Company Reports

Genmab is focused on the development of monoclonal antibody and bispecific antibody therapies in oncology indications. The company's best-known drug, Darzalex (or daratumumab), was developed in partnership with Johnson & Johnson for multiple myeloma. Darzalex is entrenched in multiple myeloma care for several lines of therapy, including the frontline setting. Additionally, Darzalex is often used in combination treatments, unlocking even greater market potential. Genmab receives royalties of up to 20% from J&J on Darzalex sales, plus milestones from the company's antibody platform partnerships.

Genmab reported second-quarter revenue of $1.16 billion, up 25% year over year. Management raised its 2026 revenue guidance by approximately 460 basis points at the midpoint to $4.4 billion and lifted adjusted operating expense guidance by about 250 basis points to $2.9 billion.

Genmab reported first-quarter revenue of $896 million, a 25% increase year over year. Operating profit growth was 23%, excluding the impact of acquisition and integration-related charges tied to the Merus acquisition and amortization of acquired assets. Management maintained its 2026 guidance.

Genmab is focused on the development of monoclonal antibody and bispecific antibody therapies in oncology indications. The company's best-known drug, Darzalex (or daratumumab), was developed in partnership with Johnson & Johnson for multiple myeloma. Darzalex is entrenched in multiple myeloma care for several lines of therapy, including the frontline setting. Additionally, Darzalex is often used in combination treatments, unlocking even greater market potential. Genmab receives royalties of up to 20% from J&J on Darzalex sales, plus milestones from the company's antibody platform partnerships.

Genmab's 2025 revenue rose 19% year over year, totaling $3.7 billion, with Darzalex royalties comprising $2.4 billion. Management targets 2026 revenue growth of $4.0 billion-$4.4 billion, implying continued double-digit growth.

Genmab's third-quarter revenue totaled $1.02 billion, increasing 25% year over year. Management reaffirmed the company's 2025 company outlook, expecting revenue between $3.5 billion and $3.7 billion.

On Sept. 29, 2025, Genmab announced its plan to acquire Merus, a clinical-stage Dutch biotechnology company developing a drug for head and neck squamous cell carcinoma, for $8 billion in cash. The deal values Merus at $97 per share, representing a 41% premium to its closing price on Sept. 26.

Genmab's second-quarter revenue increased 19% from the prior-year period. Management raised its 2025 revenue guidance by roughly 2.9% at the midpoint. Darzalex (for multiple myeloma) recorded sales of $3.5 billion, which amounted to $628 million in royalties for Genmab.

Narrow-moat Genmab highlighted new data from its late-stage oncology portfolio at the American Society of Clinical Oncology’s annual meeting. Genmab’s $1.8 billion acquisition of Profound Bio last year provided it with worldwide rights to three antibody-drug conjugate candidates in clinical development, led by Rina-S. Genmab presented positive results from its phase 1/2 clinical trial of Rina-S in patients with ovarian cancer, demonstrating encouraging antitumor activity with a 50% objective response rate, including one complete response, and it was well tolerated by patients. Further, Rina-S showed encouraging antitumor activity in patients with pretreated endometrial cancer, demonstrating an unconfirmed objective response rate of 50%, including two complete responses and a manageable safety profile.

Genmab is focused on the development of monoclonal antibody and bispecific antibody therapies in oncology indications. The company's best-known drug, Darzalex (or daratumumab), was developed in partnership with Johnson & Johnson for multiple myeloma. Darzalex is entrenched in multiple myeloma care for several lines of therapy, including the frontline setting. Additionally, Darzalex is often used in combination treatments, unlocking even greater market potential. Genmab receives royalties of up to 20% from J&J on Darzalex sales, plus milestones from the company's antibody platform partnerships.

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.

Narrow-moat Genmab reported solid third-quarter results highlighted by revenue of DKK 5.5 billion, representing 17% growth from the prior-year period. Strong royalty revenue from Darzalex (in partnership with wide-moat Johnson & Johnson) is continuing to drive sales. Darzalex remains entrenched in the standard of care for multiple myeloma. Net sales of Darzalex grew by 19% in the first nine months of 2024 compared with the prior-year period. 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 21 billion in revenue in 2024, representing growth of 28% from the prior year. We view the stock as very undervalued, currently trading in 5-star territory.

