在经历了一系列重大癌症药物试验成功后，丹麦生物技术公司金玛布（Genmab）的股价在三个月内翻了一番，为其进一步掌控所开发和销售药物的战略注入了新的动力。
Danish biotech Genmab has seen its shares double in three months after a string of major cancer drug trial successes, giving fresh momentum to its push to take greater control of the medicines it develops and sells.
这家市值约350亿美元的公司上周股价飙升48%，其中包括在其实验性头颈癌治疗药物petosemtamab取得良好试验结果的单日内暴涨29%。这一宣布标志着金玛布在10月份迎来了第三次成功的三期临床试验，此前其针对卵巢癌和淋巴瘤的治疗药物均取得了积极的结果。
Shares in the roughly $35 billion company surged 48% last week, including a 29% jump in a single session after strong results for petosemtamab, its experimental head and neck cancer treatment. The announcement marked Genmab's third successful Phase 3 trial in October, following positive results for treatments targeting ovarian cancer and lymphoma.
在将金玛布打造成欧洲知名生物技术公司近三十年后，首席执行官扬·范德温克尔周五接受CNBC采访时表示，这些突破标志着一个“全新的时代”。历史上，金玛布主要通过其协助开发的药物专利费获利，其中包括强生公司的多发性骨髓瘤治疗药物达扎妥单抗（Darzalex）和诺华公司的Kesimpta。范德温克尔表示，预计强生公司今年达扎妥单抗的销售额将达到165亿至169亿美元，金玛布将获得高达20%的专利费。
After nearly three decades spent building Genmab into one of Europe's prominent biotechnology companies, CEO Jan van de Winkel told CNBC on Friday the breakthroughs marked "a completely new era." Historically, Genmab made money from royalties from drugs it helped develop, including Johnson & Johnson's multiple myeloma treatment Darzalex and Novartis' Kesimpta. Van de Winkel said Johnson & Johnson is expected to generate $16.5 billion to $16.9 billion in Darzalex sales this year, with Genmab receiving royalties of up to 20%.
金玛布现在正利用这笔资金实力，建立一个能够从其自有疗法中保留更大比例收入的业务。
Genmab is now using that financial firepower to build a business that keeps a much larger share of the revenue from its own treatments.
市场上反应最大的是金玛布10月28日宣布的一项消息：在一项针对复发性或转移性头颈癌患者的三期临床试验中，petosemtamab与默克公司的K药（Keytruda）联合使用，与单独使用K药相比，将死亡风险降低了50%。
The biggest market reaction followed Genmab's Oct. 28 announcement that petosemtamab, combined with Merck's Keytruda, reduced the risk of death by 50% compared with Keytruda alone in a Phase 3 trial of patients with recurrent or metastatic head and neck cancer.
据金玛布称，该联合疗法还显著提高了有效率，并且没有显示出新的安全性信号。
The combination also significantly improved response rates and showed no new safety signals, according to Genmab.
范德温克尔对CNBC表示，这种联合疗法“可能完全树立一个全新的”治疗标准，但他同时拒绝透露随着数据成熟，生存数据是否能保持不变，理由是完整的试验数据尚未公布。
Van de Winkel told CNBC the combination "could potentially set a completely new standard" of care although he declined to say whether the survival data might hold up as the data mature, citing still unpublished full data.
几天前，金玛布报告称，在一项卵巢癌三期临床试验中，其药物Rina-S与化疗相比，将疾病进展或死亡风险降低了71%，将死亡风险降低了57%。
Days earlier, Genmab reported that its medicine Rina-S reduced the risk of disease progression or death by 71% and the risk of death by 57% versus chemotherapy in a Phase 3 ovarian cancer trial.
巴克莱银行分析师表示，这些结果超出了投资者预期，并表明Rina-S可以为那些不适合艾伯维公司竞争药物Elahere或在接受该药后病情恶化的患者提供另一种选择。不过他们警告称，跨试验的比较存在局限性。
Barclays analysts said the results exceeded investor expectations and suggested Rina-S could offer an alternative for patients ineligible for AbbVie's competing treatment Elahere, or whose cancer had progressed after receiving it. They cautioned, however, that cross-trial comparisons are limited.
10月份的第三个后期临床试验胜利来自Epkinly，该药与艾伯维共同开发，在先前未经治疗的弥漫性大B细胞淋巴瘤中，与标准化疗联合使用时，将疾病进展或死亡风险降低了51%。
A third late-stage October win came from Epkinly, co-developed with AbbVie, which reduced the risk of disease progression or death by 51% when combined with standard chemotherapy in previously untreated diffuse large B-cell lymphoma.
分析师认为petosemtamab具有巨大的商业潜力，其应用范围甚至超出了最初的目标市场。N/A杰富瑞分析师表示，该药物在治疗复发性或转移性头颈癌方面，全球年峰值销售额可达35亿美元，并估计向局部晚期疾病的拓展可能会再带来35亿美元的收入，他们认为投资者尚未完全认识到这一机遇。
Analysts see significant commercial potential for petosemtamab, including beyond its initial target market. Jefferies analysts said the drug could generate $3.5 billion in peak annual global sales treating recurrent or metastatic head and neck cancer, and estimated an expansion into locally advanced disease could add another $3.5 billion, an opportunity they believe investors have yet to fully appreciate.
