Genmab A/S Q1 Earnings Call Highlights

Key Points

• Financials: Genmab reported Q1 with 25% total revenue growth and a 23% increase in operating profit, driven by rising proprietary sales ($176M, +43%) including EPKINLY $137M (+52%), and reaffirmed 2026 guidance with midpoint revenue growth of ~14% while guiding operating expenses of $2.7–2.9B and continued profitability.
• Commercial momentum: EPKINLY uptake is accelerating—buoyed by a fixed‑duration second‑line FL approval and a DLBCL label change reducing recommended hospitalization—supporting broader outpatient and international use (approved in 65+ countries), while TIVDAK sales grew 18% to $39M.
• Pipeline and integration: Multiple 2026 catalysts are expected, including Rina‑S starting two phase III trials and completed enrollment in the RAINFOL‑02 PROC trial with pivotal data due in 2026, petosemtamab readouts targeted in 2026, and ongoing Merus integration with a target to reduce gross leverage below 3x by end‑2027.

Genmab A/S NASDAQ: GMAB reported first-quarter 2026 results highlighting revenue growth, expanding proprietary product sales, and continued investment in its late-stage pipeline, while maintaining profitability. President and CEO Jan van de Winkel said the company “continued to deliver strong financial performance and make focused progress against our strategic priorities,” pointing to 25% total revenue growth and operating profit growth despite stepped-up spending.

First-quarter performance and 2026 outlook

Chief Financial Officer Anthony Pagano said the quarter’s results reflected “solid market performance of our portfolio,” with increasing contribution from Genmab’s own product sales—particularly EPKINLY—helping diversify the revenue base. He added that Genmab made “significant investments for EPKINLY, Rina-S, and petosemtamab” while still growing operating profit by 23%.

Pagano also discussed taxes, noting a tax expense of around $21 million and an effective tax rate of 28.9%. He said the company is “currently evaluating the integration of Merus operations from a tax perspective,” which could cause volatility in the effective tax rate as integration progresses, but he expects it to “normalize within the next 12–18 months.”

On guidance, Pagano said Genmab remained on track with its existing 2026 outlook. At the midpoint, management expects 14% total revenue growth, “driven by continued momentum in EPKINLY and our royalty portfolio.” Operating expenses are expected to be approximately $2.7 billion to $2.9 billion, reflecting planned late-stage development investments in petosemtamab and Rina-S and launch readiness activities. Pagano said the company’s outlook maintains “substantial profitability in 2026.”

Commercial update: EPKINLY and TIVDAK

Chief Commercial Officer Brad Bailey said Genmab’s proprietary portfolio “is off to a strong start” in 2026, with first-quarter proprietary sales totaling $176 million, up 43% from the prior year period. He attributed momentum to “effective execution” in both new and established markets.

Bailey reported EPKINLY sales of $137 million, up 52% year over year, and described uptake across academic and community settings in the U.S. He pointed to the recent approval of a fixed-duration regimen of EPKINLY plus R² in second-line follicular lymphoma (FL) as a growth driver, saying physicians are increasingly using the “chemo-free combination” supported by subcutaneous administration.

Bailey also highlighted a March FDA label revision for EPKINLY in third-line-plus diffuse large B-cell lymphoma (DLBCL) that removed a recommendation for 24-hour hospitalization following the first full dose. The label now advises physicians to assess whether outpatient monitoring or hospitalization is appropriate after that dose. Bailey said Genmab expects the change to “further broaden use in the community and in the outpatient setting.”

Outside the U.S., Bailey said EPKINLY performance remained strong, noting growth in Japan and that partner AbbVie continues to expand approvals, with EPKINLY approved in more than 65 countries. Looking ahead, Bailey said Genmab is focused on maintaining its “first-mover advantage” in second-line FL in the U.S. and preparing for expected approvals in Europe and Japan later in 2026.

For TIVDAK, Bailey said the drug grew 18% year over year to $39 million in quarterly sales, describing it as “the global standard of care in recurrent or metastatic cervical cancer.” In the U.S., Bailey said the brand continues to lead the market. He also pointed to progress in newer launch markets, including Japan and Europe, and said TIVDAK launched in the U.K. in February through private prescribing and payer channels, with Genmab engaging NICE and SMC to pursue broader reimbursement.

