GMAB - Quick Take - JNJ 2Q26 Darzalex Beat and Continued Growth Across GMAB Royalty Assets

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GMAB - Quick Take - JNJ 2Q26 Darzalex Beat and Continued Growth Across GMAB Royalty Assets

Truist Securities

Equity Research Report July 15, 2026

HEALTHCARE: Biotech Genmab A/S (GMAB)

GMAB - Quick Take - JNJ 2Q26 Darzalex Beat and Continued Gregory Renza, M.D.

212-419-4617 Growth Across GMAB Royalty Assets

Gregory.Renza@truist.com

Supawat Thongthip, Ph.D. This morning, Johnson & Johnson (JNJ, NR) released 2Q26 EPS results, with Darzalex

212-401-4429 sales of $4,207M above ours/cons of $4,065M/$4,074M. Additionally, we note that JNJ has

Supawat.Thongthip@truist.com submitted the sBLA for Rybrevant in 2L+ HNSCC based on the OrigAMI-4 results with

potential FDA decision and commercialization in 1H27 in our estimates.

Anish Nikhanj, Ph.D. • Darzalex: 2Q26 sales of $4,207M vs. ours/cons estimates of $4,065M/$4,074M. Based 212-326-3106

Anish.Nikhanj@truist.com on our 17-18% royalty assumption, we estimate these results to translate to 2Q26

Darzalex royalty revenue of ~$715M - $757M in 2Q26 to GMAB vs. ours/cons of $695M/

$756M estimates.

○Per JNJ, Darzalex's ~19% YoY growth (vs. $3,539M in 2Q25) is driven by strong share

Current Price (Jul. 14, $28.73 gains and market growth across multiple myeloma 2026)

• Rybrevant: Rybrevant/Lazcluze generated sales of $289M in 2Q26 sales vs. ours/cons

Stock Rating BUY of $270M/$285M. The ~61% YoY growth (vs. $179M in 2Q25) reflected continued launch

Unchanged momentum and market share gains in EGFR-mutant NSCLC. We note that GMAB is

entitled to 8%-10% royalties on Rybrevant net sales.

Price Target $40.00

Unchanged • Tecvayli / Talvey: Tecvayli generated sales of $260M vs. our $228M/cons. $248M, while

Talvey generated $174M (vs. our $174M/cons. $183M). Tecvayli's growth is driven by

launch uptake following U.S.