Wolfe Research Rates Genmab Outperform on Oncology Pipeline Prospects

Wolfe Research has initiated coverage of Genmab A/S with an Outperform rating and a price target of $32. The analyst firm views the recent decline in the company's share price as a compelling entry point, particularly in light of anticipated clinical milestones expected in 2026. This assessment comes after Genmab reported a loss in a confirmatory study for diffuse large B-cell lymphoma, a development that has weighed on investor sentiment but which the analysts argue does not diminish the long-term value of the oncology pipeline.

The core of Wolfe Research's bullish thesis rests on the potential of Genmab's late-stage assets to drive significant future revenue. Epkinly is projected to reach peak sales of $3.4 billion, a figure driven primarily by the EPCORE DLBCL-2 trial. Alongside this, the company's Rina-S program is expected to generate $2.5 billion in peak sales across multiple indications, with findings from the RAINFOL-01 PROC trial anticipated later this year. These projections suggest a robust commercial outlook despite the recent setback in the DLBCL confirmatory study.

While the future pipeline commands attention, the company's existing portfolio continues to deliver substantial returns. Genmab reported global net sales of $3.964 billion for its cancer treatment portfolio, DARZALEX, in the first quarter of 2026. This revenue stream, which includes both intravenous and subcutaneous formulations, provided a solid financial foundation with US sales totaling $2.208 billion and international markets contributing $1.756 billion. The consistency of these figures underscores the commercial viability of the company's current offerings alongside its developmental programs.

Genmab A/S specialises in oncology, developing innovative antibody-based therapies for cancer treatment. The firm's late-stage pipeline includes promising programs such as Rina-S and Epkinly, which are central to its growth strategy. By focusing on these high-potential assets, the company aims to capitalise on the evolving landscape of cancer therapies. The analysts' recommendation suggests that the market has overreacted to the recent study loss, failing to fully appreciate the depth and potential of the oncology portfolio.

The initiation of coverage by Wolfe Research highlights a shift in perspective regarding Genmab's investment case. By identifying the current price dip as a purchasing opportunity, the firm signals confidence in the company's ability to navigate regulatory and clinical hurdles. The combination of strong existing sales from DARZALEX and the high growth potential of the Epkinly and Rina-S programs forms the basis for the Outperform rating. Investors are being urged to look past the short-term volatility and focus on the anticipated 2026 clinical triggers that could unlock significant value.