Genmab A/S (GMAB) Earnings Call Transcript & Summary

Hello, and welcome to the Genmab First Half 2026 Financial Results Conference Call. As a reminder, this conference call is being recorded. During this telephone conference, you may be presented with forward-looking statements that include words such as believes, anticipates, plans, or expects. Actual results may differ materially, for example, as a result of delayed or unsuccessful development projects. Genmab is not under any obligation to update statements regarding the future, nor to confirm such statements in relation to actual results, unless this is required by law. Today's presentation will also include comments on certain non-IFRS financial measures, which management uses to describe the company's baseline performance and which supplement but do not substitute for the comparable IFRS measures. We encourage you to review our full financial statements and publicly filed reports and not to rely on any single financial measure. Please also note that Genmab may hold your personal data as indicated by you, as a part of our Investor Relations outreach activities, in order to update you on Genmab going forward. Please refer to our website for more information on Genmab and our privacy policy. I would now like to hand the conference over to our first speaker today, Jan van de Winkel. Please go ahead.

Hello, everyone, and welcome to our financial results call for the first half of 2026. With me today is our Chief Financial Officer, Anthony Pagano; our Chief Commercial Officer, Brad Bailey; and our Chief Medical Officer, Tahi Ahmadi. For the Q&A, we will be joined by our Chief Development Officer, Judith Klimovsky. As the operator said, we will be making forward-looking statements, so please keep that in mind during the call. As we pass the midpoint of the year, I can tell you we are in a really good place. We have been clear about what we set out to do, accelerate our late-stage pipeline, maximize our commercialized medicines and stay disciplined with our capital, and that is exactly what we have been doing. We grew total revenue by 25%, driven by continued momentum across our portfolio, even as we have made focused and strategic investments in our late-stage programs in launch, readiness, and in the integration of Merus. And we did all this while growing operating profits. To me, that says a lot about the quality of our business. And beyond financial performance, I'm enthusiastic about our recent pipeline progress. So let me walk you through the highlights. In June, we announced positive top line results from the Phase III EPCORE DLBCL-4 trial, which showed statistically significant, clinically meaningful improvement in progression-free survival. What is about these results -- What is important about these results is what they demonstrate about epcoritamab more broadly. There is growing evidence of the versatility of epcoritamab-based combinations across multiple lines of therapy. This data was followed by the European approval of EPKINLY plus lenalidomide and rituximab for the treatment of follicular lymphoma in the second-line setting. This makes EPKINLY the first and only bispecific-based therapy approved in Europe for this indication. All presentations at medical conferences through the quarter have highlighted the strength of our portfolio. And we are looking forward to sharing with you petosemtamab data with updated results in colorectal cancer presented at ESMO in October. Based on this promising data, we are continuing to build momentum for petosemtamab. We are initiating two new Phase III studies in colorectal cancer, and Tahi will share more detail on them in just a moment. Now let's turn to the catalysts we continue to look forward to this year, on the next slide. As we move into the second half of the year, we are now in a position to provide some clarity on the timing for our highly anticipated data readouts. For Rina-S, we anticipate both Phase II and Phase III platinum-resistant ovarian cancer data sets will be available in the fourth quarter. For petosemtamab, we are eagerly awaiting the readouts for both studies. And with better visibility, we can now say that the frontline study is expected to read out in the fourth quarter, while the second and third-line study is anticipated to read out in the first quarter of 2027. Finally, for EPKINLY, we anticipate that top line data from the frontline EPCORE DLBCL-2 study, which will be based on an interim analysis, will also be available in the fourth quarter. What this means is that for each of our late-stage programs, we remain on track for Phase III readouts in the second half and then potential approvals and launches in 2027. This is what we have been building towards and that reflects our focused execution. So exciting times ahead. Now I would like to hand you over to Tahi to walk you through the details of the Phase III colorectal studies. Tahi, the floor is yours.

