Q2 2026 Genmab A/S Earnings Call Transcript
Key Points
- Total revenue grew 25% year-over-year, driven by strong performance across the portfolio, including a 48% increase in EPKINLY sales.
- Positive phase III EPCORE DLBCL-2 results showed statistically significant improvement in progression-free survival, supporting epcoritamab's versatility.
- European approval of EPKINLY plus lenalidomide and rituximab for second-line follicular lymphoma makes it the first bispecific-based therapy approved in Europe for this indication.
- Expansion of petosemtamab into colorectal cancer with two new phase III trials, leveraging promising early data and a differentiated mechanism targeting EGFR and LGR5.
- Updated 2026 guidance raised revenue expectations by 5% and operating profit by 7%, while increasing investment by only 2%, demonstrating strong operating leverage.
- EPKINLY's rapid uptake in the U.S. community setting, with over 90% of key customers ordering for multiple sites, indicates growing physician confidence and market leadership.
- Multiple late-stage pipeline catalysts are on track for the second half of 2026, including phase III readouts for Rina-S, petosemtamab, and EPKINLY in frontline DLBCL.
- Petosemtamab's second-line head and neck cancer trial readout was delayed to Q1 2027, attributed to the event-driven overall survival endpoint.
- The timing of the EPCORE DLBCL-2 interim analysis in Q4 2026 appears delayed by about a year compared to analyst expectations, raising questions about event accrual.
- Management declined to provide clarity on whether the frontline DLBCL trial will meet statistical significance at the interim, leaving uncertainty about potential approval timelines.
- The effective tax rate is currently low (3.6%) due to Merus integration, but is expected to normalize over the next 12-18 months, which could impact future profitability.
- Competitive pressure in head and neck cancer from J&J's amivantamab, which is pursuing accelerated approval, may challenge petosemtamab's market positioning despite claims of best-in-class profile.
- Management was vague on the potential for EPKINLY's IP protection beyond mid-2030s, with no clear commitment to extended patent life, which could affect long-term revenue.
- The company's strategy for Rina-S in non-small cell lung cancer remains undisclosed, with data presentation deferred until next steps are ready, indicating potential competitive challenges.
Hello, welcome to the Genmab first half 2026 financial results conference call. As a reminder, this conference call is being recorded. During this telephone conference, you may be presented with forward-looking statements that include words such as beliefs, anticipate, plans, or expects. Actual results may differ materially, for example, as a result of delayed or unsuccessful development projects. Genmab is not under any obligation to update statements regarding the future, nor to confirm such statements in relation to actual results, unless this is required by law. Today's presentation will also include comments on certain non-IFRS financial measures, which management uses to describe the company's baseline performance and which supplement, but do not substitute for, the comparable IFRS measures. We encourage you to review our full financial statements and publicly filed reports, not to rely on any single financial measure.
Please also note that Genmab may hold your personal data, as indicated by you as a part of our investor relations outreach activities, in order to update you on Genmab going
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