Description

Genmab: Petosemtamab & Rina-S Could Be Blockbusters—But How Big Is The Execution Risk?

Genmab, a biotechnology company focused on antibody-based therapies, reported its 2025 financial results showing a 19% increase in total revenue to $3.7 billion, supported by growth in both royalty income and sales of proprietary medicines, particularly EPKINLY and TIVDAK. Operating profit rose to $1.26 billion despite increased operating expenses driven by strategic investments in late-stage pipeline advancement and commercialization capabilities. The company also completed the acquisition of Merus, adding petosemtamab to its late-stage portfolio, thus strengthening its pipeline alongside EPKINLY and Rina-S, with multiple potential registrational data readouts expected in 2026. EPKINLY, a bispecific antibody approved in over 65 countries for follicular lymphoma and diffuse large B-cell lymphoma (DLBCL), achieved $468 million in sales in 2025, reflecting a 67% year-over-year increase. Its expansion into earlier lines of therapy remains a priority, with ongoing Phase III trials in frontline and second-line DLBCL anticipated to read out in 2026.