Genmab A/S (GMAB) 10-Year Financial Performance & Capital Metrics

GMAB • • Industrial / General

HealthcareBiotechnologyPlatform & Technology CompaniesAntibody Discovery Platforms

AboutGenmab A/S develops antibody therapeutics for the treatment of cancer and other diseases primarily in Denmark. The company markets DARZALEX, a human monoclonal antibody for the treatment of patients with multiple myeloma (MM); teprotumumab for the treatment of thyroid eye disease; ofatumurnab, a human monoclonal antibody to treat chronic lymphocytic leukemia (CLL) and multiple sclerosis; and Amivantamab for advanced or metastatic gastric or esophageal cancer and NSCLC. Its products include daratumumab to treat MM, non-MM blood cancers, and AL amyloidosis; GEN1047; tisotumab vedotin for treating cervical, ovarian, and solid cancers; DuoBody-PD-L1x4-1BB, and DuoBody-CD40x4-1BB for treating solid tumors; Epcoritamab for relapsed/refractory diffuse large B-cell lymphoma and chronic lymphocytic leukemia; and HexaBody-CD38 and DuoHexaBody-CD37 for treating hematological malignancies. The company's also develops products, which is in Phase 2 comprise Teclistamab for vaso-occlusive crises; Camidanlumab tesirine to treat hodgkin lymphoma and solid tumors; JNJ-64007957 and JNJ-64407564 to treat MM; PRV-015 for treating celiac disease; Mim8 for treating haemophilia A; and Lu AF82422 for treating multiple system atrophy disease. In addition, it has approximately 20 active pre-clinical programs. The company has a commercial license and collaboration agreement with Seagen Inc. to co-develop tisotumab vedotin. It also has a collaboration agreement with CureVac AG for the research and development of differentiated mRNA-based antibody products; AbbVie for the development of epcoritamab; and collaborations with BioNTech, Janssen, Novo Nordisk A/S, BliNK Biomedical SAS, and Bolt Biotherapeutics, Inc. Genmab A/S was founded in 1999 and is headquartered in Copenhagen, Denmark.Show more

Revenue $21.53B +30.7%
EBITDA $7.12B +28.0%
Net Income $7.84B +80.2%
EPS (Diluted) 12.14 +83.9%
Gross Margin 95.42% -3.2%
EBITDA Margin 33.06% -2.1%
Operating Margin 31.14% -3.6%
Net Margin 36.44% +37.9%
ROE 22.97% +55.4%
ROIC 22.16% -1.5%
Debt/Equity 0.03 +15.1%
Interest Coverage 55.86 -71.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 29.4%
✓FCF machine: 35.2% free cash flow margin
✓Momentum leader: RS Rating 83 (top 17%)
✓Strong 5Y sales CAGR of 32.0%
✓Good 3Y average ROE of 19.9%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y38.14%

5Y32.03%

3Y36.75%

TTM21.03%

Profit (Net Income) CAGR

10Y38.53%

5Y29.35%

3Y38.43%

TTM185.54%

EPS CAGR

10Y36.77%

5Y28.99%

3Y39.42%

TTM45.85%

ROCE

10Y Avg22.91%

5Y Avg22.18%

3Y Avg20.04%

Latest18.29%

Peer Comparison

Antibody Discovery Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NAGENiagen Bioscience Inc	503.58M	6.31	57.36	19.18%	16.38%	28.91%	2.37%	0.06
BTXBlackRock Technology and Private Equity Term Trust	808.8M	6.93	40.76	-81.13%	87.75%	1.87%	34.27%
HALOHalozyme Therapeutics, Inc.	8.45B	71.82	20.94	22.44%	47.91%	118.17%	5.55%	4.14
RPRXRoyalty Pharma plc	16.97B	39.72	20.80	-3.86%	32.55%	7.95%	16.32%	0.74
REGNRegeneron Pharmaceuticals, Inc.	76.63B	741.92	19.35	8.27%	32.13%	14.79%	4.78%	0.09
GMABGenmab A/S	20.85B	33.85	2.79	30.67%	46.8%	114.25%	36.37%	0.03
DNAGinkgo Bioworks Holdings, Inc.	464.86M	9.58	-0.91	-9.71%	-188%	-60.66%		0.65
PRMEPrime Medicine, Inc.	720.24M	3.99	-2.42		-33.02%	-121.95%		0.27

