Genmab AS

GMAB

Healthcare|Biotechnology|Denmark

$29.00

-0.78 (-2.62%)

DCF (FCF)

$26.81

Earnings Power

$7.54

Financials

Financial Snapshot

Market Cap

$17.43B

Enterprise Value

$-3.78B

Revenue (TTM)

$3.90B

Net Income (TTM)

$821.0M

Cash & Equivalents

—

Net Cash/Share

$-8.46

Free Cash Flow (TTM)

$872.0M

Operating CF (TTM)

$902.0M

Debt/Equity

0.94

Cash Runway & Burn Rate

Company is cash-flow positive.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$555.0M	$873.9M	$935.4M	$1.64B	$2.66B	$2.94B	$3.21B	$4.17B	$2.95B	$1.72B	$1.52B
Operating Cash Flow	$46.4M	$256.1M	$155.5M	$198.8M	$1.06B	$339.2M	$563.0M	$1.07B	$1.13B	$1.19B	$902.0M
Free Cash Flow	$41.7M	$241.7M	$82.3M	$182.2M	$1.01B	$300.8M	$517.4M	$1.02B	$1.08B	$1.13B	$872.0M
Capital Expenditure	$-4.7M	$-14.3M	$-73.2M	$-16.6M	$-50.7M	$-38.4M	$-45.6M	$-54.0M	$-44.0M	$-55.0M	$-30.0M
Financing Cash Flow	$12.9M	$34.6M	$-10.9M	$548.7M	$11.7M	$-63.9M	$-113.6M	$-89.0M	$-566.0M	$4.79B	$4.63B

R&D Spending

R&D (TTM)

$1.69B

R&D Intensity

43.2%

R&D Growth YoY

+5.0%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$257.0M	$381.1M	$463.4M	$804.5M	$1.67B	$1.28B	$2.09B	$2.39B	$3.12B	$3.72B	$3.90B
R&D Expense	$93.5M	$140.8M	$219.2M	$357.7M	$518.5M	$636.5M	$800.5M	$1.11B	$1.41B	$1.61B	$1.69B
R&D % of Revenue	36.4%	37.0%	47.3%	44.5%	31.0%	49.7%	38.3%	46.3%	45.3%	43.2%	43.2%
SG&A	$14.5M	$23.7M	$32.8M	$51.3M	$109.3M	$195.3M	$385.2M	$478.0M	$549.0M	$626.0M	$666.0M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$257.0M	$381.1M	$463.4M	$804.5M	$1.67B	$1.28B	$2.09B	$2.39B	$3.12B	$3.72B	$3.90B
Cost of Goods Sold	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$33.0M	$143.0M	$238.0M	$261.0M
Gross Profit	$257.0M	$381.1M	$463.4M	$804.5M	$1.67B	$1.28B	$2.09B	$2.36B	$2.98B	$3.48B	$3.64B
R&D	$93.5M	$140.8M	$219.2M	$357.7M	$518.5M	$636.5M	$800.5M	$1.11B	$1.41B	$1.61B	$1.69B
SG&A	$14.5M	$23.7M	$32.8M	$51.3M	$109.3M	$195.3M	$385.2M	$478.0M	$549.0M	$626.0M	$666.0M
Operating Income	$149.0M	$216.6M	$211.4M	$395.5M	$1.04B	$449.6M	$902.0M	$772.0M	$1.01B	$1.25B	$1.29B
Interest Expense	$-30.0K	$-322.0K	$0.00	$-1.0M	$-1.7M	$-2.0M	$-5.6M	$-10.0M	$-18.0M	$-61.0M	$-168.0M
Pretax Income	$159.9M	$171.5M	$246.9M	$428.6M	$975.8M	$596.5M	$999.6M	$817.0M	$1.33B	$1.20B	$1.03B
Net Income	$168.0M	$177.9M	$225.5M	$324.7M	$786.4M	$450.2M	$784.7M	$631.0M	$1.13B	$963.0M	$821.0M
EPS (Diluted)	0.27	0.29	0.36	0.51	1.19	0.68	1.19	0.96	1.75	1.54	1.32
EBITDA	$165.8M	$183.1M	$260.4M	$450.5M	$1.02B	$636.2M	$1.06B	$870.0M	$1.40B	$1.34B	$1.29B
Shares Out. (M)	617.66	620.94	620.45	636.37	658.86	660.46	660.10	658.98	646.56	626.92	638.55

