Genmab A/S (GMAB.CO) | Investment Case

1. Company Snapshot

1.a. 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 treatment of thyroid eye disease; ofatumurnab, a human monoclonal antibody to treat chronic lymphocytic leukemia (CLL) and multiple sclerosis; and Amivantamab for advanced or metastatic gastric or esophageal cancer and NSCLC.Its products include daratumumab to treat MM, non-MM blood cancers, and AL amyloidosis; GEN1047; tisotumab vedotin for treating cervical, ovarian, and solid cancers; DuoBody-PD-L1x4-1BB, and DuoBody-CD40x4-1BB for treating solid tumors; Epcoritamab for relapsed/refractory diffuse large B-cell lymphoma and chronic lymphocytic leukemia; and HexaBody-CD38 and DuoHexaBody-CD37 for treating hematological malignancies.

The company also develops Teclistamab, which is in Phase 2 trial for vaso-occlusive crises; Camidanlumab tesirine to treat hodgkin lymphoma and solid tumors; JNJ-64007957 and JNJ-64407564 to treat MM; PRV-015 for treating celiac disease; Mim8 for treating haemophilia A; and Lu AF82422 for treating multiple system atrophy disease.In addition, it has approximately 20 active pre-clinical programs.The company has a commercial license and collaboration agreement with Seagen Inc.

to co-develop tisotumab vedotin.It also has a collaboration agreement with CureVac AG for the research and development of differentiated mRNA-based antibody products; argenx to discover, develop, and commercialize novel therapeutic antibodies with applications in immunology and oncology; and AbbVie for the development of epcoritamab, as well as collaborations with BioNTech, Janssen, Novo Nordisk A/S, BliNK Biomedical SAS, and Bolt Biotherapeutics, Inc.Genmab A/S was founded in 1999 and is headquartered in Copenhagen, Denmark.

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1.b. Last Insights on GMAB

Genmab A/S's recent performance was driven by robust revenue growth and strategic advancements. The company's Q2 2025 earnings call highlighted a 19% revenue increase and 56% rise in operating profit. Additionally, Genmab's acquisition of Merus, adding a late-stage cancer treatment candidate to its oncology pipeline, has impressed analysts. William Blair analyst Matt Phipps reiterated a bullish stance, citing solid financial performance and promising prospects. Net sales of DARZALEX totaled $3.672 million in Q3 2025, with the company receiving royalties from Johnson & Johnson.

1.c. Company Highlights

Last Price	2032
Change Percentage	-1.45%
Open	2052
Previous Close	2062
Market Cap ( Millions)	125104
Volume	46362
Year High	2153
Year Low	1157
M A 50	1968.19
M A 200	1576.21

FCF Yield	5.34%
Dividend Yield	0.00%
ROE	24.67%
Debt / Equity	2.79%
Net Debt / EBIDTA	-82.51%
Price To Book	3.72
Price Earnings Ratio	14.65
Price To FCF	18.73
Price To sales	5.46
EV / EBITDA	13.32

2. Genmab's Strong H1 2025 Performance Driven by EPKINLY and TIVDAK Sales

Genmab reported a robust financial performance in the first half of 2025, with total revenue growing by 21% over the past 9 months, fueled by increased recurring revenue. The company's EPS came out at $41.2, significantly beating estimates at $26.83. The strong revenue growth was driven by the commercialized medicines, particularly EPKINLY and TIVDAK, which posted a 54% year-over-year sales increase, accounting for 25% of the total revenue growth. EPKINLY's sales reached $333 million through Q3, representing a 64% year-over-year increase.

Publication Date: Nov -11

                                    📋 Highlights
                                    Revenue Growth:
                                                Total revenue grew 21% in the first 9 months of 2025, driven by 26% recurring revenue growth, with EPKINLY and TIVDAK sales up 54% YoY ($333M through Q3).
Financial Strength:
                                                Ended H1 2025 with $3.4 billion in cash, supporting growth in high-impact programs and a 2025 revenue guidance of $3.5–$3.7 billion (15% growth at midpoint).
Merus Acquisition:
                                                Proposed acquisition to diversify revenue and accelerate a 100% owned model, adding petosemtamab (Peto) to the portfolio for head and neck and colorectal cancer expansion.
GEN1042 Discontinuation:
                                                Clinical development halted for frontline head and neck cancer due to insufficient data, reflecting disciplined prioritization of high-impact programs.
EPKINLY Expansion:
                                                Strong commercial performance in third-line lymphoma ($333M Q3 sales), with plans to target second-line follicular lymphoma (9,000 patients) and anticipate PDUFA approval in November 2025.

                                

Revenue Growth and Profitability

The company's revenue growth is expected to continue, with a forecasted range of $3.5 billion to $3.7 billion, delivering a robust 15% growth at the midpoint. Recurring revenues from royalty medicines and EPKINLY and TIVDAK are driving this growth, with a expected 22% increase in recurring revenues for the year. The company's operating expenses are expected to remain in check, with a range of $2.1 billion to $2.2 billion.

Pipeline Progress and Acquisition

Genmab has made significant progress in its pipeline, with EPKINLY and Rina-S showing encouraging clinical data. The company has agreed to acquire Merus, adding petosemtamab to its portfolio and advancing its evolution into a global biotech leader. The acquisition is expected to accelerate Genmab's shift towards a 100% owned model and expand its revenue.

