Genmab A/S GMAB

Health CareBiotechnology & Medical ResearchDenmark

Last close 54.92 USD on Nov 2, 2026, +78.3% year to date

Quant rating

Quant rating B Rank 82 of 211 in Health Care

Growth A 26 of 211
Valuation D 198 of 211
Quality D 169 of 211
Revisions C 114 of 211
Momentum A 3 of 211

Wall Street consensus Buy (1.53)Average target 60.46 USD +10.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 34.5B
Enterprise value: 38.2B
52-week range: 23.62 – 59.96
3-year range: 17.98 – 59.96
Dividend yield: –
Beta (5 years): 0.71
Shares outstanding: 62.4M
Next earnings: Nov 5, 2026

About the company

Genmab A/S is a Denmark-based international biotechnology company. It specializes in the creation and development of antibody therapeutics for the treatment of cancer. The Company is the creator of the approved antibodies: DARZALEX (daratumumab) for the treatment of certain multiple myeloma indications, Kesimpta for the treatment of adults with relapsing forms of multiple sclerosis, TEPEZZA (teprotumumab) for the treatment of thyroid eye disease and FASPRO, for the treatment of adult patients with certain multiple myeloma indications. The first approved Genmab created therapy Arzerra, approved for the treatment of certain chronic lymphocytic leukemia indications, is available in Japan and is also available in other territories via compassionate use or oncology access programs. Genmab develops a broad clinical and pre-clinical product pipeline, and owns four antibody technologies, DuoBody bispecific platform, HexaBody platform, DuoHexaBody platform & HexElect platform.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,720	3,121	2,391	2,050	1,338	–
Revenue growth	19.2%	30.5%	16.6%	53.2%	−13.5%	19.2%
EPS (basic, normalized)	1.71	1.76	0.96	1.18	0.72	–
EPS growth	−3.1%	83.7%	−19.0%	63.3%	–	–
Gross margin	93.6%	95.4%	98.6%	100.0%	100.0%	97.5%
Net margin	25.9%	36.3%	26.4%	37.6%	35.1%	32.3%
ROE	17.5%	23.1%	14.7%	21.1%	14.4%	18.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,720	+19.2%	10.3x	1,243	+29.3%	30.8x	1.71	−3.1%	32.2x
2026	4,504	+21.1%	8.5x	1,306	+5.1%	29.3x	1.19	−30.3%	46.2x
2027	5,458	+21.2%	7.0x	2,010	+53.9%	19.0x	1.76	+48.4%	31.1x
2028	7,119	+30.4%	5.4x	2,918	+45.2%	13.1x	2.97	+68.3%	18.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,504	+0.1%	+3.4%	+4.4%	1.19	−1.1%	+5.1%	−1.1%
2027	5,458	+1.8%	+4.7%	+5.6%	1.76	−3.4%	−0.7%	−9.4%
2028	7,119	+8.2%	+12.2%	+8.7%	2.97	−4.4%	+5.1%	−7.1%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	603	780	816	921	715	925	1,022	1,058	896	1,155
Sales mean (mil)	578	729	836	899	757	896	987	1,059	912	1,112
Surprise	+4.4%	+7.0%	−2.5%	+2.5%	−5.5%	+3.2%	+3.5%	−0.1%	−1.7%	+3.9%
EPS reported	0.29	0.31	0.29	0.85	0.30	0.54	0.65	0.21	0.08	0.49
EPS mean	1.47	0.33	0.35	0.28	0.24	0.44	0.49	0.34	0.17	0.35
Surprise	−80.0%	−5.2%	−16.6%	+204.6%	+27.1%	+24.1%	+30.6%	−37.1%	−51.6%	+41.8%

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GMAB Genmab A/S	34.5B	–	25.9%	5.66x	46.2x	31.1x	29.3x	19.0x
ARGX argenx SE	55.0B	−4.75x	31.1%	6.50x	30.7x	23.7x	25.8x	18.8x
ONC BeOne Medicines AG	44.5B	−5.30x	5.4%	7.27x	45.3x	33.7x	31.6x	24.4x
RVMD Revolution Medicines, Inc.	40.3B	2.47x	–	15.47x	−19.6x	−30.8x	−20.3x	−28.8x
BNTX Biontech SE	22.0B	13.92x	−39.6%	1.11x	−13.1x	−13.4x	−3.7x	−3.6x
INSM Insmed Incorporated	24.0B	0.34x	−210.5%	33.01x	−67.1x	113.9x	−62.4x	142.0x
Mean		1.34x	−37.5%	11.50x	3.7x	26.4x	0.1x	28.6x
Median		0.34x	5.4%	6.89x	8.8x	27.4x	11.1x	18.9x

