Genmab AS

GMAB: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Genmab Earnings: Solid Results Supported by Robust Darzalex Sales; Shares Undervalued

Rachel Elfman

Nov 10, 2023

Genmab reported solid results in the third quarter, highlighted by revenue exceeding DKK 4.7 billion, representing a 16% increase compared with the prior-year period. Darzalex, in partnership with wide-moat Johnson & Johnson, remains deeply entrenched in the standard of care for multiple myeloma, and it accounted for nearly 70% of Genmab’s total revenue in the quarter. Genmab’s results and pipeline candidates are tracking our expectations, and we maintain our fair value estimate of DKK 2,650. We view the stock as undervalued, currently trading in 4-star territory, about 18% below our fair value estimate.

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Genmab AS

Genmab Earnings: Solid Results Supported by Robust Darzalex Sales; Shares Undervalued

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