Genmab Reports 25% Revenue Growth in H1 2026, Eyes Multiple Late-Stage Catalysts
The Danish biotech raised guidance as EPKINLY sales surged 48% and outlined a pipeline-heavy second half with Phase III readouts expected across three key programs.
Strong Commercial Momentum Drives Performance
Genmab A/S reported total revenue growth of 25% for the first half of 2026, driven by continued strength across its commercialized portfolio and what CEO Jan van de Winkel characterized as "focused and strategic investments" in late-stage programs (earnings call, 2026-08-06). The $18 billion Danish biotech raised full-year guidance, now projecting 5% higher revenue and 7% higher operating profit compared to previous expectations.
Proprietary product sales totaled $396 million, representing 37% growth year-over-year (earnings call, 2026-08-06). EPKINLY, the company's bispecific antibody for blood cancers, led the charge with $312 million in first-half sales—a 48% increase compared to the same period in 2025 (earnings call, 2026-08-06).
Chief Commercial Officer Brad Bailey highlighted that in the U.S., the launch of the chemo-free EPKINLY plus R2 combination in second-line follicular lymphoma "has been going extremely well with rapid uptake across sites" (earnings call, 2026-08-06). Over 90% of key customers are now ordering for two or more sites, with the majority of new activations coming from community practices rather than academic centers.
DARZALEX, Genmab's partnered multiple myeloma therapy with Johnson & Johnson, increased 21% year-over-year, while the remainder of the portfolio grew 35% (earnings call, 2026-08-06). CFO Anthony Pagano noted that approximately half of revenue growth came from DARZALEX, with the other half generated by EPKINLY and other products, demonstrating that "our business is becoming more diversified and more durable" (earnings call, 2026-08-06).
Pipeline-Heavy Second Half Ahead
Genmab provided updated timelines for three pivotal Phase III readouts, all expected between Q4 2026 and Q1 2027. For Rina-S, the company anticipates both Phase II and Phase III data in platinum-resistant ovarian cancer will be available in Q4 2026 (earnings call, 2026-08-06).
Petosemtamab, an EGFR/LGR5 bispecific antibody, will see its frontline head and neck cancer study read out in Q4 2026, while the second and third-line study is expected in Q1 2027 (earnings call, 2026-08-06). The company also announced two new Phase III trials for petosemtamab in colorectal cancer—one in frontline and one in second-line settings—both targeting RAS/RAF wild-type tumors.
For EPKINLY, top-line data from the frontline DLBCL-2 study, based on an interim analysis, is anticipated in Q4 2026 (earnings call, 2026-08-06). The company previously announced positive results from the Phase III EPCORE DLBCL-4 trial in June, showing statistically significant improvement in progression-free survival.
Financial Flexibility and Integration
Adjusted operating profit grew 18% in the first half, demonstrating what Pagano described as Genmab's ability to "increase investment while continuing to expand profitability" (earnings call, 2026-08-06). The effective tax rate of 3.6% primarily reflected the ongoing integration of Merus, acquired earlier, and related recognition of deferred tax assets. Management expects the tax rate to normalize over the next 12 to 18 months.
With multiple late-stage catalysts on the horizon and strengthening commercial performance, Genmab is positioning for what van de Winkel called potential "approvals and launches in 2027" across its key programs (earnings call, 2026-08-06).
This article was generated by MarginX from the earnings call on 2026-08-06. It is not investment advice.