Genmab Pipeline Value Analysis and Valuation Outlook

Based on collected data and analysis, I will provide you with an in-depth analytical report on Genmab’s R&D pipeline and its impact on valuation.

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As a leading Danish biotechnology company, significant progress in Genmab’s R&D pipeline is the core driver behind UBS raising its target price to

(approximately $41.50). The company currently has a market capitalization of $20.88 billion and is dual-listed on Nasdaq and the Copenhagen Stock Exchange [0]. The following is a systematic analysis from three dimensions: pipeline progress, commercialization prospects, and valuation logic.

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EPKINLY is a first-in-class bispecific antibody targeting CD20/CD3, co-developed by Genmab and AbbVie. This product has become one of the main drivers of the company’s revenue growth. In the first three quarters of 2025, net sales of EPKINLY continued to climb, driving the company’s overall revenue up 21% year-over-year to

[1].

Time	Milestone Event	Valuation Impact
November 2025	FDA approves EPKINLY+R2 combination therapy for relapsed/refractory follicular lymphoma (FL) [2]	Major positive catalyst
November 2025	Phase 3 EPCORE FL-1 trial meets dual primary endpoints (ORR and PFS) [1]	Validates clinical value
July 2025	FDA accepts sBLA for priority review	Regulatory progress exceeds expectations

• Market Potential
  : Analysts predict that EPKINLY has a peak sales potential of over
  $3 billion
  for FL and diffuse large B-cell lymphoma (DLBCL) indications [3]
• Competitive Advantage
  : As the first approved bispecific antibody combination therapy, EPKINLY+R2 has established a differentiated position
• Indication Expansion
  : Clinical development for first-line therapy and other hematologic oncology indications is underway

Rina-S is one of the core assets in Genmab’s in-house pipeline, offering a new treatment option for patients with endometrial cancer.

Metric	Details
Regulatory Status	FDA Breakthrough Therapy Designation (BTD) [1]
Development Stage	Phase 3 clinical trial ongoing
Target Indication	Advanced endometrial cancer
Expected Value	Peak sales potential of approximately $1.5 billion [3]

: The BTD designation for Rina-S means the FDA recognizes its significant clinical advantages, which is expected to accelerate the approval process and reduce development risks.

In September 2025, Genmab announced the acquisition of Merus N.V. for

, the largest strategic acquisition in the company’s history [4].

Transaction Terms	Details
Acquisition Consideration	$97 per share, all-cash transaction
Transaction Premium	41% premium over Merus’ closing price
Total Transaction Value	Approximately $8 billion
Expected Completion Time	Early Q1 2026

Feature	Details
Drug Type	EGFRxLGR5 bispecific antibody
Development Stage	Phase 3 (two trials ongoing simultaneously)
Target Indication	Head and neck cancer (first-line and second-line therapy)
Regulatory Designation	Dual BTD designations (granted by FDA for first-line and second-line indications) [4]
Clinical Data	Phase 2 data presented at ASCO 2025 showed superiority over standard of care

• 2026
  : Phase 3 trial data readout
• 2027
  : Expected first commercial launch
• 2029
  : Achieves
  ≥$1 billion
  annual sales milestone [4]
• Long-term Potential
  : Multiple analysts predict peak sales could reach
  $3-4 billion
  [5]

1. Accelerated Transformation
   : Drives Genmab’s transition from a collaborative development model to a fully in-house model
2. Pipeline Complementarity
   : Synergizes with existing oncology pipeline to cover different tumor types
3. Technology Integration
   : Leverages Genmab’s expertise in antibody development to accelerate petosemtamab’s development

Tivdak is an antibody-drug conjugate (ADC) co-developed with Pfizer for the treatment of relapsed/refractory cervical cancer.

Time	Milestone
2021	FDA initial approval for cervical cancer indication
2024	Approved in Europe
2025	New drug application submitted in Japan

: As an innovative therapy in the cervical cancer space, Tivdak has a stable market position in specific patient populations.

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Genmab’s

technology platform is the core engine of the company’s long-term value creation.

Technology Platform	Core Function	Commercialization Cases
DuoBody®	Bispecific antibody development	Amivantamab (RYBREVANT®), EPKINLY
HexaBody®	Enhances antibody efficacy	Multiple preclinical assets
DuoHexaBody®	Dual targeting + enhanced efficacy	Clinical-stage assets
HexElect®	Precision cell killing	Preclinical research

1. Proven Commercialization Capability
   : The DuoBody technology has supported multiple approved products
2. Sustained Collaborative Revenue
   : Partners including Eli Lilly and Johnson & Johnson continue to contribute royalties
3. Internal Innovation Foundation
   : In-house pipeline assets are primarily developed based on proprietary technology platforms

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[1]

Metric	2025	2024	YoY Change
Total Revenue	$2.662 billion	$2.198 billion	+21%
DARZALEX Royalties	$2.219 billion	$1.802 billion	+23%
Operating Profit	$1.007 billion	$662 million	+52%

