# Genmab A/S (GMAB.CO)

Canonical: https://gigainvestors.com/s/GMAB.CO

Analysis as of: 2026-10-16T07:34:37.159Z. Financial observations: FY2019–FY2025.

Listing currency: DKK. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: DKK 2,529.00 per share; close as of 2026-10-15.

Estimated value: low DKK 1,800.47 per share, central DKK 2,027.81 per share, high DKK 2,330.45 per share. Buy at or below the central value DKK 2,027.81 per share. Valuation as of 2026-10-16T07:34:37.159Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.49×

- FY2020: 0.62×

- FY2021: 0.35×

- FY2022: 0.43×

- FY2023: 0.32×

- FY2024: 0.31×

- FY2025: 0.29×

### moat: fail

- Recent gross margin fell 6.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 22.0%

- ROIC, second-lowest year: 17.1%

- Typical minus recent gross margin: 6.4 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 93.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 22.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 18.7%

- FY2020: 39.0%

- FY2021: 17.1%

- FY2022: 26.9%

- FY2023: 22.0%

- FY2024: 23.4%

- FY2025: 9.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.9B

- Net income, five-year total: $4.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.2 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 0.99×

- FY2023: 1.00×

- FY2024: 1.01×

- FY2025: 0.99×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.7% vs 22.0%

- Per-share earnings: 7.12 to 15.36 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -1.0%

- Per-share value growth: 21.2%

- Per-share value change: $8.24

- Per-share value, starting three-year median: $7.12

- Per-share value, ending three-year median: $15.36

- Buybacks concentrated in cheaper years (correlation): 0.90

- Average buyback yield: 1.4%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 18.7%

- ROIC, last three-year median: 22.0%

Chart: Earnings per share; fiscal year observations.

- FY2019: $5.10

- FY2020: $11.06

- FY2021: $7.12

- FY2022: $11.69

- FY2023: $9.58

- FY2024: $17.52

- FY2025: $15.36

### accounting: pass

- Sloan accruals: -1.7%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 10.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.23×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.62×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 5.5%

- FY2020: -7.4%

- FY2021: 3.1%

- FY2022: 5.0%

- FY2023: -8.4%

- FY2024: 0.1%

- FY2025: -1.7%

## Holders

## Price story

Down 23% since Nov 2022 · sales +19.2%

Story as of 2026-10-16T10:00:01.630Z; price observation 2026-10-15.

Price needs cash profits to grow 3.9% a year for ten years

- 2025-08-07: Genmab raises full-year outlook, shares rise ([finance.yahoo.com](https://finance.yahoo.com/news/genmab-raises-full-outlook-shares-164835001.html))

- 2026-05-07: DARZALEX royalties drive Genmab’s Q1 revenue higher amid expansion push ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/darzalex-royalties-drive-genmab-q1-184635378.html))

- 2026-08-06: Genmab shares jump 8% after upbeat results prompt 2026 outlook raise ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/genmab-stock-falls-despite-h1-172813217.html))

- 2026-10-06: Genmab jumps as its lymphoma drug combo with AbbVie cuts progression, death risk ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/genmab-jumps-lymphoma-drug-combo-075204579.html))

### Sales · FY2024–2025

sales +19.2%; source https://filings.xbrl.org/529900MTJPDPE4MHJ122/2026-06-30/ESEF/DK/0/ge-2026-06-30-en/reports/ge-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2019: $805M 

- FY2020: $1.5B 

- FY2021: $1.3B 

- FY2022: $2.1B 

- FY2023: $2.4B 

- FY2024: $3.1B 

- FY2025: $3.7B 

### Gross margin · FY2025

gross margin 93.6%; source https://filings.xbrl.org/529900MTJPDPE4MHJ122/2026-06-30/ESEF/DK/0/ge-2026-06-30-en/reports/ge-2026-06-30-en.xhtml; observed 2026-09-02.

- FY2023: 98.6% 

- FY2024: 95.4% 

- FY2025: 93.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 3.7 billion.

