olivLaw · European equity research
Genmab A/S GMAB.CO
Denmark · Nasdaq Copenhagen · ISIN DK0010272202 · Vertical: Listed companies from Denmark
Genmab is a Danish biotechnology company developing antibody medicines and earning mainly royalties from DARZALEX. In the first half of 2026 revenue reached 2051 million USD, and the company raised its full-year guidance on higher royalties and EPKINLY sales, while the Merus acquisition added significant debt.
At the close of 06 Nov 2026, Genmab A/S (GMAB.CO) stock was 3,527.00 DKK (−2.97% on the day), with beta 0.62, 52-week range 1,524.00–3,912.00 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.0
- strong (55–70)
- Bollinger (20, 2)
- 1,947.76 – 4,173.94
- in the upper half of the band · %B 0.71 · band width 72.7%
- SMA 50 / 200
- 2,573.48 / 2,012.38
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 351.41 / 311.80
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +41.8% | −0.6% | +42.5 pp | — |
| 3 months | +76.4% | −4.2% | +80.6 pp | — |
| 6 months | +114.9% | +4.3% | +110.5 pp | — |
| Year to date | +74.0% | +7.5% | +66.5 pp | — |
| 1 year | +88.9% | +9.9% | +78.9 pp | −7.6% |
| 3 years | +73.5% | +49.8% | +23.6 pp | +1.3% |
| 5 years | +17.3% | +42.8% | −25.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year |
|---|
| Revenue |
| Revenue YoY |
| Net income |
| Net income YoY |
| Diluted EPS |
| Diluted EPS YoY |
| net % |
| Free cash flow |
Balance sheet & financial health
Financial statements (source on every figure)
Balance sheet · USD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.4 bn | 1.7 bn | 1.5 bn | esef· 02 Sept 2026verified |
| Receivables | — | 1.1 bn | 1.2 bn | esef· 02 Sept 2026verified |
| Inventories | — | 18.0 m | 18.0 m | esef· 02 Sept 2026verified |
| Current assets | — | 2.9 bn | 2.8 bn | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | — | 153.0 m | 137.0 m | esef· 02 Sept 2026verified |
| Goodwill | — | 355.0 m | 355.0 m | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | — | 9.1 bn | 8.9 bn | esef· 02 Sept 2026verified |
| Total assets | — | 12.9 bn | 12.5 bn | esef· 02 Sept 2026verified |
| Short-term debt | — | 273.0 m | 294.0 m | esef· 02 Sept 2026verified |
| Long-term debt | — | 5.0 bn | 4.8 bn | esef· 02 Sept 2026verified |
| Current liabilities | — | 1.4 bn | 1.1 bn | esef· 02 Sept 2026verified |
| Total liabilities | — | 7.0 bn | 6.6 bn | esef· 02 Sept 2026verified |
| Equity | 5.1 bn | 5.8 bn | 6.0 bn | esef· 02 Sept 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
4% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GENMAB A/S (GMAB.CO). Latest full fiscal year: 2026; data up to 2026-06-30.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.5x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 69.4 bn | 13.3 | 133.4% | 16.1% | unavailable | +17% / −2% |
| NEWCAP.CONewcap Holding A | 64.6 bn | 13,000.0 | 29.1% | 41.6% | −99.9% | +118% / +60% |
| ISS.COIss A | 49.6 bn | 19.3 | 27.7% | 3.1% | +1.1% | +40% / +152% |
| BAVA.COBavarian Nordic A | 18.8 bn | 13.7 | 10.9% | 22.0% | unavailable | +30% / +44% |
| GN.COGn Store Nord A | 18.0 bn | 27.6 | 6.3% | 6.8% | unavailable | +19% / −23% |
| NETC.CONetcompany Group A | 16.5 bn | 65.0 | 7.2% | 3.3% | unavailable | +9% / +61% |
| BIOMAR.COBiomar Group A | 12.0 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.0 bn | 11.0 | 7.7% | 57.1% | unavailable | +1% / −9% |
| DFDS.CODfds A | 8.4 bn | — | -0.2% | -0.1% | +1.9% | +69% / −27% |
| GUBRA.COGubra A | 4.9 bn | 2.9 | 149.6% | 64.1% | +892.2% | −39% / +161% |
| MATAS.COMatas A | 3.1 bn | 13.0 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.3 bn | 52.4 | 13.8% | 17.2% | −6.2% | −24% / −54% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −23% / +14% |
| COLUM.COColumbus A | 1.2 bn | 82.9 | 2.0% | 0.9% | unavailable | −7% / +28% |
| NNIT.CONnit A | 989.7 m | — | -3.0% | -1.3% | −3.4% | −18% / −55% |
| NORTHM.CONorth Media A | 882.1 m | 13.3 | 5.5% | 5.1% | −0.4% | +12% / −15% |
| FFARMS.COFirstfarms A | 787.5 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 524.7 m | — | -1.3% | -0.9% | +28.7% | −38% / −45% |
| BIOPOR.COBioporto A | 451.6 m | — | -117.6% | -203.8% | +11.2% | −9% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 386.6 m | 11.7 | 74.3% | 21.5% | +20.0% | −20% / +88% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 299.0 m | 13.4 | 5.4% | 29.7% | +0.9% | −3% / +35% |
| CEMAT.COCemat A | 214.4 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +4% |
1- and 3-year price returns: for GMAB.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Genmab is a Danish biotechnology company developing antibody medicines and earning mainly royalties from DARZALEX. In the first half of 2026 revenue reached 2051 million USD, and the company raised its full-year guidance on higher royalties and EPKINLY sales, while the Merus acquisition added significant debt.