Thank you, Jan. We are pleased to share our plans for petosemtamab in colorectal cancer, which build on our ongoing Phase III trials in head and neck cancer. As you can see on the slide, there are a significant number of patients impacted by these diseases. And as you know, peto is a EGFR, LGR5 bispecific antibody. The rationale for its development in metastatic colorectal cancer is compelling. EGFR antibodies are approved as standard of care, and LGR5 is a marker of cancer stem cells in this disease. Combination of EGFR and LGR5 targeting has shown to be more effective than cetuximab in various preclinical models in RAS/RAF wild-type colorectal cancer. And the early clinical data have been very encouraging, and we will be able to show more on this at ESMO in October. Based on this promising data, we are initiating two Phase III studies, one in frontline and in second-line colorectal cancer. For frontline, we have already initiated a Phase III randomized trial, open label, a global trial that is designed to assess the efficacy and safety of petosemtamab, plus investigator choice chemotherapy of either mFOLFOX6 or FOLFIRI, a first-line therapy in patients with unresectable or metastatic left-sided colorectal cancer that is RAS/RAF wild-type. That will thus be versus the standard of care, namely, cetuximab plus chemotherapy. For the second-line colorectal cancer patients, the Phase III trial will be similarly a randomized open-label and global trial. This trial is designed to assess the efficacy and safety of petosemtamab plus investigator choice therapy of either modified FOLFOX6 or FOLFIRI, the second-line therapy in patients with unresectable metastatic colorectal cancer that are RAS/RAF wild-type. And here, the trial will be versus the standard of care, which is cetuximab or bevacizumab plus chemotherapy. So taken together, with our two ongoing Phase III trials in head and neck cancer, our plans to expand into locally advanced head and neck cancer and the encouraging data we continue to generate, petosemtamab is rapidly emerging as a generally multi-indication asset with the potential to reach a significant number of patients. And with that, I'm pleased to hand over to Brad for a review of the recent commercial performance for EPKINLY and Tivdak.

Thanks, Tahi. Our proprietary portfolio performed incredibly well in the first half of the year. Sales totaled $396 million, representing 37% growth compared to the same time last year. These results demonstrate the strength of antibody sciences as well as the strong execution by our teams to bring our medicines to patients around the world. The performance we delivered in the first half of 2026 reflects the growth for both EPKINLY and Tivdak globally. We're very pleased with how EPKINLY is performing. In fact, EPKINLY grew to $312 million in sales for the first half of the year, representing a 48% increase year-over-year and a 28% increase in the quarter. In the U.S., we delivered accelerated growth with increases in both new patient starts and new site activations. The launch of chemo-free, fixed duration EPKINLY plus R2 and second-line FL, has been going extremely well with rapid uptake across sites. This contributed positively to our growth in the first half of the year and suggested that EPKINLY is becoming a preferred regimen in this setting. We've also seen increasing growth in the community this year with the majority of new sites activated coming from community practices and now over 90% of our key customers are ordering for two or more sites. This is driven by EPKINLY's differentiated dual indication label without a recommendation for 24-hour hospitalization and broad adoption of EPKINLY plus R2 in second-line FL, which is leading more sites to utilize EPKINLY across its approved indications. This performance reflects strong execution by our field teams, physician confidence in EPKINLY's differentiated clinical profile and the value of using a single bispecific option across DLBCL and FL. The uptake we're seeing in the community with more physicians gaining experience using EPKINLY at sites of care closer to where patients live, is a positive indicator as we look ahead to potential launches in early lines of DLBCL. Outside the U.S., performance remains strong. In Japan, EPKINLY continues to build on its compelling position in the market with approvals in both DLBCL and FL. We expect the second-line FL launch anticipated later this year will serve as another growth driver for the brand. Through our partner, AbbVie, EPKINLY's global footprint continues to expand, including recent approvals for EPKINLY plus R2 in second-line FL in Europe and China. Overall, we're really pleased with EPKINLY's growth globally and particularly in the U.S. and Japan, where we book sales. The momentum we are seeing today reinforces our confidence in EPKINLY's long-term growth opportunities, especially its potential in early lines of therapy. As we look towards the back half of 2026, we're focused on continuing to grow EPKINLY and strengthening our leadership in the market by maximizing our first-mover advantage in second-line FL and preparing for anticipated launches in early lines of DLBCL in the future. Turning briefly to Tivdak. Tivdak totaled $84 million in sales during the first half of the year, driven by continued performance in the U.S. as well as in our launch markets in Japan and Europe. In markets where Tivdak is available, we saw expanding site activations, underscoring the continued need for treatments that can improve survival for women with advanced cervical cancer. As part of our work to bring Tivdak to more patients, we secured reimbursement for Tivdak in the U.K. and the conversations continue to progress in additional markets. Looking ahead, we remain focused on continuing to scale our commercialization capabilities to support Tivdak launches in new markets, while building on that foundation to prepare for the anticipated launches of Rina-S and petosemtamab in the future. Heading into the second half of 2026, we're extremely pleased with the performance across our portfolio. Our performance to date, combined with meaningful momentum underway across the business to advance our pipeline and expand our commercialization footprint, positions us well to grow adoption of our approved medicines to benefit more patients and successfully launch additional indications and new medicines as we look towards the end of 2026 and into 2027 and beyond. With that, I'll turn it over to Anthony to walk us through the financials.

