Genmab's Q2 2025: Unraveling Contradictions in Rina-S, EPKINLY Launch, and HexaBody-OX40 Development Strategies

Rina-S development strategy, launch strategy for EPKINLY, and development of HexaBody-OX40 are the key contradictions discussed in Genmab A/S's latest 2025Q2 earnings call.



Revenue Growth and Product Performance:
- Genmab A/S reported a 19% increase in total revenue for the first half of 2025, fueled by increased recurring revenue.
- The growth was driven by the performance of products like EPKINLY and Tivdak, as well as strong royalties from DARZALEX and Kesimpta.

Operating Profit Improvement:
- Genmab saw a 56% growth in operating profit during the first half of 2025, despite strategic investments in high-impact programs.
- This improvement was attributed to disciplined capital allocation, with a focus on late-stage pipeline development and commercialization execution.

Regulatory Milestones and Pipeline Advancements:
- Genmab achieved significant regulatory milestones, including the submission of an sBLA for epcoritamab in second-line follicular lymphoma and the first disclosure for single-agent Rina-S in advanced endometrial cancer.
- These advancements were part of a strategic plan to broaden the reach of key programs and accelerate clinical development.

Commercialization Success:
- Sales of EPKINLY and Tivdak grew by 60% year-over-year in the first half of 2025, accounting for 31% of the total revenue growth.
- The success was driven by strong market penetration, positive physician feedback, and strategic expansions into new markets.