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.13B	1.82B	2.37B	3.03B	5.37B	10.11B	8.42B	14.51B	16.47B	21.53B
Revenue Growth %	0.33%	0.6%	0.3%	0.28%	0.77%	0.88%	-0.17%	0.72%	0.14%	0.31%
Cost of Goods Sold+	0	0	0	0	0	0	0	0	226M	985M
COGS % of Revenue	-	-	-	-	-	-	-	-	0.01%	0.05%
Gross Profit+	1.13B	1.82B	2.37B	3.03B	5.37B	10.11B	8.42B	14.51B	16.25B	20.54B
Gross Margin %	1%	1%	1%	1%	1%	1%	1%	1%	0.99%	0.95%
Gross Profit Growth %	0.33%	0.6%	0.3%	0.28%	0.77%	0.88%	-0.17%	0.72%	0.12%	0.26%
Operating Expenses+	402.66M	763.29M	1.02B	1.64B	2.73B	3.8B	5.46B	8.24B	10.93B	13.84B
OpEx % of Revenue	0.36%	0.42%	0.43%	0.54%	0.51%	0.38%	0.65%	0.57%	0.66%	0.64%
Selling, General & Admin	91.22M	102.41M	146.99M	213.69M	342M	661M	1.28B	2.68B	3.3B	3.79B
SG&A % of Revenue	0.08%	0.06%	0.06%	0.07%	0.06%	0.07%	0.15%	0.18%	0.2%	0.18%
Research & Development	487.66M	660.88M	874.28M	1.43B	2.39B	3.14B	4.18B	5.56B	7.63B	9.75B
R&D % of Revenue	0.43%	0.36%	0.37%	0.47%	0.44%	0.31%	0.5%	0.38%	0.46%	0.45%
Other Operating Expenses	-176.22M	0	0	0	0	0	0	0	0	300M
Operating Income+	730.38M	1.05B	1.34B	1.38B	2.64B	6.31B	2.95B	6.27B	5.32B	6.7B
Operating Margin %	0.64%	0.58%	0.57%	0.46%	0.49%	0.62%	0.35%	0.43%	0.32%	0.31%
Operating Income Growth %	1.75%	0.44%	0.28%	0.03%	0.91%	1.39%	-0.53%	1.12%	-0.15%	0.26%
EBITDA+	762.2M	1.09B	1.41B	1.47B	2.78B	6.56B	3.2B	6.63B	5.56B	7.12B
EBITDA Margin %	0.67%	0.6%	0.6%	0.49%	0.52%	0.65%	0.38%	0.46%	0.34%	0.33%
EBITDA Growth %	1.75%	0.44%	0.29%	0.04%	0.89%	1.36%	-0.51%	1.07%	-0.16%	0.28%
D&A (Non-Cash Add-back)	31.82M	40.96M	70M	87.7M	139M	246M	250M	362M	240M	413M
EBIT	757.64M	1.13B	1.42B	1.61B	2.87B	5.91B	3.93B	6.97B	5.71B	9.28B
Net Interest Income+	37.15M	32.37M	39M	63M	113M	174M	184M	303M	912M	875M
Interest Income	37.26M	32.58M	41M	62.92M	120M	184M	197M	324M	939M	995M
Interest Expense	118K	213K	2M	417K	7M	10M	13M	21M	27M	120M
Other Income/Expense	27.15M	77.38M	-280.45M	231.69M	221M	-409M	965M	678M	316M	2.46B
Pretax Income+	757.53M	1.13B	1.06B	1.61B	2.86B	5.9B	3.92B	6.95B	5.64B	9.16B
Pretax Margin %	0.67%	0.62%	0.45%	0.53%	0.53%	0.58%	0.47%	0.48%	0.34%	0.43%
Income Tax+	-5.99M	-56.86M	-39.83M	139.83M	693M	1.15B	961M	1.49B	1.28B	1.32B
Effective Tax Rate %	1.01%	1.05%	1.04%	0.91%	0.76%	0.81%	0.75%	0.79%	0.77%	0.86%
Net Income+	763.51M	1.19B	1.1B	1.47B	2.17B	4.76B	2.96B	5.45B	4.35B	7.84B
Net Margin %	0.67%	0.65%	0.47%	0.49%	0.4%	0.47%	0.35%	0.38%	0.26%	0.36%
Net Income Growth %	1.53%	0.55%	-0.07%	0.33%	0.47%	1.2%	-0.38%	0.84%	-0.2%	0.8%