- Source: https://filings.xbrl.org/529900MTJPDPE4MHJ122/2025-12-31/ESEF/DK/0/genmab-2025-12-31-1-en.json (filed 2026-09-02); FY2025: revenue 3720000000; grossProfit 3482000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GMAB.CO: Genmab A/S, a biotechnology company, develops antibody-based products and product candidates for the treatment of cancer and other diseases in Denmark. The company markets EPKINLY and TEPKINLY for adult patients with relapsed or refractory (R/R) diffuse large b-cell lymphoma (DLBCL), large B-cell lymphoma, and follicular lymphoma (FL); and Tivdak for adult patients with recurrent/metastatic cervical cancer with disease progression on or after chemotherapy. It is also developing Epcoritamab for R/R DLBCL and FL, first line DLBCL and FL, B-cell non-Hodgkin lymphoma, R/R chronic lymphocytic leukemia and Richter's syndrome, and aggressive mature B-cell neoplasms in pediatric patients; tisotumab vedotin for solid tumors; Acasunlimab for solid tumors and non-small cell lung cancer (NSCLC); Rinatabart Sesutecan for platinum resistant ovarian cancer and solid tumors; GEN1059, GEN1055, and GEN1057 for solid tumors; and GEN1286 for advanced solid tumors. In addition, the company offers DARZALEX/DARZALEX FASPRO for multiple myeloma (MM) and light-chain Amyloidosis; RYBREVANT for NSCLC; TECVAYLI and TALVEY for R/R MM; Kesimpta for Relapsing multiple sclerosis; and TEPEZZA for thyroid eye disease. Further, it is developing Amivantamab for recurrent/metastatic head and neck cancer, and advanced or metastatic colorectal cancer; Amlenetug for multiple system atrophy; Inclacumab for vaso-occulsive crises in sickle cell diseases; and Mim8 for hemophilia A. The company has a collaboration agreement with AbbVie Inc., Pfizer Inc., BioNTech SE, Johnson & Johnson, Medarex, Inc., Bristol Myers Squibb Corporation, Lundbeck A/S, Amgen Inc., Novo Nordisk A/S, and argenx. Genmab A/S was incorporated in 1998 and is headquartered in Copenhagen, Denmark.

### Why customers stay

Margins ranged from 93.6% to 98.6% during 2023–25; it earns 22% on its capital.

- Source: https://filings.xbrl.org/529900MTJPDPE4MHJ122/2025-12-31/ESEF/DK/0/genmab-2025-12-31-1-en.json (filed 2026-09-02); FY2023: grossProfit / revenue = 98.6%.

- Source: https://filings.xbrl.org/529900MTJPDPE4MHJ122/2025-12-31/ESEF/DK/0/genmab-2025-12-31-1-en.json (filed 2026-09-02); FY2024: grossProfit / revenue = 95.4%.

- Source: https://filings.xbrl.org/529900MTJPDPE4MHJ122/2025-12-31/ESEF/DK/0/genmab-2025-12-31-1-en.json (filed 2026-09-02); FY2025: grossProfit / revenue = 93.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 7-year return on capital observations [[2019,0.18699616517021925],[2020,0.38988345939096514],[2021,0.17079087218208755],[2022,0.26907160102359917],[2023,0.21993537367820573],[2024,0.2342145761076785],[2025,0.09134943645575395]]; median 0.21993537367820573. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years; bought back USD 430 million of shares.

