Genmab A/S Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jonathan Chang - Leerink Partners LLC - Analyst : Hi guys, thanks for taking my question. Now coming out of ESMO, there's been a lot of discussion around the competitive landscape of Peto and Rina-S. What are your latest thoughts on how these drugs are positioned in the competitive landscape. And what gives you confidence in the potential for these 2 programs to be key drivers of growth. Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 06, 2025 / 5:00PM, GMAB.CO - Q3 2025 Genmab A/S Earnings Call

Question: Michael Schmidt - Guggenheim Securities LLC - Analyst : Hey, thanks for taking my questions and congrats on all the progress. I had a question on EPKINLY I was just wondering if you could comment on the commercial dynamics. I'm just curious in terms of sales, what are you seeing in terms of use in the approved indications between follicular and DLBCL. And then how should we think about the near-term growth opportunity in second line follicular in the U.S. and Japan in your markets? What is the magnitude of that near-term growth opportunity? Thanks so much.

Question: Xian Deng - UBS AG - Analyst : Hi, thank you very much. Thank you for taking my question. Sorry, if I may just stay on key a bit. I wonder if I could maybe push a little bit more on sort of the near-term performance given I mean in this quarter, we did see kind of a miss EPKINLY. Just wondering if there's anything you would flag in terms of this quarter's performance. And also just wondering for second follicular lymphoma. Just wondering how should we think about the launch trajectory? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 06, 2025 / 5:00PM, GMAB.CO - Q3 2025 Genmab A/S Earnings Call Do you think this is actually going to be a bit more gradual given I don't know, follicular lymphoma. Is that mainly community setting? Or do you think this actually will be a pretty fast uptake? Thank you very much.

Question: Qize Ding - Redburn Partners LLP - Analyst : Hi, thanks for taking my question. One, if I may. So can you elaborate a little bit more on your decision to terminate the clinical development of 1042 in first-line anti cancer. And also, what is the implication to the future development of this drug in first-line lung cancer and first-line melanoma? Thank you.

Question: Rajan Sharma - Goldman Sachs Group Inc - Analyst : Hi, thanks for, taking my question. Just wanted to get your thoughts that had the Apine PDUFA in November, there's obviously been a bit more of a focus seemingly on U.S. representation in clinical trials. So I just wanted to get your confidence into that potential approval. And if you could just confirm the efficacy in the ATCO FL1 trial is consistent across both U.S. and non-U.S patients. Thank you.

Question: Yaron Werber - Cowen and Company LLC - Analyst : Great, thanks so much. Anthony, I got a couple of questions for you more about 2026 and then 27%. So you mentioned for next year, the numbers -- the stand-alone OpEx for Merus and Genmab are reasonable. For Merus, they're sort of in the 450 range in terms of OpEx, let's call it, 450, maybe some you're going to have as high as 500. I think we were imagining there's going to be some synergies as you bring that company in. And I know you're not -- you can't give guidance, but can you give us any -- a little bit of a sense, are we thinking about this correctly? And then secondly, when you're talking about significant profitability next year, there could be as much as like $430 million change between interest income net to noninterest expense net because of the debt liability. So we're thinking about that correctly because it would impact profitability next year. Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 06, 2025 / 5:00PM, GMAB.CO - Q3 2025 Genmab A/S Earnings Call

Question: Asthika Goonewardene - Suntrust Robinson Humphrey Capital Markets - Analyst : Hey guys, thanks for taking my questions. I want to also say congrats on all the growth that you guys have shown this quarter is impressive. Jan, when the Merus acquisition was announced, you mentioned that head-neck cancer was the main driving factor for that your interest there. And you said you'll talk a little bit more about colorectal when that data is presented. To get at in CRC at the Triple meeting was, I would say, perhaps a little better than what even Bill telegraphed. So how do you view that colorectal opportunity? And then importantly, that as well as a net, do you feel that you need a subcutaneous formulation to be competitive with their emerging competition from Rina. Thanks.

Question: Matt Phipps - William Blair Capital Partners - Analyst : Hi, thanks for taking my question. I've had a lot of investor interest recently on the first-line DLBCL trial with EPKINLY reading out next year. I'm wondering if you can give us any sense of where you think that's a first half or second half readout. And then what level of PFS benefit do you think you need to really outcompete the PVR CHP regimen that has gained some traction there. Thanks.

Question: Zain Ebrahim - JPMorgan Chase & Co - Analyst : Hi everyone, thanks for taking my question. Got one clarification question for just on the OpEx for '26 in terms of when you say both the time alone investments from Mediar and for Genmab, reasonable pace, I think is how you characterized it. Does that include the potential for indication expansion that you outlined for locally advanced head and neck for Peto and maybe other indications that we might hear about more in Q1 was my first question. And the second question is just on -- can you remind us of the filing strategy for Renoir next year? I know you just said everything is on track. But in terms of recruitment, how that's progressing for the Phase III and when we can expect to see more duration of response data from the Phase II trial. Thanks a lot.

Question: Charlie Haywood - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Hi Charlie Hay with Bank of America. Thanks for taking the questions. First one was on just how to look -- how you're looking at the first-line head and neck cancer landscape, specifically, I guess, the option to have a triplet versus a doublet strategy. How you think those segments of the markets differ versus the KEYTRUDA mono or combo arms that you have as part trials? And then the second one being in Rina-S endometrial data I think optically looked like better responses in the file receptor greater than 25% and a bigger delta than you've seen in PROCs, I guess, confidence in efficacy across broad flareceptor alpha expresses. Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 06, 2025 / 5:00PM, GMAB.CO - Q3 2025 Genmab A/S Earnings Call

Question: Charlie Haywood - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Thanks, Jan.