Thanks, Brad. The first half of 2026 demonstrated the continued strength of our business with revenue growing 25% year-over-year. Beyond the headline 25% revenue growth, I'd highlight two characteristics of our performance: first, high growth; and second, broad-based growth. Now starting with the high growth. DARZALEX increased 21% year-over-year, while worldwide EPKINLY net product sales increased 48%, reflecting continued commercial momentum and strong execution. Beyond these two brands, the remainder of our portfolio increased 35% year-over-year. Now turning to broad-based growth. Approximately half of our year-over-year revenue growth came from DARZALEX. Impressively, the other half was generated by EPKINLY and the remainder of our portfolio. Taken together, these results demonstrate that our business is becoming more diversified and more durable. That evolution continues to strengthen the quality of our revenue base. The strength of our business also provides the financial flexibility to continue investing behind our highest value growth opportunities, including EPKINLY, Rina-S and petosemtamab. At the same time, we grew adjusted operating profit by 18%. Together, these results demonstrate that Genmab can increase investment while continuing to expand profitability. Now, before moving to our updated 2026 guidance, let me briefly comment on tax. Our effective tax rate for the first half was 3.6%, primarily reflecting the ongoing integration of Merus and related recognition and utilization of deferred tax assets. As shown in the appendix to the presentation, this equates to tax expense of $13 million. Now as we discussed previously, we continue to evaluate the integration of Merus from a tax perspective. As a result, our effective tax rate may continue to fluctuate as those integration activities progress. We expect our effective tax rate will normalize over the next 12 to 18 months. Now with that, let me turn to our updated 2026 financial guidance. The strength of our business and the financial flexibility it continues to create, are reflected in our updated 2026 financial guidance. Compared with our previous guidance, we now expect to deliver 5% higher revenue and 7% higher operating profit, while increasing investment by only 2%. This demonstrates the operating leverage inherent in our business. Starting with revenue, we now expect full year revenue to be in the range of $4.3 billion to $4.5 billion, representing 19% year-over-year growth at the midpoint, and this compares with 14% under our previous guidance. This improved outlook reflects the continued strong performance of both DARZALEX and EPKINLY, with the $195 million increase at the midpoint being approximately equally split between DARZALEX and EPKINLY. Now turning to operating expenses. We are continuing to invest behind our highest value growth opportunities. Our updated operating expense guidance includes additional investment to maximize the long-term value of our portfolio, including the two new Phase III petosemtamab studies we announced today. Even with these incremental investments, we are only increasing our OpEx guidance by 2%, resulting in a new midpoint of $2.88 billion. Finally, operating profit is now expected to be in the range of $1.1 billion to $1.4 billion. Importantly, the majority of our revenue outperformance continues to translate into higher operating profit, while preserving our ability to invest behind our highest value growth opportunities. In summary, our first half performance provides further evidence of the strength of our business. We are delivering high growth, broadening our revenue base, investing behind our highest value opportunities and continuing to expand profitability. Together, this positions us well to deliver sustained growth and long-term value creation. And on that note, I'm going to hand you back over to Jan.

