Goldman Upgrades Genmab as $5B Pipeline De-risked by Three Assets
Goldman Sachs upgraded Genmab to Buy from Neutral, citing de-risking of over $5 billion in peak sales potential across Epkinly, Rina-S and petosemtamab. Analysts forecast $1.9 billion in risk-adjusted peak sales for Rina-S, $2.1 billion for petosemtamab and $3.1 billion for Epkinly, with multiple H2 2026 trial readouts.
1. Upgrade and Stock Reaction
Goldman Sachs raised Genmab’s rating to Buy from Neutral on growing confidence in three key pipeline candidates. Shares climbed 2.5% in Copenhagen trading and gained nearly 4% in U.S. premarket on the upgrade.
2. Pipeline Asset Forecasts
Analysts estimate Epkinly will deliver $3.1 billion in peak sales, Rina-S $2.8 billion unadjusted ($1.9 billion risk-adjusted) in gynaecological oncology, and petosemtamab $2.1 billion in head and neck cancer. Confidence stems from Phase 3 designs and a 63% objective response rate observed with petosemtamab plus Keytruda versus 19% for Keytruda alone.
3. Trial Readout Timelines
Key registration trial readouts are slated for the second half of 2026: RAINFOL-01 in platinum-resistant ovarian cancer and one or both Phase 3 LiGeR-HN1 head and neck studies comparing petosemtamab plus Keytruda against Keytruda monotherapy.
4. Royalty Expiry and Valuation Impact
Darzalex royalty streams expire in 2029, which analysts view as fully priced into Genmab’s valuation at roughly nine times 2029 earnings. This multiple is considered in line with other loss-of-exclusivity biopharma peers.