范德温克尔拒绝透露具体数字，但他表示预计petosemtamab将成为一款“几十亿美元的药物”。金玛布将于11月5日发布第三季度财报。
Declining to give specific numbers, van de Winkel said he expects petosemtamab to become a "multi-billion dollar drug." Genmab is due to report third-quarter earnings on Nov. 5.
金玛布的业务一直围绕抗体药物构建，包括诸如petosemtamab等所谓的双特异性抗体，它们可以同时结合癌细胞上的两个不同靶点。
Genmab has built its business around antibody-based medicines, including so-called bispecific antibodies such as petosemtamab, which can bind to two different targets on cancer cells simultaneously.
Petosemtamab靶向EGFR和LGR5蛋白，旨在既破坏帮助癌细胞生长的信号，又鼓励免疫系统攻击肿瘤。
Petosemtamab targets the proteins EGFR and LGR5, and is designed to both disrupt signals that help cancer cells grow and to encourage the immune system to attack the tumor.
范德温克尔表示，金玛布在抗体及其与免疫系统相互作用方面的专业知识，也帮助其发现了由他人开发的前景看好的药物。它通过2025年以80亿美元收购Merus公司获得了petosemtamab，并通过2024年以18亿美元收购ProfoundBio公司获得了Rina-S。这些交易也是金玛布不断变化的商业模式的核心。
Van de Winkel said Genmab's expertise in antibodies and their interaction with the immune system has also helped it spot promising medicines developed by others. It acquired petosemtamab through an $8 billion purchase of Merus in 2025 and Rina-S through a $1.8 billion acquisition of ProfoundBio in 2024. Those deals are also central to Genmab's changing business model.
它完全拥有petosemtamab和Rina-S，同时与艾伯维平分Epkinly的商业经济效益，这比与强生和诺华合作时的份额要大得多。
It fully owns petosemtamab and Rina-S, while splitting the commercial economics of Epkinly equally with AbbVie, much larger shares than with Johnson & Johnson and Novartis.
“从现在开始，我将越来越多地保留这些新药物的所有权，”范德温克尔说。金玛布目前在其三个主要化合物中拥有15项三期临床试验。
"From now on I'm going to increasingly hold on to ownership of these new medicines," Van de Winkel said. Genmab now has 15 Phase 3 trials across its three lead compounds.
“这种模式开始得到验证并运转起来，”他说，“我认为市场最终在这一点上理解了。”与Merus的交易凸显了这场押注的规模。金玛布借款55亿美元来资助此次收购，并依靠其专利费收入作为petosemtamab失败时的财务后盾。
"The model is beginning to be validated and click together," he said. "I think the market gets it at this point finally." The Merus deal underscored the scale of the bet. Genmab borrowed $5.5 billion to help fund the purchase, relying on its royalty income as a financial backstop if petosemtamab failed.
拥有更多自己的药物也意味着承担更多销售这些药物的工作。范德温克尔表示，该公司已经具备了大部分必要的基础设施，围绕现有疗法建立起了商业能力，其中包括Epkinly以及与辉瑞共同开发的Tivdak。
Owning more of its medicines also means taking on more of the work of selling them. Van de Winkel said the company already has much of the necessary infrastructure in place, having built up commercial capabilities around existing treatments including Epkinly and Tivdak, co-developed with Pfizer.
该公司正在扩大其在欧洲的销售业务，并寻求在美国的专业医院之外，通过社区医疗接触到更多的癌症患者。
The company is expanding its sales presence in Europe and seeking to reach more cancer patients through community healthcare, beyond specialist hospitals, in the U.S.
范德温克尔表示，他希望金玛布拥有多数股权的药物能在2030年代触及约50万名患者，而目前这一数字还不到3万。
Van de Winkel said he wants Genmab's majority-owned medicines to reach around 500,000 patients by the 2030s, up from fewer than 30,000 today.
他还承认大型制药公司可能会产生兴趣，称金玛布很可能“处于高度关注的雷达屏幕上”，但他强调，他的雄心依然是建立一个独立的欧洲生物技术公司。
He also acknowledged potential interest from larger drugmakers, saying Genmab was likely "high up on the radar screen," but stressed that his ambition remained to build an independent European biotech.
然而，更高的所有权也意味着承担更多临床试验、监管批准和商业化的成本与风险。
Greater ownership, however, also means bearing more of the cost and risk of clinical trials, regulatory approvals and commercialization.
范德温克尔承认，地缘政治转变和药品定价压力可能会使扩张计划变得复杂，并改变金玛布在不同市场推出药物的顺序。
Van de Winkel acknowledged that geopolitical shifts and drug-pricing pressures could complicate expansion plans and change the order in which Genmab launches medicines in different markets.