Danish biotech company Genmab has achieved a major milestone with its shares doubling over three months following a series of successful cancer drug trials, fundamentally reshaping its business strategy [1]. The company's stock surged 48% in a single week, including a 29% jump in one session after announcing strong Phase 3 trial results for petosemtamab, an experimental head and neck cancer treatment [1]. This announcement represented Genmab's third successful Phase 3 trial in October, following positive results for treatments targeting ovarian cancer and lymphoma, prompting CEO Jan van de Winkel to characterize the breakthroughs as marking "a completely new era" [1].
The three major trial successes demonstrate significant clinical efficacy across multiple cancer indications [1]. Petosemtamab, when combined with Merck's Keytruda, reduced the risk of death by 50% compared with Keytruda alone in patients with recurrent or metastatic head and neck cancer, with no new safety signals reported [1]. Rina-S reduced the risk of disease progression or death by 71% and the risk of death by 57% versus chemotherapy in a Phase 3 ovarian cancer trial, with Barclays analysts noting the results exceeded investor expectations and could offer an alternative for patients ineligible for AbbVie's competing treatment Elahere [1]. Epkinly, co-developed with AbbVie, reduced the risk of disease progression or death by 51% when combined with standard chemotherapy in previously untreated diffuse large B-cell lymphoma [1].
Genmab's strategic shift reflects its transition from a royalty-dependent business model to one retaining greater revenue control over its own treatments [1]. Historically, the company generated substantial income from royalties on drugs it helped develop, including Johnson & Johnson's Darzalex, which is expected to generate $16.5 billion to $16.9 billion in sales this year with Genmab receiving royalties of up to 20%, and Novartis' Kesimpta [1]. The company is now leveraging this financial firepower to build a business that keeps a much larger share of revenue from its own treatments, representing a fundamental business model transformation [1]. CEO van de Winkel stated that the petosemtamab combination "could potentially set a completely new standard" of care, though he declined to comment on whether survival data might hold up as data mature, citing still unpublished full data [1].
CONCLUSION
Genmab's triple Phase 3 trial success in October represents a transformational moment for the Danish biotech, validating its strategic pivot toward retaining greater control and revenue from its own drug candidates. The stock's 48% weekly surge and doubling over three months reflects strong investor confidence in the commercial potential of these cancer treatments, particularly petosemtamab's combination therapy approach. This success positions Genmab to transition from a royalty-dependent model to a fully integrated pharmaceutical company with significant near-term revenue opportunities across multiple oncology indications.