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Genmab
(NASDAQ:GMAB)
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Rating:68Neutral
Price Target:
$34.00
▼(-1.05% Downside)
Action:Downgraded
Date:08/09/26
The score is driven by strong technical uptrend signals and a positive earnings-call outlook with upgraded guidance and commercial momentum. Offsetting these are weaker recent financial statement trends (margin compression, declining free cash flow, and higher leverage) and only moderate valuation support with no dividend yield.
Positive Factors
Diversified commercial revenue growth
Broad-based H1 top-line expansion driven roughly equally by DARZALEX royalties and EPKINLY net sales demonstrates a diversified, partner-plus-proprietary revenue model. This reduces reliance on a single product, supports predictable royalties and commercial rollout funding, and underpins medium-term revenue resilience.
Negative Factors
Elevated leverage
Leverage near parity with equity materially reduces financial flexibility; higher debt raises interest and refinancing risk and limits capacity to fund costly confirmatory trials or absorb program setbacks without external capital, increasing structural financing vulnerability over months ahead.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified commercial revenue growth
Broad-based H1 top-line expansion driven roughly equally by DARZALEX royalties and EPKINLY net sales demonstrates a diversified, partner-plus-proprietary revenue model. This reduces reliance on a single product, supports predictable royalties and commercial rollout funding, and underpins medium-term revenue resilience.
Read all positive factors
Genmab (GMAB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$20.09B
Dividend YieldN/A
Average Volume (3M)1.87M
Price to Earnings (P/E)26.4
Beta (1Y)0.69
Revenue Growth21.75%
EPS Growth-36.69%
CountryUS
Employees3,119
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.28
Shares Outstanding623,532,530
10 Day Avg. Volume1,891,251
30 Day Avg. Volume1,866,644
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$86.71Price Target Upside152.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)1.17
Revenue Forecast (FY)$4.45B
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 primarily through a combination of (1) product sales and (2) collaboration-based income tied to partnered drug development and commercialization. Product sales revenue is mainly derived from royalties and other commercial econom...
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 | 5.95B | 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
29.46
Positive
28.05
Positive
29.24
Positive
Market Momentum
1.40
Negative
69.63
Neutral
86.14
Negative
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 above the 20-day moving average (MA) of 31.77, above the 50-day MA of 29.46, and above the 200-day MA of 29.24, indicating a bullish trend. The MACD of 1.40 indicates Negative momentum. The RSI at 69.63 is Neutral, neither overbought nor oversold. The STOCH value of 86.14 is Negative, 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $25.97B | 15.71 | 29.70% | ― | 26.93% | 80.66% | |
78 Outperform | $35.54B | 25.69 | 12.25% | 1.55% | 9.99% | -18.25% | |
70 Outperform | $12.70B | 171.82 | 1.18% | ― | 13.69% | -89.03% | |
68 Neutral | $20.09B | 26.39 | 14.55% | ― | 21.75% | -36.69% | |
68 Neutral | $15.61B | 17.68 | 190.44% | ― | 128.41% | ― | |
60 Neutral | $28.28B | -14.21 | -9.16% | ― | -1.05% | -395.95% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
GMAB
Genmab
34.10
8.99
35.80%
BMRN
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65.29
7.61
13.19%
INCY
Incyte
127.74
44.04
52.62%
ASND
Ascendis Pharma
249.36
55.46
28.60%
BNTX
BioNTech SE
111.40
9.47
9.29%
RPRX
Royalty Pharma
61.92
26.98
77.21%
Genmab Corporate Events
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. ...
Genmab Reports Strong Phase 3 Data for Epcoritamab Combo in Relapsed/Refractory DLBCL
Jun 29, 2026
Genmab A/S, an international biotechnology company specializing in next-generation antibody medicines for cancer, develops bispecific antibodies, antibody–drug conjugates and immune-modulating antibodies, with eight approved therapies alread...
Genmab Updates Articles of Association, Extends Capital-Raising Powers
Jun 17, 2026
On June 17, 2026, Genmab A/S filed a Form 6-K with the U.S. Securities and Exchange Commission, furnishing an updated English translation of its Articles of Association dated June 16, 2026. The filing, signed by Executive Vice President and Chief ...
Genmab Announces Minor Capital Increase Following Employee Warrant Exercise
Jun 16, 2026
On June 16, 2026, Genmab A/S announced a minor capital increase after employees exercised warrants, leading to the issuance of 185 new ordinary shares with a nominal value of DKK 1 each at a subscription price of DKK 1,334.50. The cash proceeds of...
Genmab Discloses Orbis as New 4.99% Major Shareholder
Jun 15, 2026
Genmab A/S reported in a June 15, 2026 filing with the U.S. Securities and Exchange Commission that Orbis Investment Management Limited has become a major shareholder in the company. Orbis notified Genmab that as of June 12, 2026, it controlled vo...
Genmab Updates Articles of Association to Expand Capital-Raising Flexibility
Jun 15, 2026
On June 15, 2026, Genmab A/S filed a Form 6-K with the U.S. Securities and Exchange Commission, updating its Articles of Association and formally translating them into English. The filing confirms the company’s current share capital of DKK 6...
Genmab Grants New Restricted Stock Units and Warrants to Employees
Jun 11, 2026
On June 11, 2026, Genmab A/S reported that its board approved the grant of 15,894 restricted stock units and 15,494 warrants to employees of the company and its subsidiaries. The equity awards, all granted cost-free, carry an exercise price and fa...
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...
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.