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Genmab
(NASDAQ:GMAB)
Genmab (GMAB) vs. SPDR S&P 500 ETF (SPY)
Genmab Business Overview & Revenue Model
Genmab Earnings Call Summary
Genmab Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 23.73B | 21.53B | 16.47B | 14.51B | 8.42B |
| Gross Profit | 21.76B | 20.54B | 16.25B | 14.51B | 8.42B |
| EBITDA | 8.43B | 9.70B | 5.95B | 7.35B | 4.18B |
| Net Income | 6.14B | 7.84B | 4.35B | 5.45B | 2.96B |
Balance Sheet | |||||
| Total Assets | 81.86B | 45.81B | 35.29B | 30.12B | 24.63B |
| Cash, Cash Equivalents and Short-Term Investments | 10.91B | 21.10B | 28.14B | 22.32B | 19.34B |
| Total Debt | 35.36B | 1.03B | 770.00M | 597.00M | 425.00M |
| Total Liabilities | 44.68B | 9.11B | 3.68B | 2.84B | 2.43B |
| Stockholders Equity | 37.18B | 36.70B | 31.61B | 27.28B | 22.20B |
Cash Flow | |||||
| Free Cash Flow | 7.33B | 7.58B | 7.00B | 3.60B | 1.98B |
| Operating Cash Flow | 7.56B | 7.77B | 7.38B | 3.91B | 2.23B |
| Investing Cash Flow | -35.99B | -9.91B | -1.28B | -2.76B | -961.00M |
| Financing Cash Flow | 30.55B | -3.92B | -606.00M | -789.00M | -420.00M |
Genmab Technical Analysis
Genmab Risk Analysis
Genmab Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $18.36B | 14.98 | 29.15% | ― | 18.09% | 3563.21% | |
75 Outperform | $26.42B | 21.65 | 11.89% | 2.23% | 3.72% | -31.46% | |
68 Neutral | $10.66B | 32.67 | 5.82% | ― | 12.31% | 60.21% | |
66 Neutral | $15.89B | 19.82 | 14.32% | ― | 24.98% | 127.06% | |
57 Neutral | $13.96B | -50.22 | 127.54% | ― | 103.32% | 47.55% | |
57 Neutral | $22.62B | -17.95 | -6.03% | ― | 7.04% | -25.24% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
Genmab Corporate Events
Following its Annual General Meeting on March 19, 2026, Genmab’s board reconstituted itself, appointing Deirdre P. Connelly as chair and Pernille Erenbjerg as deputy chair, underscoring a continued focus on experienced leadership in its global oncology franchise. The board also approved new long-term equity incentives, granting 5,213 restricted stock units and 4,485 warrants to employees and subsidiaries at a grant price aligned with Genmab’s market valuation, reinforcing retention and alignment with shareholder interests through multi-year vesting and performance-linked compensation structures.
Each restricted stock unit was issued cost-free with a fair value equal to the DKK 1,645.00 closing share price on the March 19, 2026 grant date and will vest after three years, subject to the company’s established RSU program conditions. The cost-free warrants, also struck at DKK 1,645.00 with a calculated fair value of DKK 530.62 under Black-Scholes, will vest after three years and remain exercisable for up to seven years, indicating Genmab’s continued use of equity-based rewards to attract and retain key talent in a competitive biotech labor market and align long-term incentives with share price performance.
The most recent analyst rating on (GMAB) stock is a Hold with a $29.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
Genmab A/S, the Danish antibody-focused biotechnology group, held its Annual General Meeting (AGM) on March 19, 2026 in Copenhagen, where shareholders approved the audited Annual Report for 2025 and the company’s Compensation Report. The AGM also confirmed that the 2025 profit of USD 963 million will be carried forward into retained earnings, underscoring Genmab’s continued profitability as it advances its late-stage pipeline.
