Genmab A/S: Thoughts Ahead of Epkinly's 1L DLBCL Readout Coming Btwn Now and Year-End

研报英文原文证据摘录

Genmab A/S: Thoughts Ahead of Epkinly's 1L DLBCL Readout Coming Btwn Now and Year-End

Idea

June 26, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMGenmab A/S | North America Judah C. Frommer, CFA

Equity Analyst

Thoughts Ahead of Epkinly's 1L Judah.Frommer@morganstanley.comParth Patel +1 212 761-1270

Research Associate

Parth.Patel@morganstanley.com +1 212 761-5065

DLBCL Readout Coming Btwn Nicholas D Japhet

Nick.Japhet@morganstanley.com +1 212 761-2721

Now and Year-End

Genmab A/S (GMAB.O, GMAB US)

GMAB mgmt. has guided to 1L DLBCL data from the Ph3 Biotechnology | United States of America

Stock Rating Equal-weight

EPCORE-DLBCL-02 trial in 2026. Within we outline potential Industry View Attractive

stock reaction across multiple scenarios given expectations as PriceShr price,targetclose (Jun 25, 2026) $33.00$26.14

vocalized in our expert and investor conversations, as well as in Mkt cap, curr (mm) $1,724

52-Week Range $35.43-20.23

our recent virtual fireside chat with the company's CMO. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

EPS ($)** 1.54 1.01 1.83 2.99

Key Takeaways Prior EPS ($)** - - - -

P/E 2.0 2.6 1.4 0.9

Management has guided the Phase 3 EPCORE-DLBCL-02 front-line DLBCL EPS ($)§ 1.95 1.23 1.95 3.22

Div yld (%) - - - -

readout for 2026, likely aligning with an interim PFS analysis timeline.

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

POLARIX and frontMIND data, coupled with precedent Ph2 data for Epkinly framework

** = Based on consensus methodology

inform the bars. § = Consensus data is provided by Refinitiv Estimates

e = Morgan Stanley Research estimates

Given study powering, our expert and investor conversations indicate an HR of Quarterly EPS ($)

2026e 2026e 2027e 2027e

<~0.65 with subgroup consistency would be well-received.