GENMAB: Genmab: positive EPCOR data from ASCO 2022 and EHA 2022, increasing TP to DKK2,150 | NEUTRAL | DKK2150 VS. 2100 (+2%)

GENMAB - NEUTRAL | DKK2150 VS. 2100 (+2%)
Genmab: positive EPCOR data from ASCO 2022 and EHA 2022, increasing TP to DKK2,150

Last week, EPCORE NHL-1 Phase II data for epcoritamab in patients with R/R LBCL was released during the EHA 2022 congress (Click). This data reinforces our positive view that we have initially established after the April 2022 data (Click) around epcor’s 2022 R/R DLBCL filling because of four reasons: i) robust complete response rate (CR) and superior ORR compared to Roche’s (Buy Rated) glofitamab (CD20/CD3): CRR was in the ballpark of glofit, 39% after a median follow-up of 10.7 months vs 39.4% at a median follow up of 12.6 months for glofit, but epcor’s ORR data clearly outperformed glofit 63.1% vs 51.6%, ii) so far, durable response rates seem robust even though we have not seen the 12-month data yet, 89% CR at 9 months vs 77.6% CR rate at 12 months (glofit), iii) stronger safety than glofit with clinically meaningfully lower rate of cytokine release syndrome (49.7% vs 63%), and iv) convenience benefit of SC epcor vs IV (glofit). Furthermore, even though epcor demonstrated robust ORR and CR rates on early line setting, we are neutral on its commercial prospects due to the high degree of competition with Roche’s polivy and a high bar set by the SOC R-CHOP.