Shareholders re-elected six incumbent board members and Deloitte as the company’s auditor, signaling continuity in governance and oversight. The meeting further approved a reduction of Genmab’s share capital through the cancellation of treasury shares, a move that can enhance capital efficiency, while the proposal on 2026 board remuneration was withdrawn and will be resubmitted for shareholder consideration at a later date.
The most recent analyst rating on (GMAB) stock is a Hold with a $29.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
Genmab A/S has completed a previously announced share buy-back program initiated on February 17, 2026, to meet obligations under its Restricted Stock Unit program. The company finished the program ahead of the March 31, 2026 deadline, repurchasing the full 342,130 shares for a total consideration of about 615.1 million DKK.
From March 9 to March 13, 2026, Genmab acquired 93,130 shares, bringing its treasury stock to 2,859,663 shares, or roughly 4.45% of its share capital and voting rights. The buy-back, conducted under EU market abuse and safe-harbour regulations, modestly consolidates existing shareholders’ ownership and underlines Genmab’s continued use of equity-based compensation within its capital management strategy.
The most recent analyst rating on (GMAB) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
Genmab A/S has provided an update on its ongoing share buy-back program, launched on February 17, 2026, to repurchase up to 342,130 shares for a maximum of DKK 725 million to meet obligations under its Restricted Stock Unit scheme. Between March 2 and March 6, 2026, the biotech group bought 101,000 shares for DKK 180.7 million, bringing total purchases under the program to 249,000 shares at a cost of DKK 452.6 million.
The company also corrected a previously reported figure, clarifying that accumulated purchases through March 2, 2026, were 63,000 shares rather than 1,431,958, resulting in a revised accumulated total of 148,000 shares prior to the latest transactions. Following these buy-backs, Genmab now holds 2,766,533 treasury shares, equal to 4.31% of its share capital and voting rights, with the program expected to be completed by March 31, 2026 in compliance with EU market abuse and safe harbour regulations.
The most recent analyst rating on (GMAB) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
On March 4, 2026, Genmab A/S filed a Form 6-K in the United States, updating investors with its revised Articles of Association, which formally set out the company’s corporate structure and capital framework. The filing confirms a registered share capital of DKK 64,250,721 and designates English as the group language, underscoring Genmab’s international orientation.
The updated Articles provide the board of directors with broad authorizations, valid mainly until March 12, 2029, to increase share capital with or without pre-emptive rights, issue employee warrants and convertible debt, and adjust the Articles accordingly. These measures, which stem from shareholder decisions between 2021 and 2025, give Genmab significant flexibility to fund growth, incentivize staff and manage its capital structure, potentially affecting future dilution and governance for existing shareholders.
The most recent analyst rating on (GMAB) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
On March 2, 2026, Genmab A/S filed a Form 6-K in the United States to report a correction to an earlier company announcement regarding insider transactions in its shares. The filing clarifies that the share price used for several management-related transactions was DKK 1,867.50, rather than the erroneously reported DKK 0.00, and confirms the report will be incorporated by reference into existing share-based compensation registration statements.
The corrected disclosure covers the March 2, 2026 acquisition of Genmab shares by President and CEO Jan van de Winkel, CFO Anthony Pagano, and board member Mijke Zachariasse, all arising from the vesting and net settlement of restricted stock units granted in February 2023. The move underscores the company’s adherence to regulatory transparency on executive equity awards and provides investors with accurate information on insider dealings and management’s equity-linked compensation.
The most recent analyst rating on (GMAB) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
Genmab A/S, the Copenhagen-headquartered biotechnology group specializing in antibody-based therapies for cancer and other serious diseases, reported recent activity under its ongoing share buy-back program. The company, which has a 25-year track record advancing bispecific antibodies, ADCs and other next-generation formats and now supports eight approved antibody medicines, continues to invest in its late-stage clinical pipeline across North America, Europe and Asia-Pacific.
