Genmab A/S (NASDAQ:GMAB) executives told investors the company delivered on its 2025 priorities of accelerating late-stage pipeline development, maximizing commercial medicines, and executing its capital allocation framework, while setting up what management called a “defining year” in 2026 for key clinical readouts.
2025 performance and business priorities
Chief Executive Officer Jan van de Winkel said Genmab grew total revenue 19% in 2025, supported by both its royalty portfolio and sales from its proprietary medicines. He added that operating profit also increased even as the company made strategic investments aligned with its priorities, and that Genmab entered 2026 with what he described as a more diversified revenue base and a late-stage portfolio positioned to drive growth into the 2030s.
Commercial medicines: Epkinly and Tivdak
Chief Commercial Officer Brad Bailey said proprietary medicine sales totaled $632 million in 2025, up 54% year over year, and represented about 28% of Genmab’s total revenue growth. He said the company executed four key launches during the year, including two led entirely by Genmab, and expanded its European footprint by opening operations in Germany, the U.K., and France.
Bailey highlighted Tivdak’s expansion and positioning in recurrent or metastatic cervical cancer, calling it the first antibody-drug conjugate (ADC) approved in that setting in the EU, U.K., and Japan. He said Tivdak generated $164 million in 2025 sales, up 26% year over year, and described continued traction in the U.S., Japan, and early European launch markets. He noted Genmab received MHRA approval in December in the U.K. and is working toward reimbursement.
For Epkinly, Bailey said 2025 sales were $468 million, up 67% year over year. He said Epkinly ended 2025 with approvals in more than 65 countries, and management emphasized its dual indication positioning across diffuse large B-cell lymphoma (DLBCL) and follicular lymphoma (FL) in the U.S., Europe, and Japan. In the U.S., Bailey said uptake increased following the November launch in second-line FL, and he described an acceleration in new sites ordering, including in community settings. He also said Genmab expects potential second-line FL approvals in Europe and Japan later in 2026.
Late-stage pipeline: Epkinly, Rina-S, and petosemtamab
van de Winkel pointed to three late-stage programs—Epkinly, Rina-S, and newly acquired petosemtamab—as central to Genmab’s growth strategy. He said the company expects up to six potentially registrational data readouts in 2026 that could support product launches and line extensions in 2027.
- Epkinly: Genmab is anticipating data from two Phase III trials in DLBCL in 2026, including a first-half readout in second-line-plus DLBCL in combination with lenalidomide and data in frontline DLBCL in combination with R-CHOP. Management said frontline DLBCL represents the largest addressable population, estimating around 70,000 patients.
- Rina-S: Genmab expects Phase 2 data in platinum-resistant ovarian cancer (PROC) in the second half of 2026. van de Winkel described Rina-S as a folate receptor alpha-targeted ADC intended to broaden eligibility beyond high expressers and said it could expand the addressable PROC population versus medicines restricted to high folate receptor alpha expression. Chief Development Officer Judith Klimovsky said the pivotal arm is designed to potentially support accelerated approval based on objective response rate (ORR) and duration of response, with confirmatory Phase III trials underway using clinical endpoints, including a Phase III study with progression-free survival (PFS) as a primary endpoint.
- Petosemtamab: Genmab’s Merus acquisition added petosemtamab, an EGFR/LGR5 bispecific antibody, to the late-stage portfolio. van de Winkel cited first-line head and neck cancer data in combination with pembrolizumab showing a 63% response rate, compared with 19% observed for standard of care, and said one or both Phase III trials could deliver top-line data in the second half of 2026.
Epkinly Phase III DLBCL-1 top-line results and regulatory path
Management also addressed January’s top-line results from the Phase III EPCORE DLBCL-1 trial evaluating Epkinly monotherapy. van de Winkel said the study showed an improvement in PFS and improvements in complete response rates, duration of response, and time to next treatment. However, overall survival did not reach statistical significance, and he said additional analyses are ongoing, including review of factors such as COVID-19 and the increasing availability of novel anti-lymphoma therapies. Genmab plans to submit full results for presentation at a future medical meeting and said it will engage with global regulators on next steps.
Chief Medical Officer Tahamtan Ahmadi said the protocol included pre-specified analyses related to the impact of COVID-19 (noting the study ran heavily during the Omicron wave) and the emergence of broader access to bispecifics. Ahmadi said Genmab will discuss the dataset with the FDA and European authorities. He also explained that DLBCL-1 served as the confirmatory study tied to accelerated approval requirements because it was the first Phase III initiated and needed to be underway at the time of filing.
On analyst questions about confirmatory pathways, Ahmadi said Genmab remains comfortable that additional Phase III readouts in DLBCL expected in 2026 can support the program and said the company is not concerned about confirmatory study requirements. He added that the combination study with lenalidomide was initiated after the Omicron wave and is a distinct trial with fixed duration treatment. Management reiterated its expectation that certain Epkinly readouts will occur in 2026 and declined to provide interim updates on event tracking or trial interim status, restating timing guidance previously communicated.
2026 guidance, investment plans, and balance sheet
Pagano said Genmab’s 2026 guidance framework remains focused on using revenue growth to enable strategic investment while maintaining “substantial profitability.” At the midpoint, management expects 14% total revenue growth in 2026, driven by continued momentum in Epkinly and the royalty portfolio. The company guided to 2026 operating profit of about $1.15 billion at the midpoint and said operating expense growth reflects planned investments in late-stage development for petosemtamab and Rina-S and launch readiness activities.
Pagano also reiterated Genmab’s capital allocation priorities, including investing in the late-stage pipeline and commercial medicines, rapid integration of Merus, and deleveraging to below 3x gross leverage by the end of 2027. In response to a question on financing, Pagano detailed a $5.5 billion debt offering, describing a mix of fixed and floating-rate debt and stating the weighted average effective interest rate was about 6.6% under current market conditions, with a portion of floating-rate exposure hedged to fixed.
Looking ahead, leadership emphasized that 2026 clinical readouts across Epkinly, Rina-S, and petosemtamab are expected to be the key catalysts that could enable multiple potential launches and label expansions in 2027.
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.
