Genmab (GMAB) AI Stock Analysis

• Market Cap: $19.01B
• Dividend Yield: N/A
• Average Volume (3M): 2.31M
• Price to Earnings (P/E): 14.9
• Beta (1Y): 0.54
• Revenue Growth: 23.25%
• EPS Growth: 64.46%
• Country: US
• Employees: 2,638
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.54
• Shares Outstanding: 642,063,500
• 10 Day Avg. Volume: 2,476,537
• 30 Day Avg. Volume: 2,307,555
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.52
• Enterprise Value/Revenue: 0.44
• Enterprise Value/Gross Profit: 0.46
• Enterprise Value/Ebitda: 1.30
• 1Y Price Target: $39.00
• Price Target Upside: 30.35% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7

• Rating: 74 Outperform
• Price Target: $34.00 ▲(13.64% Upside)

Genmab's overall stock score reflects strong financial performance and promising earnings call highlights, including significant revenue growth and strategic pipeline investments. Technical analysis shows mixed signals, while valuation remains reasonable. Despite recent revenue and cash flow challenges, the company's strategic direction and clinical successes provide a positive outlook.

Positive Factors

Strong Market Position

Genmab's strong sales of Darzalex highlight its robust market position in oncology, providing a stable revenue stream and reinforcing its competitive advantage.

Pipeline Expansion

The acquisition of Merus enhances Genmab's late-stage pipeline, accelerating its transition to a wholly owned model and supporting long-term growth through new drug launches.

Revenue Growth

Genmab's increased revenue guidance reflects confidence in sustained growth, driven by strong product sales and strategic investments in its pipeline.

Negative Factors

Revenue Decline

The recent revenue decline poses a risk to future profitability, indicating potential challenges in maintaining growth momentum and market competitiveness.

Cash Flow Concerns

A decline in free cash flow growth raises concerns about Genmab's ability to generate cash, which could impact its capacity to fund operations and strategic initiatives.

Regulatory Environment Concerns

Potential regulatory challenges could delay product approvals, impacting Genmab's ability to bring new treatments to market and affecting long-term growth prospects.

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 primarily generates revenue through a combination of product sales, royalties, and collaboration agreements. The company's flagship product, Darzalex, has become a significant source of income since its approval, generating substantial sales revenue as it is used in various cancer treatments. In addition to product sales, Genmab earns royalties from the commercialization of its products by partners, particularly in the case of Darzalex, which is marketed by Janssen Biotech. Furthermore, Genmab engages in strategic partnerships and licensing agreements with other pharmaceutical companies, which provide upfront payments, milestone payments based on clinical development progress, and additional royalties on future sales. These collaborative efforts enhance its revenue streams and foster innovation while mitigating development risks.

Genmab Financial Statement Overview

Summary

Genmab demonstrates strong financial health with high profitability margins and a robust balance sheet characterized by low leverage. However, recent revenue and free cash flow declines in the TTM period pose potential risks. The company needs to address these challenges to sustain its financial performance. Overall, Genmab remains a financially stable entity with opportunities for improvement in revenue growth and cash flow generation.

Income Statement

Genmab's income statement shows a strong gross profit margin consistently above 95%, indicating efficient cost management. However, the TTM data reveals a significant revenue decline of 20.06%, impacting net profit margins, which decreased from 36.44% in 2024 to 30.09% in the TTM period. Despite this, the company maintains healthy EBIT and EBITDA margins, reflecting operational efficiency. The recent revenue contraction poses a risk to future profitability.

Balance Sheet

Genmab's balance sheet is robust, with a low debt-to-equity ratio consistently below 0.03, indicating minimal leverage and financial stability. The return on equity is strong at 25.61% in the TTM period, showcasing effective use of equity to generate profits. The equity ratio remains healthy, suggesting a solid capital structure. Overall, the balance sheet reflects financial strength and low risk.

Cash Flow

The cash flow statement highlights a decline in free cash flow growth by 22.60% in the TTM period, raising concerns about cash generation. However, the operating cash flow to net income ratio is strong at 8.66, indicating efficient cash conversion. The free cash flow to net income ratio remains close to 1, suggesting that the company effectively translates earnings into cash. Despite recent declines, cash flow management remains solid.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	22.78B	21.53B	16.47B	14.60B	8.48B	10.11B
Gross Profit	21.51B	20.54B	16.25B	14.60B	8.48B	10.11B
EBITDA	7.66B	9.70B	5.56B	7.35B	3.15B	6.54B
Net Income	7.44B	7.84B	4.35B	5.45B	2.96B	4.76B
Balance Sheet
Total Assets	40.96B	45.81B	35.29B	30.28B	24.63B	21.14B
Cash, Cash Equivalents and Short-Term Investments	18.37B	21.10B	28.14B	22.32B	19.34B	16.08B
Total Debt	937.88M	1.03B	770.00M	597.00M	425.00M	319.00M
Total Liabilities	7.36B	9.11B	3.68B	2.84B	2.43B	2.02B
Stockholders Equity	33.60B	36.70B	31.61B	27.44B	22.20B	19.12B
Cash Flow
Free Cash Flow	6.68B	7.58B	7.00B	3.60B	1.98B	6.13B
Operating Cash Flow	7.09B	7.77B	7.38B	3.91B	2.23B	6.43B
Investing Cash Flow	178.60M	-9.91B	-1.28B	-2.76B	-961.00M	-2.35B
Financing Cash Flow	-2.93B	-3.92B	-606.00M	-789.00M	-420.00M	71.00M

Genmab Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 29.92
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GMAB, the sentiment is Neutral. The current price of 29.92 is below the 20-day moving average (MA) of 31.60, above the 50-day MA of 28.24, and above the 200-day MA of 22.77, indicating a neutral trend. The MACD of 0.99 indicates Positive momentum. The RSI at 46.64 is Neutral, neither overbought nor oversold. The STOCH value of 32.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GMAB.

