-4; first of 4 potential transformative catalysts in 2H26

Equity Research

30 June 2026 | 7:10AM BST

Genmab (GMAB.CO): Epkinly hits in EPCORE DLBCL-4; first of 4

potential transformative catalysts in 2H26

Overnight, GMAB announced the EPCORE DLBCL-4 investigating Epkinly + Rajan Sharma

+44(20)7051-7995 |

lenolidamide vs R-GemOx in 2L r/rDLBCL met its primary endpoint of PFS. In the trial rajan.sharma@gs.com

Goldman Sachs International

Epkinly + lenolidamide demonstrated HRs of 0.40 and 0.44 based on censoring

Max Da, Ph.D.

approaches in the US (censored if a patient starts a new anti-lymphoma therapy or +44(20)7051-8835 | max.da@gs.com

misses two consecutive assessments) and ex-US (censored at the last disease Goldman Sachs International

Avantika Bassessment), respectively. No new safety signal was observed. +1(332)245-7514 | avantika.b@gs.com

Goldman Sachs India SPL

Our view: We see the update as highly positive with efficacy meeting the bar we

outlined in our upgrade note (HR<0.5; see here). Whilst the absolute PFS benefit was

not disclosed, we believe the PFS hazard ratio is suggestive of efficacy which is very

competitive relative to key competitor Lunsumio + Polivy which demonstrated a PFS

of 11.5 months and a PFS HR of 0.41 relative to R-GemOx in the Phase 3 SUNMO

trial. Additionally, we see Epkinly as well positioned from a commercial perspective

given the lack of hospitalisation requirement post administration on its label which is

a differentiating feature relative to competing regimens and could support

favourable use in the community setting which represents the largest proportion of

DLBCL patients. We remind that PFS was the primary endpoint of the trial and is