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Genmab
(NASDAQ:GMAB)
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Rating:66Neutral
Price Target:
$42.00
▲(22.24% Upside)
Action:Reiterated
Date:10/06/26
The score reflects strong earnings-call-driven momentum (upgraded 2026 guidance and commercial/clinical progress) and supportive technical trends (price above major moving averages, positive MACD). Offsetting this are weakening TTM financial trends (notable margin compression, higher leverage, shrinking free cash flow) and a relatively high P/E with no dividend yield provided.
Positive Factors
Accelerating revenue growth
Strong H1 growth and a raised full-year outlook indicate broadening commercial traction across royalties and product sales. Sustained expansion from DARZALEX, EPKINLY, and the wider portfolio can support reinvestment in launches and development while strengthening Genmab’s earnings base.
Negative Factors
Sharp margin compression
Materially lower operating and net margins show that recent growth is requiring a heavier cost burden or generating less profit per dollar of revenue. If pressure persists, reduced profitability could constrain internal funding for launches, pipeline investment, and commercial expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue growth
Strong H1 growth and a raised full-year outlook indicate broadening commercial traction across royalties and product sales. Sustained expansion from DARZALEX, EPKINLY, and the wider portfolio can support reinvestment in launches and development while strengthening Genmab’s earnings base.
Read all positive factors
Genmab (GMAB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$21.92B
Dividend YieldN/A
Average Volume (3M)3.07M
Price to Earnings (P/E)28.6
Beta (1Y)0.78
Revenue Growth21.75%
EPS Growth-36.69%
CountryUS
Employees3,119
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.28
Shares Outstanding624,058,530
10 Day Avg. Volume5,347,385
30 Day Avg. Volume3,070,348
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 Cap0.95
Enterprise Value/Revenue5.02
Enterprise Value/Gross Profit5.39
Enterprise Value/Ebitda16.99
Forecast
1Y Price Target
$145.48Price Target Upside323.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)1.19
Revenue Forecast (FY)$4.48B
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 makes money through a mix of (1) net product sales from medicines it commercializes itself and (2) partnered revenue from licensing and collaboration agreements.
1) Net product sales (commercialized products):
- Genmab earns revenue from s...
Genmab Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
Genmab presented a strongly positive commercial and financial performance in H1 2026 — double-digit revenue and operating profit growth, upgraded full-year guidance, robust Epkinly momentum, meaningful product sales (DARZALEX, EPKINLY, TIVDAK), and multiple late-stage clinical advances including a positive Phase III PFS readout and new Phase III initiations. The company also acknowledged execution uncertainties: several data readouts remain event-driven or immature (OS not yet mature), competition across key indications is intensifying, some trial timing/readout clarifications raised investor questions, and integration/IP/tax factors introduce near-term modeling uncertainty. On balance the operational and financial momentum and near-term catalyst calendar outweigh the challenges, supporting a constructive outlook.Positive Updates
Strong Revenue Growth
Total revenue grew 25% year-over-year in H1 2026, with updated full-year 2026 revenue guidance raised to $4.3–$4.5 billion (midpoint ~19% YoY growth). Management increased the midpoint by ~$195 million versus prior guidance (~equally split between DARZALEX and EPKINLY).
Negative Updates
Timing Uncertainty and Readout Delays
Some readouts were pushed or clarified later than previously guided: petosemtamab second/third-line readout now expected in Q1 2027 (management cited event-driven overall survival endpoint and upsizing), and investors questioned a perceived ~1-year delay to the EPCORE DLBCL-2 interim analysis versus external expectations.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue grew 25% year-over-year in H1 2026, with updated full-year 2026 revenue guidance raised to $4.3–$4.5 billion (midpoint ~19% YoY growth). Management increased the midpoint by ~$195 million versus prior guidance (~equally split between DARZALEX and EPKINLY).
