Genmab’s Q1 2026 results were largely in line with expectations, as reflected by the modest 0.4% stock reaction, with solid revenue growth balanced against ongoing heavy investment and no changes to guidance.

• Total revenue grew 25% year-over-year, driven by strong momentum across the portfolio.
• Proprietary product sales rose 43%, led by EPKINLY’s 52% growth ($137 million), benefiting from label expansion and removal of post-dose hospitalization recommendation.
• Tivdak sales increased 18% to $39 million, maintaining its leadership in recurrent/metastatic cervical cancer.
• The Phase III RAINFOL-02 trial for Rina-S completed enrollment ahead of schedule, setting the stage for pivotal data in H2 2026.
• Management maintained full-year guidance and reiterated 2026 as a catalyst-rich year, though no incremental positive surprises or upgrades were announced.