Genmab shares plunged more than 5% Wednesday after the Danish biotech reported mixed data for its Epkinly cancer therapy, despite full-year 2025 results meeting expectations. The Epkinly second-line monotherapy trial hit progression-free survival targets but failed to achieve statistical significance on overall survival in diffuse large B-cell lymphoma.

Management blamed the miss on COVID-era trial timing and evolving access to novel therapies. The company's 2025 revenue climbed 19% to $3.7 billion, matching consensus, with Epkinly global sales reaching approximately $468 million, up 67%. Tivdak delivered $164 million, growing 26% year-over-year.

For 2026, Genmab projected revenue of $4.1 billion to $4.4 billion versus consensus of $4.3 billion. BofA Securities assigned a 70% probability of success to an upcoming interim data read. Three key catalysts will drive 2026: Phase 3 petosemtamab data, Phase 2 rinatabart results, and first-line DLBCL data for Epkinly.