Goldman Sachs upgraded Genmab to Buy from Neutral on Wednesday, following a comprehensive reassessment of the biotechnology firm's clinical pipeline. The bank said it now has growing confidence in three assets that together could de-risk more than $5 billion in peak sales potential over the remainder of 2026.
Following the analyst action, Genmab's shares rose 2.5% on the Copenhagen exchange, while the U.S.-listed American Depositary Receipts climbed nearly 4% in premarket trading.
The upgrade was based on a focused review of Epkinly, the folate receptor antibody-drug conjugate Rina-S, and the bispecific antibody petosemtamab. Goldman analysts, led by Rajan Sharma, said the firm sees the potential to de-risk roughly 1.5 times Genmab's full-year 2025 revenue via four to five potentially registrational trials. The analysts expect readouts across the three assets this year.
For Rina-S, Goldman set a risk-adjusted peak sales forecast of $1.9 billion and an unadjusted peak-sales estimate of $2.8 billion in gynecological oncology. The bank noted that these figures represent upside relative to Genmab management's guidance of more than $2 billion. Goldman singled out the RAINFOL-01 trial readout in platinum-resistant ovarian cancer - expected in the second half of 2026 - as a principal de-risking event.
The analysts acknowledged there is ongoing debate about the prospects for accelerated approval for Rina-S, given recent competitive approvals in the same therapeutic space. Nevertheless, they stated that a potential delay to the accelerated approval pathway would have "limited discounted cash flow (DCF) impact."
Goldman projected $2.1 billion in risk-adjusted peak sales for petosemtamab in head and neck cancer. The bank expressed particular confidence in the Phase 3 LiGeR-HN1 trial being run in the first-line setting. That trial tests petosemtamab in combination with Keytruda against Keytruda monotherapy. Goldman cited prior Phase 2 data showing an objective response rate of 63% with the combination versus 19% with Keytruda alone as a basis for its optimism. One or both head and neck readouts are anticipated in the second half of 2026.
Epkinly, Genmab's approved CD3xCD20 bispecific, was assigned a $3.1 billion peak-sales projection by Goldman. The bank expressed confidence in two ongoing Phase 3 trials evaluating Epkinly in first- and second-line diffuse large B-cell lymphoma, despite an earlier monotherapy study that failed to meet statistical significance on overall survival.
Goldman also noted that the expiry of the Darzalex royalty stream from 2029 will weigh on Genmab's longer-term growth profile. The analysts argued, however, that this risk appears to be priced into the stock, observing that Genmab is trading at approximately nine times 2029 earnings, "in line with LoE stocks."
This reassessment by Goldman centers on clinical milestones and sales modeling rather than any change to Genmab's near-term operational metrics. The bank's forecasts and expected trial readouts set a timetable of key events through the second half of 2026 that investors appear to be watching closely.