Thank you, Anthony. Let's now move to our final slide. Looking at the first half overall, we have had a strong 6 months, both scientifically and financially. And our disciplined capital allocation strategy remains focused on the areas with the greatest potential to create long-term value. So when I look at where we are, the revenue base we have built, our versatile and promising product pipeline and what is still to come in the coming months, I'm super excited. That now ends our formal presentation, and thank you for listening. And operator, please open the call for questions.

[Operator Instructions] First question, and it comes from the line of Zain Ebrahim.

Zain Ebrahim from JPMorgan. First question is on the petosemtamab second-line trial, which you're now guiding for a readout in Q1 of 2027. Just wanted to understand what's driving the slight delay to the readout in Q1? Is it the change in the primary endpoint overall survival? Or is it the upsizing of the trial? And how is recruitment progressing for the second-line trial relative to your expectations? I think the slide suggests it's still recruiting. So just any updates there would be helpful. And then my second question is on EPCORE DLBCL-4. So quite a strong PFS outcome. But just any sense of what you've seen so far in overall survival? Or was it just too mature to see a trend at this point? And what's the latest feedback you've had from the FDA on whether the second-line trial or the first-line trial could be used as a confirmatory trial?

Thank you, Dan, for the questions. And I think I will hand them both over to Tahi. Maybe start Tahi with the second-line trial for peto and head and neck cancer and then move on to DLBCL-4 to address some of the points raised here.

Yes. Thank you for the question. And so let's take the peto first. As you correctly noted, the endpoint is overall survival. So this is an event-driven projection when we have the data and the trial is fully enrolled. So that was to that question. And so we're just updating based on what we see when we expect to have the top line results, which is now in the first quarter of next year. As it relates to the second line, third-line, len/EPCORE combination, earlier you noted correctly that this is a very exciting PFS benefit for patients for what is a chemo-free regimen of a pill with a subcutaneous injection, with a really impressive CR rate for patients. That's the most meaningful kind of data point. And we are really excited about the data the OS, of course, at that point is totally immature, which is why it's not yet been reported and the data will be presented in upcoming conference. So we'll have a chance to look at it in a little bit more granular detail. As it relates to the part of your question for the confirmation of the indication that is already approved, we are, of course, in very active engagement with the agency on all kinds of fronts. And so whether the frontline or the second-line trial is going to be the confirmatory trial, I think that's an ongoing discussion right now to a degree. It also depends on how the results of the frontline trial are going to be. And so this is all that is to say at this point. We have an active process, active engagement, and it will be one of the two.

Thanks, Tahi. Let's hand it back to the -- the question back to the operator and then see whether there's another one.

Yes, of course. And now we're going to take our next question. And the question comes from the line of Michael Schmidt from Guggenheim Partners.

I had one on EPCORE DLBCL-2. And I'm just trying to wrap my head around the timing of the interim analysis in the fourth quarter this year. Based on our work, we think this should have already occurred at some point last year. How do you explain this 1-year delay essentially of the interim efficacy analysis, especially given that the study enrolled faster than expected, I believe?

Thanks, Michael, for the question. Tahi, can you address this one?

Well, let's start first. We are very excited about the results of this trial as they're going to read out next quarter. This is the most important study, I think it's fair to say, within the epcoritamab franchise. There's exciting Phase II data that is in the public domain last year and the year before presented at ASH on the combination of EPCORE with R-CHOP that showed really unprecedented CR rates, which is driving the excitement for the results of this trial. And so the only other thing to say is that we have been now confirming that this is based on the interim and that it will be top line next quarter. And I think we should probably leave it at this, at this point. And once we have the data in our hands, we can have a conversation about all of these other questions that may arise. But for now, next quarter, looking forward to it.

Thanks Tahi. Thanks, Michael, for the question.

Now we're going to take our next question. And the question comes from the line of James Gordon from Barclays.

