On July 23, Genmab A/S (NASDAQ:GMAB) and AbbVie Inc. (NYSE:ABBV) clarified a key clinical setback regarding their jointly developed T-cell engaging bispecific antibody, epcoritamab (DuoBody-CD3xCD20). The Phase 3 EPCORE DLBCL-1 study evaluated epcoritamab monotherapy against investigator's choice of chemoimmunotherapy in transplant-ineligible adults with relapsed/refractory diffuse large B-cell lymphoma. The clarification confirmed that in the United States, where overall survival was the sole primary endpoint, the trial failed to demonstrate a statistically significant improvement, missing its primary endpoint.
While the drug maintains its accelerated FDA approval, the missing survival endpoint forces both companies to review the full data set with regulators to figure out the path forward. While both companies partner on epcoritamab, their financial profiles operate on entirely different scales. Genmab released its first-half (H1) 2026 results in early August, generating total revenue of $2.051 billion, a 25% year-over-year increase from $1.640 billion in H1 2025.
Growth was anchored by royalty revenues of $1.708 billion (up 24%), propelled by J&J's DARZALEX net sales reaching $8.171 billion (up 21%) alongside strong Kesimpta royalties. Global net sales for EPKINLY/TEPKINLY jumped 48% to $312 million. Adjusted operating profit reached $656 million (up from $554 million in H1 2025).
Backed by surging royalties and EPKINLY demand, Genmab raised its full-year 2026 revenue guidance to $4.325–$4.525 billion (midpoint $4.425 billion) and adjusted operating profit to $1.065–$1.385 billion. Wall Street responded positively: on August 7, Guggenheim analyst Michael Schmidt raised Genmab's price target to $42 from $40 with a Buy rating, citing "robust" execution and improved guidance. AbbVie delivered a massive Q2 2026 report on July 31, generating $16.99 billion in net revenues (up 10.2% year-over-year) and adjusted diluted EPS of $3.65 (up 22.9%).
Robust growth was driven by its blockbuster immunology portfolio ($8.79 billion, up 15.1%), where Skyrizi and Rinvoq combined for over $8 billion in sales, effortlessly absorbing ongoing Humira declines. Neuroscience also jumped 20.3% to $3.23 billion. On August 5, Erste Group upgraded AbbVie from Hold to Buy, pointing to pipeline progress across immunology, neuroscience, and oncology, alongside a slight raise in AbbVie's revenue forecast.
AbbVie also expanded its pipeline beyond therapeutics; the FDA recently, on August 4, accepted its sBLA for Botox Cosmetic to treat masseter muscle prominence (jawline slimming). In financial terms, AbbVie is the superior mega-cap play. It generates massive diversified cash flows that shield it from single-trial setbacks, whereas pure-play biotech Genmab offers higher growth velocity but carries greater pipeline concentration risk.
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