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GMABGenmab A/S
$34.55$21.3B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
GMAB logo

Genmab A/S

GMAB
NASDAQ · Biotechnology
$34.55
At close - Oct 1, 4:00 PM EDT - USD
Market Cap$21.21B
P/E22.4x
52W High$35.90
Volume6.38M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Milestone Normalization Masks Darzalex Concentration Risk

Genmab's revenue has rebased to a ~$1B quarterly run-rate after the 2024Q4 milestone spike, with 2026Q2 revenue up 24.9% YoY and gross margins holding at 92.7%. The company is transitioning to independent commercialization, evidenced by rising R&D and SG&A, bu...

GrowthDecelerating
ProfitabilityStable
ValuationExpensive
TechnicalsStrong
Explore valuation models
MARKET ACTION

GMAB price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

6/12 Beats

EPS beat 6 of last 12 quarters

02

Valuation risk

In Line

P/E is in line with peer median

03

Market leadership

RS 85 · Leader

High momentum (Outperforming 85% of market)

04

Strong Uptrend

Strong Trend

Price > 20DMA > 50DMA > 200DMA

Next CatalystEstimated earnings · Nov 6
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue rebased to $1.2B in 2026Q2 (up 24.9% YoY) with gross margin at 92.7%, but operating margin volatility (35.2% in 2026Q2 vs. 25.1% in 2026Q1) reflects milestone timing and scaling costs.

Analyst Consensus+16.1% target
Buy(18 analysts)
13 Buy4 Hold1 Sell

The Bull Case

Upside Catalysts

AI-driven drug discovery

Genmab is leveraging AI to accelerate drug discovery, optimize clinical trials, and bring new therapies to market faster.

Partnership-driven model

The company's asset-light, royalty-driven model reduces risk and capital intensity while maintaining revenue streams.

Discounted valuation upside

The stock has been undervalued relative to pipeline potential, with 67% appreciation as the market recognized this gap.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 10/3/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
GMAB+8.58%
S&P 500 (^GSPC)+11.83%
1-Year Return
GMAB+8.75%
S&P 500 (^GSPC)+14.29%
3-Year Return
GMAB+0.91%
S&P 500 (^GSPC)+74.07%
5-Year Return
GMAB-19.95%
S&P 500 (^GSPC)+73.00%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
22.6x
Forward P/E
29.2x
EV/EBITDA100th %ile
18.9x
FCF YieldCash Flow
5.4%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
22.6x
5.1x
100th· High
EV/EBITDA
18.9x
2.8x
100th· High
Price/FCF
18.6x
7.8x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$35.11+1.6%
Base (Fair)$56.51+62.6%
Bull$93.77+171.4%
$35.11 Bear$56.51 Base$93.77 Bull
Current Market Price: $34.55
Trades at a 38.9% discount to Base DCF ($56.51)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$3.72B-82.7% YoY
Net income
$964M-87.7% YoY
Free cash flow
$1.15B-84.8% YoY
Operating margin
33.6%+2.5 pts YoY
ROIC (TTM)5%
Avg ROIC 5Y-
ROE (TTM)4.5%
Piotroski Score4 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate6/12 (50%)
Revenue Beat Rate8/12 (67%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 6, 2026
$0.54+45.9%
vs $0.37
$1.2B+3.5%
vs $1.1B
Q2 2026
May 7, 2026
$0.09-42.0%
vs $0.15
$896M-1.1%
vs $906M
Q1 2026
Feb 17, 2026
$0.05-89.1%
vs $0.46
$1.1B-0.8%
vs $1.1B
Q4 2025
Nov 6, 2025
$0.65+35.4%
vs $0.48
$1.0B+1.1%
vs $1.0B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
MarketBeat·6d ago
Genmab Eyes Three Pivotal Phase III Cancer Readouts in Q4

Genmab A/S NASDAQ: GMAB expects a pivotal fourth quarter, with Phase III readouts planned for three late-stage oncology programs that the company views as potential first-in-class opportunities, according to Andrew Carlsen, the company's vice president and head of investor relations.

Defense World·Sep 25, 2026
Genmab A/S (NASDAQ:GMAB) Hits New 1-Year High – What’s Next?

Genmab A/S Sponsored ADR (NASDAQ: GMAB - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $35.66 and last traded at $35.3850, with a volume of 234834 shares. The stock had previously closed at $35.22. Wall Street Analysts Forecast Growth GMAB has been the subject of

GlobeNewsWire·Sep 24, 2026
Grant of Restricted Stock Units and Warrants to Employees in Genmab

Company Announcement COPENHAGEN, Denmark; September 24, 2026 – Genmab A/S (Nasdaq: GMAB) announced today that the Board of Directors decided to grant 13,794 restricted stock units and 13,331 warrants to employees of the Company and the Company's subsidiaries. Each restricted stock unit is awarded cost-free and provides the owner with a conditional right to receive one share in Genmab A/S of nominally DKK 1.

Seeking Alpha·Sep 22, 2026
Genmab A/S (GMAB) Presents at Bank of America Global Healthcare Conference 2026 Transcript

Genmab A/S (GMAB) Presents at Bank of America Global Healthcare Conference 2026 Transcript

Filtered for Genmab A/SMore Headlines
04

Compare before deciding

Benchmark GMAB against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Genmab A/S (GMAB)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
GMAB logoGMABGenmab A/SCurrent
$34.55$21.21B22.44-82.7%25.89%4.53%—
REGN logoREGNRegeneron Pharmaceuticals, Inc.
$734.81$75.7B17.710.99%27.86%18.49%—
SRPT logoSRPTSarepta Therapeutics, Inc.
$17.57$1.85B-2.4615.58%-6.93%-9.96%—
INCY logoINCYIncyte Corporation
$117.14$23.74B18.2721.22%27.71%29.7%—
EXEL logoEXELExelixis, Inc.
$57.94$14.56B20.846.98%35.33%42.49%—
HALO logoHALOHalozyme Therapeutics, Inc.
$106.94$12.68B41.7737.55%24.86%180.63%—

Compare GMAB vs Peers

Genmab A/S (GMAB) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs REGN

Most directly comparable listed peer for GMAB.

Scale Benchmark

vs JNJ

Larger-name benchmark to compare GMAB against a more recognizable public peer.

Peer Set

Compare Top 5

vs REGN, SRPT, INCY, EXEL

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GMAB Frequently Asked Questions

Genmab A/S (GMAB) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Genmab A/S's revenue?

Genmab A/S (GMAB) reported $4.13B in revenue for fiscal year 2025.

How fast is Genmab A/S growing?

Genmab A/S (GMAB) saw revenue decline by 82.7% over the past year.

Is GMAB profitable?

Yes, Genmab A/S (GMAB) is profitable, generating $788.1M in net income for fiscal year 2025 (25.9% net margin).

Dividend & Returns
What is GMAB's return on equity?

Genmab A/S (GMAB) has a return on equity (ROE) of 4.5%. This is below average, suggesting room for improvement.

What is Genmab A/S's free cash flow?

Genmab A/S (GMAB) generated $867.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in GMAB back in 2002?

Total return calculator · dividends reinvested · 24+ years of data

See returns →