SWOT
Strengths
- The royalty portfolio from approved medicines, especially DARZALEX, provides relatively predictable and steadily growing revenue.
- The company has a proprietary pipeline with active Phase 3 trials, including for Rina-S and petosemtamab, in oncology indications with important unmet needs.
- Partnerships with large pharmaceutical companies reduce risk and commercial costs for several products.
Weaknesses
- Dependence on DARZALEX royalties means a major share of revenue relies on a single product of a partner.
- Higher debt after the Merus acquisition limits financial flexibility and carries significant interest costs.
- Research and development spending is high, and profitability depends on the success of future launches.
Opportunities
- Expanding EPKINLY indications into earlier lines of therapy could increase the company's net sales.
- If studies of petosemtamab in head and neck squamous cell cancer confirm clinical benefit, launch could open a new revenue stream.
- New collaboration or licensing agreements could add milestones and royalty revenue.
Threats
- Competition in oncology and haematology from new bispecific therapies and ADCs could reduce the market share of the company's products.
- Reimbursement difficulties or price pressure in health systems could affect partner sales and royalties received.
- Currency fluctuations can affect reported revenue, especially for royalties calculated in other currencies.
Risks
- Dependence on DARZALEXhigh
A major part of revenue comes from DARZALEX royalties, so a decline in the partner's sales would directly affect the company's results.
- Debt levelhigh
Borrowings taken on for the Merus acquisition raise financing costs and could limit future investment, especially if revenue falls.
- Clinical trial resultshigh
Phase 3 studies for Rina-S and petosemtamab could produce unfavourable results, which could delay or stop planned launches.
- Higher operating expensesmedium
Costs for trials and launch preparation could grow faster than revenue, pressuring operating margins.
- Currency riskmedium
Royalties and sales can be affected by exchange rate movements, and the company's guidance assumes a fixed USD/DKK rate.
Investment thesis
What would need to be true (bull case)
- If DARZALEX royalties keep growing with global sales, company revenue could exceed current guidance.
- Rapid growth in EPKINLY sales and expanding indications could create a new growth engine for the company.
- A pipeline with Phase 3 studies across several oncology indications could bring new approvals and launch revenue.
What would break the thesis
- Dependence on the royalties of a single product could make revenue vulnerable to changes in the partner's market.
- Large debt after the Merus acquisition could limit the company's flexibility if revenue does not grow enough.
- Research and commercial spending could keep rising, which could keep profitability under pressure.
What to watch
- Update to revenue and adjusted operating profit guidance2026 annual report
- Results of Phase 3 studies for petosemtamab and Rina-S2027
- DARZALEX sales reported by Johnson and JohnsonQ1 2027
- Debt level and repayment capacity after the Merus acquisitionQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Genmab A/S, based in Valby, Denmark, is a biotechnology company focused on developing therapeutic antibodies. Its model combines its own medicines, developed with partners or independently, with a significant royalty portfolio from approved medicines of other pharmaceutical companies. According to the half-year report, revenue comes mainly from royalties, followed by net product sales and collaboration revenue. At the end of June 2026 the company had 3119 full-time employees.