Net Income (Continuing)	763.51M	1.19B	1.1B	1.47B	2.17B	4.76B	2.96B	5.45B	4.35B	7.84B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.26	1.92	1.78	2.37	3.40	7.22	4.48	8.26	6.60	12.14
EPS Growth %	1.38%	0.52%	-0.07%	0.33%	0.43%	1.12%	-0.38%	0.84%	-0.2%	0.84%
EPS (Basic)	1.31	1.98	1.81	2.40	3.44	7.30	4.52	8.34	6.60	12.14
Diluted Shares Outstanding	607.74M	617.66M	620.94M	620.45M	636.37M	658.86M	660.46M	660.1M	659.15M	646.33M
Basic Shares Outstanding	585.21M	598.76M	608.34M	612.68M	629.63M	651.79M	653.96M	653.87M	659.19M	646.34M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.67B	4.9B	6.06B	7.43B	13.96B	18.79B	22.74B	28.22B	33.14B	27.85B
Cash & Short-Term Investments	3.49B	3.92B	5.42B	6.11B	10.97B	16.08B	19.34B	22.32B	28.14B	21.1B
Cash Only	873.99M	307.02M	1.35B	532.91M	3.55B	7.26B	8.96B	9.89B	14.87B	9.86B
Short-Term Investments	2.62B	3.61B	4.08B	5.57B	7.42B	8.82B	10.38B	12.43B	13.27B	11.24B
Accounts Receivable	174.66M	975.67M	579M	1.33B	2.99B	2.46B	3.37B	5.71B	4.95B	6.69B
Days Sales Outstanding	56.27	196.09	89.34	160.11	203.38	88.91	146.01	143.74	109.61	113.45
Inventory	0	0	0	0	0	0	0	0	57M	62M
Days Inventory Outstanding	-	-	-	-	-	-	-	-	92.06	22.97
Other Current Assets	0	0	0	0	0	249M	31M	182M	0	0
Total Non-Current Assets+	234.66M	340.6M	543.51M	1.03B	1.18B	2.35B	1.89B	1.9B	2.15B	17.96B
Property, Plant & Equipment	28.81M	32.19M	113.42M	161.54M	414M	736M	975M	1.32B	1.64B	263.83M
Fixed Asset Turnover	39.33x	56.41x	20.86x	18.73x	12.96x	13.74x	8.63x	10.97x	10.04x	81.59x
Goodwill	0	0	0	0	0	0	0	0	0	2.54B
Intangible Assets	192.64M	181.9M	124.39M	470.36M	470M	338M	254M	146M	101M	12.34B
Long-Term Investments	6.86M	1.47M	8.76M	9.62M	149M	1.08B	371M	133M	134M	228M
Other Non-Current Assets	0	0	0	0	11M	197M	291M	300M	62M	2.46B
Total Assets+	3.9B	5.24B	6.6B	8.46B	15.14B	21.14B	24.63B	30.12B	35.29B	45.81B
Asset Turnover	0.29x	0.35x	0.36x	0.36x	0.35x	0.48x	0.34x	0.48x	0.47x	0.47x
Asset Growth %	0.36%	0.34%	0.26%	0.28%	0.79%	0.4%	0.16%	0.22%	0.17%	0.3%
Total Current Liabilities+	414.39M	411.54M	327.12M	443.35M	938M	1.25B	1.57B	1.82B	2.48B	5.31B
Accounts Payable	31.99M	22.27M	579M	1.33B	0	0	350M	0	0	0
Days Payables Outstanding	-	-	-	-	-	-	-	-	-	-
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	0	0	0	0	0	1000K	1000K
Other Current Liabilities	366.51M	373.71M	0	-651K	0	1.21B	860M	1.75B	0	0
Current Ratio	8.85x	11.90x	18.52x	16.77x	14.88x	15.00x	14.50x	15.48x	13.34x	5.25x