James Gordon from Barclays. A question, a couple of clarifications, please. One question was on peto. So the first-line trial is now going to report before the refractory trial, presumably because the first line has an OR primary with interim OS, whereas the refractory trial is more mature OS. So for the first-line trial, I think we're going to get in Q4, how mature will the interim OS be when you report it, that you plan to file? And do you think the first line or refractory is a higher bar in terms of being successful? And then was just two clarifications. One was for EPKINLY and where we're going to get the interim in the first-line trial in Q4? So if it doesn't work in interim, will you tell us that and say that the trial is going to continue on to the final data? Or it's just that we won't hear anything. And if we don't hear anything by the end of the year, we'll have to assume that it didn't work interim. How that works, please? And the other clarification was just for Rina-S and PROC, so the 01 and 02 trials, they're both in Q4, so Phase II and Phase III. Are we going to get two different readouts? Or will you just -- it's the Phase III that's material because that's what you're filing, so we'll just get all the data together?

Thanks, James, for the questions and the clarification requests. So the first two, I'm going to hand over again to Tahi and then Judith can deal with the Phase II and Phase III data for PROC, for Rina. But Tahi, why don't you start with peto and the frontline trial?

So it was actually, I think, like, I don't know, I stopped counting at 3, but okay, I'll try to address all of the points that were made and asked. So the first thing is on the peto trial, right, we've -- beginning, stuck to the guidance that had come from EOS 1 or both going to read out this year. And now we are being more precise that we actually will have the top line results on the frontline indication, which is very exciting because this is obviously the one indication that has a significantly larger impact on patients, larger population, and we believe this is going to be very exciting data when we have it to present and discuss. As it relates to what will be meeting statistical significance, we don't have any visibility to this, so this would be all speculation. So I don't think this makes any sense. But -- so we'll have that discussion when we have the interim results in our hands. But what we are saying is we will have an interim data that we expect to be the basis for filing in the next quarter on this frontline peto trial. Then I think you asked about what -- whether we believe that OS in one indication or the other is like a higher bar. I don't really know how to answer this, to be honest. I think having an OS benefit is always a high bar, and we have a very high confidence in peto being able to provide an overall survival benefit for patients in frontline and in second line. This is underwritten to a degree by these two BTD indication in data sets in the public domain, and that is, of course, also underwritten by our continuously growing confidence in this very exciting drug that we believe will have a significant impact for patients. In head and neck, in these two studies that are already operationalized in colorectal, where we are today announcing that we're going to start two Phase IIIs and then in future trials. So it's a very exciting drug. We're really looking forward to the data in frontline, and then we can have a more detailed discussion on what actually the data will be.

And then there was a question, Tahi, on epcoritamab in the frontline study, when we wouldn't hit the interim, what will happen then with the trial?

I think we should stick with what we just said, that we expect to present the interim data next quarter.

All right. Very good. Let's stay with that. And then Judith, maybe the Phase II and Phase III data sets for Rina in PROC, a bit more color there. Judith, are you there? Judith, are you there?

Yes, she's on mute. I can take that too.

Okay. [indiscernible]

So we -- there will be indeed -- as you said, there's a Phase II in PROC. And then we already talked about that there's also a Phase III. Both of these data sets, of course, will be made available at the time that we get them and have the top line results.

And the question comes from the line of Gregory Renza from Truist.

This is [indiscernible] on for Greg. I have one for peto in head and neck. With competitors advancing quickly in the second line, and third line setting ahead of your action to readout in the first quarter of next year, what efficacy and durability profile would peto need to show to remain competitive?

Thanks, Greg, for the question. Tahi, can you take this one?

Sure. I think you're alluding to the J&J filing. I think like one thing to say is that we just had a conversation about this, that the second line data set will be a Phase III with an overall survival benefit and that is, of course, completely significantly different data set as a OR duration of response data set that may form the basis of accelerated approval as it is for amivantamab. So, we remain very steadfast in our statement that we believe peto is the best-in-class second-generation EGFR bispecific based on all the data that we have seen in head and neck, but also outside of head and neck. And the totality of our data, the fact that we will have a frontline indication with pembro that we are seeking with the Phase III readout next quarter and then a over survival Phase III readout in the first quarter of next year. I think this is a very compelling and comprehensive data set across these two studies, monotherapy, second line, third line, combination with pembro frontline, that is going to really underwrite our ambition in head and neck. So we are very comfortable with our position and where we are. And the -- our expectation is that these trials are going to provide significant data that will hopefully have a significant impact for patients with head and neck.

Thank you, Tahi. Thanks. Let's move on to the next one.