Genmab Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INCY	80 Outperform	$16.83B	19.85	24.30%	―	18.87%	1088.27%
BMRN	76 Outperform	$10.33B	15.81	11.62%	―	17.38%	153.58%
GMAB	74 Outperform	$19.01B	14.92	26.08%	―	23.25%	64.46%
RPRX	74 Outperform	$21.36B	16.11	15.92%	2.32%	3.04%	53.03%
ASND	61 Neutral	$12.43B	―	―	―	55.77%	46.81%
BNTX	54 Neutral	$25.95B	―	-1.81%	―	7.51%	30.53%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Genmab Corporate Events

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.

Genmab A/S Updates Articles of Association to Enhance Growth Strategy

On September 30, 2025, Genmab A/S announced updates to its Articles of Association, detailing authorizations for capital increases and issuance of warrants and convertible debt instruments. These changes, approved by the Board of Directors, aim to support the company’s strategic growth and operational flexibility, potentially impacting shareholder rights and market positioning.

Genmab to Acquire Merus, Expanding Pipeline and Strategic Growth

On September 29, 2025, Genmab A/S announced its intention to acquire Merus N.V., a clinical-stage biotechnology company, for approximately USD 8.0 billion in an all-cash transaction. This acquisition, unanimously approved by both companies’ boards, is expected to enhance Genmab’s late-stage pipeline and accelerate its transition to a wholly owned model. The addition of Merus’ lead asset, petosemtamab, which has received two Breakthrough Therapy Designations, aligns with Genmab’s strategic focus and is anticipated to drive significant growth, with potential new drug launches by 2027. The transaction is expected to close by early 2026 and is projected to be accretive to EBITDA by 2029, with substantial revenue potential thereafter.

Genmab Grants Stock Units and Warrants to Employees

On September 26, 2025, Genmab A/S announced the grant of 14,353 restricted stock units and 9,681 warrants to its employees and subsidiaries. These awards are part of Genmab’s strategy to incentivize its workforce, with restricted stock units and warrants vesting over three years. The initiative underscores Genmab’s commitment to employee engagement and aligns with its long-term growth and innovation goals in the biotechnology sector.

Genmab Announces Major Shareholder Update with Orbis Investment

On September 23, 2025, Genmab A/S announced that Orbis Investment Management Limited now controls 5.03% of its share capital and voting rights, as of September 19, 2025. This major shareholder announcement highlights Orbis’s significant influence within Genmab, potentially impacting the company’s strategic decisions and market positioning.

Genmab A/S Updates Articles of Association to Boost Financial Flexibility

On September 10, 2025, Genmab A/S announced updates to 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 aim to provide financial flexibility and support the company’s growth strategy, impacting stakeholders by potentially diluting existing shares but also offering opportunities for investment and expansion.

Genmab Announces Capital Increase Following Employee Warrant Exercise

On September 9, 2025, Genmab A/S announced a capital increase of 47,532 shares following the exercise of employee warrants, generating approximately DKK 51.5 million. This increase, which represents about 0.07% of the company’s share capital, includes the exercise of 23,266 warrants by CEO Jan van de Winkel. The new shares, ordinary and freely transferable, will be listed on Nasdaq Copenhagen, enhancing Genmab’s market position and potentially benefiting stakeholders by increasing the company’s equity base.

Genmab Updates Articles to Boost Financial Flexibility

On August 13, 2025, Genmab A/S announced updates to its Articles of Association, including authorizations for the Board of Directors to increase share capital and issue warrants and convertible debt instruments. These changes aim to enhance the company’s financial flexibility and support its strategic growth initiatives, potentially impacting shareholder value and market positioning.

Genmab Announces Capital Increase Following Employee Warrant Exercise

On August 12, 2025, Genmab A/S announced a capital increase of 4,563 shares following the exercise of employee warrants, raising approximately DKK 4.7 million. This increase, which represents about 0.01% of the company’s share capital, will be listed on Nasdaq Copenhagen and reflects Genmab’s ongoing commitment to enhancing its financial structure and supporting its strategic growth initiatives.

Genmab Reports Strong Financial Growth and Clinical Progress in H1 2025

Genmab announced its financial results for the first half of 2025, reporting a 19% increase in revenue to $1,640 million compared to the same period in 2024. This growth was primarily driven by higher royalties from DARZALEX and Kesimpta, as well as increased EPKINLY sales. The company also highlighted significant progress in its clinical programs, including a submission to the FDA for Epcoritamab and promising data for Rinatabart sesutecan in endometrial cancer. Genmab’s operating profit rose to $548 million, and the company updated its revenue and operating profit guidance for 2025, reflecting higher royalty revenues.

Genmab’s EPCORE® FL-1 Trial Achieves Key Milestones in Follicular Lymphoma

On August 7, 2025, Genmab announced that its Phase 3 EPCORE® FL-1 clinical trial met dual primary endpoints in patients with relapsed/refractory follicular lymphoma. The trial demonstrated significant improvements in overall response rate and progression-free survival with the combination of epcoritamab, rituximab, and lenalidomide (R2) compared to R2 alone. The U.S. FDA has accepted a supplemental Biologics License Application for priority review, with a decision expected by November 30, 2025. If approved, this would mark the first bispecific antibody combination regimen available as a second-line treatment for this condition, potentially reshaping the treatment landscape.