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Genmab Pulls Plug on Acasunlimab to Double Down on Blockbuster Bets

MarketDash Editorial Team
2 hours ago
The biotech is discontinuing development of acasunlimab to concentrate its firepower on three late-stage cancer programs analysts believe could generate $8 billion in combined peak sales.

Genmab A/S (GMAB) announced Monday it's pulling the plug on acasunlimab, a decision that might sound like bad news but is actually more like spring cleaning. The biotech is essentially Marie Kondo-ing its pipeline, thanking drugs that don't spark sufficient commercial joy and moving on.

The move comes after Genmab took a hard look at its portfolio and the competitive landscape and decided to concentrate resources where they'll count most. While acasunlimab showed encouraging clinical results, the company is betting bigger on three late-stage programs: Epkinly (epcoritamab), petosemtamab, and rinatabart sesutecan (Rina-S).

Here's the context that makes this decision less surprising: Acasunlimab was already something of an orphan. Back in August 2024, BioNTech SE (BNTX) opted out of further development, leaving Genmab to carry the program solo. At the time, acasunlimab was progressing through four cancer trials, including a Phase 3 study in non-small cell lung cancer, two Phase 2 trials in melanoma and non-small cell lung cancer, and a Phase 1 trial in solid tumors.

The good news for Genmab shareholders? This doesn't touch the company's full-year 2025 financial guidance. That's because acasunlimab was never expected to be a revenue monster anyway.

Why Analysts Aren't Worried

William Blair put it bluntly on Monday: "We previously modeled peak sales of roughly $300 million for acasunlimab, and therefore had always viewed it as a minimal contribution to the company's peak revenue opportunity."

When you're staring at potential blockbusters elsewhere in your pipeline, $300 million starts looking like pocket change. Analyst Matt Phipps sees the real prize in Genmab's three lead assets, which he believes could deliver a combined $8 billion in peak sales. With that kind of upside on the table, Phipps maintains an Outperform rating on the stock.

It's a classic portfolio management play. Why spread your resources thin across multiple programs when you can concentrate firepower on the ones with genuine blockbuster potential? Epkinly already notched a significant win with FDA approval for treating a type of pretreated blood cancer, validating Genmab's approach.

The market's initial reaction was muted. Genmab shares closed down 2.05% at $32.73 on Monday, suggesting investors largely agree this is a strategic refocusing rather than a major setback. When you're discontinuing a program that represented less than 4% of your projected peak revenue opportunity, it's hard to call it a crisis.

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Genmab Pulls Plug on Acasunlimab to Double Down on Blockbuster Bets

MarketDash Editorial Team
2 hours ago
The biotech is discontinuing development of acasunlimab to concentrate its firepower on three late-stage cancer programs analysts believe could generate $8 billion in combined peak sales.

Genmab A/S (GMAB) announced Monday it's pulling the plug on acasunlimab, a decision that might sound like bad news but is actually more like spring cleaning. The biotech is essentially Marie Kondo-ing its pipeline, thanking drugs that don't spark sufficient commercial joy and moving on.

The move comes after Genmab took a hard look at its portfolio and the competitive landscape and decided to concentrate resources where they'll count most. While acasunlimab showed encouraging clinical results, the company is betting bigger on three late-stage programs: Epkinly (epcoritamab), petosemtamab, and rinatabart sesutecan (Rina-S).

Here's the context that makes this decision less surprising: Acasunlimab was already something of an orphan. Back in August 2024, BioNTech SE (BNTX) opted out of further development, leaving Genmab to carry the program solo. At the time, acasunlimab was progressing through four cancer trials, including a Phase 3 study in non-small cell lung cancer, two Phase 2 trials in melanoma and non-small cell lung cancer, and a Phase 1 trial in solid tumors.

The good news for Genmab shareholders? This doesn't touch the company's full-year 2025 financial guidance. That's because acasunlimab was never expected to be a revenue monster anyway.

Why Analysts Aren't Worried

William Blair put it bluntly on Monday: "We previously modeled peak sales of roughly $300 million for acasunlimab, and therefore had always viewed it as a minimal contribution to the company's peak revenue opportunity."

When you're staring at potential blockbusters elsewhere in your pipeline, $300 million starts looking like pocket change. Analyst Matt Phipps sees the real prize in Genmab's three lead assets, which he believes could deliver a combined $8 billion in peak sales. With that kind of upside on the table, Phipps maintains an Outperform rating on the stock.

It's a classic portfolio management play. Why spread your resources thin across multiple programs when you can concentrate firepower on the ones with genuine blockbuster potential? Epkinly already notched a significant win with FDA approval for treating a type of pretreated blood cancer, validating Genmab's approach.

The market's initial reaction was muted. Genmab shares closed down 2.05% at $32.73 on Monday, suggesting investors largely agree this is a strategic refocusing rather than a major setback. When you're discontinuing a program that represented less than 4% of your projected peak revenue opportunity, it's hard to call it a crisis.