And the next question comes from the line of Xian Deng from UBS.

So I guess I'll just try my luck a little bit on the EPKINLY frontline trial. So given the interim still has not passed, this really suggests the events are happening really, really a lot slower than expected. So just wondering, is there any reason that you could think of that you can suspect that the R-CHOP arm would perform -- your R-CHOP arm would perform differently from the one from Monjuvi Phase III trial or the POLARIX III trial at least in the IPI-325 group? That's the first question. And the second one, just wondering for peto in frontline. So your trial design is chemo-free, so it's with pembro combo only, whereas RYBREVANT is plus -- pembro plus chemo. So just wondering if you could elaborate a bit of rationale in that trial design to go without chemo, please?

Thanks, Xian. I think I'm going to pass them over again to you, Tahi.

Thank you. So on the frontline diffuse large B-cell, I think first things first, I think it's best if we just stick to a few things. First, we are very excited and really much looking forward to this trial based on everything we know about how EPKINLY has behaved in the past and how predictive these Phase II data sets have been not only in the second-line follicular lymphoma trial, but also now in the second, third-line diffuse large B-cell trial in the combination with lenalidomide. Phase III trials almost point-to-point replicated what had been described in the Phase II data set. And so there's a lot of anticipation that we have, and I'm sure you too, for that trial, and there's a lot of excitement about the results that are going to be then reported next quarter. As it relates to the performance of R-CHOP, I mean, we have no visibility to how R-CHOP has behaved on that trial. We will find out when we get the data. I think it's probably fair to say that R-CHOP in the past, as you pointed out yourself, has had a very robust performance, kind of behaves the way R-CHOP behaves in -- across multiple trials. But generally speaking, cross-trial comparisons on the control arm are always a little bit flat because they are informed by regions and patients and all of these things. So we don't have really any visibility, but it's probably not unreasonable to assume that R-CHOP behaves like R-CHOP. On the frontline, the question was what the reason was for the combination of pembro and like a lot of these discussions happened a long time ago when this was still in the hands of Merus. But I think, generally speaking, head and neck patients are known to be a fragile population. Locality of the disease, status of the patient play a significant role in the tolerability of the treatment. And even today, if you look at the paradigm, there are patients who get treated with pembro chemo and there are patients who get treated only with pembro. That is not only a decision made by the CPS [indiscernible], but it's probably even larger informed by the patient that sits in front of the physician and their status. So the data that is out there in the Phase II for the combination of pembro/peto though is like dramatically different. It's like twice a high response rate and durability than has been described even for chemotherapy pembro. So in that regard, our anticipation is that peto/pembro is going to provide a truly, very significant and important data set for patients with head and neck because it will have, hopefully, if it replicates the data in Phase II, a very significant ORR and duration of response improvement even over chemotherapy combinations, we roughly range in the 30% range of response. And then we'll have a conversation about the comparison to what the J&J strategy may or may not be when we have the data in our hands.

Thanks, Tahi. I think very clear. Thanks, Xian for the questions. Let's move on to the next one.

We're going to take our next question, and it comes from the line of Rajan Sharma from Goldman Sachs.

Firstly, just on EPKINLY and just on that first-line trial again. So maybe could you just help us understand, was the data that you saw in the second-line trial better than you were actually expecting internally? And I'm just wondering if, maybe I'm stretching here, but is that giving you increased confidence that the frontline trial could read out at the interim? And then could you maybe just discuss your latest perspectives on the endometrial cancer treatment landscape? Merck have said that they've hit PFS and OS from the interim of the TROP2 ADC trial. Does that -- in your mind, when the data come, will that set a bar for Rina-S? And could you maybe just talk about areas of differentiation there and potential relative expression of TROP2 and folate receptor alpha in endometrial?

Thanks, Rajan, for the questions. So before Tahi starts, I think for the frontline study, I can tell you we are super excited based on the Phase II studies, the data released last year at AST, the year before -- at ASH here Rajan. So we believe that this data will be very, very good in the frontline setting. And of course, the second-line data was also fantastic data, but it's unrelated, I feel to the frontline data because it's in a different setting with different patients with different levels of illness. But I think we are excited about both settings. But the frontline setting, I think the enthusiasm comes from rapid recruitment and also running against the gold standard. I mean, R-CHOP has been for over 20 years the gold standard in diffuse large B-cell lymphoma. The Phase II data actually show if that would translate to Phase III, this will be sensational data, and let's hope for good data in the fourth quarter. Tahi, do you want to add anything to that? And then maybe Judith can go into the landscape for endometrial cancer.

