Genmab Shares Jump 6% on Epkinly Trial

Genmab shares rose more than 6% on Tuesday after the Danish biotech disclosed strong interim data from a late‑stage trial evaluating Epkinly in combination with lenalidomide as a second‑line (2L) treatment for diffuse large B‑cell lymphoma (DLBCL). The combination demonstrated a progression‑free survival (PFS) hazard ratio of 0.40 compared with the chemotherapy regimen R‑GemOx, a result that was statistically significant and well below the 0.65 hazard‑ratio threshold that Bank of America (BofA) considers indicative of success.

BofA analysts, led by Charlie Haywood, said the very strong PFS hazard ratio relative to expectations of 0.5‑0.6 supports a competitive efficacy profile in 2L DLBCL, estimating a peak market opportunity of roughly $0.8 bn. The analysts noted that the data also helps rebut concerns that arose after Epkinly missed in an earlier 2L monotherapy trial, which they attributed to the confirmatory nature of that study and confounding effects from COVID‑19. Beyond efficacy, the safety profile disclosed was consistent with previously reported data, reinforcing the chemo‑free regimen’s subcutaneous and oral administration as a likely commercial advantage over Roche’s intravenous STARGLO regimen, which carries comparable efficacy but targets a different patient population.

While the second‑line lymphoma indication is not seen as Epkinly’s primary commercial opportunity, BofA estimates the upcoming first‑line trial readout—expected around the middle of this year—could represent a $2 bn peak sales opportunity, with a hazard ratio below 0.65 as the bar for success. The bank further expects the positive Epkinly data to lift sentiment heading into a busier second half of the year, when readouts from two other wholly owned Genmab assets—Rina‑S in platinum‑resistant ovarian cancer and Petosemtamab in head and neck cancer—are anticipated, each also viewed as roughly $2 bn peak opportunities. Successful readouts across these three programs could provide as much as 40% upside to Genmab’s 2035 earnings‑per‑share estimate.