Genmab (Otc) (GMAB)
NASDAQ:GMAB
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Genmab
(NASDAQ:GMAB)
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Rating:66Neutral
Price Target:
$28.00
â–¼(-0.71% Downside)
Action:DowngradedDate:02/24/26
The score is supported by strong financial performance (rapid growth, high margins, solid cash generation) and a constructive earnings outlook with meaningful pipeline catalysts, but is held back by the sharp 2025 leverage increase and weaker earnings quality signals, plus bearish near-term technical momentum despite oversold readings.
Positive Factors
Revenue growth & margins
Genmab delivered a step-change in top-line growth alongside exceptionally high gross margins, indicating a scalable royalty-plus-proprietary model. Durable revenue momentum and structural margin advantage from partnered royalties and high-margin proprietary sales support long-term cash flow and reinvestment capacity.
Negative Factors
Higher leverage from acquisition financing
A large, recent debt raise meaningfully increases financial leverage and interest expense, reducing balance-sheet flexibility. Higher gross leverage and ~6.6% weighted funding costs mean successful execution on pipeline and deleveraging targets is required to avoid sustained strain on cash flow available for R&D or capital returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & margins
Genmab delivered a step-change in top-line growth alongside exceptionally high gross margins, indicating a scalable royalty-plus-proprietary model. Durable revenue momentum and structural margin advantage from partnered royalties and high-margin proprietary sales support long-term cash flow and reinvestment capacity.
Read all positive factors
Genmab (GMAB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.36B
Dividend YieldN/A
Average Volume (3M)1.54M
Price to Earnings (P/E)19.9
Beta (1Y)0.63
Revenue Growth24.98%
EPS Growth127.06%
CountryUS
Employees2,638
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.05
Shares Outstanding642,507,200
10 Day Avg. Volume1,223,616
30 Day Avg. Volume1,539,805
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 Cap1.25
Enterprise Value/Revenue2.51
Enterprise Value/Gross Profit2.68
Enterprise Value/Ebitda5.65
Forecast
1Y Price Target
$38.44Price Target Upside36.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)1.2
Revenue Forecast (FY)$4.32B
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...
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:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call highlighted strong commercial execution and financial performance in 2025 — including 19% total revenue growth to $3.7B, substantial proprietary product momentum (EPKINLY +67% to $468M; TIVDAK +26% to $164M), operating profit expansion to $1.26B, and strategic pipeline enhancement via the Merus acquisition (petosemtamab). Management outlined multiple near‑term clinical catalysts (up to six potential registrational readouts in 2026) and a disciplined capital allocation plan, while also acknowledging important challenges: a Phase III EPKINLY monotherapy study where OS missed statistical significance (confounded by COVID and evolving treatment landscape), higher operating expenses to fund launches and development (+13%), and increased leverage and financing costs following the acquisition. Overall, the positives — durable revenue and product growth, a deeper late‑stage pipeline with compelling early data, and clear guidance on investments and deleveraging — materially outweigh the clinical and financing risks discussed, although these risks warrant monitoring as the 2026 readouts and regulatory interactions unfold.Positive Updates
Strong Revenue Growth
Total revenue increased 19% year-over-year to $3.7 billion in FY2025, reflecting growth across royalty streams and commercialized medicines.
Negative Updates
EPCORE DLBCL‑1: OS Did Not Reach Statistical Significance
The Phase III EPCORE DLBCL‑1 trial showed improvement in progression‑free survival and response metrics for EPKINLY monotherapy but overall survival did not reach statistical significance, introducing regulatory uncertainty and the need for further agency discussions.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Total revenue increased 19% year-over-year to $3.7 billion in FY2025, reflecting growth across royalty streams and commercialized medicines.
