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1. Company Snapshot

1.a. Company Description

Genmab A/S develops antibody therapeutics for the treatment of cancer and other diseases primarily in Denmark.The company markets DARZALEX, a human monoclonal antibody for the treatment of patients with multiple myeloma (MM); teprotumumab for the treatment of thyroid eye disease; ofatumurnab, a human monoclonal antibody to treat chronic lymphocytic leukemia (CLL) and multiple sclerosis; and Amivantamab for advanced or metastatic gastric or esophageal cancer and NSCLC.Its products include daratumumab to treat MM, non-MM blood cancers, and AL amyloidosis; GEN1047; tisotumab vedotin for treating cervical, ovarian, and solid cancers; DuoBody-PD-L1x4-1BB, and DuoBody-CD40x4-1BB for treating solid tumors; Epcoritamab for relapsed/refractory diffuse large B-cell lymphoma and chronic lymphocytic leukemia; and HexaBody-CD38 and DuoHexaBody-CD37 for treating hematological malignancies.


The company also develops Teclistamab, which is in Phase 2 trial for vaso-occlusive crises; Camidanlumab tesirine to treat hodgkin lymphoma and solid tumors; JNJ-64007957 and JNJ-64407564 to treat MM; PRV-015 for treating celiac disease; Mim8 for treating haemophilia A; and Lu AF82422 for treating multiple system atrophy disease.In addition, it has approximately 20 active pre-clinical programs.The company has a commercial license and collaboration agreement with Seagen Inc.


to co-develop tisotumab vedotin.It also has a collaboration agreement with CureVac AG for the research and development of differentiated mRNA-based antibody products; argenx to discover, develop, and commercialize novel therapeutic antibodies with applications in immunology and oncology; and AbbVie for the development of epcoritamab, as well as collaborations with BioNTech, Janssen, Novo Nordisk A/S, BliNK Biomedical SAS, and Bolt Biotherapeutics, Inc.Genmab A/S was founded in 1999 and is headquartered in Copenhagen, Denmark.

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1.b. Last Insights on GMAB

Genmab A/S faces challenges despite strong revenue growth. The company's Q4 2025 earnings call highlighted a 19% revenue increase to $3.7 billion, driven by proprietary medicine sales, particularly Abkinley. However, H.C. Wainwright notes regulatory challenges and market expansion amid a competitive landscape. Furthermore, recent insider transactions and options market movements may signal investor caution. A pullback in share price could make Genmab more attractive, according to some analysts. (Source: H.C. Wainwright, Company Announcements)

1.c. Company Highlights

2. Genmab's Strong Financial Performance and Future Growth Prospects

In 2025, Genmab reported a 19% increase in total revenue to $3.7 billion, driven by both its royalty portfolio and sales from its own medicines. The company's proprietary medicines generated $632 million in sales, a 54% year-over-year increase, with EPKINLY being a key driver of revenue growth, reaching $468 million in sales. The earnings per share (EPS) came out at $2.87, significantly lower than the estimated $29.33, potentially indicating a one-time or non-recurring item affecting the EPS. Operating expenses increased by 13% due to planned investments in late-stage development and launch readiness activities.

Publication Date: Feb -19

📋 Highlights
  • Total Revenue Growth: Rose 19% to $3.7 billion in 2025, driven by royalty portfolio and EPKINLY/DARZALEX sales.
  • EPKINLY Performance: Surged 67% YoY to $468 million in 2025; 2026 guidance projects pivotal data readouts and continued momentum.
  • Strategic Expansion: Acquired Merus, adding petosemtamab to late-stage pipeline, with 2026 OS data expected for DLBCL trials.
  • 2026 Financial Outlook: Targets 14% revenue growth ($4.2 billion) and $1.15 billion operating profit, amid 13% higher operating expenses for R&D.
  • Pipeline Diversification: 45% ADCs, 50% DuoBody-based, and 5% HexaBody technologies; 3 new INDs filed in 2025 (bispecific, ADC, HexaBody).

Revenue Growth and Product Performance

Genmab's commercialization team had a successful year, launching four key products across its portfolio. EPKINLY, a bispecific antibody, was a significant contributor to revenue growth, with sales reaching $468 million in 2025, a 67% year-over-year increase. TIVDAK, a targeted therapy for recurrent or metastatic cervical cancer, generated $164 million in sales, a 26% year-over-year increase. The company expects continued positive performance across markets as it strengthens and scales its presence.

Future Outlook and Guidance

Genmab expects 14% total revenue growth in 2026, driven by continued momentum in EPKINLY and its royalty portfolio. Operating expenses are expected to increase by 13% due to planned investments in late-stage development for petosemtamab and Rina-S. The company's guidance delivers on its commitment to maintain substantial profitability in 2026, with operating profit expected to be $1.15 billion at the midpoint. As Jan van de Winkel stated, "Genmab is a scaled oncology biotech business with strong momentum, diversified growth profile, and multiple catalysts ahead."

