Genmab (Otc) (GMAB)
NASDAQ:GMAB
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Genmab
(NASDAQ:GMAB)
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Rating:63Neutral
Price Target:
$25.00
â–¼(-12.43% Downside)
Action:Reiterated
Date:05/14/26
The score is driven primarily by solid fundamentals and a constructive earnings-call outlook (strong Q1 momentum and reiterated guidance with multiple catalysts), tempered by weaker recent cash-flow momentum and higher leverage versus history. Technicals are mildly negative, and valuation is a significant headwind due to the high P/E with no dividend support.
Positive Factors
Durable DARZALEX Royalties
Large, recurring royalties from DARZALEX provide a durable earnings backbone. Sustained multi‑billion dollar end‑market sales translate into predictable royalty cashflows that support R&D funding and commercialization investments over multiple years, reducing reliance on one‑time financing.
Negative Factors
Rising Leverage
A material increase in debt relative to equity raises financial risk and reduces balance sheet flexibility. Higher leverage constrains capacity for opportunistic R&D financing or M&A, increases interest and covenant sensitivity, and lengthens the time required to restore conservative capital structure.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable DARZALEX Royalties
Large, recurring royalties from DARZALEX provide a durable earnings backbone. Sustained multi‑billion dollar end‑market sales translate into predictable royalty cashflows that support R&D funding and commercialization investments over multiple years, reducing reliance on one‑time financing.
Read all positive factors
Genmab (GMAB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.99B
Dividend YieldN/A
Average Volume (3M)2.02M
Price to Earnings (P/E)18.5
Beta (1Y)0.63
Revenue Growth21.02%
EPS Growth-24.83%
CountryUS
Employees2,638
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.33
Shares Outstanding623,507,200
10 Day Avg. Volume1,595,992
30 Day Avg. Volume2,022,346
Financial Highlights & Ratios
PEG Ratio-0.23
Price to Book (P/B)3.28
Price to Sales (P/S)5.14
P/FCF Ratio16.65
Enterprise Value/Market Cap1.34
Enterprise Value/Revenue5.17
Enterprise Value/Gross Profit5.54
Enterprise Value/Ebitda16.30
Forecast
1Y Price Target
$35.07Price Target Upside22.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)1.15
Revenue Forecast (FY)$4.33B
Genmab Business Overview & Revenue Model
Company Description
Genmab A/S, a biopharmaceutical company founded in 1999 and headquartered in Copenhagen, Denmark, specializes in the discovery and development of innovative antibody therapies primarily for treating cancer and various other serious illnesses. The ...
How the Company Makes Money
Genmab primarily makes money through a partnership-driven model centered on (1) royalties on net sales of partnered products, (2) milestone payments tied to development, regulatory, and commercial achievements, and (3) collaboration and license re...
Genmab Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum, meaningful top-line growth, improving profitability and a catalyst-rich 2026 driven by multiple late-stage readouts (EPKINLY, Rina-S, petosemtamab). Management highlighted disciplined but sizeable investments to support launches and pipeline advancement and reported faster-than-expected enrollment on key trials. Key risks discussed include near-term tax-rate volatility tied to Merus integration, substantial planned operating spend, a hypercompetitive landscape for Rina-S, and dependency on several binary clinical readouts. Overall, the positives from robust revenue/receipt growth, operating profit expansion, completed pivotal enrollment and multiple upcoming catalysts materially outweigh the outlined uncertainties.Positive Updates
Total Revenue Growth
Q1 2026 total revenue grew 25% year-over-year, reflecting diversified revenue from royalties (DARZALEX, Kesimpta) and increasing product sales from Genmab's proprietary medicines.
Negative Updates
Tax Rate Volatility from Merus Integration
Q1 tax expense was ~$21 million with an effective tax rate of 28.9%; management expects potential volatility in the effective tax rate during Merus integration with normalization anticipated in 12–18 months, introducing near-term uncertainty to after-tax results.
Read all updates
Q1-2026 Updates
Positive
Negative
Total Revenue Growth
Q1 2026 total revenue grew 25% year-over-year, reflecting diversified revenue from royalties (DARZALEX, Kesimpta) and increasing product sales from Genmab's proprietary medicines.
