GMAB FY 2025 Earnings Report — Genmab A/S Revenue & Financial Results | Market Cap Arena

FY 2025 Earnings

Reported February 17, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$3.7B	—	$3.4B	—	10.2%
Op. Income	$1.2B	—	$1.1B	—	18.9%
Gross Margin	91.7%	—	95.4%	—	-3.7pp
Net Margin	25.9%	—	36.4%	—	-10.6pp
EPS (Diluted)	$1.53	—	$1.90	—	-19.4%
Free Cash Flow	$1.1B	—	$1.2B	—	-3.4%

Revenue Flow

Item	Amount
REVENUE	$3.7B
Cost of Revenue	$309M
GROSS PROFIT	$3.4B
R&D Expenses	$1.6B
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$602M
Other Expenses	$0
Operating Expenses	$2.2B
Cost & Expenses	$2.5B
OPERATING INCOME	$1.2B
Interest Income	$138M
Interest Expense	$61M
Other Income/Expenses	-$46M
INCOME BEFORE TAX	$1.2B
Income Tax Expense	$241M
Net Income from Continuing Ops	$962M
Net Income from Discontinued Ops	$0
Other Adjustments	-$1
NET INCOME	$962M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$962M
D&A	$71M
EBIT	$1.2B
EBITDA	$1.3B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$3.7B
Cost of Revenue	$309M
GROSS PROFIT	$3.4B
R&D Expenses	$1.6B
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$602M
Other Expenses	$0
Operating Expenses	$2.2B
Cost & Expenses	$2.5B
OPERATING INCOME	$1.2B
Interest Income	$138M
Interest Expense	$61M
Other Income/Expenses	-$46M
INCOME BEFORE TAX	$1.2B
Income Tax Expense	$241M
Net Income from Continuing Ops	$962M
Net Income from Discontinued Ops	$0
Other Adjustments	-$1
NET INCOME	$962M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$962M
D&A	$71M
EBIT	$1.2B
EBITDA	$1.3B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$962M
Depreciation & Amortization	$71M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$73M
Change in Working Capital	$225M
OPERATING CASH FLOW	$1.2B
Capital Expenditure	-$37M
Acquisitions (Net)	-$7.2B
Purchases of Investments	-$994M
Sales/Maturities of Investments	$2.6B
Other Investing Activities	$0
NET CASH FROM INVESTING	-$5.6B
Net Debt Issuance	$5.2B
Common Stock Repurchased	-$430M
Common Dividends Paid	$0
Other Financing Activities	-$31M
NET CASH FROM FINANCING	$4.8B
FREE CASH FLOW	$1.1B
Net Change in Cash	$345M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.7B
Short-Term Investments	$0
Net Receivables	$1.1B
Inventory	$18M
Other Current Assets	$1
TOTAL CURRENT ASSETS	$2.9B
PP&E (Net)	$279M
Goodwill	$354M
Intangible Assets	$9.1B
Long-Term Investments	$59M
Tax Assets	$170M
Other Non-Current Assets	$1
TOTAL NON-CURRENT ASSETS	$10.0B
TOTAL ASSETS	$12.8B
Account Payables	$1.1B
Short-Term Debt	$290M
Deferred Revenue	$24M
Other Current Liabilities	$2
TOTAL CURRENT LIABILITIES	$1.4B
Long-Term Debt	$5.1B
Deferred Revenue NC	$95M
Deferred Tax Liabilities	$363M
Other Non-Current Liabilities	-$129M
TOTAL NON-CURRENT LIABILITIES	$5.6B
TOTAL LIABILITIES	$7.0B
Common Stock	$10M
Additional Paid-In Capital	$1.9B
Retained Earnings	$4.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$180M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$5.8B
Minority Interest	$0
TOTAL EQUITY	$5.8B
TOTAL LIABILITIES & EQUITY	$12.8B
Total Debt	$5.5B
Net Debt	$3.8B