Genmab A/S (GMAB)
POSITIVEファンダメンタル
80
株価
$34.23
時価総額
$20.56B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
Contractual royalties on DARZALEX sales by Johnson & Johnson and Kesimpta sales by Novartis, the core of Genmab's income.
Direct sales of EPKINLY/TEPKINLY, the lymphoma antibody Genmab commercializes itself in the territories it retains.
One-time and reimbursement payments from partners tied to development progress, a small and less predictable part of total revenue.
競争優位性(moat)
特許・ライセンス · 狭い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.
需要を左右する要因
ディフェンシブ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.
主なリスク
- 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.
顧客集中度
主要顧客が売上高の66%を占める
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.
強気材料
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.
弱気材料
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 2026年8月18日
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貸借対照表と流動性
売上高
$4.13B
直近12か月(2026/6/30まで)
純利益
$788M
直近12か月(2026/6/30まで)
フリーキャッシュフロー
$1.13B
自己資本合計
$5.85B
負債合計
$7.03B
流動比率
2.02
利払い倍率
20.49
負債/EBITDA
3.95
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$141.64
現在株価
$34.23
安全マージン
+75.8%
適正価値レンジ
$92.06 - $191.21
推定方法
バリュエーション指標
P/E レシオ
21.58
ROE
13.6%
P/B レシオ
0.35
P/FCF
1.82
粗利益率
93.6%
ROIC
8.6%
収益性レーダー
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.
ファンダメンタル分析基準
合格(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
不合格(3)
- Earnings Surprise avg -1.8%
- PEG Ratio 3.49
- Piotroski F-Score 1/9
データなし(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)
Piotroski F-スコア
重大な財務上の懸念
利益の質
低品質:会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Dr. Jan G.J. van de Winkel Ph.D. | Co-Founder, President & CEO | 64 |
| Mr. Anthony Pagano CPA | Executive VP & CFO | 47 |
| Mr. Rayne Waller | Executive VP & Chief Technical Operations Officer | 57 |
| Mr. Gregory David Emil Mueller | Executive VP, General Counsel & Chief Legal Officer | 54 |
| Mr. Christopher Cozic | Executive VP & Chief People Officer | 47 |
| Dr. Martine J. van Vugt Ph.D. | Executive VP & Chief Strategy Officer | 54 |
| Mr. Martin Schultz | Senior Director, Head of Development Business Partnership & Strategy and Director | 50 |
| Dr. Judith V. Klimovsky M.D. | Executive VP & Chief Development Officer | 67 |
| Dr. Tahamtan Ahmadi M.D., Ph.D. | Executive VP, Chief Medical Officer & Head of Experimental Medicines | 52 |
| Dr. Mijke Zachariasse Ph.D. | VP, Head of Antibody Research Materials & Director | 52 |
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for GMAB, sourced from Markets Gazette.