1. DARZALEX®
   : Johnson & Johnson reported 2025 net sales of
   $10.448 billion
   , up 22% year-over-year, and Genmab is receiving sustained growing royalties from this [1]
2. EPKINLY®
   : Product sales have grown significantly, and the profit-sharing mechanism with AbbVie is driving revenue growth
3. Kesimpta®
   : Novartis’ multiple sclerosis treatment continues to contribute royalty revenue

Financial Metric	Value	Industry Comparison
Net Profit Margin	32.22%	Excellent
Operating Profit Margin	26.08%	Excellent
ROE	27.32%	Outstanding
Current Ratio	6.03	Very Robust

Genmab’s financial data indicates that the company has transitioned from the R&D investment phase to a stable profit-making phase, providing a financial buffer for sustained pipeline investment.

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Metric	Value
Current Stock Price	$33.90
UBS Target Price	$41.50 (DKK 2,750)
Upside Potential	+22.4%
Analyst Consensus Target Price	$41.50

Based on UBS’ analytical framework, the core supporting factors for the DKK 2,750 target price include:

Driver	Contribution Weight	Core Logic
EPKINLY Commercial Expansion	~25%	Approval of FL+R2 combination therapy unlocks growth space
Petosemtamab Potential	~25%	Merus acquisition brings next blockbuster asset
Rina-S Value Realization	~15%	Phase 3 advancement + BTD designation reduces risks
DARZALEX Royalty Growth	~10%	Sustained and stable cash flow source
Technology Platform Value	~5%	Sustained innovation capability and collaborative revenue

1. Petosemtamab Phase 3 Data Readout
   : Interim data from two head and neck cancer trials is expected to significantly impact valuation
2. Rina-S Clinical Trial Progress
   : Milestone events in endometrial cancer trial
3. 2025 Full-Year Financial Report
   : Q4 results to be released on February 11 may include updates on 2026 business outlook

1. Potential Petosemtamab Launch
   : First fully in-house blockbuster product
2. EPKINLY First-Line Therapy Approval
   : Expands patient coverage
3. More Pipeline Assets Enter Late-Stage Development
   : Sustains innovation engine momentum

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• Uncertainty in Petosemtamab Phase 3 Results
  : Trial failure could lead to approximately $800 million in investment losses
• Rina-S Clinical Trial Progress
  : May be affected by factors such as patient enrollment and achievement of clinical endpoints

• EPKINLY Market Competition
  : Other bispecific antibodies and CAR-T therapies may erode market share
• Pricing Pressure
  : The pricing environment for oncology drugs is becoming increasingly challenging

• Debt Burden from Merus Acquisition
  : Approximately $5.5 billion in debt financing will increase financial leverage
• Exchange Rate Risk
  : Exchange rate fluctuations between the Danish kroner and US dollar affect financial statement performance

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Genmab’s R&D pipeline provides solid support for UBS’

, with the core logic as follows:

Value Dimension	Evaluation Conclusion
Pipeline Depth	4 key assets are in critical development stages, covering hematologic oncology and solid tumors
Clinical Progress	Multiple Phase 3 trials are ongoing, 2026 will be a data-rich readout year
Commercialization Capability	Successful commercialization of EPKINLY validates the team’s execution capability
Strategic Transformation	Merus acquisition accelerates transition to fully in-house model
Cash Flow Support	Strong royalty revenue provides financial buffer for pipeline investment

: The current stock price corresponds to a price-to-earnings ratio of approximately 17.5x. Considering the company’s high-growth pipeline potential and robust profit quality, the valuation multiple corresponding to UBS’ target price remains within a reasonable range. For investors seeking growth opportunities in the biotechnology sector, Genmab offers an investment target that balances (cash flow from existing products) and (late-stage pipeline potential).

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[0] Jinling API - Genmab Company Profile and Market Data

[1] Genmab Announces Financial Results for the Nine Months of 2025 (https://ir.genmab.com/news-releases/news-release-details/genmab-announces-financial-results-nine-months-2025)

[2] Genmab Announces EPKINLY® in Combination with Rituximab and Lenalidomide Approved by FDA (https://ir.genmab.com/news-releases/news-release-details/genmab-announces-epkinlyr-epcoritamab-bysp-combination-rituximab)

[3] Seeking Alpha - Genmab Pipeline and Revenue Analysis (https://static.seekingalpha.com)

[4] Genmab to Acquire Merus, Expanding Late-Stage Pipeline (https://ir.genmab.com/news-releases/news-release-details/genmab-acquire-merus-expanding-late-stage-pipeline-and)

[5] FierceBiotech - Genmab pays $8B to buy Merus (https://www.fiercebiotech.com/biotech/genmab-pays-8b-buy-merus-and-phase-3-stage-bispecific-wowed-analysts)