In a company announcement dated March 2, 2026, Genmab disclosed that between February 23 and February 27, 2026 it repurchased a total of 85,000 shares under its previously announced buy-back program, at average prices ranging from DKK 1,825.23 to DKK 1,856.49. These transactions lifted the accumulated value of purchases under the program to DKK 271.9 million and left Genmab holding 2,763,851 treasury shares, equal to 4.30% of its share capital and voting rights, as it executes a DKK 725 million buy-back to meet obligations under its Restricted Stock Unit program.
The program, initiated on February 17, 2026 and expected to run no later than March 31, 2026, is conducted under the EU Market Abuse Regulation and the associated Safe Harbour framework. The growing treasury position reflects Genmab’s continued use of share repurchases to service equity-based compensation while potentially signaling confidence in its long-term value proposition to investors amid an expanding antibody therapeutics portfolio.
The most recent analyst rating on (GMAB) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
On February 27, 2026, Genmab’s board approved the grant of 587,495 restricted stock units to management and employees of the company and its subsidiaries, alongside 455,004 warrants to employees. Each RSU is awarded cost-free, represents a conditional right to one Genmab share with a fair value set at the DKK 1,848.50 closing price on the grant date, and vests after three years subject to program-specific conditions and, for executives, forward-looking performance criteria.
The new employee warrants carry an exercise price of DKK 1,848.50, are awarded cost-free, vest three years after grant and expire seven years from the grant date, with a fair value of DKK 594.08 per warrant based on the Black-Scholes model. The awards, made under Genmab’s existing long-term incentive and warrant programs, underscore the company’s continued use of equity-based compensation to align staff incentives with shareholder value and support retention in a competitive biotech talent market.
The most recent analyst rating on (GMAB) stock is a Buy with a $48.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
Genmab has updated and filed its Articles of Association with the U.S. Securities and Exchange Commission in a Form 6-K dated February 25, 2026, detailing its capital structure, governance framework and authorizations. The company’s share capital is set at DKK 64,250,721 in nominal DKK 1 shares, with provisions for share issuance, shareholder rights and general meeting procedures.
The board is authorized until March 12, 2029 to increase share capital by up to nominally DKK 6.6 million, both with and without pre-emptive rights, supporting strategic financing flexibility. Genmab also maintains several warrant and convertible debt programs for employees and investors, with authorizations running as far as March 11, 2030, underscoring a long-term equity-based incentive structure and potential future dilution for shareholders.
Warrant authorizations from general meetings in 2021, 2024 and 2025 allow issuance of up to DKK 750,000 nominal shares per program to employees of Genmab and its subsidiaries, excluding executive management. Existing shareholders do not have pre-emption rights on warrant-based share issues, and the board may re-use or re-issue lapsed warrants, giving management broad tools for talent retention and alignment.
Separately, the board may issue convertible debt instruments enabling conversion into up to nominally DKK 3 million in new shares without pre-emption rights, at prices at least equal to market value. Combined use of the share and convertible authorizations is capped at a nominal DKK 6.6 million capital increase, balancing capital-raising capacity with defined limits for current investors.
The most recent analyst rating on (GMAB) stock is a Buy with a $48.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
Genmab A/S, the Copenhagen‑based biotechnology group specializing in antibody‑based therapies for cancer and other serious diseases, has expanded its global footprint over more than 25 years through a mix of innovative platforms and a growing portfolio of approved medicines. The company’s late‑stage clinical pipeline and international presence across North America, Europe and Asia Pacific underline its ambition to remain a leading force in next‑generation biologic treatments.
On February 24, 2026, Genmab announced a modest capital increase driven by employee warrant exercises, issuing 12,313 new shares without pre‑emption rights for existing shareholders. The transaction, which will raise roughly DKK 17.1 million and dilute existing equity by about 0.02%, takes the company’s total share capital to 64,250,721 shares and underscores the ongoing use of equity‑based incentives while having only a limited impact on the firm’s overall capital structure.