Quick Ratio	8.85x	11.90x	18.52x	16.77x	14.88x	15.00x	14.50x	15.48x	13.32x	5.24x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	1.43M	0	3.63M	3.29M	158M	769M	863M	1.01B	1.2B	3.81B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	155M	277M	363M	523M	680M	937M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	2.36B
Other Non-Current Liabilities	1.43M	0	3.63M	3.29M	3M	492M	500M	491M	35M	30M
Total Liabilities	415.83M	411.54M	330.75M	446.64M	1.1B	2.02B	2.43B	2.84B	3.68B	9.11B
Total Debt+	118K	0	0	0	181M	319M	425M	597M	770M	1.03B
Net Debt	-873.87M	-307.02M	-1.35B	-532.91M	-3.37B	-6.94B	-8.53B	-9.3B	-14.1B	-8.83B
Debt / Equity	0.00x	-	-	-	0.01x	0.02x	0.02x	0.02x	0.02x	0.03x
Debt / EBITDA	0.00x	-	-	-	0.07x	0.05x	0.13x	0.09x	0.14x	0.14x
Net Debt / EBITDA	-1.15x	-0.28x	-0.95x	-0.36x	-1.21x	-1.06x	-2.66x	-1.40x	-2.53x	-1.24x
Interest Coverage	6189.65x	4942.88x	672.09x	3310.03x	376.86x	631.30x	227.15x	298.43x	197.07x	55.86x
Total Equity+	3.49B	4.83B	6.27B	8.01B	14.05B	19.12B	22.2B	27.28B	31.61B	36.7B
Equity Growth %	0.72%	0.38%	0.3%	0.28%	0.75%	0.36%	0.16%	0.23%	0.16%	0.16%
Book Value per Share	5.74	7.81	10.10	12.92	22.08	29.02	33.61	41.33	47.96	56.78
Total Shareholders' Equity	3.49B	4.83B	6.27B	8.01B	14.05B	19.12B	22.2B	27.28B	31.61B	36.7B
Common Stock	59.53M	60.35M	61.19M	61.5M	65M	66M	66M	66M	66M	66M
Retained Earnings	-4.23B	-3.11B	-1.85B	-197.46M	2.13B	7.11B	10.02B	14.81B	19.02B	23.55B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	94.48M	102.88M	82.08M	91.71M	98M	54M	81M	98M	60M	490M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	311.45M	327.72M	1.59B	1.01B	1.33B	6.43B	2.23B	3.91B	7.38B	7.77B
Operating CF Margin %	0.27%	0.18%	0.67%	0.34%	0.25%	0.64%	0.26%	0.27%	0.45%	0.36%
Operating CF Growth %	1.35%	0.05%	3.85%	-0.36%	0.31%	3.85%	-0.65%	0.76%	0.89%	0.05%
Net Income	757.53M	1.13B	1.06B	1.61B	2.86B	4.76B	3.98B	7.04B	5.64B	7.84B
Depreciation & Amortization	31.82M	40.96M	69.75M	87.6M	139M	266M	248M	362M	295M	413M
Stock-Based Compensation	36.56M	53.19M	75.98M	90.76M	147M	200M	310M	439M	586M	721M
Deferred Taxes	51.13M	39.61M	-140.58M	90.52M	-385M	0	-546M	0	122M	0
Other Non-Cash Items	-27.15M	-77.38M	280.45M	-231.69M	-216M	903M	-997M	-1.99B	-622M	388M
Working Capital Changes	-538.44M	-858.87M	239.65M	-634.37M	-1.22B	306M	-770M	-1.93B	1.36B	-1.59B
Change in Receivables	-89.95M	-794.93M	270.35M	-768.15M	-1.66B	306M	-1.07B	-2.12B	797M	-1.59B
Change in Inventory	0	0	0	0	0	0	0	0	-57M	-5M
Change in Payables	0	0	0	133.78M	440M	0	304M	283M	622M	0
