Logo

GMAB

Genmab A/S

GMAB

Genmab A/S • NASDAQ
$32.36 ▲ 1.38% (+0.44)
Market Cap $19.93 B
52w High $33.65
52w Low $17.23
Dividend Yield 0%
P/E 14.19
Volume 1.75M
Outstanding Shares 615.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.022B ▼ $505M ▼ $401M ▼ 39.237% ▲ $0.65 ▼ $503M ▼
Q2-2025 $5.862B ▲ $3.219B ▲ $2.129B ▲ 36.324% ▲ $3.45 ▲ $2.839B ▲
Q1-2025 $715M ▼ $485M ▼ $195M ▼ 27.273% ▼ $0.31 ▼ $265M ▼
Q4-2024 $6.441B ▲ $3.944B ▲ $3.845B ▲ 59.696% ▲ $5.99 ▲ $2.355B ▲
Q3-2024 $5.54B $3.165B $1.266B 22.852% $1.95 $2.204B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.411B ▼ $7.021B ▼ $1.27B ▼ $5.751B ▼
Q2-2025 $18.371B $40.962B $7.364B $33.599B
Q1-2025 $18.371B ▼ $40.962B ▼ $7.364B ▼ $33.599B ▼
Q4-2024 $21.101B ▲ $45.811B ▲ $9.114B ▲ $36.697B ▲
Q3-2024 $17.318B $39.66B $7.738B $31.922B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $482M ▼ $536M ▲ $-54M ▼ $-21M ▲ $465M ▲ $534M ▲
Q2-2025 $2.681B ▲ $392.895M ▼ $164.763M ▲ $-2.573B ▼ $-2.047B ▼ $329.525M ▼
Q1-2025 $1.658B ▲ $1.95B ▲ $-292.158M ▼ $-88.327M ▼ $1.624B ▲ $1.746B ▲
Q4-2024 $549.878M ▼ $398.215M ▼ $6.474M ▼ $-1.715M ▲ $419.39M ▼ $384.458M ▼
Q3-2024 $1.719B $2.033B $224M $-276M $2.011B $1.985B

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the past five years, roughly more than doubling, while profitability has remained healthy throughout. Gross margins are extremely high, reflecting a royalty- and licensing-heavy model rather than heavy manufacturing. Operating and net income have both trended upward, with occasional pauses but no structural deterioration in profitability. Earnings per share have followed the same positive path, suggesting the business has been able to scale its research and partnership engine without sacrificing margins. Overall, the income statement shows a profitable biotech with solid growth and good cost discipline, unusual for the sector.

Balance Sheet

Balance Sheet The balance sheet looks solid and conservative. Total assets and shareholder equity have steadily increased, showing that the company is building its asset base from retained earnings rather than from heavy borrowing. Debt remains very low relative to the company’s size, indicating limited financial leverage and lower balance sheet risk. Cash levels are high in absolute terms, even though they dipped recently as the company invested and expanded, likely including acquisitions. Overall, Genmab appears well-capitalized, with a clear net cash position and ample financial flexibility to fund ongoing R&D and strategic initiatives.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has been consistently positive and has improved meaningfully over time, broadly tracking the rise in profits. Free cash flow is also firmly positive, as the business requires relatively modest capital spending to operate and grow. This combination—profitable growth, light investment needs, and strong cash conversion—creates room to fund research, partnerships, and occasional deals without relying heavily on new debt or equity. The cash flow profile is more similar to an established pharma royalty business than a cash-burning early-stage biotech.

Competitive Edge

Competitive Edge Genmab occupies a strong niche in antibody-based medicines, with multiple proprietary platforms that are difficult to replicate. Its technologies in bispecific antibodies, enhanced cell-killing antibodies, and antibody–drug conjugates, combined with a long history in antibody biology, create a meaningful scientific moat. The company’s partnership model with large pharma players adds another layer of strength by providing validation, commercial reach, and recurring royalty income. At the same time, Genmab operates in highly competitive oncology and immunology markets, where rivals are also advancing cutting-edge platforms. Patent lifecycles, competing therapies, and regulatory outcomes remain key uncertainties, but Genmab’s current position is that of a recognized innovator with entrenched relationships and a growing portfolio of marketed assets.

Innovation and R&D

Innovation and R&D Innovation is the core of Genmab’s strategy. The company has built a set of technology platforms—such as DuoBody, HexaBody, DuoHexaBody, and HexElect—that allow it to design more precise and more potent antibody drugs. It is expanding into antibody–drug conjugates and integrating artificial intelligence across discovery and development, which could improve speed and success rates over time. The pipeline is broad and includes drugs at various stages, from marketed products like epcoritamab in lymphoma to late-stage candidates such as Rina-S in gynecologic cancers and acasunlimab in solid tumors. Genmab is also shifting from a pure royalty collector toward a more fully integrated biotech with its own commercial products, which offers more upside but also higher execution and spending demands. As with any biotech, clinical trial risk, regulatory outcomes, and scientific uncertainty are central factors, but the breadth and depth of Genmab’s R&D engine are clear strengths.

Summary

Genmab combines the financial profile of a mature, profitable biotech with the innovation engine of an earlier-stage platform company. Its income statement shows strong revenue growth and robust profitability, supported by high-margin royalties and partnered products. The balance sheet is conservative, with low debt and ample cash, while cash flows are solidly positive and support ongoing R&D and strategic investments. Competitively, the company benefits from differentiated antibody technologies, a long track record in the field, and deep partnerships with major pharma players. Its innovation agenda is ambitious, with multiple proprietary platforms, AI-driven discovery, and a progressing late-stage pipeline that could shift the mix toward more self-commercialized products. Key watchpoints include clinical and regulatory risk, competition in crowded oncology markets, and the challenge of scaling commercial capabilities, but overall Genmab stands out as a financially strong, innovation-led biotech with a well-established position in antibody therapeutics.

NEWS

November 24, 2025 · 7:00 AM UTC

Genmab to Participate in a Fireside Chat at the Citi Global Healthcare Conference in Miami

Read more

November 20, 2025 · 3:02 PM UTC

Grant of Restricted Stock Units and Warrants to Employees in Genmab

Read more

November 19, 2025 · 12:56 PM UTC

Transactions with shares and linked securities in Genmab A/S made by managerial employees and their closely associated persons

Read more

November 18, 2025 · 4:01 PM UTC

Genmab Announces Pricing of Private Offering of Senior Secured Notes and Senior Unsecured Notes and Completion of Syndication of New Senior Secured Term Loan Facility

Read more

November 18, 2025 · 2:58 PM UTC

Capital Increase in Genmab as a Result of Employee Warrant Exercise

Read more