Genmab A/S (GMAB) Rating Lifted by Goldman Sachs on Strong 2026 Catalyst Outlook

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TheFly reported on April 22 that The Goldman Sachs Group raised its rating on GMAB from Neutral to Buy and set a price target of $30.50. The upgrade reflected expectations of a catalyst-heavy 2026, supported by renewed assessment of key pipeline assets including Epkinly, Rina-S, and petosemtamab. The firm highlighted combined peak sales potential exceeding $5 billion across these programs, supporting a more favorable risk-reward profile. While acknowledging that the expiration of Darzalex royalty revenues is likely to weigh on growth beginning in 2029, it noted that this impact is already largely incorporated into current valuation levels.

In the first quarter of 2026, Genmab A/S (NASDAQ:GMAB) reported that global net product sales of DARZALEX (daratumumab), including both intravenous and subcutaneous formulations, totaled $3.964 billion, as disclosed by Johnson & Johnson. Sales were split between $2.208 billion in the United States and $1.756 billion across international markets.

GMAB earns royalty income from worldwide DARZALEX sales under its licensing agreement, granting J&J exclusive rights to develop and commercialize the therapy. The strong quarterly performance underscores continued demand for the multiple myeloma treatment across key regions and contributes directly to Genmab’s royalty revenue stream.

Genmab A/S (NASDAQ:GMAB) is a Denmark-based AI-driven biotechnology company focused on developing antibody-based cancer therapies. It uses advanced AI across drug discovery and clinical development to accelerate research, improve precision, and streamline biotech operations.

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