Read all positive updates
Company Guidance
Genmab's 2026 guidance targets total revenue growth of about 14% at the midpoint (building on 2025 revenue of $3.7B, +19% YoY), with DARZALEX net sales expected at $15.6–16.4B and operating profit of $1.15B at the midpoint (2025 operating profit was $1.26B); the company will increase operating investments to advance petosemtamab and Rina‑S and support launch readiness (OpEx rose 13% in 2025) while maintaining substantial profitability and targeting gross leverage below 3x by end‑2027. Genmab closed a $5.5B debt raise (≈$2.5B fixed, $3.0B floating with ~$1.6B hedged, net ≈$4.1B fixed) at a weighted average effective rate near 6.6%. The guidance is underpinned by commercial momentum—2025 proprietary medicine sales of $632M (+54% YoY, ~28% of total revenue growth), EPKINLY $468M (+67% YoY) and TIVDAK $164M (+26% YoY)—and by up to six potential registrational data readouts in 2026 that could materially expand addressable populations (e.g., EPKINLY from ~27,000 today toward ~150,000 by the early 2030s).Genmab Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
62
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.72B | 21.53B | 16.47B | 14.51B | 8.42B |
| Gross Profit | 3.41B | 20.54B | 16.25B | 14.51B | 8.42B |
| EBITDA | 1.32B | 9.70B | 5.95B | 7.35B | 4.18B |
| Net Income | 963.76M | 7.84B | 4.35B | 5.45B | 2.96B |
Balance Sheet | |||||
| Total Assets | 12.84B | 45.81B | 35.29B | 30.12B | 24.63B |
| Cash, Cash Equivalents and Short-Term Investments | 1.71B | 21.10B | 28.14B | 22.32B | 19.34B |
| Total Debt | 5.43B | 1.03B | 770.00M | 597.00M | 425.00M |
| Total Liabilities | 7.01B | 9.11B | 3.68B | 2.84B | 2.43B |
| Stockholders Equity | 5.83B | 36.70B | 31.61B | 27.28B | 22.20B |
Cash Flow | |||||
| Free Cash Flow | 1.15B | 7.58B | 7.00B | 3.60B | 1.98B |
| Operating Cash Flow | 1.19B | 7.77B | 7.38B | 3.91B | 2.23B |
| Investing Cash Flow | -5.65B | -9.91B | -1.28B | -2.76B | -961.00M |
| Financing Cash Flow | 4.79B | -3.92B | -606.00M | -789.00M | -420.00M |
Genmab Technical Analysis
Neutral
28.20
Price Trends
28.36
Negative
30.33
Negative
28.34
Negative
Market Momentum
0.05
Negative
57.48
Neutral
85.74
Negative
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 28.2 is above the 20-day moving average (MA) of 26.75, below the 50-day MA of 28.36, and below the 200-day MA of 28.34, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 57.48 is Neutral, neither overbought nor oversold. The STOCH value of 85.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $27.63B | 19.48 | 11.89% | 2.23% | 3.72% | -31.46% | |
74 Outperform | $19.12B | 14.98 | 29.15% | ― | 18.09% | 3563.21% | |
68 Neutral | $10.49B | 32.67 | 5.82% | ― | 12.31% | 60.21% | |
66 Neutral | $17.36B | 19.86 | 18.99% | ― | 24.98% | 127.06% | |
57 Neutral | $14.69B | ― | 127.54% | ― | 103.32% | 47.55% | |
54 Neutral | $24.00B | -17.95 | -6.03% | ― | 7.04% | -25.24% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
GMAB
Genmab
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8.69
44.54%
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Genmab Corporate Events
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...
Genmab Details February Transactions Under DKK 725 Million Share Buy-back Program
Mar 2, 2026
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 ...
Genmab Grants New RSUs and Warrants to Staff in February 2026 Incentive Award
Feb 27, 2026
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 c...
Genmab Updates Articles of Association, Expands Capital and Incentive Authorizations
Feb 25, 2026
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 ca...
Genmab Announces Capital Increase Following Employee Warrant Exercises
Feb 24, 2026
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 ...
Genmab Reports Initial Transactions Under February 2026 Share Buy-back Program
Feb 23, 2026
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 la...
Genmab Discloses CFO Insider Share Sale Under EU Market Abuse Rules
Feb 20, 2026
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 manag...
Genmab Calls March 19 AGM to Approve 2025 Results and Capital Reduction
Feb 18, 2026
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 audito...
Genmab Launches DKK 725 Million Share Buy-Back to Cover RSU Commitments
Feb 17, 2026
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....
Genmab Updates Articles of Association to Expand Capital-Raising and Incentive Flexibility
Feb 3, 2026
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. T...
Genmab Grants New RSUs and Warrants to Employees to Strengthen Long-Term Incentives
Jan 29, 2026
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 co...
Genmab Reports 2025 DARZALEX Net Sales of USD 14.4 Billion
Jan 21, 2026
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 ...
Genmab Reports Positive Phase 3 Progression-Free Survival Data for Epcoritamab in Relapsed/Refractory DLBCL
Jan 16, 2026
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 h...
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.