Genmab (GMAB) AI Stock Analysis

• Market Cap: $21.59B
• Dividend Yield: N/A
• Average Volume (3M): 1.41M
• Price to Earnings (P/E): 14.9
• Beta (1Y): 0.50
• Revenue Growth: 24.98%
• EPS Growth: 127.06%
• Country: US
• Employees: 2,638
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.65
• Shares Outstanding: 642,384,100
• 10 Day Avg. Volume: 1,536,490
• 30 Day Avg. Volume: 1,411,372
• PEG Ratio: 0.15
• Price to Book (P/B): 2.65
• Price to Sales (P/S): 4.51
• P/FCF Ratio: 12.81
• Enterprise Value/Market Cap: 0.73
• Enterprise Value/Revenue: 1.12
• Enterprise Value/Gross Profit: 1.19
• Enterprise Value/Ebitda: 2.64
• 1Y Price Target: $38.40
• Price Target Upside: 8.66% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: $38.00 ▲(7.53% Upside)

Genmab's strong financial performance and positive earnings call sentiment are the primary drivers of its score. The company's strategic initiatives and solid valuation further support its potential, despite some technical indicators suggesting caution.

Positive Factors

Strong balance sheet and low leverage

Genmab’s minimal leverage and high equity funding provide lasting financial flexibility. Low D/E and strong ROE reduce refinancing risk, support sustained R&D and M&A spending, and allow the company to fund late-stage programs through development cycles without overreliance on external capital markets.

High and sustainable profitability margins

Very high gross and robust operating margins indicate durable product economics and efficient operations. Such margin profiles support reinvestment in pipeline development, absorb R&D variability, and give management room to prioritize high-impact programs while maintaining profitability across multi-year commercialization phases.

Regulatory validation and late-stage clinical momentum (EPKINLY)

Full FDA approval and confirmatory Phase 3 data materially strengthen Genmab’s commercial foothold in B-cell malignancies. Regulatory conversion and superior Phase 3 results create an enduring revenue base, support label expansion into earlier lines, and validate platform capabilities for future bispecific strategies.

Negative Factors

Declining free cash flow growth

A notable fall in free cash flow growth signals potential pressure on internally generated funding for R&D and acquisitions. If the decline persists, management may need to tap external financing more frequently, reducing optionality for opportunistic investments and increasing sensitivity to funding market conditions.

Recent slowdown in revenue growth rate

A meaningful drop in revenue growth rate challenges expectations for sustained top-line momentum. Persistently lower growth can limit reinvestment capacity, put pressure on margins over time if mix shifts unfavorably, and make long-term forecasting for pipeline-driven revenue more uncertain for investors and partners.

Large acquisition financing and integration risk

Funding a major acquisition with sizable debt raises structural leverage and interest cost exposure over multiple years. Integration of Merus and realization of petosemtamab’s value are execution-dependent; failure to achieve expected synergies could pressure cash flow, weaken credit metrics, and constrain future strategic flexibility.

Genmab Business Overview & Revenue Model

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's also develops products, which is in Phase 2 comprise Teclistamab 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; AbbVie for the development of epcoritamab; and 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.

How the Company Makes Money

Genmab generates revenue primarily through collaborations and partnerships with major pharmaceutical companies, where it receives upfront payments, milestone payments based on the progress of drug development, and royalties on sales of commercialized products. The company has significant collaborations with firms such as Johnson & Johnson and AbbVie, which contribute to its earnings through shared development costs and revenue from successful products. Additionally, Genmab also earns revenue from the sale of its own proprietary products, such as Darzalex (daratumumab), which is marketed for multiple myeloma, contributing to a steady stream of income from sales. These diverse revenue streams, including both collaboration agreements and product sales, form the backbone of Genmab's financial model.

Genmab Financial Statement Overview

Summary

Genmab shows strong profitability with high margins and a solid balance sheet with low leverage. However, the decline in revenue and free cash flow growth poses potential risks.

Income Statement

Genmab's income statement shows strong profitability with a high gross profit margin of 94.46% and a net profit margin of 37.38% for TTM. However, the revenue growth rate has declined by 24.35% in the TTM period, indicating a potential challenge in maintaining growth momentum. The EBIT and EBITDA margins remain robust at 36.81% and 38.60% respectively, showcasing operational efficiency.

Balance Sheet

The balance sheet reflects a solid financial position with a low debt-to-equity ratio of 0.028, indicating minimal leverage. The return on equity is strong at 24.67%, suggesting effective use of equity capital. The equity ratio stands at 81.92%, highlighting a stable capital structure with a significant portion of assets funded by equity.

