Goldman Upgrades Genmab to Buy, $5bn Upside

Goldman Sachs upgraded Genmab A/S to Buy from Neutral, citing confidence in three pipeline assets with >$5 billion peak‑sales potential through 2026.
Shares jumped 2.5% on Copenhagen exchange and nearly 4% pre‑market in the U.S. after the upgrade announcement on 22 April 2026.
Goldman forecasts $3.1bn for Epkinly, $1.9bn‑$2.8bn for Rina‑S, and $2.1bn risk‑adjusted sales for petosemtamab, with key trial readouts slated for H2 2026.
Analysts note Darzalex royalty expiry in 2029 and current valuation around 9× 2029 earnings, implying risk already priced.