Narrow-Moat Genmab reported strong second-quarter results, highlighted by revenue of DKK 5.4 billion, representing a nearly 30% increase from the prior-year period. Genmab’s results are tracking our expectations and we maintain our fair value estimate of DKK 2,650 per share. Robust royalty revenue from Darzalex is continuing to drive sales. Darzalex, in partnership with wide-moat Johnson & Johnson, remains entrenched in the standard of care for multiple myeloma. It has continued to gain market share, driven by positive long-term overall survival data and strong adoption of Darzalex Faspro, a new subcutaneous formulation. We view the stock as undervalued, currently trading in 5-star territory and about 31% below our fair value estimate.

Narrow-moat Genmab reported robust first-quarter results highlighted by revenue of DKK 4.1 billion, a 46% increase from the prior-year period. Royalty revenue from Darzalex continued to drive sales, accounting for 57% of total revenue in the quarter. Genmab’s results are tracking our expectations, and we maintain our fair value estimate of DKK 2,650 per share. We view the stock as undervalued, currently trading in 4-star territory at about 27% below our fair value estimate.

Genmab announced it will acquire ProfoundBio, a privately owned clinical-stage biotechnology company developing antibody-drug conjugates, or ADCs, to treat certain cancers, for $1.8 billion in cash or approximately DKK 12.39 billion. The acquisition will give Genmab worldwide rights to three ADC candidates in clinical development, led by Rina-S, which is being evaluated in a phase 2 clinical trial targeting folate receptor alpha for treating solid tumors, including ovarian and endometrial cancer. Management anticipates Rina-S could be approved in 2027, generating additional upside potential toward the end of our 10-year forecast period. We anticipate Genmab’s operating expenses will be moderately elevated, which reflects the incremental research and development investment to support the advancement of ProfoundBio's clinical programs. Due to the relatively early stage of Rina-S and risks associated with the clinical development process, we maintain our fair value estimate of DKK 2,650 per share and view the stock as undervalued, currently trading in 4-star territory. Our narrow moat rating is based on Genmab’s intangible assets from the development of its cancer antibody therapeutics and strong patents covering Darzalex that do not begin to expire until 2031.

Royalty revenue from Genmab’s Darzalex is continuing to drive sales, accounting for 68% of Genmab’s total revenue in 2023. It’s providing ample cash flow as the company works to develop its pipeline and prioritize commercialization efforts for Epkinly, which received regulatory approvals in the United States, European Union, and Japan for the treatment of diffuse large B-cell lymphoma.

Genmab is focused on the development of monoclonal antibody and bispecific antibody therapies in oncology indications. The company's best-known drug, Darzalex (or daratumumab), was developed in partnership with Johnson & Johnson for multiple myeloma. Darzalex is now entrenched in multiple myeloma care for several lines of therapy, including the frontline setting. Additionally, Darzalex is often used in combination treatments, unlocking even greater market potential. Genmab receives royalties of up to 20% from J&J on Darzalex sales, plus milestones from the company's antibody platform partnerships.

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.

Genmab reported positive results for first-half 2023, highlighted by revenue exceeding DKK 7 billion, representing a 34% 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 70% of Genmab’s total sales. We maintain our fair value estimate of DKK 2,650 and view the stock as fairly valued. We maintain our narrow moat rating, which is based on intangible assets from the development of Genmab’s antibody therapeutics for cancer.

Narrow-moat Genmab reported solid first-quarter results highlighted by revenue of DKK 2.8 billion, representing a 35% year-over-year increase. Robust royalty revenue grew 32% from the prior-year period to DKK 2.4 billion. The increase in royalties was driven by higher net sales of Darzalex and Kesimpta and exchange rate tailwinds. We’re maintaining our fair value estimate at DKK 2,650, and we view the stock as fairly valued. We maintain our narrow moat rating, which is based on intangible assets from the development of Genmab’s antibody therapeutics for cancer.