- Source: https://eodhd.com/api/eod/USDDKK.FOREX (filed 2026-09-02); FY2019: growth capex 0; upkeep 16642402.466127025; owner earnings 323516840.7815904. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/eod/USDDKK.FOREX (filed 2026-09-02); FY2020: growth capex 0; upkeep 0; owner earnings 758107366.9448749. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/eod/USDDKK.FOREX (filed 2026-09-02); FY2021: growth capex 0; upkeep 40078415.78327336; owner earnings 456654099.89381313. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/eod/USDDKK.FOREX (filed 2026-09-02); FY2022: growth capex 0; upkeep 44885763.88631581; owner earnings 761163516.5064615. Growth capex / owner earnings = 0.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/GMAB.CO?type=annualTotalRevenue%2CannualCostOfRevenue%2CannualGrossProfit%2CannualOperatingIncome%2CannualOperatingExpense%2CannualNetIncome%2CannualPretaxIncome%2CannualTaxProvision%2CannualDepreciationAndAmortization%2CannualStockBasedCompensation%2CannualOperatingCashFlow%2CannualCapitalExpenditure%2CannualCashDividendsPaid%2CannualRepurchaseOfCapitalStock%2CannualIssuanceOfCapitalStock%2CannualNetBusinessPurchaseAndSale%2CannualReceivables%2CannualInventory%2CannualAccountsPayable%2CannualCashCashEquivalentsAndShortTermInvestments%2CannualTotalDebt%2CannualCurrentDebt%2CannualStockholdersEquity%2CannualGoodwill%2CannualOtherIntangibleAssets%2CannualNetPPE%2CannualTotalAssets%2CannualTotalLiabilitiesNetMinorityInterest%2CannualCurrentAssets%2CannualCurrentLiabilities%2CannualDilutedAverageShares%2CannualDilutedEPS%2CannualRetainedEarnings&period1=1262304000&period2=1790802398 (filed 2026-09-02); FY2023: growth capex 11000000; upkeep 43000000; owner earnings 631000000. Growth capex / owner earnings = 0.017432646592709985.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/GMAB.CO?type=annualTotalRevenue%2CannualCostOfRevenue%2CannualGrossProfit%2CannualOperatingIncome%2CannualOperatingExpense%2CannualNetIncome%2CannualPretaxIncome%2CannualTaxProvision%2CannualDepreciationAndAmortization%2CannualStockBasedCompensation%2CannualOperatingCashFlow%2CannualCapitalExpenditure%2CannualCashDividendsPaid%2CannualRepurchaseOfCapitalStock%2CannualIssuanceOfCapitalStock%2CannualNetBusinessPurchaseAndSale%2CannualReceivables%2CannualInventory%2CannualAccountsPayable%2CannualCashCashEquivalentsAndShortTermInvestments%2CannualTotalDebt%2CannualCurrentDebt%2CannualStockholdersEquity%2CannualGoodwill%2CannualOtherIntangibleAssets%2CannualNetPPE%2CannualTotalAssets%2CannualTotalLiabilitiesNetMinorityInterest%2CannualCurrentAssets%2CannualCurrentLiabilities%2CannualDilutedAverageShares%2CannualDilutedEPS%2CannualRetainedEarnings&period1=1262304000&period2=1790802398 (filed 2026-09-02); FY2024: growth capex 0; upkeep 44000000; cash acquisitions 1783000000; owner earnings 1149000000. Growth capex plus acquisitions / owner earnings = 1.5517841601392515.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/GMAB.CO?type=annualTotalRevenue%2CannualCostOfRevenue%2CannualGrossProfit%2CannualOperatingIncome%2CannualOperatingExpense%2CannualNetIncome%2CannualPretaxIncome%2CannualTaxProvision%2CannualDepreciationAndAmortization%2CannualStockBasedCompensation%2CannualOperatingCashFlow%2CannualCapitalExpenditure%2CannualCashDividendsPaid%2CannualRepurchaseOfCapitalStock%2CannualIssuanceOfCapitalStock%2CannualNetBusinessPurchaseAndSale%2CannualReceivables%2CannualInventory%2CannualAccountsPayable%2CannualCashCashEquivalentsAndShortTermInvestments%2CannualTotalDebt%2CannualCurrentDebt%2CannualStockholdersEquity%2CannualGoodwill%2CannualOtherIntangibleAssets%2CannualNetPPE%2CannualTotalAssets%2CannualTotalLiabilitiesNetMinorityInterest%2CannualCurrentAssets%2CannualCurrentLiabilities%2CannualDilutedAverageShares%2CannualDilutedEPS%2CannualRetainedEarnings&period1=1262304000&period2=1790802398 (filed 2026-09-02); FY2025: growth capex 0; upkeep 55000000; cash acquisitions 0; owner earnings 948600000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/529900MTJPDPE4MHJ122/2025-12-31/ESEF/DK/0/genmab-2025-12-31-1-en.json (filed 2026-09-02); FY2025: cash repurchases 430000000 USD.

### Are managers owners

Insiders own 1.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GMAB.CO SharesStats.PercentInsiders = 1.119 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.042304643755605054. Price 2529; FX 6.662225183211192; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (DKK per share)

