Genmab — November 2025
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Yatin Suneja, Truist Securities
Post-Earnings Update (Nov 6, 2025)
"Epkinly's Q3 flatness reflects third-line saturation, but three pivotal readouts in 2026 (including frontline DLBCL) position it for transformative growth. Near-term, Japan FL launch adds $20–30M in Q4. Overall, next 12–18 months could be Genmab's most pivotal period." (Lowers PT to $48 from $49 on unrelated GEN1042 news, but keeps Buy.) -
TD Cowen opjustereDE kursmålet for Genmab til 2158 kr. fra 2015 kr. https://www.sydinvest.dk/nyheder/fredagens-aktier-novo-dykkede-endnu-dybere-mens-vestas-f
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Godmorgen
TA er stadig i bunddannelse – ikke helt klart, men vi peger snart opad. Gode nyheder vil være raketbrændstof. Mange venter på Alzheimer-dataene: Gode resultater sender os over 2200 før jul, ringe data ned mod 1750 igen. Jans 2026-profitudmelding bør snart løfte kursen, da investorerne vil frontløbe den forventede fremgang. -
Genmab får hævet kursmålet til 2000 kr. hos Barclays https://proinvestor.com/investornyt/1381265/genmab-far-haevet-kursmalet-til-2000-kr-hos-barclays
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06:21:Ikke Alzheimer men: Præsentationer ved ASH-mødet (6.-9. december 2025): Over 20 abstracts om epcoritamab, inklusive fulde pivotal-resultater fra Phase 3 EPCORE FL-1 (oral præsentation). Dette inkluderer data på tværs af B-celle-maligniteter som DLBCL og FL, der kan vise langsigtede effekter og understøtte yderligere udvidelser.
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Morningstar Equity Analyst Report7 Nov 2025 Genmab Earnings: Royalty Revenue Sustains Near-Term
Growth With Pipeline Advancement in Progress / Strong demand for Epkinly and royalties from Darzalex and Kesimpta underpinned
Genmab ’ s top-line performance this quarter. We view this sustained momentum as reinforcing nearterm
revenue visibility, as the company continues to prioritize expanding its internal pipeline. -
Genmab continues to make progress in its late-stage pipeline, with the potential approval of Epkinly
in second-line follicular lymphoma and positive endometrial cancer data for Rina-S offering a path to
support revenue diversification beyond its current royalty base. -
The bottom line: We maintain our DKK 2,650 fair value estimate for narrow-moat Genmab and view
shares as undervalued, currently trading in 4-star territory. We continue to have a positive long-term
outlook on the firm ’ s advancing pipeline, and we believe the market is not fully appreciating its
potential to reach blockbuster status.
We view Genmab ’ s strategic shift toward g a wholly owned model as a meaningful evolution for its long-term growth profile. While partnerships effectively support -
supported research and development and
commercialization, increased ownership will offer greater long-term profit capture opportunities.
g Genmab ’ s acquisition of Merus is on track to close in early 2026. Merus ’ late-stage bispecific
antibody, petosemtamab, is being evaluated in head and neck cancer, with phase 3 readouts
expected in 2026 and a potential 2027 launch. We assign a 40% approval probability and estimate $1
billion in probability-weighted sales by 2034. -
Genmab Announces Proposed Private Offering of Senior Secured Notes and Senior Unsecured Notes and Syndication of New Senior Secured Term Loan Facility https://ir.genmab.com/news-releases/news-release-details/genmab-announces-proposed-private-offering-senior-secured-notes
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Fitch Ratings on Monday assigned an expected first-time long-term issuer default rating of BB to Genmab https://www.fitchratings.com/research/corporate-finance/fitch-rates-genmab-a-s-bb-exp-outlook-stable-10-11-2025
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S&P - Danish Pharmaceutical Company Genmab A/S Assigned 'BB+' Rating; Outlook Stable https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3475716
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Moody's Ratings assigns Ba2 rating to Genmab, outlook stable https://ratings.moodys.com/ratings-news/454170
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Samtidig forventes nyhedsflowet for resten af 2025 og begyndelsen af 2026 at blive mere afdæmpet, hvor resten af 2025 byder på: 1) Potentiel godkendelse af Epkinly i FL, hvor FDA har sat godkendelsesdatoen til 30. november 2025. Genmab ser ingen årsager til, at produktet ikke skulle blive godkendt.
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- Opfølgende fase 2-data på acasunilimab i NSCLC, som bliver præsenteret på ESMO den 10.–12. december. Ser vi frem mod 2026, begynder året roligt, mens andet halvår byder på fase 3-data for Epkinly + R-CHOP i 1L DLBCL (EPCORE DLBCL-2) og data i 2L DLBCL (EPCORE DLBCL-1) samt fase 3-data for RINA-S i RAINFALL-02-studiet.
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i am a bit troubled by the fact that they still show a P/E of 124 in their analysis, they still have mistakes in their spreadsheet, probably mixing $ and DKK... via the pdf here
https://www.jyskebank.dk/finansnyt/aktier/publikation/oktober-2025
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