GMAB: Petosemtamab's Ph3s De‑Risked in HNSCC; Pullback Overdone Ahead of Pivotal Readouts

研报英文原文证据摘录

GMAB: Petosemtamab's Ph3s De‑Risked in HNSCC; Pullback Overdone Ahead of Pivotal Readouts

Equity Research

Company Update — May 26, 2026

Biotechnology

Genmab A/S Sponsored ADR

Petosemtamab's Ph3s De-Risked in HNSCC; Pullback Overweight

Overdone Ahead of Pivotal Readouts Price Target: $40.00

Our Call Ticker GMAB

Upside/(Downside) to Target 55.8%

We reiterate our confidence in petosemtamab’s Phase 3 POS in both 1L and 2L HNSCC,

based on our diligence outlined in our TAM report (see here). We see a favorable risk/ Price (05/19/2026) $25.68

reward on the readout(s) in 2H26/early27. 52 Week Range $20.14 - 35.43

Market Cap (MM) $16,398

Trial upsizing doesn't impact readout guidance; Strengthens stats for OS. Peto’s Ph3 Average Daily Value (MM) $47

readout timing remains on track, with at least one pivotal data release expected this year

(1L/2L or both). As noted in our init (see here), the studies appear overpowered for ORR, $ (Dec) Q1 Q2 Q3 Q4 FY

endpt required for Project FrontRunner. That said, the ~200/~100pt add to the 1L/2L EPS

studies should enhance stat power for OS. This matters given expected pembro mOS 2026E 0.83 A 3.30 E 3.54 E 3.88 E 11.65 E

(~12-13mo) is highly pt dependent, and we have seen outliers before. 2027E 2.61 E 3.00 E 3.51 E 4.99 E 14.12 E

Source: Company Data, Wells Fargo Securities estimates, and Factset.

HPV+ pt inclusion doesn't break the studies, in our view. Targeting EGFR alone has NA = Not Available, NC = No Change, NE = No Estimate

historically led to limited responses in HPV+ pts. However, peto mono and pembro combo

Eva Fortea Verdejo, PhDhave demonstrated PRs across two different studies in HPV+. While the moa for LGR5 Equity Analyst | Wells Fargo Securities, LLC

remains poorly understood, it is a likely contributor of responses.