- Company name
- Genmab
- Sector
- Biotechnology: cancer antibody medicines
- About
- 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.
- Thesis
- 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.
- Valuation
- The intrinsic value for Genmab is an AI estimate from November 12, 2026. It is not an analyst's value. An AI research agent calculated it from the filings of Genmab with the SEC. The pick is the American depositary share (ADS). The 2025 annual report on Form 20-F (filed February 17, 2026) says on its cover that each ADS represents one tenth of one ordinary share, so the estimate divides the value of one ordinary share by 10. The method is a multiple of adjusted operating profit for 2027 after tax, less net debt. Adjusted operating profit is the own measure of Genmab. It leaves out acquisition and integration charges and amortization of acquired intangible assets. The interim report for nine months of 2026 (6-K, November 5, 2026) gives 2026 guidance of revenue of $4,325 million to $4,525 million, which is $4,425 million at the midpoint, gross profit of $4,105 million at the midpoint, adjusted operating expenses of $2,880 million at the midpoint and adjusted operating profit of $1,225 million at the midpoint. It gives cash of $1,860 million and borrowings of $4,992 million at September 30, 2026, which is net debt of $3,132 million before lease liabilities of $206 million, which the estimate leaves out. It gives 911,318 treasury shares at September 30, 2026. The 6-K of November 10, 2026 gives 62,570,683 ordinary shares after a capital increase. The share count for the estimate is 61,659,365 shares, which is 62,570,683 less 911,318. The 2027 revenue, costs and multiples, and the tax rate of 20%, are assumptions. The low case assumes revenue of $4,800 million, up about 8%, cost of product sales of $350 million and adjusted operating expenses of $3,150 million, so adjusted operating profit is $1,300 million, at 17 times after tax. It gives $235.94 per ordinary share and $23.59 per ADS. The base case assumes revenue of $5,200 million, up about 18%, cost of product sales of $380 million and adjusted operating expenses of $3,100 million, so adjusted operating profit is $1,720 million, at 20 times after tax. It gives $395.53 per ordinary share and $39.55 per ADS. The high case assumes revenue of $5,600 million, up about 27%, cost of product sales of $420 million and adjusted operating expenses of $3,180 million, so adjusted operating profit is $2,000 million, at 23 times after tax. It gives $546.03 per ordinary share and $54.60 per ADS. The 20-F says that DARZALEX royalties begin to decline materially in 2029, and the multiples take this into account as an assumption. The estimate assumes weights of 25%, 50% and 25%. The weighted intrinsic value is $39.32 per ADS.
As of Nov 12, 2026.
- Risks
- 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.
- Balance sheet
- Cash: $1.9B
Debt: $5.0B
Net debt: $3.1B
Debt due within 12 months: $318M
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. Genmab took the debt, with cash on hand, to buy Merus in December 2025. It repaid $288 million of principal in nine months. Lease liabilities were $206 million. Net cash from operations was $574 million for nine months. Equity was $6,333 million. Genmab holds no marketable securities now, because it sold them all.
As of Sep 30, 2026.
- Checkpoints
- Feb 16, 2027 (estimate): 2026 annual results and 2027 guidance. Pending. Watch: Revenue 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.
2027 (estimate): Regulatory filings for petosemtamab and Rina-S. Pending. Watch: Genmab files both medicines with regulators in 2027 and regulators accept the filings, and this passes; a request for new trials fails.
- Recent events
- Nov 10, 2026: Genmab 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.
Nov 5, 2026: Genmab 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.
Oct 28, 2026: Genmab 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.
Oct 23, 2026: Genmab said that the Phase 3 RAINFOL-02 trial of Rina-S met its primary endpoint of progression-free survival, and its key secondary endpoint of overall survival, in platinum-resistant ovarian cancer. In October, Genmab also reported positive topline results for the Phase 3 EPCORE DLBCL-2 trial of epcoritamab.
Oct 13, 2026: Genmab said that Johnson & Johnson reported worldwide DARZALEX net sales of $4,239 million for Q3 2026. Genmab gets royalties on these sales.