Valuation and Outlook

With a P/E Ratio of 13.44 and an EV/EBITDA of 12.15, Genmab's valuation appears reasonable considering its growth prospects. Analysts estimate next year's revenue growth at 17.0%, indicating a strong outlook for the company. As Jan van de Winkel stated, "We're highly confident in the potential approval of EPKINLY at its PDUFA in November, with efficacy consistent across both U.S. and non-U.S. patients." The company's strong financial foundation and disciplined investment approach position it for continued growth and long-term value creation.

3. NewsRoom

Assessing Genmab (CPSE:GMAB) Valuation After Its Recent Share Price Strength

Dec -04

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Dow Jones Futures: Small Caps Surge, Eli Lilly Tested; 5 Stocks In Buy Zones

Dec -04

Source:

How Stock Of The Day Genmab Is Leveraging An $8 Billion Deal To Stoke Its Next Chapter

Dec -04

Source:

Merus N.V. (MRUS): A Bull Case Theory

Dec -04

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Genmab Announces Closing of Private Offering of Senior Secured Notes and Senior Unsecured Notes

Dec -03

Source:

Transactions With Shares and Linked Securities in Genmab A/S Made by Managerial Employees and Their Closely Associated Persons

Dec -01

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Is Genmab’s Impressive 32.7% Rally Backed by Fundamentals in 2025?

Nov -28

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Genmab (GMAB) Q3 2025 Earnings Call Transcript

Nov -27

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Antibody Therapeutics

Expected Growth: 9.27%

Genmab A/S's Antibody Therapeutics growth is driven by increasing demand for cancer treatments, strategic partnerships, and a strong pipeline of novel antibodies. The company's proprietary DuoBody technology and bispecific antibody capabilities also contribute to its growth, as well as the expansion into new therapeutic areas and geographic markets.

7. Detailed Products

DARZALEX (daratumumab)

A CD38-directed antibody indicated for the treatment of patients with multiple myeloma

TECENTRIQ (atezolizumab)

A monoclonal antibody designed to bind with PD-L1, blocking its interaction with PD-1 and B7.1 receptors

Kadcyla (trastuzumab emtansine)

An antibody-drug conjugate (ADC) composed of trastuzumab, a humanized anti-HER2 antibody, linked to a cytotoxic agent, DM1

Ofatumumab

A fully human monoclonal antibody that targets CD20, a protein found on the surface of B cells

8. Genmab A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Genmab A/S operates in the biotechnology industry, which is characterized by high research and development costs. This makes it difficult for substitutes to emerge, as they would need to invest heavily in R&D to develop comparable products.

Bargaining Power Of Customers

Genmab A/S's customers are primarily pharmaceutical companies, which have limited bargaining power due to the company's specialized products and services.

Bargaining Power Of Suppliers

Genmab A/S relies on a few key suppliers for raw materials and services, which gives them some bargaining power. However, the company's strong relationships with its suppliers and its ability to negotiate contracts mitigate this risk.

Threat Of New Entrants

The biotechnology industry has high barriers to entry, including significant R&D investments and regulatory hurdles. This makes it difficult for new entrants to compete with established companies like Genmab A/S.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established players competing for market share. Genmab A/S faces intense rivalry from companies like Novo Nordisk and Lundbeck.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	2.38%
Debt Cost	4.54%
Equity Weight	97.62%
Equity Cost	7.90%
WACC	7.82%
Leverage	2.44%

11. Quality Control: Genmab A/S passed 8 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Genmab

A-Score: 5.9/10

Value: 3.7

Growth: 9.7

Quality: 9.4

Yield: 0.0

Momentum: 8.0

Volatility: 4.3

1-Year Total Return ->

Alkermes

A-Score: 5.2/10

Value: 4.4

Growth: 8.4

Quality: 8.9

Yield: 0.0

Momentum: 6.0

Volatility: 3.7

1-Year Total Return ->

ALK-Abelló

A-Score: 5.0/10

Value: 0.5

Growth: 8.2

Quality: 7.5

Yield: 0.0

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

Jazz Pharmaceuticals

A-Score: 4.9/10

Value: 5.6

Growth: 7.1

Quality: 2.4

Yield: 0.0

Momentum: 8.5

Volatility: 5.7

1-Year Total Return ->

Merus

A-Score: 3.7/10

Value: 6.0

Growth: 1.8

Quality: 4.6

Yield: 0.0

Momentum: 9.5

Volatility: 0.0

1-Year Total Return ->

Zealand Pharma

A-Score: 3.2/10

Value: 7.0

Growth: 2.2

Quality: 9.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

3.33%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.82%

Genmab A/S - DK0010272202

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on GMAB

1.c. Company Highlights

Better Quality

Higher Growth

Weak Momentum

Earnings Beats

Revenues Beats

Earnings Miss

Revenues Miss

Stable Momentum

Fairly Valued

Average Yield

Strong Momentum

2. Genmab's Strong H1 2025 Performance Driven by EPKINLY and TIVDAK Sales

Revenue Growth and Profitability

Pipeline Progress and Acquisition

Valuation and Outlook

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Antibody Therapeutics

Expected Growth: 9.27%

7. Detailed Products

DARZALEX (daratumumab)

TECENTRIQ (atezolizumab)

Kadcyla (trastuzumab emtansine)

Ofatumumab

8. Genmab A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Genmab A/S passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2032.0$

Current Price

2032$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA