GMAB

MKT CAP:$17B

Genmab A/S

Market Cap

$17B

Healthcare·Biotechnology·🇩🇰 Denmark·NASDAQ

Healthcare·Biotechnology·🇩🇰·NASDAQ

Stock Price

$28.00-$3.82 (-11.99%)

Apr 20, 2026

Company Details

Genmab A/S develops antibody therapeutics for the treatment of cancer and other diseases primarily in Denmark. The company markets DARZALEX, a human monoclonal antibody for the treatment of patients with multiple myeloma (MM); teprotumumab ...

CEO

Jan van de Winkel

IPO Date

Jun 1, 2009

Website

www.genmab.com

Key Metrics TTM

Revenue

$2.9B

+51.3% YoY

Net Income

$603M

EPS (Diluted)

$0.92

Free Cash Flow

$1.1B

Revenue / Share

$4.29

Gross Margin

96.7%

Operating Margin

27.7%

Net Margin

20.9%

FCF Margin

39.3%

P/S

5.7x

P/E

27.5x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 17, 2026

$3.7B+10.2%EPS $1.53

Q4 2025

Feb 17, 2026

$1.1BEPS $0.05

FY 2024

Feb 12, 2025

$3.4BEPS $1.90

Q3 2023

Nov 7, 2023

$738MEPS $0.51

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 16	$57M	$57M	$29M
Q4 19	$464M	$464M	$341M
Q1 20	$140M	$140M	$11M
Q2 20	$854M	$854M	$705M
Q3 20	$270M	$270M	$134M
Q4 20	$320M	$320M	$139M
Q1 21	$248M	$248M	$83M
Q2 21	$309M	$309M	$123M
Q3 21	$362M	$362M	$139M
Q4 21	$410M	$410M	$127M
Q1 22	$332M	$332M	$81M
Q4 22	$805M	$805M	$403M
Q1 23	$444M	$444M	$65M
Q2 23	$653M	$650M	$230M
Q3 23	$738M	$726M	$264M
Q4 25	$1.1B	$973M	$242M

Valuation

Quarter	P/S	P/E
Q3 16	—	—
Q4 19	27.5x	58.2x
Q1 20	23.2x	50.4x
Q2 20	10.9x	19.9x
Q3 20	9.6x	18.7x
Q4 20	10.5x	22.2x
Q1 21	9.8x	19.0x
Q2 21	14.5x	42.1x
Q3 21	13.4x	36.8x
Q4 21	12.5x	35.2x
Q1 22	11.7x	44.5x
Q4 22	8.7x	40.9x
Q1 23	8.3x	55.6x
Q2 23	7.4x	41.9x
Q3 23	6.3x	25.4x
Q4 25	5.7x	27.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 16	$32M	$32M
Q4 19	$27M	$24M
Q1 20	$300M	$291M
Q2 20	$37M	$15M
Q3 20	$796M	$788M
Q4 20	-$125M	-$134M
Q1 21	$186M	$181M
Q2 21	$56M	$43M
Q3 21	$70M	$58M
Q4 21	$38M	$27M
Q1 22	$92M	$83M
Q4 22	$62M	$45M
Q1 23	$507M	$491M
Q2 23	$68M	$53M
Q3 23	$319M	$304M
Q4 25	$300M	$287M