The new ordinary shares, subscribed for cash at strike prices ranging from DKK 1,147.50 to DKK 1,615.00, will carry standard voting and dividend rights from subscription and are expected to be listed on Nasdaq Copenhagen once registered with the Danish Business Authority. For investors, the move signals continued alignment of employee compensation with shareholder value creation, while leaving Genmab’s strategic and operational trajectory in antibody‑focused drug development essentially unchanged.
The most recent analyst rating on (GMAB) stock is a Hold with a $32.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
Genmab A/S, the Copenhagen-headquartered biotech group specializing in antibody-based therapies for cancer and serious diseases, operates across North America, Europe and Asia Pacific and has eight approved antibody medicines backed by a robust late-stage clinical pipeline. Its platforms span bispecific antibodies, antibody–drug conjugates and other next-generation modalities targeting transformative treatments.
On February 23, 2026, Genmab reported initial transactions under a share buy-back program launched on February 17, 2026 to repurchase up to 342,130 shares for up to DKK 725 million to meet Restricted Stock Unit obligations. Between February 18 and 20, 2026, the company bought 63,000 shares for a total of DKK 115.2 million, lifting its treasury position to 2,678,851 shares, or 4.17% of share capital, signaling ongoing capital management while remaining within EU market abuse “safe harbour” rules.
The most recent analyst rating on (GMAB) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
On February 20, 2026, Genmab A/S reported insider share transactions by a senior executive, complying with European market abuse regulations. The disclosure underscores the company’s adherence to transparency rules governing trading by managerial employees and their closely associated persons.
The filing details that Executive Vice President and Chief Financial Officer Anthony Pagano sold a total of 1,100 Genmab shares on February 19, 2026, on Nasdaq Copenhagen at an average price of DKK 1,810.10. While modest in size, the trade is formally reported under Article 19 of the Market Abuse Regulation, providing investors and regulators with timely visibility into management dealings in the stock.
The most recent analyst rating on (GMAB) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
Genmab A/S has convened its 2026 Annual General Meeting for March 19, 2026, at the Copenhagen Marriott Hotel, where shareholders will review 2025 performance, vote on the audited annual report and compensation report, and consider board and auditor elections. The board proposes carrying forward the 2025 profit of USD 963 million to retained earnings, maintaining 2026 board and committee fees at 2025 levels, and re-electing six directors, preserving a diverse and largely independent board while also seeking approval to reduce share capital via cancellation of treasury shares, which would modestly enhance capital structure efficiency and per-share metrics.
Shareholders will also vote on reappointing Deloitte as auditor, including a limited assurance mandate on sustainability statements, underscoring Genmab’s focus on governance and ESG disclosure. The meeting agenda, including authorization of the chair to implement resolutions, reflects a continuation of the company’s current strategic and governance framework, with no major shifts in capital allocation but a clear emphasis on stability, board continuity and incremental capital optimization through the proposed share capital reduction.
The most recent analyst rating on (GMAB) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
Genmab A/S, the Copenhagen-based biotechnology group specializing in antibody medicines for oncology and other serious illnesses, has built a portfolio that includes bispecific antibodies, antibody-drug conjugates and immune-modulating antibodies. The company’s science underpins eight approved antibody drugs and supports a late-stage clinical pipeline of both partnered and wholly owned programs targeting transformative treatments.
On February 17, 2026, Genmab announced the launch of a share buy-back program to meet obligations under its Restricted Stock Unit scheme. Beginning February 18 and running no later than March 31, 2026, the company may repurchase up to 342,130 shares for a maximum of 725 million DKK via Danske Bank under a non-discretionary mandate, a move that modestly increases potential capital returns while managing dilution and adds to the 2,615,851 treasury shares already held.
The buy-back will be executed on Nasdaq Copenhagen and other multilateral trading facilities in line with EU “Safe Harbour” rules governing price and volume, including daily caps tied to recent trading volumes. Genmab retains the right to suspend or terminate the program and will provide weekly disclosures on repurchases, offering investors transparency on execution and the pace of treasury share accumulation supporting its equity compensation strategy.
