Genmab (GMAB) investor relations material

Strategic positioning and growth outlook

• Transitioned from a royalty-based to a fully integrated biotech with a diversified revenue base, now including nine marketed medicines after the Merus acquisition and two co-owned assets.

• Three high-impact late-stage programs—Epkinly, Rina-S, and petosemtamab—are expected to drive sustainable growth into the 2030s, with multiple 2027 launches targeted.

• Revenue growth is increasingly diversified across proprietary and royalty-based products, reducing dependence on any single asset.

• Integration of recent acquisitions, such as ProfoundBio and Merus, accelerates pipeline and revenue growth.

• Disciplined capital allocation, operational efficiency, and a focus on maximizing commercialized assets support profitable growth and future expansion.

Pipeline and clinical development highlights

• Three late-stage assets (Epkinly, Rina-S, Petosemtamab) have five combined FDA Breakthrough Therapy Designations and are positioned for multiple 2027 launches.

• Epkinly demonstrated phase III superiority in follicular lymphoma and is the only bispecific with dual indications in B-cell malignancies, with rapid adoption and multiple ongoing Phase 3 trials.

• Rina-S, a folate receptor alpha-targeted ADC, shows efficacy across a broad spectrum of expression and is in three ongoing phase III trials for ovarian and endometrial cancers.

• Petosemtamab, an EGFR LGR5 bispecific, achieved a 63% response rate in first-line head and neck cancer, with two Phase 3 trials ongoing.

• Up to six registrational readouts are expected in 2026, enabling potential 2027 launches and line extensions.

R&D strategy and portfolio integration

• Following the Merus acquisition, the pipeline is being consolidated and prioritized, focusing on the highest-impact programs and potentially discontinuing or reevaluating less competitive assets.

• Petosemtamab will see accelerated development and additional phase III trials, while other Merus programs and partnerships are under critical review.

• Rina-S development is stratified by folate receptor alpha expression, with efficacy observed across expression levels, supporting broad eligibility.

• Differentiation from competitors like Elahere is based on broader eligibility, stronger efficacy signals, longer duration of response, and a favorable safety profile.

• Commercial peak sales estimates for Rina-S have been upgraded to $2 billion, reflecting emerging data and expanded clinical development.