Valuation Metrics

With a P/E Ratio of 14.68 and an EV/EBITDA of 14.86, Genmab's valuation appears reasonable compared to its earnings growth prospects. The company's ROE of 27.32% and ROIC of 90.41% indicate strong profitability. The market seems to have priced in a certain level of growth, but Genmab's diversified pipeline and commercialized medicines provide a solid foundation for future growth.

Pipeline and Development Updates

Genmab is making significant progress in its pipeline development, with multiple potential product launches expected in the coming years. The company has recently filed three INDs, including a bispecific antibody, an ADC, and a bispecific using HexaBody technology. The pipeline is diversified, with a focus on next-generation antibody technologies. The development of petosemtamab, in particular, is expected to be a key driver of growth, with pivotal readouts expected in 2026.

3. NewsRoom

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Correction to Company Announcement No. 13 of March 2, 2026

Mar -02

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Transactions with shares and linked securities in Genmab A/S made by managerial employees and their closely associated persons

Mar -02

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Netflix upgraded, Pinterest downgraded: Wall Street's top analyst calls

Mar -02

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Transactions in Connection with Share Buy-back Program

Mar -02

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Here Are Monday’s Top Wall Street Analyst Research Calls: AppLovin, Blue Owl Capital, CrowdStrike, Dutch Bros., Jet Blue, Novo Nordisk, PayPal, Twilio, and More

Mar -02

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Genmab (CPSE:GMAB) Valuation Check After Recent Share Price Weakness

Feb -28

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Is Genmab (CPSE:GMAB) Pricing Look Attractive After Recent Share Price Weakness

Feb -28

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Transactions with shares and linked securities in Genmab A/S made by managerial employees and their closely associated persons

Feb -27

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Antibody Therapeutics

Expected Growth: 9.27%

Genmab A/S's Antibody Therapeutics growth is driven by increasing demand for cancer treatments, strategic partnerships, and a strong pipeline of novel antibodies. The company's proprietary DuoBody technology and bispecific antibody capabilities also contribute to its growth, as well as the expansion into new therapeutic areas and geographic markets.

7. Detailed Products

DARZALEX (daratumumab)

A CD38-directed antibody indicated for the treatment of patients with multiple myeloma

TECENTRIQ (atezolizumab)

A monoclonal antibody designed to bind with PD-L1, blocking its interaction with PD-1 and B7.1 receptors

Kadcyla (trastuzumab emtansine)

An antibody-drug conjugate (ADC) composed of trastuzumab, a humanized anti-HER2 antibody, linked to a cytotoxic agent, DM1

Ofatumumab

A fully human monoclonal antibody that targets CD20, a protein found on the surface of B cells

8. Genmab A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Genmab A/S operates in the biotechnology industry, which is characterized by high research and development costs. This makes it difficult for substitutes to emerge, as they would need to invest heavily in R&D to develop comparable products.

Bargaining Power Of Customers

Genmab A/S's customers are primarily pharmaceutical companies, which have limited bargaining power due to the company's specialized products and services.

Bargaining Power Of Suppliers

Genmab A/S relies on a few key suppliers for raw materials and services, which gives them some bargaining power. However, the company's strong relationships with its suppliers and its ability to negotiate contracts mitigate this risk.

Threat Of New Entrants

The biotechnology industry has high barriers to entry, including significant R&D investments and regulatory hurdles. This makes it difficult for new entrants to compete with established companies like Genmab A/S.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players competing for market share. Genmab A/S faces intense rivalry from companies like Novo Nordisk and Lundbeck.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.38%
Debt Cost 4.54%
Equity Weight 97.62%
Equity Cost 7.90%
WACC 7.82%
Leverage 2.44%

11. Quality Control: Genmab A/S passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Genmab

A-Score: 5.8/10

Value: 3.2

Growth: 9.7

Quality: 9.5

Yield: 0.0

Momentum: 8.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
ALK-Abelló

A-Score: 5.0/10

Value: 0.2

Growth: 8.2

Quality: 7.8

Yield: 0.0

Momentum: 9.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Alkermes

A-Score: 5.0/10

Value: 4.9

Growth: 8.4

Quality: 8.9

Yield: 0.0

Momentum: 4.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Jazz Pharmaceuticals

A-Score: 4.9/10

Value: 4.8

Growth: 7.1

Quality: 4.7

Yield: 0.0

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Merus

A-Score: 3.5/10

Value: 6.0

Growth: 1.8

Quality: 3.4

Yield: 0.0

Momentum: 9.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Zealand Pharma

A-Score: 3.3/10

Value: 7.0

Growth: 2.2

Quality: 9.9

Yield: 0.0

Momentum: 0.5

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1815.5$

Current Price

1815.5$

Potential

-0.00%

Expected Cash-Flows