Global Pharmaceuticals "GMAB/ABBV - Epkinly P3 in 1L DLBCL – will this be ..."

研报英文原文证据摘录

Global Pharmaceuticals "GMAB/ABBV - Epkinly P3 in 1L DLBCL – will this be ..."

Global Pharmaceuticals UBS Research

Epkinly P3 in 1L DLBCL - will this be the first positive

catalyst for Genmab?

Genmab

Where are we with Genmab story? 2026 is a critical year for Genmab. With three P3

assets all having readout this year, collectively, they have the potential to address the

biggest question to Genmab story - can its pipeline address the Darzalex patent cliff and

bring a decade of growth for Genmab? The increased investor interests in Genmab in H2

last year in anticipation of readouts has led to the stock re-rated to over DKK2,000 at the

end of 2025. However, the stock had a challenging YTD performance of -17%, which is

partially to do with the overall negative sentiment in the broader European pharma

sector, but also reflects the volatility associated with market nervousness into multiple

needle moving catalysts this year. (Figure 1)

Figure 1: Genmab share price performance since 2025

Genmab share price perf

ormance since 2025

Source: UBSe, Eikon

It is all about catalysts for 2026: Genmab has 3 P3 assets with pivotal readouts this

year, but the company has not communicated on the exact order of readouts. Except

Epkinly P3 in 1L DLBCL due 2026, all other readouts were guided for H2'26. Therefore,

there has been some speculation that the Epkinly 1L DLBCL trial might be the first pivotal

one to report. Unsurprisingly, this has led to increased investor focus in this trial in the

last few months. The unexpected failure of Epkinly monotherapy P3 in 2L+ DLBCL does

not help, even though we think the outcome reflects more on the trial design with little

read across to the 1L trial.

Figure 2: Genmab marketed NPV vs current share price Figure 3: Genmab NPV by components

d NPV