Genmab A/S (NASDAQ:GMAB) executives highlighted a “very strong year” in 2025 and outlined a catalyst-heavy 2026 that could set up multiple launches in 2027, according to remarks made by Chief Financial Officer Anthony Pagano and Chief Commercial Officer Brad Bailey at a Leerink Partners event hosted by analyst Jonathan Chang.
Pagano said 2025 featured strong revenue growth, disciplined operating expense management, and increased conviction across Genmab’s late-stage pipeline, which he described as centered on three programs: EPKINLY, Rina-S, and petosemtamab. Management said each program generated meaningful clinical data in 2025 and is expected to deliver registrational readouts in 2026, with potential launches in 2027.
Late-stage pipeline: peak sales targets and expansion strategy
Pagano described Rina-S as having progressed rapidly over the last 18 months—from a pre-proof-of-concept asset to ending 2025 with three ongoing Phase 3 trials. Genmab is targeting a $2 billion-plus peak opportunity, which management said is underwritten by four gynecologic oncology segments:
- Second-line-plus platinum-resistant ovarian cancer (PROC)
- Platinum-sensitive ovarian cancer
- Frontline endometrial cancer
- Second-line endometrial cancer
For petosemtamab, which Genmab said it acquired at the end of 2025, Pagano noted two FDA Breakthrough Therapy Designations and two ongoing Phase 3 trials in frontline and second-line-plus head and neck cancer. Management pegged the program as a multi-billion-dollar opportunity and said it expects petosemtamab to reach $1 billion by 2029 as it ramps toward longer-term peak potential. The company also plans to start an additional Phase 3 trial in an earlier-line locally advanced head and neck setting during 2026.
Timing versus DARZALEX royalties and 2026 readouts
Asked how these launches align with the company’s DARZALEX royalty stream, Pagano said he would not “get into the DARZALEX math,” but argued that the combined opportunity across EPKINLY, Rina-S, and petosemtamab—along with pipeline expansion and Genmab’s research engine—supports a “very strong standalone oncology business apart from DARZALEX and our other royalty streams.”
Management outlined several 2026 readouts that could support regulatory filings in late 2026 and into 2027. For EPKINLY, Pagano emphasized that the trajectory to the $3 billion-plus opportunity hinges on earlier-line DLBCL studies, with Phase 3 readouts expected in second-line DLBCL in the first half of 2026 and frontline DLBCL during 2026. Rina-S is expected to deliver its first registrational readout in second-line-plus PROC during 2026, supporting a potential 2027 launch. For petosemtamab, Genmab reiterated that one or both Phase 3 trials are expected to read out in the back half of 2026, with a potential launch in 2027.
Commercial readiness: building capabilities for launches
Bailey said Genmab has been “very strategic and deliberate” in building its commercial footprint, citing businesses in the U.S. and Japan where the company is booking sales, and efforts in Europe, including launching TIVDAK independently. Bailey argued that launching TIVDAK globally positions Genmab well for a Rina-S launch in gynecologic oncology, while similar infrastructure and planned field team buildouts support petosemtamab commercial readiness.
Pagano added that Genmab has developed launch “roadmaps and playbooks” through prior experience with TIVDAK and EPKINLY, and said those approaches are now being applied to potential launches of Rina-S and petosemtamab in 2027. Bailey also pointed to performance to date, stating that TIVDAK is now “the standard of care” in second-line cervical cancer globally and that EPKINLY is “leading globally” in what he described as a highly competitive marketplace.
Program details: EPKINLY results, Rina-S differentiation, and petosemtamab positioning
On EPKINLY, management said it is seeing increasing community access as key academic accounts expand ordering to multiple affiliated sites. Bailey said more than 80% of key accounts now have at least three sites ordering, not just a central hub, which he framed as evidence of improved “operationalization” of bispecifics in the community.
Pagano also addressed the Phase 3 EPCORE DLBCL-1 monotherapy study, saying the trial showed a positive progression-free survival signal but not the same outcome for overall survival. He said Genmab believes results were confounded by COVID and subsequent use of novel therapies in the control arm, and emphasized there was “zero read across” to ongoing combination trials in frontline DLBCL (epcoritamab plus R-CHOP) and second-line DLBCL (epcoritamab plus lenalidomide). He said the company had not seen a significant commercial impact from the readout.
Discussing Rina-S versus the approved FRα ADC ELAHERE and other ADCs in development, Pagano emphasized activity across a wide range of FRα expression levels and what he described as a potentially differentiated safety profile that could support longer time on therapy and improved duration of response. He said Genmab is focused on executing its ongoing trials and maintaining a leading position without speculating on competitors’ timelines.
For petosemtamab in head and neck cancer, Pagano highlighted prior frontline data in combination with pembrolizumab, citing a large increase in response rate, rapid responses often visible at first scan, and “overall survival…in the high 70s%,” which he specified as 79%. He said the company is also evaluating expansion opportunities, pointing to early colorectal cancer data disclosed in the second half of 2025 and planned incremental colorectal updates in the back half of 2026, as well as a proof-of-concept trial in non-small cell lung cancer.
Capital allocation: focus on execution and deleveraging
In response to a question about M&A, Pagano said Genmab is currently focused on investing in R&D and commercial launch preparedness across the three late-stage brands. He added that the company is prioritizing deleveraging after taking on $5.5 billion of debt to acquire Merus, with a stated goal to reach at or below 3x gross leverage by the end of 2027. He said additional deals could include smaller “tool and component” technology transactions to support the research engine, but suggested these would be limited in size.
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.