Cash from Investing+	-480.88M	-1.01B	-667.57M	-1.78B	-1.98B	-2.35B	-961M	-2.76B	-1.28B	-9.91B
Capital Expenditures	-135.39M	-33.11M	-88.51M	-477.37M	-111M	-307M	-252M	-317M	-366M	-187M
CapEx % of Revenue	0.12%	0.02%	0.04%	0.16%	0.02%	0.03%	0.03%	0.02%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-125.94M	-20.86M	-579.06M	-405.67M	-32M	-2.04B	-709M	-2.44B	-10M	-117M
Cash from Financing+	643.09M	91.19M	214.91M	-70.9M	3.66B	71M	-420M	-789M	-606M	-3.92B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	640.76M	209.41M	214.91M	75.1M	-182M	140M	85M	192M	49M	129M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	176.06M	294.61M	1.5B	537.42M	1.22B	6.13B	1.98B	3.6B	7B	7.58B
FCF Margin %	0.16%	0.16%	0.63%	0.18%	0.23%	0.61%	0.23%	0.25%	0.43%	0.35%
FCF Growth %	2.08%	0.67%	4.09%	-0.64%	1.26%	4.04%	-0.68%	0.82%	0.95%	0.08%
FCF per Share	0.29	0.48	2.42	0.87	1.91	9.30	2.99	5.45	10.63	11.73
FCF Conversion (FCF/Net Income)	0.41x	0.28x	1.44x	0.69x	0.61x	1.35x	0.75x	0.72x	1.70x	0.99x
Interest Paid	0	0	0	0	0	20M	0	0	0	35M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	27.67%	28.56%	19.89%	20.61%	19.64%	28.69%	14.31%	22.04%	14.78%	22.97%
Return on Invested Capital (ROIC)	25.56%	22.14%	21.35%	16.69%	21.79%	41.43%	17.14%	29.7%	22.48%	22.16%
Gross Margin	100%	100%	100%	100%	100%	100%	100%	100%	98.63%	95.42%
Net Margin	67.39%	65.36%	46.65%	48.66%	40.37%	47.06%	35.13%	37.59%	26.42%	36.44%
Debt / Equity	0.00x	-	-	-	0.01x	0.02x	0.02x	0.02x	0.02x	0.03x
Interest Coverage	6189.65x	4942.88x	672.09x	3310.03x	376.86x	631.30x	227.15x	298.43x	197.07x	55.86x
FCF Conversion	0.41x	0.28x	1.44x	0.69x	0.61x	1.35x	0.75x	0.72x	1.70x	0.99x
Revenue Growth	33.24%	60.29%	30.25%	27.89%	77.38%	88.43%	-16.75%	72.33%	13.57%	30.67%

Frequently Asked Questions

Valuation & Price

Genmab A/S (GMAB) has a price-to-earnings (P/E) ratio of 2.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Genmab A/S (GMAB) reported $14.04B in revenue for fiscal year 2024. This represents a 3901% increase from $350.9M in 2011.

Genmab A/S (GMAB) grew revenue by 30.7% over the past year. This is strong growth.

Yes, Genmab A/S (GMAB) is profitable, generating $6.57B in net income for fiscal year 2024 (36.4% net margin).

Dividend & Returns

Genmab A/S (GMAB) has a return on equity (ROE) of 23.0%. This is excellent, indicating efficient use of shareholder capital.

Genmab A/S (GMAB) generated $2.99B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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