Genmab A/S

Genmab reported first-half 2026 revenue growth of 25% year over year, with EPKINLY net product sales of $312 million, up 48%, and TIVDAK sales of $84 million. Adjusted operating profit increased 18% year over year. The company said full-year 2026 revenue is now expected to be $4.3 billion to $4.5 billion, implying 19% growth at the midpoint, compared with 14% under prior guidance; operating expense guidance midpoint is now $2.88 billion, and operating profit is expected to be $1.1 billion to $1.4 billion. Management said the updated outlook reflects continued strength in DARZALEX and EPKINLY, with the $195 million increase at the revenue midpoint split approximately equally between those two brands.

Jan van de Winkel struck a confident tone, saying Genmab is “in a really good place” and that the company has delivered on its priorities: accelerating the late-stage pipeline, maximizing commercial medicines, and staying disciplined on capital. He highlighted positive Phase III EPCORE DLBCL-4 results, European approval of TEPKINLY plus lenalidomide and rituximab in follicular lymphoma, and expanding momentum for petosemtamab. He also said the company now has better visibility on multiple catalysts, with several Phase III readouts expected in the second half of 2026 and potential approvals and launches in 2027.

Anthony Pagano emphasized that the first half showed both “high growth” and “broad-based growth,” citing DARZALEX up 21% year over year, worldwide EPKINLY net product sales up 48%, and the remainder of the portfolio up 35%. He said approximately half of revenue growth came from DARZALEX and the other half from EPKINLY and the rest of the portfolio, which he framed as evidence the business is becoming more diversified and durable. He also noted a first-half effective tax rate of 3.6%, or $13 million of tax expense, driven mainly by Merus integration and related deferred tax asset recognition, and said the rate may fluctuate for 12 to 18 months before normalizing.

Analysts focused heavily on timing and competitive positioning for petosemtamab and EPKINLY, including why the petosemtamab second-line readout moved to Q1 2027, whether EPKINLY’s frontline DLBCL interim readout has slipped, and what the FDA has said about confirmatory trials. Management said petosemtamab is event-driven on overall survival, that the EPKINLY DLBCL-2 readout is based on an interim analysis expected next quarter, and that confirmatory-trial discussions with regulators are ongoing and could still land on either the frontline or second-line study. On competition, management argued petosemtamab is differentiated versus amivantamab on efficacy and safety and said they remain comfortable with the planned head-and-neck and colorectal development paths.