The most recent analyst rating on (GMAB) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
On February 3, 2026, Genmab A/S filed a Form 6-K in the United States detailing an updated set of Articles of Association adopted on January 29, 2026, which formalize key elements of the company’s corporate structure and capital framework. The revised articles confirm the company’s current share capital of DKK 64,238,408 and grant the board authority, through March 12, 2029, to increase share capital by up to a nominal DKK 6.6 million with or without pre-emptive rights, issue warrants and convertible debt for employees and investors under specified caps, and adjust the articles accordingly, measures that collectively give management material flexibility to fund growth and incentivize staff while potentially diluting existing shareholders over time.
The most recent analyst rating on (GMAB) stock is a Buy with a $38.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
On January 29, 2026, Genmab A/S announced that its board had granted 32,806 restricted stock units and 34,307 warrants to employees of the company and its subsidiaries as part of its long-term incentive programs. The RSUs, each representing the conditional right to one Genmab share with a fair value equal to the January 29 closing price of DKK 2,067, will vest after three years subject to program conditions, while the cost-free warrants, also struck at DKK 2,067 per share and valued at DKK 658.81 using Black-Scholes, will vest after three years and remain exercisable until seven years from the grant date. The move underscores Genmab’s continued use of equity-based compensation to align employees with shareholder interests and support retention in a competitive global biotech talent market.
The most recent analyst rating on (GMAB) stock is a Buy with a $38.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
On January 21, 2026, Genmab reported that 2025 worldwide net trade sales of the multiple myeloma therapy DARZALEX (daratumumab), including its subcutaneous formulation DARZALEX FASPRO, reached USD 14.351 billion, according to figures from license partner Johnson & Johnson’s Janssen unit. Sales totaled USD 8.266 billion in the United States and USD 6.085 billion in the rest of the world, and Genmab earns royalties on all global DARZALEX sales under its exclusive worldwide license agreement with J&J, underscoring the product’s continued commercial strength and its importance as a major revenue driver for the Danish biotech.
The most recent analyst rating on (GMAB) stock is a Buy with a $39.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
On January 16, 2026, Genmab reported topline Phase 3 results from its global EPCORE DLBCL-1 trial of subcutaneous bispecific antibody epcoritamab in patients with relapsed or refractory diffuse large B‑cell lymphoma who were ineligible for high‑dose chemotherapy and autologous stem cell transplant. The study, which enrolled 483 patients and compared epcoritamab monotherapy with standard chemo‑immunotherapy regimens R‑GemOx or BR, showed a statistically significant improvement in progression‑free survival and gains in complete response rate, duration of response and time to next treatment, while overall survival did not reach statistical significance and safety findings appeared consistent with the known profile. Genmab and partner AbbVie plan to discuss the data with global regulators and continue to position epcoritamab as a potential core therapy across B‑cell malignancies, supported by multiple ongoing Phase 3 programs in both frontline and relapsed DLBCL and follicular lymphoma that could further expand its clinical and commercial footprint if successful.
The most recent analyst rating on (GMAB) stock is a Buy with a $38.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.
On December 29, 2025, Genmab announced it would discontinue further clinical development of acasunlimab following a portfolio review and assessment of a more competitive market landscape. Although the company described the drug’s clinical profile to date as encouraging, management said it will redirect resources toward late-stage programs it sees as having higher potential impact, notably EPKINLY (epcoritamab), petosemtamab and rinatabart sesutecan (Rina-S). The move underscores Genmab’s disciplined approach to portfolio prioritization and capital allocation, and the company emphasized that the decision will not affect its full-year 2025 financial guidance, reassuring investors that its broader pipeline momentum and financial outlook remain intact.
The most recent analyst rating on (GMAB) stock is a Hold with a $26.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.