Yes, sure. The only thing I would add is like I tried to make that point earlier. I think Jan touched on that. The len EPCORE Phase III actually reported out the way we were anticipating and hoping, and this is kind of like a pattern that we've seen. The efficacy and safety of EPKINLY is very predictable. And so we have seen now multiple times that Phase II combination data approximates very closely to what then the Phase III describes in the larger data set. And this is also just to underscore the point that Jan was making, one of the reasons why we are continuously excited and looking forward to that data next quarter in the front line and then Judith can talk about the emerging, never-changing, never stopping landscape in endometrial anywhere else.

Thanks, Tahi. Judith, are you back online? [Audio Gap] Apparently not. So maybe, Tahi, you can dive a bit into endometrial cancer landscape.

Then I will do this very short. Look, yes, Merck has announced that they have hit the PFS on a TOPO ADC for -- with a TROP2 target. And that has really very little bearing on our strategy because I think from the very beginning, we were aware that this was going to read out before the data sets for Rina are going to be available. We continue to be very excited about Rina, not only in PROC, where we already guided we're going to have some data this year, but also in endometrial, folate receptor alpha is expressed, maybe on a lower level than in PROC, but it is expressed. And one of the things that we have repeatedly described with Rina is this phenomenon of efficacy across the spectrum of folate receptor alpha expression. So endometrial is an exciting second indication. We really initiated two Phase IIIs in that indication. And so -- we will look very much forward to have that discussion when we have the data, and I think there's not much more to say about this. We are executing our strategy and sticking to our plans.

Absolutely. And we have a breakthrough therapy designation, of course, in one of the settings in endometrial cancer. It's super important. Let's move on to the next question.

And now we take our next question. Andd the question comes from the line of Eva Fortea.

On CRC, as the landscape becomes increasingly crowded with EGFR bispecific, how is your newly disclosed strategy differentiated from the competing assets in the space, particularly compared to amivantamab? And if I may just sneak in a follow-up. Given the growing focus on RAS-directed therapies in CRC, would a combination strategy with petosemtamab be a viable approach? And what's your current thinking on a potential development path for such a combination?

Thanks, Eva, for the questions, and we like those questions because we are super excited about the potential differentiation of petosemtamab. But I will ask Tahi to give you a bit more color on why we are so excited. We will present more data from the Phase II setting in colorectal cancer at the ESMO conference. And then also the combinations is also an area we are pursuing. Tahi, why don't you give a bit more color to Eva?

Yes, please. Thank you. So first things first, I think colorectal as this new indication that we're embarking on with peto. If you recall, even when we started to talk about publicly the intended acquisition of Merus, there was already a lot of questions about colorectal. There was a relatively small data set that had been shared, but that numerically showed very impressive ORR data. And of course, this data set has grown with numbers of patients and durability, and Jan already pointed out that we will share that. And so our enthusiasm has continuously remained very high for what we see in this data set and underscores our conviction that peto is not only the -- really in every data set, colorectal head and neck monotherapy combination continuously to show that on point estimates and cross-study comparisons are difficult, it appears to have higher response rate and a better safety profile than, for example, amivantamab. And so this is what underscores the conviction that we really aim to have the best-in-class second-generation EGFR bispecific, and that will also translate into meaningful data sets in the Phase III setting for both frontline and second-line colorectal, which is why we started these two trials now, even though, as you kind of like alluded to, J&J already has started these trials. So that's the colorectal part. And the last field, of course, is like super exciting if you worked on RAS inhibitor 12 years ago when it didn't work. And so it's a super fascinating field to watch. And so we are obviously very aware of the importance of that biology and the novel drugs that are out there, particularly in colorectal, and we are actively engaging in discussions to really embark on these novel combinations, and there will be more to come in the near future.