Investing.com -- Goldman Sachs upgraded Genmab to Buy from Neutral on Wednesday, citing growing confidence in three key pipeline assets that the bank believes could de-risk more than $5 billion in peak sales potential over the remainder of 2026.

The company’s shares rose 2.5% in Copenhagen, while U.S.-listed stock gained nearly 4% in premarket trading.

The upgrade follows a detailed pipeline review covering Epkinly, the folate receptor ADC Rina-S, and bispecific antibody petosemtamab.

Goldman analysts led by Rajan Sharma said they see potential to de-risk approximately 1.5 times the company’s full-year 2025 revenue from four to five potentially registrational trials, with readouts expected across all three assets this year.

For Rina-S, the team forecasts $1.9 billion and $2.8 billion in risk-adjusted and unadjusted peak sales in gynaecological oncology, representing upside to management’s own guidance of more than $2 billion.

They highlighted the RAINFOL-01 trial readout in platinum-resistant ovarian cancer, due in the second half of 2026, as a key de-risking event.

While acknowledging debate around the prospects for accelerated approval given recent competitive approvals in the space, the analysts said a potential delay to that pathway would have "limited discounted cash flow (DCF) impact."

For petosemtamab, Goldman projects $2.1 billion in risk-adjusted peak sales in head and neck cancer, expressing particular confidence in the Phase 3 LiGeR-HN1 trial in the first-line setting.

The analysts pointed to the trial’s design — testing petosemtamab plus Keytruda against Keytruda monotherapy — and prior Phase 2 data showing an objective response rate of 63% with the combination versus 19% with Keytruda alone as the basis for their optimism.

One or both of the head and neck readouts are expected in the second half of 2026.

Epkinly, Genmab’s approved CD3xCD20 bispecific, drew a $3.1 billion peak sales forecast, with Goldman expressing confidence in two ongoing Phase 3 trials in first- and second-line diffuse large B-cell lymphoma despite an earlier monotherapy trial missing statistical significance on overall survival.

The analysts acknowledged that expiry of the Darzalex royalty stream from 2029 will weigh on longer-term growth, but argued the risk is now priced in, with Genmab trading at around 9 times 2029 earnings, "in line with LoE stocks."