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Danish biotech developing antibody-based cancer therapies, largely through partnerships with big pharma.
Danish biotech developing antibody-based cancer therapies, largely through partnerships with big pharma.
Most revenue is royalty on Darzalex, which Johnson & Johnson sells, so a partner carries the selling while Genmab's antibody technology earns the income. Epkinly, a lymphoma drug it shares with AbbVie, is the main product it helps sell itself. It bought ProfoundBio in 2024 and agreed to buy Merus in 2025 to widen its own pipeline.
Moat: narrow (IP / patents, process know-how). Proprietary antibody platforms (DuoBody, HexaBody) generate royalty and partnership income.
Headquarters: Copenhagen, Denmark · Founded: 1999 · Employees: 3,029
Size Genmab A/S (GMAB.CO) is a Denmark Health Care company (Biotechnology) with a market value of $32.1B, the 6th largest of 59 Denmark companies the cockpit tracks. Shares closed at DKK 3,527 on 6 Nov 2026.
Performance Over six months the shares gained 114.9%, against +14.5% for the median peer and +8.8% for the Denmark market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 14.4% over the last twelve months (peer median +19.8%); the operating margin is 32.3% (peer median 24.6%).
Valuation It trades at 44.8× forward earnings against a peer median of 22.2× (most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.1 points above its cost of capital (6.4% WACC).
Credit Genmab A/S has 1 bond outstanding ($1.00B), rated BB+ by the agencies and trading like BBB- at a weighted spread of 144 bp.
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | DKK 26.5B | DKK 24.6B | DKK 21.5B | DKK 16.5B | DKK 14.5B |
| Revenue growth | — | +14% | +31% | +14% | — |
| Gross profit | DKK 24.6B | DKK 22.6B | DKK 20.1B | DKK 15.9B | n/a |
| EBITDA | DKK 9.15B | DKK 8.74B | DKK 7.42B | DKK 5.65B | DKK 6.59B |
| Net income | DKK 5.05B | DKK 6.37B | DKK 7.84B | DKK 4.35B | DKK 5.45B |
| Free cash flow | DKK 5.67B | DKK 7.60B | DKK 7.58B | DKK 7.01B | DKK 3.60B |
| Capital expenditure | DKK 142M | DKK 364M | DKK 304M | DKK 376M | DKK 317M |
| Total debt | DKK 34.5B | DKK 34.5B | DKK 1.03B | DKK 770M | DKK 597M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Genmab A/S GMAB.CO | $32.1B | +115% | +14% | 32% | 44.8× | 11.6% |
| Alnylam Pharmaceuticals ALNY | $20.9B | -47% | +56% | 20% | 22.2× | 0.9% |
| argenx SE Sponsored ADR ARGX | $57.5B | +19% | +71% | 29% | n/a | 10.9% |
| Regeneron Pharmaceuticals REGN | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% |
| BioNTech SE Sponsored ADR BNTX | $22.8B | -7% | -1% | -38% | n/a | 5.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GMAB.CO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +49.7% | +8.4% | highest of 21 |
| 6-month return | +114.9% | +14.5% | highest of 21 |
| Distance from 52-week high | -10.6% | -14.1% | 8th highest of 21 |
| Revenue growth (TTM) | +14.4% | +19.8% | 10th lowest of 20 |
| Operating margin | 32.3% | 24.6% | 6th highest of 20 |
| Forward P/E | 44.8× | 22.2× | most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 11.6% | 7.8% | 6th most demanding of 17 |
| Growth delivered (Del g) | +19.5% | +14.2% | 7th highest of 17 |
| Hurdle (Req g minus delivered) | -7.9 pp | -8.8 pp | 8th most demanding of 17 |
| ROIC minus cost of capital | +4.1 pp | +1.6 pp | 8th highest of 20 |
| EV / EBITDA | 26.1× | 16.1× | 3rd most expensive of 13 |
| Net debt / EBITDA | 2.7× | 0.9× | 4th most indebted of 13 |
| Bond spread | 144 bp | 99 bp | widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Genmab A/S GMAB.CO | Denmark | $32.1B | +115% | +14% | 32% | 44.8× | 11.6% | +19.5% |
| Celltrion 068270.KS | South Korea | $34.3B | +10% | +40% | 32% | 34.1× | 8.3% | +17.6% |
| Wuxi Bio 2269.HK | Hong Kong | $25.0B | +43% | +22% | 32% | 28.7× | 21.8% | +30.2% |
| United Therapeutics UTHR | United States | $24.1B | -1% | +2% | 44% | 22.0× | -0.4% | +16.5% |
| Natera NTRA | United States | $44.8B | +60% | +38% | -11% | n/a | n/a | n/a |
| Iqvia IQV | United States | $44.8B | +52% | +9% | 14% | 19.7× | 17.3% | +7.5% |
| BioNTech SE Sponsored ADR BNTX | United States | $22.8B | -7% | -1% | -38% | n/a | 5.7% | +42.6% |
| Samsung Biologics 207940.KS | South Korea | $53.7B | +3% | -20% | 43% | 38.7× | 9.6% | +31.4% |
| Lonza LONN.SW | Switzerland | $55.4B | +39% | -11% | 25% | 36.1× | 15.0% | +7.7% |
| argenx SE Sponsored ADR ARGX | United States | $57.5B | +19% | +71% | 29% | n/a | 10.9% | +151.4% |
| Neurocrine Biosciences NBIX | United States | $16.7B | +8% | +38% | 25% | 18.2× | -1.7% | +22.3% |
| CSL CSL.AX | Australia | $67.2B | +105% | -2% | 26% | 22.4× | 7.1% | +11.0% |
| BridgeBio Pharma BBIO | United States | $14.5B | +10% | +167% | -37% | n/a | n/a | n/a |
| Summit Therapeutics SMMT | United States | $13.1B | -10% | n/a | n/a | n/a | n/a | n/a |
| Elanco Animal Health ELAN | United States | $12.9B | +9% | +12% | 7% | 21.8× | 34.8% | +7.6% |
| Cspc Pharma 1093.HK | Hong Kong | $12.4B | +5% | +25% | 28% | 9.3× | -10.3% | +0.1% |
| Halozyme Therapeutics HALO | United States | $11.8B | +62% | +41% | 57% | 10.7× | 2.5% | +39.2% |
| Bio-Techne TECH | United States | $11.4B | +51% | 0% | 22% | 35.9× | 31.3% | +5.5% |
| Kymera Therapeutics KYMR | United States | $11.2B | +53% | +134% | -396% | n/a | n/a | n/a |
| BioMarin Pharmaceutical BMRN | United States | $10.9B | +4% | +20% | 19% | 10.3× | 6.5% | +12.0% |
| Sichuan Kelun Pharmaceutical 002422.SZ | China | $10.8B | +30% | 0% | 9% | 37.3× | 7.2% | +2.3% |
Genmab A/S has 1 bond outstanding with $1.00B face value. The agencies rate it BB+; its bonds trade like BBB-. Weighted yield 6.18%, a spread of 144 bp over government bonds.