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$43.4M	$217.2M	$81.7M	$532.5M	$1.20B	$1.36B	$1.42B	$2.20B	$1.38B	$1.72B	$1.52B
Marketable Securities	$511.5M	$656.7M	$853.7M	$1.11B	$1.46B	$1.58B	$1.79B	$1.97B	$1.57B	$0.00	$0.00
Total Current Assets	$693.0M	$976.5M	$1.14B	$2.09B	$3.11B	$3.46B	$4.06B	$4.91B	$3.90B	$2.88B	$2.57B
Total Assets	$741.2M	$1.06B	$1.30B	$2.27B	$3.49B	$3.75B	$4.33B	$5.23B	$6.41B	$12.87B	$12.38B
Total Current Liabilities	$58.2M	$52.7M	$68.0M	$140.6M	$207.1M	$238.7M	$262.4M	$368.0M	$744.0M	$1.43B	$1.18B
Long-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.00B	$4.93B
Total Liabilities	$58.2M	$53.3M	$68.5M	$164.3M	$334.2M	$370.1M	$408.3M	$545.0M	$1.28B	$7.03B	$6.69B
Stockholders' Equity	$683.0M	$1.01B	$1.23B	$2.11B	$3.16B	$3.38B	$3.93B	$4.69B	$5.14B	$5.85B	$5.68B
Retained Earnings	$-439.5M	$-298.9M	$-30.3M	$319.3M	$1.17B	$1.53B	$2.13B	$2.74B	$3.39B	$4.10B	$4.09B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$46.4M	$256.1M	$155.5M	$198.8M	$1.06B	$339.2M	$563.0M	$1.07B	$1.13B	$1.19B	$902.0M
Capital Expenditure	$-4.7M	$-14.3M	$-73.2M	$-16.6M	$-50.7M	$-38.4M	$-45.6M	$-54.0M	$-44.0M	$-55.0M	$-30.0M
Free Cash Flow	$41.7M	$241.7M	$82.3M	$182.2M	$1.01B	$300.8M	$517.4M	$1.02B	$1.08B	$1.13B	$872.0M
Investing Cash Flow	$-143.6M	$-107.6M	$-272.4M	$-297.3M	$-388.6M	$-146.3M	$-397.4M	$-185.0M	$-1.45B	$-5.64B	$-5.61B
Financing Cash Flow	$12.9M	$34.6M	$-10.9M	$548.7M	$11.7M	$-63.9M	$-113.6M	$-89.0M	$-566.0M	$4.79B	$4.63B
Issuance of Stock	$116.0K	$0.00	$0.00	$580.6M	$0.00	$0.00	$0.00	$0.00	$0.00	$5.50B	$0.00
Repurchase of Stock	$-16.7M	$0.00	$-22.4M	$0.00	$0.00	$-68.0M	$-130.7M	$-81.0M	$-560.0M	$-430.0M	$4.97B
Issuance of Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payments of Debt	$-17.0K	$0.00	$0.00	$-4.6M	$-7.3M	$-8.8M	$-10.5M	$-14.0M	$-9.0M	$-13.0M	$-80.0M
Stock Based Comp.	$7.5M	$12.2M	$13.9M	$22.0M	$33.1M	$47.2M	$63.2M	$85.0M	$105.0M	$128.0M	$152.0M
Net Change in Cash	$-80.2M	$167.8M	$-124.8M	$452.6M	$612.9M	$258.3M	$134.7M	$785.0M	$-824.0M	$335.0M	$-98.0M

Dilution Tracker

Shares Outstanding

639M

5-Year Share Growth

-3.3%

Stock Issuance (TTM)

