Genmab

Genmab A/S (Genmab) is a Danish biotechnology company, based in Copenhagen, that makes antibody medicines for cancer. Most of its revenue is royalties on DARZALEX, which Johnson & Johnson sells, and on Kesimpta. Royalties were $2,699 million of its $3,238 million of revenue for nine months of 2026.

Genmab also sells EPKINLY (TEPKINLY in Europe) with AbbVie, and Tivdak with Pfizer. It has three late-stage medicines: epcoritamab, Rina-S and petosemtamab, which it got with the purchase of Merus in December 2025. Jan van de Winkel is Chief Executive Officer.

Genmab files 20-F and 6-K reports with the SEC. The pick is the American depositary share (ADS) on Nasdaq, in US dollars. One ADS is one tenth of one ordinary share, as the cover of the 2025 20-F says.

The market prices Genmab above the AI estimate, because investors pay for the launches of its own medicines before they replace its DARZALEX royalties. The 20-F says that Genmab expects these royalties to begin to decline materially in 2029. For nine months of 2026, revenue rose 22% to $3,238 million. Adjusted operating expenses rose 27% to $1,896 million, because Genmab is building for launches, and adjusted operating profit rose only 9% to $1,108 million.

Genmab also has $4,992 million of borrowings from the Merus purchase, and it paid $256 million of interest on them in nine months. In October 2026, all three late-stage medicines had positive Phase 3 results. For the price to be earned, three things must be true. Regulators must approve petosemtamab, Rina-S and new uses of epcoritamab, as Genmab plans for 2027.

Global sales of EPKINLY and TEPKINLY, which rose 47% to $491 million in nine months, must keep growing. Spending must grow more slowly than revenue, so that operating profit rises when the launches start. The next tests are the Q4 2026 report in February 2027 and the first regulatory filings in 2027. If a launch is late or a regulator asks for more data, the price can fall toward the AI estimate.

AI estimate, checked by Kevin. How it is made

1. Feb 16, 2027 · est.Pending

   2026 annual results and 2027 guidanceRevenue lands in the 2026 range of $4,325 million to $4,525 million and the 2027 plan shows profit growing with the launches, and this passes; a 2027 plan with lower adjusted operating profit fails.
2. 2027 · est.Pending

   Regulatory filings for petosemtamab and Rina-SGenmab files both medicines with regulators in 2027 and regulators accept the filings, and this passes; a request for new trials fails.

Every passed and failed checkpoint across all picks

• November 10, 2026Genmab said that exercises of employee warrants raised its share capital by 164,828 shares, to 62,570,683 ordinary shares. The proceeds to Genmab were about DKK 369.7 million.
• November 5, 2026Genmab reported results for nine months of 2026. Revenue rose 22% to $3,238 million. Operating profit was $986 million, against $1,007 million a year earlier, and adjusted operating profit was $1,108 million, against $1,016 million. Net profit was $698 million, or $11.23 per diluted share. Genmab kept its 2026 guidance of revenue of $4,325 million to $4,525 million and adjusted operating profit of $1,065 million to $1,385 million.
• October 28, 2026Genmab said that the Phase 3 LiGeR-HN1 trial of petosemtamab with pembrolizumab met both primary endpoints in first-line head and neck cancer. At the first interim analysis, the combination cut the risk of death by 50% (hazard ratio 0.50) against pembrolizumab alone. Genmab plans to talk to regulators.

Next earnings

Expected about February 16, 2027. The company has not confirmed the date.

• 6-KInterim report for the period ended Jun 30, 2026Filed August 6, 2026 · gmab-20260630
• 20-FAnnual report for the period ended Dec 31, 2025Filed February 17, 2026 · gmab-20251231_d2
• 6-KInterim report for the period ended Jun 30, 2025Filed August 7, 2025 · gmab-20250630
• 20-FAnnual report for the period ended Dec 31, 2024Filed February 12, 2025 · gmab-20241231x20f

Every filing on SEC EDGAR (CIK 1434265)

• One product pays most of the royalties. DARZALEX and Kesimpta royalties were $2,699 million of $3,238 million of revenue in nine months of 2026. The 20-F says that DARZALEX royalties begin to decline materially in 2029.
• Regulators can delay or refuse approvals. The October 2026 results are topline results from trials. Genmab has not yet filed them, and a regulator can ask for more data.
• Debt is large. Borrowings were $4,992 million at September 30, 2026. Interest expense was $256 million in nine months, plus $68 million of amortization of fees.
• Spending is rising. Adjusted operating expenses rose 27% in nine months, and 2026 guidance is $2,810 million to $2,950 million. If launches are late or small, profit falls.
• Partners share the profit. AbbVie shares EPKINLY profit, and this raised cost of product sales by 49% to $234 million in nine months.

At September 30, 2026, Genmab had cash of $1,860 million and borrowings of $4,992 million, of which $318 million falls due within 12 months. The debt is Term A Loans of $926 million, Term B Loans of $1,674 million, secured notes of $1,439 million and unsecured notes of $953 million. Read more

Genmab does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.