Read all positive updates
Company Guidance
Genmab reiterated 2026 financial guidance while reporting strong Q1 results: total revenue rose 25% in Q1, driven by $176 million in proprietary product sales (up 43% YoY), including EPKINLY sales of $137 million (up 52% YoY) and Tivdak $39 million (up 18% YoY); operating profit grew 23% in the quarter and tax expense was ~$21 million (effective tax rate 28.9%). For 2026 the company expects, at the midpoint, ~14% total revenue growth, operating expenses of roughly $2.7–$2.9 billion (reflecting stepped-up investment in petosemtamab and Rina‑S and launch readiness), and excludes acquisition‑related expenses/amortization from guidance; management also confirmed timing guidance for key data readouts this year (including two Rina‑S datasets in H2 after RAINFOL‑02 completed enrollment) and reiterated a target to deleverage to gross leverage below 3x by end‑2027.Genmab Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.90B | 3.72B | 21.53B | 16.47B | 14.51B | 8.42B |
| Gross Profit | 3.64B | 3.41B | 20.54B | 16.25B | 14.51B | 8.42B |
| EBITDA | 1.24B | 1.34B | 9.70B | 5.95B | 7.35B | 4.18B |
| Net Income | 821.03M | 963.76M | 7.84B | 4.35B | 5.45B | 2.96B |
Balance Sheet | ||||||
| Total Assets | 12.38B | 12.84B | 45.81B | 35.29B | 30.12B | 24.63B |
| Cash, Cash Equivalents and Short-Term Investments | 1.52B | 1.71B | 21.10B | 28.14B | 22.32B | 19.34B |
| Total Debt | 5.35B | 5.43B | 1.03B | 770.00M | 597.00M | 425.00M |
| Total Liabilities | 6.69B | 7.01B | 9.11B | 3.68B | 2.84B | 2.43B |
| Stockholders Equity | 5.68B | 5.83B | 36.70B | 31.61B | 27.28B | 22.20B |
Cash Flow | ||||||
| Free Cash Flow | 871.33M | 1.15B | 7.58B | 7.00B | 3.60B | 1.98B |
| Operating Cash Flow | 901.34M | 1.19B | 7.77B | 7.38B | 3.91B | 2.23B |
| Investing Cash Flow | -5.61B | -5.65B | -9.91B | -1.28B | -2.76B | -961.00M |
| Financing Cash Flow | 4.63B | 4.79B | -3.92B | -606.00M | -789.00M | -420.00M |
Genmab Technical Analysis
Negative
28.55
Price Trends
26.69
Negative
27.85
Negative
29.27
Negative
Market Momentum
-0.57
Positive
41.31
Neutral
69.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GMAB, the sentiment is Negative. The current price of 28.55 is above the 20-day moving average (MA) of 25.63, above the 50-day MA of 26.69, and below the 200-day MA of 29.27, indicating a bearish trend. The MACD of -0.57 indicates Positive momentum. The RSI at 41.31 is Neutral, neither overbought nor oversold. The STOCH value of 69.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GMAB.
Genmab Risk Analysis
Genmab disclosed 51 risk factors in its most recent earnings report. Genmab reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Genmab Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $21.68B | 14.20 | 29.31% | ― | 21.48% | 1853.63% | |
79 Outperform | $31.60B | 28.32 | 12.67% | 2.23% | 7.79% | -22.14% | |
71 Outperform | $10.81B | 39.86 | 4.41% | ― | 12.53% | -49.09% | |
63 Neutral | $14.99B | 18.50 | 20.51% | ― | 21.02% | -24.83% | |
62 Neutral | $13.60B | 23.45 | -5641.90% | ― | 155.14% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $22.90B | -15.82 | -6.67% | ― | 10.01% | -71.78% |
* Healthcare Sector Average
GMAB
Genmab
24.58
2.55
11.58%
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60.41%
Genmab Corporate Events
Genmab Reports Board Member Share Sale Under EU Market Abuse Rules
May 29, 2026
On May 29, 2026, Genmab disclosed insider dealing data under EU market abuse rules, detailing share transactions in the company’s stock by managerial personnel and their closely associated persons. The release forms part of the Danish biotec...
Genmab Updates Articles of Association, Expands Capital and Incentive Authorizations
May 13, 2026
On May 13, 2026, Genmab A/S filed a Form 6-K in the U.S. disclosing an updated English translation of its Articles of Association dated May 12, 2026. The filing underscores the company’s continued alignment with U.S. securities regulations a...