$0.00

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	617.66	620.94	620.45	636.37	658.86	660.46	660.10	658.98	646.56	626.92	638.55
YoY Change %	—	0.5%	-0.1%	2.6%	3.5%	0.2%	-0.1%	-0.2%	-1.9%	-3.0%	1.9%
Stock Issuance	$116.0K	$0.00	$0.00	$580.6M	$0.00	$0.00	$0.00	$0.00	$0.00	$5.50B	$0.00
Stock Repurchase	$-16.7M	$0.00	$-22.4M	$0.00	$0.00	$-68.0M	$-130.7M	$-81.0M	$-560.0M	$-430.0M	$4.97B
Stock Based Comp.	$7.5M	$12.2M	$13.9M	$22.0M	$33.1M	$47.2M	$63.2M	$85.0M	$105.0M	$128.0M	$152.0M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	98.6%	95.4%	93.6%	93.3%
Operating Margin %	58.0%	56.8%	45.6%	49.2%	62.4%	35.1%	43.2%	32.3%	32.5%	33.6%	33.0%
Net Margin %	65.4%	46.7%	48.7%	40.4%	47.1%	35.1%	37.6%	26.4%	36.3%	25.9%	21.1%
EBITDA Margin %	64.5%	48.0%	56.2%	56.0%	61.1%	49.6%	50.6%	36.4%	45.0%	35.9%	33.0%
FCF Margin %	16.2%	63.4%	17.8%	22.6%	60.6%	23.5%	24.8%	42.6%	34.7%	30.4%	22.4%
ROE %	28.1%	21.0%	20.1%	19.5%	29.9%	13.8%	21.5%	14.7%	23.1%	17.5%	14.7%
ROA %	25.6%	19.7%	19.1%	18.2%	27.3%	12.4%	19.4%	13.2%	19.5%	10.0%	9.1%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)22.11

Historical9.51 / 40.70 / 110.22

Industry Med.27.41

P/S4.68

Historical3.52 / 16.89 / 54.33

Industry Med.9.51

P/B3.12

Historical2.12 / 7.49 / 19.72

Industry Med.2.93

EV/EBITDA16.96

Historical5.84 / 28.60 / 103.69

Industry Med.13.14

EV/Revenue5.59

Historical2.55 / 14.87 / 52.80

Industry Med.8.71

P/FCF20.99

Historical10.11 / 51.43 / 339.47

Industry Med.27.54

Intrinsic Value Models

DCF (FCF Based)

$26.81

Peter Lynch Value

$28.43

Median P/S Value

$111.15

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	61.16	57.14	44.78	43.19	33.74	58.64	35.23	32.91	11.95	20.68	22.11
PS Ratio	39.98	26.66	21.80	17.43	15.88	20.60	13.24	8.69	4.34	5.36	4.68
PB Ratio	14.62	10.02	8.23	6.88	8.42	7.69	7.06	4.44	2.58	3.24	3.12
EV/EBITDA	57.11	49.83	34.74	28.16	23.27	36.76	22.93	19.01	7.48	17.43	16.96
EV/Revenue	36.84	23.93	19.52	15.77	14.21	18.25	11.62	6.92	3.37	6.26	5.59

Analyst Estimates & Quality

Altman Z-Score

2.82

Grey Zone

Piotroski F-Score

Moderate

Beneish M-Score

-2.67

Unlikely Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$4,344M	$5,190M	$6,304M
Net Income	$734M	$1,152M	$1,725M
EPS	1.21	1.74	2.83
Book Value per Share	104.53	126.39	160.24
Operating Cash Flow per Share	1.11	2.26	0.00
Operating CF	$708.80M	$1,443.13M	$0.00M

Dividends

Revenue Segments

By Business

Segment	2025
DARZALEX	$2.44B
Collaboration revenue	$70.0M
Kesimpta	$443.0M
Milestone revenue	$97.0M
Net product sales	$398.0M
Other	$111.0M
Reimbursement revenue	$53.0M
TEPEZZA	$105.0M

By Geography

Segment	2025
Denmark	$3.33B
Japan	$213.0M
Netherlands	$1.0M
United States	$180.0M