Technical analysis

1M+58.0%
3M+90.2%
1Y+92.0%
3Y+96.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Genmab A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,720	3,121	2,391	2,050	1,338	1,546
Cost of revenue	238	143	32.8	0	0	–
Gross profit	3,482	2,978	2,358	2,050	1,338	1,546
Selling, general & administrative expenses	619	544	472	373	201	99.6
Research & development	1,541	1,363	1,099	771	665	449
Depreciation/amortization	54.0	45.0	14.5	15.3	2.7	32.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	203	54.0	0	5.4	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	1,065	972	772	886	470	965
Net interest income (expense)	173	354	45.9	95.8	153	−62.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−34.0	0	0	0	0	0
Net income before taxes	1,204	1,326	818	982	623	903
Provision for taxes	241	193	187	211	153	175
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	963	1,133	632	771	470	728
Extraordinary items	–	–	–	–	–	–
Net income	963	1,133	632	771	470	728
EBIT, normalized	1,268	1,026	772	891	470	969
EBITDA, normalized	1,339	1,086	820	932	509	1,002
Basic EPS, normalized	1.71	1.76	0.96	1.18	0.72	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Genmab A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,715	2,954	4,166	3,214	2,957	2,639
Receivables	1,152	937	732	848	520	445
Total inventory	18.0	9.0	8.4	0	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	0	0	0	0	0	0
Total current assets	2,885	3,900	4,906	4,062	3,476	3,084
Property, plant & equipment	280	265	243	190	149	121
Goodwill	355	355	–	–	–	–
Intangibles	9,123	1,728	15.0	21.0	38.8	55.5
Long-term investments	37.0	32.0	19.8	19.1	56.7	177
Note receivable	22.0	7.0	9.2	6.9	4.1	3.3
Other long-term assets	171	127	31.4	36.3	40.4	29.1
Total assets	12,873	6,414	5,225	4,336	3,765	3,470
Liabilities
Accounts payable	145	90.0	48.9	35.3	53.5	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	171	102	94.3	69.2	45.3	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	291	13.0	13.3	10.7	9.5	6.9
Other current liabilities	820	539	211	147	131	199
Total current liabilities	1,427	744	368	262	240	206
Long-term debt	5,135	131	101	75.3	55.5	45.5
Minority interest	–	–	–	–	–	–
Other liabilities	464	402	76.2	70.7	76.4	80.8
Total liabilities	7,026	1,277	545	408	372	332
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	10.0	10.0	9.8	9.5	10.1	10.8
Additional paid-in capital	1,920	1,961	1,845	1,772	1,839	1,952
Retained earnings (accumulated deficit)	4,098	3,392	2,816	2,132	1,532	1,167
Treasury stock	–	–	–	–	–	–
Other equity	−181	−226	8.9	14.1	12.4	8.9
Total equity	5,847	5,137	4,680	3,927	3,394	3,139
Total liabilities & shareholders' equity	12,873	6,414	5,225	4,336	3,765	3,470

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Genmab A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,204	1,326	818	994	633	903
Depreciation, depletion & amortization	71.0	60.0	42.8	51.2	39.4	39.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	21.0	−232	39.2	−33.8	−109	93.1
Changes in working capital	−110	−28.0	171	−459	−209	−51.8
Cash from operations	1,186	1,126	1,071	553	354	984
Investing activities
Capital expenditures	−55.0	−44.0	−54.6	−44.8	−40.1	−46.9
Other investing cash flows	−5,588	−1,403	−132	−345	−113	−313
Cash from investing	−5,643	−1,447	−186	−390	−153	−360
Financing activities
Financing cash flow items	−18.0	−16.0	−14.9	−12.4	−7.9	−3.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	4,807	−550	−73.0	−99.1	−58.8	14.7
Cash from financing	4,789	−566	−88.0	−112	−66.8	10.9
Foreign exchange effects	3.0	63.0	−75.2	81.1	135	−68.1
Net change in cash	335	−824	722	132	270	567
Free cash flow	1,131	1,082	1,017	508	314	937

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.