Cash Flow

Cash flow analysis reveals a decline in free cash flow growth by 21.73% in the TTM period, which could be a concern for future liquidity. However, the operating cash flow to net income ratio is healthy at 1.77, and the free cash flow to net income ratio is strong at 0.94, indicating efficient cash generation relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	14.04B	21.53B	16.47B	14.51B	8.42B	10.11B
Gross Profit	13.24B	20.54B	16.25B	14.51B	8.42B	10.11B
EBITDA	5.96B	9.70B	5.95B	7.35B	4.18B	6.16B
Net Income	6.57B	7.84B	4.35B	5.45B	2.96B	4.76B
Balance Sheet
Total Assets	7.02B	45.81B	35.29B	30.12B	24.63B	21.14B
Cash, Cash Equivalents and Short-Term Investments	3.41B	21.10B	28.14B	22.32B	19.34B	16.08B
Total Debt	142.00M	1.03B	770.00M	597.00M	425.00M	319.00M
Total Liabilities	1.27B	9.11B	3.68B	2.84B	2.43B	2.02B
Stockholders Equity	5.75B	36.70B	31.61B	27.28B	22.20B	19.12B
Cash Flow
Free Cash Flow	2.91B	7.58B	7.00B	3.60B	1.98B	6.13B
Operating Cash Flow	3.21B	7.77B	7.38B	3.91B	2.23B	6.43B
Investing Cash Flow	-67.42M	-9.91B	-1.28B	-2.76B	-961.00M	-2.35B
Financing Cash Flow	-2.64B	-3.92B	-606.00M	-789.00M	-420.00M	71.00M

Genmab Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 35.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GMAB, the sentiment is Positive. The current price of 35.34 is above the 20-day moving average (MA) of 32.86, above the 50-day MA of 31.56, and above the 200-day MA of 25.74, indicating a bullish trend. The MACD of 0.76 indicates Negative momentum. The RSI at 67.11 is Neutral, neither overbought nor oversold. The STOCH value of 92.79 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GMAB.

Genmab Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INCY	81 Outperform	$20.80B	17.77	30.39%	―	18.09%	3563.21%
RPRX	80 Outperform	$23.21B	22.99	11.51%	2.23%	3.72%	-31.46%
GMAB	76 Outperform	$21.59B	14.89	28.20%	―	24.98%	127.06%
BMRN	76 Outperform	$10.77B	21.01	9.07%	―	12.31%	60.21%
BNTX	53 Neutral	$26.24B	-41.48	-2.94%	―	7.04%	-25.24%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ASND	46 Neutral	$13.28B	-51.17	―	―	103.32%	47.55%

Genmab Corporate Events

Genmab Drops Acasunlimab to Refocus Investment on Late-Stage Cancer Pipeline

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.

Genmab Completes Acquisition of Merus N.V. to Bolster Oncology Portfolio

On December 12, 2025, Genmab A/S announced the successful completion of its tender offer to acquire all outstanding common shares of Merus N.V. for $97 per share, marking a significant step in its strategy to become a global biotechnology leader. This acquisition adds petosemtamab, a late-stage asset with two Breakthrough Therapy Designations, to Genmab’s portfolio, and is expected to be accretive to the company’s EBITDA by the end of 2029, with potential multi-billion-dollar annual revenue thereafter.

The most recent analyst rating on (GMAB) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.

Genmab A/S Discloses Managerial Share Transactions as of December 1, 2025

On December 1, 2025, Genmab A/S announced transactions involving shares and linked securities conducted by its managerial employees and their closely associated persons. These transactions, which were acquisitions due to the vesting of restricted stock units, reflect internal movements within the company’s stock holdings. The disclosure is in compliance with market regulations and highlights the vested interests of key personnel in Genmab’s operational success.

The most recent analyst rating on (GMAB) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.

Genmab A/S Updates Articles of Association for Financial Flexibility

On November 26, 2025, Genmab A/S announced updates to its Articles of Association, which include authorizations for the Board of Directors to increase the company’s share capital and issue warrants and convertible debt instruments. These changes are aimed at providing financial flexibility and supporting the company’s growth strategy, potentially impacting shareholder value and market positioning.

The most recent analyst rating on (GMAB) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.

