Genmab (GMAB) Leerink Global Healthcare Conference 2026 summary

Financial and operational highlights

• Achieved strong revenue growth and disciplined OpEx management in 2025, with profits flowing to the bottom line.

• Built a robust standalone oncology business, with significant investments in commercialization readiness over the past 4–5 years.

• Focused on deleveraging after the Merus acquisition, targeting at or below 3x gross leverage by end of 2027.

• Excess capital will be used for debt reduction, with only small technology deals considered in the near term.

Pipeline progress and clinical milestones

• Three late-stage programs—EPKINLY, Rina-S, and petosemtamab—showed meaningful clinical data in 2025, increasing conviction in their prospects.

• All three programs expect registrational trial readouts in 2026, with potential launches in 2027.

• EPKINLY has ongoing trials in earlier lines of DLBCL and FL, with key readouts in 2026 to drive toward $3B+ peak sales.

• Rina-S has three phase III trials underway, targeting four subsegments in gynecologic oncology, with first registrational data in 2026.

• Petosemtamab has two phase III trials in head and neck cancer, with first readouts expected in 2026 and a new phase III planned for locally advanced disease.

Commercial strategy and market opportunities

• EPKINLY is positioned as a blockbuster with $3B+ potential, driven by expansion into earlier therapy lines and robust community uptake.

• Rina-S targets a $2B+ peak opportunity across ovarian and endometrial cancers, with a differentiated efficacy and safety profile.

• Petosemtamab is expected to reach $1B by 2029, with multi-billion dollar potential, and is expanding into new indications.

• Infrastructure for launches in the US, Japan, and Europe is in place, leveraging experience from TIVDAK and EPKINLY launches.