Capital Expenditures

Quarter	CapEx
Q3 16	$239.4K
Q4 19	$3M
Q1 20	$9M
Q2 20	$23M
Q3 20	$7M
Q4 20	$9M
Q1 21	$4M
Q2 21	$12M
Q3 21	$12M
Q4 21	$11M
Q1 22	$9M
Q4 22	$17M
Q1 23	$16M
Q2 23	$15M
Q3 23	$15M
Q4 25	$13M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	+424.2%	+433.7%
Q2 20	+1440.6%	+349.9%
Q3 20	+372.8%	+387.0%
Q4 20	-31.0%	+47.3%
Q1 21	+77.2%	+27.8%
Q2 21	-63.8%	+24.2%
Q3 21	+34.0%	+64.0%
Q4 21	+28.1%	+56.4%
Q1 22	+34.0%	+53.0%
Q4 22	+160.5%	+116.2%
Q1 23	+22.7%	+70.2%
Q2 23	+59.2%	+49.2%
Q3 23	+122.4%	+88.6%
Q4 25	+30.9%	+102.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 16	$2M	3.8%
Q4 19	$7M	1.5%
Q1 20	$7M	5.0%
Q2 20	$8M	1.0%
Q3 20	$8M	3.0%
Q4 20	$8M	2.5%
Q1 21	$10M	3.9%
Q2 21	$13M	4.1%
Q3 21	$13M	3.7%
Q4 21	$13M	3.1%
Q1 22	$14M	4.2%
Q4 22	$18M	2.2%
Q1 23	$18M	4.1%
Q2 23	$24M	3.7%
Q3 23	$25M	3.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q3 16	$24M	$4M	—
Q4 19	$105M	$18M	—
Q1 20	$112M	$17M	—
Q2 20	$121M	$28M	—
Q3 20	$113M	$23M	—
Q4 20	$145M	$36M	—
Q1 21	$133M	$31M	—
Q2 21	$144M	$41M	—
Q3 21	$175M	$48M	—
Q4 21	$203M	—	$80M
Q1 22	$181M	—	$71M
Q4 22	$257M	—	—
Q1 23	$273M	—	—
Q2 23	$290M	—	—
Q3 23	$327M	—	$135M
Q4 25	$524M	—	$207M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.4B	$1.7B	$3.1B
Q2 22	$1.5B	$1.8B	$3.4B
Q3 22	$1.6B	$2.1B	$3.7B
Q4 22	$1.5B	$1.9B	$3.5B
Q1 23	$1.9B	$1.9B	$3.8B
Q2 23	$1.7B	$2.2B	$3.9B
Q3 23	$2.2B	$2.1B	$4.3B
Q4 23	$2.3B	$2.1B	$4.4B
Q1 24	$2.3B	$2.3B	$4.6B
Q2 24	$679M	$1.8B	$2.5B
Q3 24	$994M	$1.7B	$2.7B
Q4 24	$1.5B	$1.8B	$3.3B
Q1 25	$1.3B	$1.6B	$2.9B
Q2 25	$1.3B	$1.6B	$2.9B
Q3 25	$1.8B	$1.6B	$3.4B
Q4 25	$1.7B	$0	$1.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 16	618M	-0.2%	—
Q4 19	658M	+6.5%	—
Q1 20	658M	-0.0%	+8.4%
Q2 20	658M	+0.0%	+6.4%
Q3 20	659M	+0.2%	+6.8%
Q4 20	661M	+0.2%	+0.4%
Q1 21	660M	-0.1%	+0.3%
Q2 21	659M	-0.1%	+0.2%
Q3 21	661M	+0.2%	+0.2%
Q4 21	661M	+0.1%	+0.1%
Q1 22	660M	-0.3%	-0.0%
Q4 22	661M	+0.2%	+0.2%
Q1 23	658M	-0.4%	-0.4%
Q2 23	658M	+0.0%	-0.5%
Q3 23	659M	+0.0%	-0.1%
Q4 25	673M	+2.1%	+1.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 16	—	—
Q4 19	$846.6K	548
Q1 20	$255.0K	548
Q2 20	$2M	548
Q3 20	$492.9K	548
Q4 20	$410.0K	781
Q1 21	$317.1K	781
Q2 21	$395.6K	781
Q3 21	$463.4K	781
Q4 21	$338.5K	1K
Q1 22	$273.9K	1K
Q4 22	$484.8K	2K
Q1 23	$267.5K	2K
Q2 23	$393.5K	2K
Q3 23	$444.7K	2K
Q4 25	$347.7K	3K

Revenue / Employee