GS ups Genmab to 'buy' on attractive entry point ahead of catalysts

Genmab A/S

22/04/2026 11:39

** Goldman Sachs upgrades Danish biotechnology firm Genmab GMAB.CO to "buy" from "neutral" as a review of its key assets improves confidence in future growth drivers

** GS notes YTD weakness offers an attractive entry point ahead of a catalyst-rich remainder of 2026 --  raises PT by 24% to DKK 2200

** The broker sees potential to de-risk over $5 billion in peak sales across three main future growth drivers from four to five potential registration trials

** GS forecasts $1.9 billion in risk-adjusted peak revenue for cancer drug Rina-S and $2.1 billion for petosemtamab in head and neck cancer treatments

** While the upcoming royalty stream expiration for Darzalex will pressure growth from 2029, the broker sees this appropriately reflected at current valuation levels

** Out of 21 analysts, 14 rate Genmab "strong buy"/"buy", five "hold", and two "sell"/"strong sell" - LSEG data

(Reporting by Marta Frackowiak)

((marta.frackowiak@thomsonreuters.com))