Read all positive updates
Company Guidance
Genmab updated 2026 guidance after a strong H1: total revenue grew 25% YoY and adjusted operating profit rose 18% in H1, proprietary portfolio sales were $396m (+37% YoY), EPKINLY sales were $312m (+48% YoY, +28% QoQ), TIVDAK was $84m, DARZALEX grew 21% and the remainder of the portfolio grew 35% YoY; management now expects full‑year 2026 revenue of 4.3–4.5 billion (≈19% YoY at the midpoint) — a ~$195m midpoint upgrade split roughly equally between DARZALEX and EPKINLY — operating profit of $1.1–1.4 billion, operating expense guidance with a midpoint of $2.88 billion (OpEx guidance up only ~2% vs prior), and overall guidance that is ~5% higher revenue and ~7% higher operating profit versus the previous outlook; H1 effective tax rate was 3.6% (tax expense $13m) and is expected to normalize over 12–18 months.Genmab Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
55
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.13B | 3.72B | 21.53B | 16.47B | 14.51B | 8.42B |
| Gross Profit | 3.84B | 3.41B | 20.54B | 16.25B | 14.51B | 8.42B |
| EBITDA | 1.22B | 1.34B | 9.70B | 6.00B | 7.35B | 4.18B |
| Net Income | 788.10M | 963.76M | 7.84B | 4.35B | 5.45B | 2.96B |
Balance Sheet | ||||||
| Total Assets | 12.52B | 12.84B | 45.81B | 35.29B | 30.12B | 24.63B |
| Cash, Cash Equivalents and Short-Term Investments | 1.50B | 1.71B | 21.10B | 28.14B | 22.32B | 19.34B |
| Total Debt | 5.27B | 5.43B | 1.03B | 770.00M | 597.00M | 425.00M |
| Total Liabilities | 6.56B | 7.01B | 9.11B | 3.68B | 2.84B | 2.43B |
| Stockholders Equity | 5.96B | 5.83B | 36.70B | 31.61B | 27.28B | 22.20B |
Cash Flow | ||||||
| Free Cash Flow | 867.34M | 1.15B | 7.58B | 7.00B | 3.60B | 1.98B |
| Operating Cash Flow | 890.35M | 1.19B | 7.77B | 7.38B | 3.91B | 2.23B |
| Investing Cash Flow | -5.64B | -5.65B | -9.91B | -1.28B | -2.76B | -961.00M |
| Financing Cash Flow | 4.96B | 4.79B | -3.92B | -606.00M | -789.00M | -420.00M |
Genmab Technical Analysis
Positive
34.36
Price Trends
33.52
Positive
30.25
Positive
29.76
Positive
Market Momentum
1.01
Negative
61.28
Neutral
44.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GMAB, the sentiment is Positive. The current price of 34.36 is below the 20-day moving average (MA) of 35.36, above the 50-day MA of 33.52, and above the 200-day MA of 29.76, indicating a bullish trend. The MACD of 1.01 indicates Negative momentum. The RSI at 61.28 is Neutral, neither overbought nor oversold. The STOCH value of 44.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $21.92B | 28.63 | 13.58% | ― | 21.75% | -36.69% | |
66 Neutral | $8.48B | 18.18 | 72.30% | ― | 76.08% | 634.54% | |
57 Neutral | $1.83B | -11.35 | -28.66% | ― | -28.56% | 10.25% | |
56 Neutral | $24.36B | -12.51 | -9.16% | 1.33% | -1.05% | -395.95% | |
54 Neutral | $1.84B | -12.77 | -72.07% | ― | -69.78% | -106.07% | |
52 Neutral | $3.61B | -37.24 | -8.70% | ― | 59.59% | 71.96% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
GMAB
Genmab
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Genmab Corporate Events
Genmab and AbbVie Report Landmark Phase 3 Win for Epcoritamab Combo in Frontline DLBCL
Oct 5, 2026
Genmab and AbbVie reported on October 5, 2026, that their Phase 3 EPCORE DLBCL-2 trial showed epcoritamab, a subcutaneous bispecific antibody, combined with standard R-CHOP chemotherapy delivered a statistically significant and clinically meaningf...
Genmab Discloses Darwin Global as 5.11% Major Shareholder
Oct 2, 2026
Genmab A/S reported on October 2, 2026, that Darwin Global Management Limited has become a major shareholder under Danish capital markets rules. Darwin, acting as investment manager for various funds and portfolios, controlled 3,188,361 Genmab sha...
Genmab Updates Capital Structure and Articles of Association in September 2026 SEC Filing
Sep 29, 2026
On September 29, 2026, Genmab A/S filed a Form 6-K with the U.S. Securities and Exchange Commission, formally updating investors on its Articles of Association as of September 24, 2026. The filing confirms the company’s registered office in ...
Genmab Grants New Employee Restricted Stock Units and Warrants
Sep 24, 2026
On September 24, 2026, Genmab’s board approved the grant of 13,794 restricted stock units and 13,331 warrants to employees of the company and its subsidiaries as part of its long-term incentive programs. Each cost-free restricted stock unit ...
Genmab Updates Articles of Association, Preserves Broad Capital-Raising Powers
Sep 9, 2026
On September 9, 2026, Genmab A/S filed a Form 6-K with the U.S. Securities and Exchange Commission, updating investors on an English translation of its Articles of Association dated September 8, 2026. The filing confirms key corporate details, inc...
Genmab Raises Share Capital via Employee Warrant Exercise
Sep 9, 2026
On September 8, 2026, Genmab announced a capital increase of 28,011 shares following the exercise of employee warrants, raising approximately DKK 44.3 million. The new ordinary shares, issued without preemptive rights and listed on Nasdaq Copenhag...
Genmab Calls October Extraordinary General Meeting to Address Board Remuneration and Shareholder Outreach
Sep 8, 2026
Genmab A/S has called an Extraordinary General Meeting (EGM) to be held at its Copenhagen headquarters on October 7, 2026, with the announcement made on September 8, 2026. The meeting will focus on shareholder outreach and a Board remuneration pro...
Genmab Updates Articles of Association, Expands Capital-Raising Flexibility
Aug 12, 2026
On August 12, 2026, Genmab A/S filed a Form 6‑K with the U.S. Securities and Exchange Commission, formally submitting an updated English translation of its Articles of Association dated August 11, 2026. The filing confirms Genmab’s con...
Genmab Boosts Share Capital After Employee Warrant Exercise
Aug 11, 2026
On August 11, 2026, Genmab A/S announced a small increase in its share capital following the exercise of employee warrants, issuing 24,592 new ordinary shares with a nominal value of DKK 1 each. The new shares, subscribed in cash at prices ranging...
Genmab Lifts 2026 Outlook on Strong H1 Results and Positive Epcoritamab Data
Aug 6, 2026
Genmab reported financial results on August 6, 2026 for the six months ended June 30, 2026, highlighting a 25% year-on-year revenue increase to $2,051 million, driven mainly by higher royalties from DARZALEX and Kesimpta and strong EPKINLY sales. ...
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.