Genmab (GMAB) investor relations material

Strategic focus and late-stage pipeline

• Emphasis on late-stage programs: Epkinly, Rina-S, Acasunlimab, and Petosemtamab, with commercial rollout of Darzalex in Europe to establish a base for future launches.

• Petosemtamab acquisition from Merus aims to expand late-stage assets, leveraging unique EGFR-targeting capabilities and strong clinical data in head and neck cancer.

• Rina-S, acquired via ProfoundBio, is positioned as a potential best-in-class ADC with a unique safety and efficacy profile, targeting broader tumor types.

• Acasunlimab is advancing in lung cancer with realistic peak sales guidance due to a competitive landscape.

• Organic pipeline remains a priority, with plans to advance additional bispecifics and ADCs into the clinic.

Clinical data highlights and development plans

• Petosemtamab shows a 63% overall response rate in frontline head and neck cancer with pembrolizumab, and 36% as monotherapy in second line, outperforming benchmarks.

• Epkinly demonstrates strong translation from phase II to phase III, with a hazard ratio of 0.21 in second line follicular lymphoma, indicating significant risk reduction.

• Rina-S features a hydrophilic linker, enabling high payload attachment and bystander killing, with no observed ocular toxicity or interstitial lung disease.

• Acasunlimab plus pembrolizumab in lung cancer shows promising survival data, with expanded cohorts to validate robustness.

• Subcutaneous formulations and new dosing regimens are being developed to improve safety and tolerability, especially for Petosemtamab.

Financial outlook and commercialization

• 2026 will be an investment-heavy year, supporting late-stage development and commercialization for Epkinly, Rina-S, and Petosemtamab.

• Meaningful EBITDA growth is expected in 2027, with launches of Peto and Rina-S; break-even and high accretion anticipated by 2029, driven by Peto's projected $1B+ sales.

• Epkinly is targeted as a $3B+ global brand, with recent approvals and positive data in second line FL and DLBCL supporting commercial expansion.

• Rina-S peak sales guidance upgraded to $2B, underpinned by multiple registrational trials and broad indications in ovarian and endometrial cancers.

• Focus on productivity and scale benefits to optimize operational expenditure and support growth.