Genmab (GMAB) Investor Update summary

Strategic update and portfolio focus

• Johnson & Johnson declined to license HexaBody-CD38, leading to Genmab discontinuing its clinical development despite promising efficacy and a manageable safety profile compared to daratumumab.

• The long-term strategy remains unchanged, focusing on advancing late-stage assets EPKINLY (epcoritamab), Rina-S (rinatabart sesutecan), and Acasunlimab, all expected to drive significant revenue growth by the end of the decade.

• Seven phase three trials are ongoing across these key programs, with several pivotal results anticipated by the end of 2026.

• EPKINLY is positioned as a best-in-class treatment in B-cell cancers, with peak sales potential exceeding $3 billion.

• Rina-S and Acasunlimab are expected to reach peak sales of over $2 billion and $1 billion, respectively, with Rina-S targeted for patient availability by 2027.

Clinical and commercial execution

• EPKINLY achieved dual indication approvals in the US, EU, and Japan, with strong market performance, especially in Japan.

• Tivdak is expected to expand into new markets, with anticipated approvals in Japan and Europe, supporting the next phase of commercialization strategy.

• Rapid development and commercialization capabilities have been demonstrated, notably with EPKINLY's approval within five years of first-in-human trials and accelerated progress for Rina-S.

• Continued investment in late-stage programs and disciplined capital allocation are prioritized to ensure sustained growth and value creation.

• Multiple pivotal readouts and launches are anticipated between 2026 and 2031.

Pipeline and M&A strategy

• Active pursuit of business development and M&A opportunities focused on mid to late-stage oncology assets, with a preference for phase three or phase three-ready programs.

• Oncology remains the primary focus, but immunology and inflammation (I&I) targets are also considered.

• The HexaBody platform is clinically validated and will continue to be leveraged for future pipeline candidates, with about 10% of the pipeline based on this technology.

• No further development of HexaBody-CD38 in oncology or immunology due to contractual restrictions and strategic focus.

• Over seven early-stage programs are ongoing, with continued focus on business development and M&A.