Danish Biopharma Menu Refresh

Research evidence excerpt

Danish Biopharma Menu Refresh

EUROPE | Pharmaceuticals EquityJulyResearch14, 2026

We refresh our Danish Biopharma preferences into the second half of

the year. Genmab remains our value-based top pick ahead of a catalyst-

rich 6-12 months. Thereafter, we favour ALK as a high-growth name, with

the expectation of continued earnings momentum. Whilst we believe both

Bavarian Nordic (Buy) and Zealand (Downgrading to Hold) offer attractive

valuations, we prefer the former, given the likely greater proximity to value-

crystallising catalysts.

Genmab (Retain Buy & Top Pick): Genmab's current valuation and upcoming catalyst path

results in an upside skew that appears the most attractive to us in our EU Biopharma/Pharma

universe. Three key drugs should have meaningful catalysts over the next c.12 months, helping

to de-risk a credible growth path beyond the Darzalex royalty "cliff" 2029+E: (1) We argue

Epkinly could show a meaningful benefit for patients with blood cancers (DLBCL) under interim

analysis during 2H26E, helping to clear a major stock overhang; (2) Genmab's Rina-S for

gynecological cancers is notably ahead of the developing landscape, with competitors yet to

show meaningful differentiation; and (3) Upside potential from Peto for head & neck cancers

is greater than widely perceived, with the 1st-line and 2nd+line studies to also build confidence

in the equally sized locally advanced setting that is not yet in focus.

ALK-Abello (Retain Buy): Attractive structural growth of the Allergy market remains

overlooked, underscored by ALK's impressive earnings momentum. Importantly, multiple

catalysts are due in 2H to help crystallise additional mid-term growth drivers, including Phase

II results for Neffy in acute hives and Phase III house dust mite tablet readout to unlock the