- 2016-10: DKK 1,118.00 per share

- 2016-11: DKK 1,216.00 per share

- 2016-12: DKK 1,173.00 per share

- 2017-01: DKK 1,328.00 per share

- 2017-02: DKK 1,390.00 per share

- 2017-03: DKK 1,343.00 per share

- 2017-04: DKK 1,358.00 per share

- 2017-05: DKK 1,413.00 per share

- 2017-06: DKK 1,389.00 per share

- 2017-07: DKK 1,429.00 per share

- 2017-08: DKK 1,458.00 per share

- 2017-09: DKK 1,390.00 per share

- 2017-10: DKK 1,290.00 per share

- 2017-11: DKK 1,230.00 per share

- 2017-12: DKK 1,029.00 per share

- 2018-01: DKK 1,098.00 per share

- 2018-02: DKK 1,247.00 per share

- 2018-03: DKK 1,298.00 per share

- 2018-04: DKK 1,252.00 per share

- 2018-05: DKK 958.00 per share

- 2018-06: DKK 984.80 per share

- 2018-07: DKK 1,092.00 per share

- 2018-08: DKK 1,111.00 per share

- 2018-09: DKK 1,010.00 per share

- 2018-10: DKK 902.40 per share

- 2018-11: DKK 1,003.00 per share

- 2018-12: DKK 1,067.50 per share

- 2019-01: DKK 947.20 per share

- 2019-02: DKK 1,133.50 per share

- 2019-03: DKK 1,155.00 per share

- 2019-04: DKK 1,105.00 per share

- 2019-05: DKK 1,147.50 per share

- 2019-06: DKK 1,207.00 per share

- 2019-07: DKK 1,252.00 per share

- 2019-08: DKK 1,384.50 per share

- 2019-09: DKK 1,390.50 per share

- 2019-10: DKK 1,460.00 per share

- 2019-11: DKK 1,580.00 per share

- 2019-12: DKK 1,481.50 per share

- 2020-01: DKK 1,557.50 per share

- 2020-02: DKK 1,522.00 per share

- 2020-03: DKK 1,377.00 per share

- 2020-04: DKK 1,637.50 per share

- 2020-05: DKK 2,060.00 per share

- 2020-06: DKK 2,220.00 per share

- 2020-07: DKK 2,159.00 per share

- 2020-08: DKK 2,356.00 per share

- 2020-09: DKK 2,300.00 per share

- 2020-10: DKK 2,129.00 per share

- 2020-11: DKK 2,394.00 per share

- 2020-12: DKK 2,463.00 per share

- 2021-01: DKK 2,450.00 per share

- 2021-02: DKK 2,070.00 per share

- 2021-03: DKK 2,087.00 per share

- 2021-04: DKK 2,270.00 per share

- 2021-05: DKK 2,463.00 per share

- 2021-06: DKK 2,566.00 per share

- 2021-07: DKK 2,835.00 per share

- 2021-08: DKK 2,982.00 per share

- 2021-09: DKK 2,809.00 per share

- 2021-10: DKK 2,884.00 per share

- 2021-11: DKK 2,538.00 per share

- 2021-12: DKK 2,630.00 per share

- 2022-01: DKK 2,231.00 per share

- 2022-02: DKK 2,230.00 per share

- 2022-03: DKK 2,465.00 per share

- 2022-04: DKK 2,505.00 per share

- 2022-05: DKK 2,113.00 per share

- 2022-06: DKK 2,297.00 per share

- 2022-07: DKK 2,595.00 per share

- 2022-08: DKK 2,640.00 per share

- 2022-09: DKK 2,461.00 per share

- 2022-10: DKK 2,904.00 per share

- 2022-11: DKK 3,269.00 per share

- 2022-12: DKK 2,941.00 per share

- 2023-01: DKK 2,672.00 per share

- 2023-02: DKK 2,648.00 per share

- 2023-03: DKK 2,589.00 per share

- 2023-04: DKK 2,780.00 per share

- 2023-05: DKK 2,725.00 per share

- 2023-06: DKK 2,580.00 per share

- 2023-07: DKK 2,787.00 per share

- 2023-08: DKK 2,640.00 per share

- 2023-09: DKK 2,508.00 per share

- 2023-10: DKK 1,990.00 per share

- 2023-11: DKK 2,161.00 per share

- 2023-12: DKK 2,155.00 per share

- 2024-01: DKK 1,921.00 per share

- 2024-02: DKK 1,930.00 per share

- 2024-03: DKK 2,084.00 per share

- 2024-04: DKK 1,956.50 per share

- 2024-05: DKK 1,937.00 per share

- 2024-06: DKK 1,745.00 per share

- 2024-07: DKK 1,955.00 per share

- 2024-08: DKK 1,873.50 per share

- 2024-09: DKK 1,620.00 per share

- 2024-10: DKK 1,534.50 per share

- 2024-11: DKK 1,526.00 per share

- 2024-12: DKK 1,492.50 per share

- 2025-01: DKK 1,424.50 per share

- 2025-02: DKK 1,608.50 per share

- 2025-03: DKK 1,340.00 per share

- 2025-04: DKK 1,390.00 per share

- 2025-05: DKK 1,379.50 per share

- 2025-06: DKK 1,315.00 per share

- 2025-07: DKK 1,437.50 per share

- 2025-08: DKK 1,588.00 per share

- 2025-09: DKK 1,927.50 per share

- 2025-10: DKK 1,838.00 per share

- 2025-11: DKK 2,039.00 per share

- 2025-12: DKK 2,027.00 per share

- 2026-01: DKK 2,022.00 per share

- 2026-02: DKK 1,848.50 per share

- 2026-03: DKK 1,713.00 per share

- 2026-04: DKK 1,690.00 per share

- 2026-05: DKK 1,704.00 per share

- 2026-06: DKK 1,795.00 per share

- 2026-07: DKK 1,858.50 per share

- 2026-08: DKK 2,122.00 per share

- 2026-09: DKK 2,343.00 per share

- 2026-10: DKK 2,470.00 per share

## Annual estimated value (DKK per share)

- FY2023: low DKK 1,196.78 per share, central DKK 1,331.73 per share, high DKK 1,511.38 per share

- FY2024: low DKK 1,429.84 per share, central DKK 1,608.27 per share, high DKK 1,845.79 per share

- FY2025: low DKK 1,648.36 per share, central DKK 1,851.60 per share, high DKK 2,122.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:22.709Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900MTJPDPE4MHJ122/2026-06-30/ESEF/DK/0/ge-2026-06-30-en/reports/ge-2026-06-30-en.xhtml); period 2026-06-30, filed 2026-09-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.