Genmab A/S (GMAB)

Price$33.60Cached quoteAs of 2026-09-06 09:21 UTC

AI: Fair-priced

Price checkThe shares look fairly priced, because strong growth now comes with much more debt.

Using the observed Nasdaq close, the official ratio of ten U.S.-traded depositary shares to one ordinary share, and supplied 2024 diluted earnings of DKK 121.36 per ordinary share, the stock is about 18 times those earnings. June 2026 cash of $1.50 billion versus $5.14 billion of borrowings leaves about $3.63 billion of net debt. Adding that debt to roughly $20.5 billion of equity value gives about $24.1 billion of business value, nearly 20 times the midpoint of revised 2026 operating profit before certain acquisition-related charges. That requires continued growth and debt reduction, so the price looks fair rather than cheap. Genmab A/S+4SEC+4Wise+4

Big picturePayments from partner drug sales are growing, but debt makes future cash less predictable.

The supplied history suggests earnings quality was strong before the latest acquisition. In 2024, net income was DKK 7.84 billion and operating cash flow, meaning cash generated by normal operations, was DKK 7.77 billion. In 2023, operating cash flow of DKK 7.38 billion exceeded DKK 4.35 billion of profit. This is not a classic boom-and-bust cyclical business; cash depends more on partner drug sales, trial spending, and deal timing. In the first half of 2026, operating cash flow fell to $54 million from $349 million as profit, payment timing, pipeline spending, and interest absorbed cash. Genmab A/S+1

Business strengthCore medicines are growing quickly, while buybacks have recently reduced the total share count.

The underlying franchise is strong: first-half 2026 royalty revenue, meaning payments tied to partner drug sales, rose 24% to $1.71 billion. Darzalex partner sales rose 21%, while Epkinly/Tepkinly sales rose 48%. The supplied 2024 balance sheet also showed DKK 45.8 billion of assets against DKK 9.1 billion of liabilities before Merus changed the picture. Capital allocation, meaning how management uses cash, has favored repurchases too: supplied shares outstanding fell about 2.9% from 2024 to 2025. In first-half 2026, buybacks cost $96 million, while employee warrant exercises added only about 0.02% to share capital. ir.genmab.com+1

What could change the storyBetter pipeline results and faster debt repayment could justify more, while weaker cash conversion would not.

The strongest bull case is that Darzalex and other royalties keep compounding while Epkinly/Tepkinly, petosemtamab, and Rina-S become larger profit streams. Recent evidence helps: the June lymphoma trial cut the risk of disease progression or death by roughly 56% to 60%, and European approval expanded Tepkinly use. The bear case is the new debt load plus weaker cash conversion; first-half 2026 net profit fell 33% and operating cash flow fell much more. The thesis strengthens if borrowings fall materially from $5.14 billion while operating cash again tracks earnings; repeated cash shortfalls or major late-stage trial failures would weaken it. GlobeNewswire+2GlobeNewswire+2

AI: News

Guidance raise after strong halfFaster sales growth and a higher outlook showed stronger momentum, and investors reacted positively.

On August 6, Genmab reported first-half revenue of $2.05 billion, up 25% from a year earlier, led by higher Darzalex and Kesimpta royalties and Epkinly sales. It raised 2026 revenue guidance to $4.33 billion to $4.53 billion and lifted expected operating profit before certain acquisition-related charges. Copenhagen-listed shares rose more than 8% the next session. That reaction is consistent with investors raising near-term earnings expectations, though one-day moves can reflect other market factors too. Genmab A/S+1

Positive lymphoma trialA key late-stage lymphoma study improved disease control, strengthening the case for wider Epkinly use.

On June 29, Genmab said its late-stage EPCORE DLBCL-4 study met its main goal. Epcoritamab plus lenalidomide reduced the risk of disease progression or death by about 56% to 60%, depending on how follow-up data were counted, versus the standard drug combination. Safety matched the known profiles of the medicines. The result matters because a successful regulatory filing could expand Epkinly into a larger treatment setting and increase the value of Genmab’s shared commercial franchise with AbbVie. GlobeNewswire

European Tepkinly expansionEuropean approval opened a broader follicular lymphoma market for Tepkinly after strong Phase 3 results.

On July 6, the European Commission approved Tepkinly with lenalidomide and rituximab for adults whose follicular lymphoma returned or stopped responding after at least one prior treatment. In the supporting Phase 3 study, the combination reduced the risk of progression or death by 79%; 74% of treated patients achieved a complete response, meaning no detectable disease by the study measure, versus 43% with the comparison treatment. The approval turns clinical success into a commercial opportunity, although actual value depends on adoption, pricing, and treatment duration. GlobeNewswire

Darzalex sales acceleratedAnother strong Darzalex quarter supported the royalty stream that still anchors Genmab’s earnings power.

On July 15, Genmab reported second-quarter worldwide Darzalex sales of $4.21 billion, including $2.44 billion in the United States and $1.77 billion elsewhere. Genmab receives royalties, meaning payments tied to those worldwide sales, from Johnson & Johnson, so higher partner sales feed directly into Genmab revenue without requiring Genmab to bear the full selling cost. The update was financially important because Darzalex remains the largest driver of royalty income; however, without reliable same-day reaction evidence, any precise stock-price attribution would be speculative. Genmab A/S

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Revenue

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2019	2018	2017
Revenue	$3.72B	$3.12B	$2.39B	$2.09B	—	—	—	—
Gross profit	$3.48B	$2.98B	$2.36B	—	—	—	—	—
Gross margin	93.60%	95.42%	98.62%	—	—	—	—	—
Research & development	$1.61B	$1.41B	$1.11B	—	—	—	—	—
Operating expenses	$2.65B	$2.15B	$1.62B	—	—	—	—	—
Operating income	$1.06B	$972.0M	$772.0M	$902.0M	—	—	—	—
Operating margin	28.63%	31.14%	32.30%	43.21%	—	—	—	—
EBITDA	$1.34B	$1.40B	$870.0M	$1.06B	—	—	—	—
EBITDA margin	35.91%	44.99%	36.40%	50.64%	—	—	—	—
Net income	$963.0M	$1.13B	$631.0M	$784.7M	$450.2M	—	—	—
Net profit margin	25.89%	36.30%	26.40%	37.59%	—	—	—	—
Basic EPSper basic share	$15.50	$17.66	$9.67	$1.22	—	—	—	—
Diluted EPSper diluted share	$15.37	$17.53	$9.58	$1.20	—	—	—	—

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of GMAB
Holder	Shares held
Paradigm Biocapital Advisors LP	13.13M
Orbis Allan Gray Ltd	11.37M
ALLIANCEBERNSTEIN L.P.	8.64M
DEERFIELD MANAGEMENT COMPANY, L.P.	6.87M
Deep Track Capital, LP	5.65M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	4.98M
BlackRock, Inc.	4.67M
Sofinnova Investments, Inc.	4.05M
RENAISSANCE TECHNOLOGIES LLC	3.52M
TWO SIGMA INVESTMENTS, LP	3.51M
Harding Loevner LP	3.09M
FIRST TRUST ADVISORS LP	2.76M
CITADEL ADVISORS LLC	2.48M
Qube Research & Technologies Ltd	1.69M
MORGAN STANLEY	1.63M
FEDERATED HERMES, INC.	1.45M
GOLDMAN SACHS GROUP INC	1.28M
FRANKLIN RESOURCES INC	1.2M
Pictet Asset Management Holding SA	1.07M
UBS Group AG	961.05K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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