Genmab AS

GMAB: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Genmab Earnings: Darzalex Drives Growth as Pipeline Makes Progress; Shares Very Undervalued

Rachel Elfman

Feb 14, 2025

Narrow-moat Genmab reported strong year-end results highlighted by revenue of DKK 21.5 billion, representing 31% growth from the prior-year period. Darzalex remains entrenched in the standard of care for multiple myeloma, and Darzalex royalties accounted for 80% of all the royalties Genmab earned during the year. Genmab’s results are tracking our expectations, and we maintain our fair value estimate of DKK 2,650 per share. We forecast Genmab will achieve over DKK 25 billion in revenue in 2025, representing growth of 16% from the prior year. We view the stock as very undervalued, currently trading in 5-star territory.

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Genmab AS

Genmab Earnings: Darzalex Drives Growth as Pipeline Makes Progress; Shares Very Undervalued

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