Core activities include approved medicines such as EPKINLY/TEPKINLY, co-developed with AbbVie, and Tivdak, co-developed with Pfizer. The proprietary pipeline includes Rina-S, an FRα-directed ADC, and petosemtamab, a bispecific antibody acquired with Merus in December 2025, both in late-stage development. The company has no large direct sales for many royalty products, which limits its exposure to commercial costs.
Revised 2026 guidance includes revenue between 4.33 and 4.53 billion USD and adjusted operating profit between 1.07 and 1.39 billion USD, both higher than the previous guidance. Growth is supported by DARZALEX and Kesimpta royalties and by EPKINLY sales. The company notes that adjusted operating expenses rose, mainly due to investment in late-stage programs and launch readiness.
Segments
Royalties
Royalties made up most revenue in the first half of 2026, at 1708 million USD. DARZALEX generated 1306 million USD and Kesimpta 259 million USD, both up year on year. Receipts depend on partner sales, currency rates and reductions linked to payments to Halozyme.
Net product sales
Net product sales centred on EPKINLY/TEPKINLY, with global sales up 48% in the first half of 2026. The company records EPKINLY sales in the U.S. and Japan, and for Tivdak only sales in Japan and Europe plus a share of U.S. gross profit. Growth in this segment is seen as an important driver of the revised guidance.
Research and development
Research and development expenses rose with studies for petosemtamab and Rina-S. They accounted for 71% of total research and development and selling, general and administrative expenses in the first half of 2026. The company has several active Phase 3 trials, and the cost increase reflects this stage of development.
Market context
Genmab operates in oncology and haematology, where antibody and bispecific medicines are increasingly used. Growth of DARZALEX in the global market, where J&J net sales reached 8171 million USD in the first half of 2026, directly supports the company's royalties. The EPKINLY market is expanding into earlier lines of therapy, which could change competitive dynamics in non-Hodgkin lymphoma.
On the competitive and regulatory side, approvals and clinical trial results can quickly change a medicine's position. The company notes that partners' treatments are influenced by pricing, market access and currency, and that trial results can significantly affect pipeline prospects.
Trends
- DARZALEX sales growthtailwind
DARZALEX net sales grew 21% in the first half of 2026, lifting Genmab's royalties. If this trend holds, it could support company revenue, although royalty growth lagged sales growth because of tiered rates and payments to Halozyme.
- Accelerating EPKINLY salestailwind
EPKINLY recorded strong growth in increasingly earlier lines of therapy, suggesting product sales could keep rising if approvals expand. This is a positive factor for the net product sales segment.
- Rising operating costsheadwind
Research, development and selling expenses increased with petosemtamab studies and launch preparation. If revenue does not grow at the same pace, operating margins could come under pressure in the coming period.
- Debt after the Merus acquisitionmixed
Debt financing for the Merus acquisition lifted borrowings above 5 billion USD. Reducing this debt depends on operating cash flow, which makes revenue development central to the financial balance.
Competitive position
Genmab competes in oncology and haematology with other biotechnology and pharmaceutical companies developing bispecific antibodies, ADCs and targeted therapies. For EPKINLY and Rina-S in particular, competition comes from approved therapies for the same indications and from new molecules in clinical trials. The company's position depends on Phase 3 results and its ability to gain market access.
In royalties, the company depends on the commercial success of partners such as Johnson and Johnson, Novartis and Amgen, so the competitive performance of these products directly influences Genmab's revenue.
- AbbVieABBV
co-development and co-commercialisation partner for EPKINLY in the U.S. and Japan, and also a competitor in bispecific antibodies in haematology
- Johnson and JohnsonJNJ
partner through DARZALEX royalties, and a developer of products competing in multiple myeloma and other oncology segments
- PfizerPFE
partner for Tivdak in the U.S. and a competitor in the ADC therapy space for solid tumours
- NovartisNVS
partner through Kesimpta royalties, and a company developing therapies in multiple sclerosis and oncology
News & filings
In the press
- Genmab’s Stellar Cancer-Drug Data Fuels Stock’s $10 Billion WeekBloomberg Markets · 30 Oct 2026 · EN
- Genmab Soars as Cancer Drug Impresses in a Late-Stage TrialBloomberg Markets · 26 Oct 2026 · EN
- Could Genmab (GMAB) Stock Win as Royalty Growth Fuels a New Earnings Cycle?Yahoo Finance — News · 26 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202612 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Genmab A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.