Genmab Announces Minor Capital Increase Following Employee Warrant Exercise
May 12, 2026
On May 12, 2026, Genmab A/S announced a minor capital increase of 2,346 shares following the exercise of employee warrants, raising about DKK 3.0 million and diluting existing shareholders by roughly 0.004%. The new ordinary shares, each with a no...
Genmab Discloses Orbis as 5.08% Major Shareholder
May 8, 2026
Genmab, the Copenhagen-based biotech specializing in antibody medicines, reported on May 8, 2026 that Orbis Investment Management Limited has become a major shareholder. The company’s pipeline of late-stage antibody-based therapies and its e...
Genmab Posts Strong Q1 2026 Revenue Growth and Highlights FDA Label Change for EPKINLY
May 7, 2026
Genmab reported first-quarter 2026 results on May 7, 2026, with revenue rising 25% year-on-year to $896 million, driven by higher royalties from DARZALEX and Kesimpta and increased net sales of its lymphoma drug EPKINLY, though operating profit sl...
Genmab Updates Articles of Association to Expand Capital-Raising and Incentive Flexibility
Apr 17, 2026
Genmab A/S filed a Form 6-K with the U.S. Securities and Exchange Commission dated April 17, 2026, publishing an updated English translation of its Articles of Association as of March 19, 2026. The filing formalizes existing authorizations for the...
Genmab Registers AGM-Approved Share Capital Reduction After Cancelling 1.9 Million Treasury Shares
Apr 17, 2026
Genmab A/S, the Copenhagen-based biotechnology group specializing in antibody therapies for cancer and other serious illnesses, has spent more than 25 years building a global footprint across North America, Europe and Asia Pacific. Its platform sp...
Genmab Discloses Orbis as New 4.85% Major Shareholder
Apr 14, 2026
Genmab A/S has reported a change in its shareholder structure, disclosing on April 14, 2026, that Orbis Investment Management Limited held, as of April 13, 2026, 3,114,318 shares in the company. This stake corresponds to 4.85% of Genmab’s sh...
Genmab Boosted by Strong Q1 2026 DARZALEX Sales of Nearly USD 4 Billion
Apr 14, 2026
On April 14, 2026, Genmab reported that Johnson Johnson’s Janssen unit recorded worldwide net trade sales of USD 3,964 million for the blood cancer drug DARZALEX in the first quarter of 2026, including its subcutaneous DARZALEX FASPRO formu...
Genmab Discloses April 1 Vesting of Restricted Stock Units by Top Executives
Apr 1, 2026
Genmab A/S, a Denmark-based biotechnology company listed on Nasdaq as GMAB, develops antibody-based therapeutics with a primary focus on oncology and serious diseases, and its stock is closely watched by global life sciences investors. The company...
Genmab Discloses Orbis as New 5% Major Shareholder
Apr 1, 2026
Genmab A/S reported on April 1, 2026, that Orbis Investment Management Limited had become a major shareholder as of March 31, 2026, holding 3,221,620 shares, equivalent to 5.01% of Genmab’s share capital and voting rights. The disclosure, ma...
Genmab Discloses Orbis as 4.99% Major Shareholder
Mar 30, 2026
Genmab A/S, the Copenhagen-headquartered biotech specializing in antibody-based cancer therapies and other serious disease treatments, has spent more than 25 years advancing next-generation modalities such as bispecific antibodies, antibody–...
Genmab Updates Articles of Association, Expands Capital Issuance Flexibility
Mar 23, 2026
On March 23, 2026, Genmab A/S filed a Form 6-K with the U.S. Securities and Exchange Commission, publishing an updated English translation of its Articles of Association dated March 19, 2026. The filing, signed by Executive Vice President and CFO ...
Genmab Reshapes Board Leadership and Approves New Employee Equity Grants After 2026 AGM
Mar 19, 2026
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 glob...
Genmab Shareholders Approve 2025 Results and Capital Reduction at March 19 AGM
Mar 19, 2026
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...
Genmab Completes DKK 615 Million Share Buy-back Program for RSU Obligations
Mar 16, 2026
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...
Genmab Updates Share Buy-Back Program and Corrects Accumulated Purchase Figures
Mar 9, 2026
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...
Genmab Updates Articles of Association, Expands Capital and Warrant Authorizations
Mar 4, 2026
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...
Genmab Corrects Insider Share Transaction Pricing in March 2 Filings
Mar 3, 2026
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-relate...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.