Pipeline and clinical catalysts: Rina-S, EPKINLY trials, and petosemtamab

Van de Winkel characterized 2026 as “a very catalyst-rich year for Genmab,” with readouts that could support launches in 2027. He highlighted progress with Rina-S, including data presented at SGO in April that he said further supported its promise, including in combinations with standard-of-care therapies such as bevacizumab.

Van de Winkel said Genmab anticipates starting two new phase III trials for Rina-S in the coming months: a phase III chemotherapy replacement trial in platinum-sensitive ovarian cancer and “the first frontline trial for Rina-S in endometrial cancer.” He also said the company is exploring Rina-S outside gynecologic oncology via a phase II “signal-seeking basket trial” in advanced gastrointestinal cancers.

In an update on the phase III RAINFOL-02 trial in second-line-plus platinum-resistant ovarian cancer (PROC), van de Winkel said recruitment was “much faster than expected” and that the trial has completed enrollment. He said the milestone pulls pivotal phase III data into 2026 and could enable broader global regulatory filings “earlier than anticipated.”

During Q&A, Chief Development Officer Judith Klimovsky said that because the phase III PROC trial accrued faster than projected, Genmab expects two datasets in PROC this year. She said that given changes in the PROC landscape, “the potential for the phase III submission and approval becomes more relevant,” and added that the company’s plan remains a PROC launch in 2027, with the phase III dataset serving as the “main dataset for filing” supporting global submissions.

Asked about competition, Klimovsky said Genmab is aware of other ADC programs in gynecologic cancers and described the space as “hypercompetitive,” while stating Genmab stands behind Rina-S data to date in terms of “efficacy, safety, durability of the efficacy, and a clinical development plan and speed to market.”

Q&A focus: trial designs, enrollment, and disclosure discipline

Several analysts focused on petosemtamab’s frontline head and neck cancer studies, after Genmab increased study size. Chief Medical Officer Tahi Ahmadi confirmed the frontline study was increased and said the decision was based on insights generated during due diligence to ensure trials have the “highest probability of success.” He said Genmab did not anticipate an impact on timelines and reiterated guidance that “one or both” of the petosemtamab studies would read out in 2026. Ahmadi declined to discuss certain specifics, saying Genmab was being “a little bit more disciplined” about what it shares in a competitive landscape.

Ahmadi also addressed EPKINLY’s phase III programs in DLBCL, repeatedly reiterating that Genmab continues to guide to a frontline DLBCL readout in 2026 without specifying whether it will be interim or final analysis. On statistical questions regarding hazard ratios or curve behavior, he said it did not make sense to speculate prior to seeing the data.

Regarding EPKINLY trial enrollment, Ahmadi said the company’s frontline and second-line DLBCL trials accrued “significantly faster than they were initially projected.” He also explained the rationale behind fixed-duration dosing in phase III compared with earlier phase II approaches, saying discussions with regulators and emerging data supported that patients may not need extended exposure. Ahmadi said Genmab felt “extremely confident” the shorter approach would not compromise outcomes.

On petosemtamab in colorectal cancer, Ahmadi said Genmab has generated additional data and continues to like what it is seeing, and that the company will provide updates “a little bit closer” to when studies enter the public domain, adding, “There will be more to come at some point.”

Strategy: integration and leverage target

Van de Winkel said Genmab remains focused on integrating Merus “so that we can capture the full value of petosemtamab,” adding that the company is approaching the integration with the same “focus and discipline” it brought to prior transactions. He also reiterated a deleveraging objective, saying Genmab is targeting gross leverage below 3x by the end of 2027 while maintaining balance sheet flexibility.

About Genmab A/S NASDAQ: GMAB

Genmab A/S is a Denmark-based biotechnology company specializing in the discovery and development of antibody therapeutics for the treatment of cancer. Since its founding in 1999 and with headquarters in Copenhagen, Genmab has built a robust research platform focused on harnessing novel antibody engineering technologies to create next-generation therapies. The company's work centers on identifying targets in hematologic malignancies and solid tumors, advancing its proprietary molecules from early discovery through clinical development.

Genmab's portfolio includes products developed in collaboration with leading global pharmaceutical partners.

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