Genmab - ADR

Strong financial momentum + upgraded guidance (good) - Revenue grew 25% YoY in 1H26 to ~$396M for proprietary portfolio (37% growth YoY). - Adjusted operating profit increased 18% (showing profitability growth while investing). - Effective tax rate: 3.6% in 1H26 (driven by Merus integration and recognition/use of deferred tax assets); management expects volatility may continue and normalization over 12–18 months. - Updated 2026 guidance (vs prior): - Revenue: $4.3–$4.5B (+19% YoY at midpoint; previously lower). - Operating profit: $1.1–$1.4B. - Operating leverage: despite higher investment, revenue +5% and operating profit +7%, with OpEx only +2% at midpoint.

Commercial performance: EPKINLY leading growth + broad-based portfolio strength (good) - EPKINLY net product sales: $312M in 1H26 (+48% YoY, +28% QoQ). - Growth drivers: new patient starts, site activations in the US, strong uptake of chemo-free fixed-duration EPKINLY + R-squared in 2L FL. - Community adoption rising: >90% of key customers order for 2+ sites; Europe/Japan/partner footprint expanding. - TIVDAK sales: $84M in 1H26, supported by US scaling + launches in Japan/Europe; UK reimbursement secured (additional markets progressing). - DARZALEX +21% YoY, and rest of portfolio +35% YoY → revenue growth described as high growth + broad-based (not only one product).

Pipeline/data cadence: multiple late-stage catalysts with clearer timing (good) - EPCORE DLBCL-4 (epcoritamab-based combo): Phase III top-line PFS announced in June—statistically significant, clinically meaningful improvement. - OS was immature at the time; more detail expected at conferences. - EPKINLY (DLBCL frontline) EPCORE DLBCL-2: interim top-line data expected Q4 26 (based on interim analysis) with discussions implying it could support regulatory filing. - Rina-S: management expects Phase II + Phase III platinum-resistant ovarian cancer datasets in Q4. - Petosemtamab (CRC): readout timing supported by ESMO update in Oct and major Phase III expansion described below.