Genmab A/S Q2 Earnings Call Highlights

Genmab A/S (NASDAQ:GMAB) reported first-half 2026 revenue growth of 25% year over year and raised its full-year financial outlook, citing continued momentum from DARZALEX, EPKINLY and the broader portfolio. The company also outlined upcoming late-stage trial readouts and announced two new Phase III studies of petosemtamab in colorectal cancer.

President and CEO Jan van de Winkel said the company grew revenue while increasing investments in late-stage development, launch readiness and the integration of Merus. Adjusted operating profit rose 18% in the first half, according to Chief Financial Officer Anthony Pagano.

Raised 2026 outlook

Genmab now expects 2026 revenue of DKK 4.3 billion to DKK 4.5 billion, representing 19% year-over-year growth at the midpoint. The new outlook is 5% higher than the company’s previous revenue guidance, with the DKK 195 million midpoint increase split approximately equally between DARZALEX and EPKINLY, Pagano said.

The company raised its operating-expense outlook by 2%, to a midpoint of DKK 2.88 billion, reflecting further investment in development programs including the newly announced petosemtamab colorectal cancer trials. Genmab expects operating profit of DKK 1.1 billion to DKK 1.4 billion, 7% above its prior guidance.

Pagano said approximately half of the company’s first-half revenue growth came from DARZALEX, which increased 21% year over year. Worldwide EPKINLY net product sales increased 48%, while the remainder of the portfolio grew 35%.

Genmab reported an effective tax rate of 3.6% for the first half, equivalent to DKK 13 million in tax expense. Pagano attributed the rate primarily to the Merus integration and the recognition and use of deferred tax assets, adding that the rate may fluctuate during integration and is expected to normalize over the next 12 to 18 months.

EPKINLY and TIVDAK sales increase

Chief Commercial Officer Brad Bailey said proprietary-product sales totaled DKK 396 million in the first half, up 37% from a year earlier. EPKINLY sales reached DKK 312 million, rising 48% year over year and 28% from the prior quarter, while TIVDAK sales totaled DKK 84 million.

Bailey said EPKINLY’s U.S. performance benefited from higher new-patient starts and site activations. The chemotherapy-free, fixed-duration EPKINLY-plus-lenalidomide-and-rituximab regimen in second-line follicular lymphoma has seen rapid uptake, he said. More than 90% of key customers are now ordering EPKINLY for two or more sites, with a majority of new site activations coming from community practices.

Outside the U.S., Bailey cited continued EPKINLY growth in Japan, where it is approved in diffuse large B-cell lymphoma and follicular lymphoma. Through partner AbbVie, EPKINLY recently received approvals in Europe and China for use with lenalidomide and rituximab in second-line follicular lymphoma.

TIVDAK growth was driven by the U.S. and launch markets in Japan and Europe. Genmab also secured reimbursement for TIVDAK in the U.K. and said discussions are continuing in additional markets.

Late-stage readouts expected in coming months

Genmab expects several important clinical updates in the second half of 2026. Van de Winkel said both Phase II and Phase III datasets for Rina-S in platinum-resistant ovarian cancer are expected in the fourth quarter.

For petosemtamab in head and neck cancer, the company expects the frontline study to report in the fourth quarter and the second- or third-line study to report in the first quarter of 2027. Genmab said the frontline interim analysis is expected to support a filing, though management did not provide further details on the data expected in the top-line update.

EPKINLY’s frontline EPCORE DLBCL-2 trial is also expected to produce top-line interim-analysis data in the fourth quarter. The company previously reported positive top-line findings from EPCORE DLBCL-4, which showed a statistically significant and clinically meaningful improvement in progression-free survival. Chief Medical Officer Tahi Ahmadi said overall-survival data from that study were immature.

Ahmadi said Genmab remains in discussions with the U.S. Food and Drug Administration over whether the frontline or second-line EPKINLY trial will serve as the confirmatory study for an existing indication.

Petosemtamab expansion into colorectal cancer

Genmab announced it has initiated a global, randomized, open-label Phase III trial of petosemtamab plus investigator-choice chemotherapy in first-line unresectable or metastatic left-sided colorectal cancer with RAS/RAF wild-type disease. The trial will compare the regimen with cetuximab plus chemotherapy.

A second global Phase III study is planned in second-line RAS/RAF wild-type unresectable or metastatic colorectal cancer. It will compare petosemtamab plus modified FOLFOX6 or FOLFIRI against cetuximab or bevacizumab plus chemotherapy.

Ahmadi said petosemtamab is an EGFR-LGR5 bispecific antibody, with LGR5 serving as a marker of cancer stem cells in colorectal cancer. The company plans to present updated colorectal cancer data for the therapy at the European Society for Medical Oncology meeting in October.

Management said petosemtamab has the potential to become a multi-indication asset, alongside ongoing Phase III studies in head and neck cancer and planned expansion into locally advanced head and neck disease.

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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