Genmab sees 2026 revenue $4.065B-$4.395B, consensus $4.13B

Genmab (GMAB) expects its 2026 revenue to be in the range of $4.1B-$4.4B, compared to $3.7B in 2025. “Genmab’s projected revenue growth for 2026 is driven by higher royalties, net product sales and collaboration revenue. Royalty growth relates mainly to DARZALEX and Kesimpta net sales growth. Net product sales and collaboration revenue growth is driven by strong performance for both EPKINLY and Tivdak. Net product sales and collaboration revenue consists of EPKINLY net product sales in the US and Japan, and Tivdak ex-US net product sales plus Genmab’s share of US gross profits. Genmab’s projected revenue for 2026 primarily consists of DARZALEX royalties of approximately $2.7 billion at the midpoint. Such royalties are based on estimated DARZALEX 2026 net sales of $15.6 – 16.4 billion compared to actual net sales in 2025 of $14.3 billion. DARZALEX royalties are partly offset by Genmab’s share of J&J’s royalty payments to Halozyme (HALO) Therapeutics, Inc. in connection with SC net sales as well as royalty reduction in countries and territories where there is no Genmab patent coverage. The remainder of Genmab’s revenue consists primarily of royalties from Kesimpta, TEPEZZA, RYBREVANT, TECVAYLI, TALVEY and TEPKINLY, net product sales and collaboration revenue from EPKINLY and Tivdak, reimbursement revenue and milestones,” the company stated. Genmab anticipates its 2026 operating expenses to be in the range of $2.7B-$2.9B, compared to $2.2B in 2025. The increase in operating expenses is primarily related to investments in late-stage programs and launch readiness in key markets. Genmab expects its 2026 operating profit to be in the range of $0.9B-$1.4B, compared to $1.3B in 2025.