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Genmab A/S (GMAB)

POSITIVE
HealthcareBiotechnologyDenmark

Fondamental

80

Prix

$34.23

Capitalisation boursière

$20.56B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Genmab, a Danish biotech, discovers antibody drugs and then largely lets bigger pharmaceutical companies manufacture and sell them, collecting a royalty on those sales instead. Its most important invention, daratumumab, is a multiple-myeloma antibody that Johnson & Johnson sells worldwide as DARZALEX; Genmab gets a cut of every dose sold. It also sells two of its own antibody drugs directly, EPKINLY/TEPKINLY for lymphoma, and keeps a pipeline of earlier-stage antibodies aimed at cancer and other diseases.

Comment l'entreprise gagne de l'argent

Most revenue is royalty income: a contractual percentage of what Johnson & Johnson and Novartis book selling DARZALEX and Kesimpta, which Genmab receives without bearing the cost of manufacturing, marketing or a sales force for those drugs. A smaller and faster-growing slice is net product sales from EPKINLY/TEPKINLY, which Genmab commercializes itself in some territories. The royalty model keeps margins very high but ties most of Genmab's fortunes to a single antibody it does not control commercially.

Chiffre d'affaires par segment

Royalty revenue83.4%

Contractual royalties on DARZALEX sales by Johnson & Johnson and Kesimpta sales by Novartis, the core of Genmab's income.

Net product sales10.2%

Direct sales of EPKINLY/TEPKINLY, the lymphoma antibody Genmab commercializes itself in the territories it retains.

Milestone, collaboration and other revenue6.4%

One-time and reimbursement payments from partners tied to development progress, a small and less predictable part of total revenue.

Avantage concurrentiel

Brevets et licences · Étroit

Genmab's royalty stream is protected by patents on daratumumab and by an exclusive license that bars Genmab itself from developing a competing antibody against the same CD38 target. That protection is time-limited: the relevant patents begin expiring in the late 2020s and early 2030s across the US, Europe and Japan, after which royalty rates and revenue are expected to decline.

Ce qui stimule la demande

Défensif

Cancer treatment spending is not discretionary: patients and physicians do not defer chemotherapy or a myeloma drug because of the economy, and the drugs are largely covered by insurance or national health systems. Genmab's own revenue growth depends more on how many patients Johnson & Johnson's sales force reaches with DARZALEX and on Genmab's own launch execution for EPKINLY than on macroeconomic conditions.

Principaux risques

  • Dependence on a single partnered drug — About two-thirds of revenue comes from DARZALEX royalties, a drug Genmab does not manufacture or sell itself. Genmab's fortunes hinge on decisions and execution by Johnson & Johnson, a company it does not control.
  • Patent expiration reduces future royalties — Core daratumumab patents begin expiring around 2029 in the US and later in Europe and Japan; once they lapse, generic or biosimilar competition is expected to erode DARZALEX sales and Genmab's royalty income with them.
  • Disputes with licensing partners — Genmab has previously entered binding arbitration with Janssen (Johnson & Johnson) over terms of the daratumumab license agreement, showing that even its most important partnership is not free of contractual disagreement.
  • Manufacturing reliance on third parties — Genmab relies on a limited number of third-party contract manufacturers, some based in China, to produce the antibody drugs it sells directly, exposing it to supply disruption or geopolitical trade risk.

Concentration des clients

Les principaux clients représentent 66% du chiffre d'affaires

DARZALEX royalties from Johnson & Johnson alone accounted for about 66% of Genmab's 2025 revenue. A change in DARZALEX sales, pricing or J&J's marketing effort moves the majority of Genmab's income.

Les arguments en faveur

Buyers argue that royalty income on a market-leading, still-growing drug like DARZALEX carries almost no commercial cost or execution risk for Genmab, that EPKINLY's rapid growth shows the company can also succeed as a direct seller, and that years remain before the daratumumab patent cliff meaningfully dents revenue.

Les arguments contre

Sellers worry that a company earning two-thirds of its revenue from one partner's drug has limited control over its own destiny, that the patent cliff later this decade will eventually shrink the royalty stream that funds everything else, and that Genmab's own commercial drugs are not yet large enough to replace that income if the transition goes slowly.

Written by the editors, published on 18 août 2026

Direct competitors

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Bilan & Liquidités

Chiffre d'affaires

$4.13B

12 derniers mois (au 30/06/2026)

Résultat net

$788M

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$1.13B

Capitaux propres totaux

$5.85B

Passif total

$7.03B

Ratio de liquidité général

2.02

Couverture des intérêts

20.49

Dette/EBITDA

3.95

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Sous-évalué

Juste valeur

$141.64

Prix actuel

$34.23

Marge de sécurité

+75.8%

Fourchette de juste valeur

$92.06 - $191.21

Méthodes d'estimation

Analyst Target:$38.84
DCF:$426.56
PE-based:$23.97
Graham Growth:$24.55
EPV:$168.18
Consensus des analystes:Acheter (21B / 3H / 2S)
Dernière surprise sur les résultats:+36.61%

Indicateurs de valorisation

Ratio P/E

21.58

ROE

13.6%

Ratio P/B

0.35

P/FCF

1.82

Marge brute

93.6%

ROIC

8.6%

Radar de rentabilité

Value Creation (Economic Moat)

ROIC

8.6%

WACC

7.8%

ROIC − WACC

+0.8 pp

ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.

Critères d'analyse fondamentale

Réussi (19)

  • EPS shows upward trend
  • EPS CAGR 8.44%
  • Price CAGR 7.27%
  • ROIC 8.6%
  • Gross Margin 93.6%
  • P/FCF 1.82
  • P/B Ratio 0.35
  • Debt/Equity ratio
  • Operating Margin 33.6%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Price below Graham Number
  • DCF valuation (Undervalued)
  • ROE 13.6%
  • Revenue Growth 5Y 19.2%
  • Analyst Consensus 81% Buy

Échoué (3)

  • Earnings Surprise avg -1.8%
  • PEG Ratio 3.49
  • Piotroski F-Score 1/9

Indisponible (6)

  • Dividend Payout NaN%
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Earnings Quality (OCF/Net Income)
  • Share Dilution (missing shares data)
  • Net Margin Trend (invalid data)

Score F de Piotroski

1/9

Préoccupations financières sérieuses

score
criteria

Qualité des bénéfices

-

Qualité faible : examiner la comptabilité

Dilution du capital

-

Rachat d'actions. Favorable aux actionnaires

Gouvernance

Équipe dirigeante

NomTitreÂge
Dr. Jan G.J. van de Winkel Ph.D.Co-Founder, President & CEO64
Mr. Anthony Pagano CPAExecutive VP & CFO47
Mr. Rayne WallerExecutive VP & Chief Technical Operations Officer57
Mr. Gregory David Emil MuellerExecutive VP, General Counsel & Chief Legal Officer54
Mr. Christopher CozicExecutive VP & Chief People Officer47
Dr. Martine J. van Vugt Ph.D.Executive VP & Chief Strategy Officer54
Mr. Martin SchultzSenior Director, Head of Development Business Partnership & Strategy and Director50
Dr. Judith V. Klimovsky M.D.Executive VP & Chief Development Officer67
Dr. Tahamtan Ahmadi M.D., Ph.D.Executive VP, Chief Medical Officer & Head of Experimental Medicines52
Dr. Mijke Zachariasse Ph.D.VP, Head of Antibody Research Materials & Director52

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

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