Genmab Grants Stock Units and Warrants to Employees

On November 20, 2025, Genmab A/S announced the grant of 6,933 restricted stock units and 7,377 warrants to its employees and subsidiaries. These grants are part of Genmab’s compensation strategy to incentivize and retain talent, with the restricted stock units and warrants vesting over a period of three years. This move underscores Genmab’s commitment to aligning employee interests with company growth and enhancing its competitive positioning in the biotechnology industry.

The most recent analyst rating on (GMAB) stock is a Buy with a $41.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.

Genmab A/S Discloses Managerial Share Transactions

On November 19, 2025, Genmab A/S announced transactions involving shares and linked securities conducted by its managerial employees and their closely associated persons. These transactions, disclosed in accordance with market abuse regulations, involved the sale of 175 shares at an average price of DKK 1,960.35 across multiple exchanges. This announcement reflects the company’s transparency in financial dealings, potentially impacting stakeholder trust and market perception.

The most recent analyst rating on (GMAB) stock is a Buy with a $41.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.

Genmab A/S Updates Articles of Association to Enhance Capital Flexibility

Genmab A/S has updated its Articles of Association, authorizing the Board of Directors to increase the company’s share capital and issue warrants and convertible debt instruments. These changes, effective until 2029, aim to provide flexibility in capital management and potentially enhance shareholder value.

The most recent analyst rating on (GMAB) stock is a Buy with a $41.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.

Genmab Announces Capital Increase Following Employee Warrant Exercise

On November 18, 2025, Genmab A/S announced a capital increase of 32,059 shares following the exercise of employee warrants, generating approximately DKK 43.2 million. This increase, which represents about 0.05% of the company’s share capital, will be listed on Nasdaq Copenhagen and is expected to be finalized shortly. The new shares are ordinary, freely transferable, and come with rights to dividends. This move reflects Genmab’s ongoing efforts to enhance its financial position and support its strategic goals in the biotechnology sector.

The most recent analyst rating on (GMAB) stock is a Buy with a $34.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.

Genmab’s EPKINLY® Combination Therapy Gains FDA Approval for Follicular Lymphoma

On November 18, 2025, Genmab A/S announced that the U.S. FDA approved EPKINLY® (epcoritamab-bysp) in combination with rituximab and lenalidomide for treating relapsed or refractory follicular lymphoma. This approval is significant as it marks the first FDA approval for a bispecific combination therapy in the lymphoma space, potentially setting a new standard of care. The approval was based on the Phase 3 EPCORE® FL-1 trial, which demonstrated superior progression-free survival and overall response rates compared to standard treatments. The approval could enhance Genmab’s positioning in the oncology market and provide new treatment options for patients with follicular lymphoma.

The most recent analyst rating on (GMAB) stock is a Buy with a $34.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.

Genmab Announces $2.5 Billion Note Offering for Merus Acquisition

On November 10, 2025, Genmab A/S announced a proposed private offering of $1.5 billion in senior secured notes due 2032 and $1.0 billion in senior unsecured notes due 2033, alongside the syndication of a new $2.0 billion senior secured term loan facility. The funds raised will be used to finance the acquisition of Merus N.V., a strategic move expected to enhance Genmab’s market position in the biotechnology sector. The offering is part of a broader financing strategy that includes previously syndicated credit facilities, and it underscores Genmab’s commitment to expanding its operational capabilities and market reach.

The most recent analyst rating on (GMAB) stock is a Buy with a $41.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.

Genmab Reports Strong Financial Growth and Announces Acquisition of Merus

On November 6, 2025, Genmab announced its financial results for the first nine months of 2025, reporting a 21% increase in revenue to $2,662 million, driven by higher royalties from DARZALEX and Kesimpta. The company also revealed its proposed acquisition of Merus N.V., a move expected to enhance its late-stage portfolio and accelerate its growth as a global biotechnology leader. This acquisition, valued at approximately $8 billion, is anticipated to close by early 2026, subject to customary conditions.

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 Reports Strong Q3 2025 DARZALEX® Sales

On October 14, 2025, Genmab A/S announced that the net sales of DARZALEX® (daratumumab) for the third quarter of 2025 totaled USD 3,672 million, with USD 2,088 million from the U.S. and USD 1,584 million from the rest of the world. Genmab receives royalties on these sales from Johnson & Johnson, which holds the exclusive worldwide license to develop, manufacture, and commercialize daratumumab. This announcement highlights Genmab’s strong market presence and the significant impact of DARZALEX® on its financial performance.

The most recent analyst rating on (GMAB) stock is a Buy with a $49.00 price target. To see the full list of analyst forecasts on Genmab stock, see the GMAB Stock Forecast page.