Upside case
Bull case
$88+248.0%
GMAB would need investors to value it at roughly 76x earnings — about 54x more generous than today's 22x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 2026
Genmab A/S (GMAB) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
17
analysts
12 bullish · 1 bearish · 17 covering GMAB
Strong Buy
0
Buy
12
Hold
4
Sell
1
Strong Sell
0
Consensus Target
$38
+51.6% vs today
Scenario Range
$42 – $88
Model bear to bull value window
Coverage
17
Published analyst ratings
Valuation Context
21.9x
Forward P/E · Market cap $15.5B
GMAB price targets
Three scenarios for where GMAB stock could go
Current
~$25
Confidence
44 / 100
Updated
Jun 18, 2026
Where we are now
Current · $25
Bear
$42
Base
$67
Bull
$88
Market caseClosest to today
Base case
$67+164.1%
At 58x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$42+66.4%
The bear case assumes sentiment or fundamentals disappoint enough to push GMAB down roughly 66% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Genmab A/S
GMAB · NASDAQHealthcareBiotechnologyDecember year-end
Genmab is a biotechnology company that develops and commercializes antibody-based therapies for cancer and other serious diseases. It generates revenue primarily through product sales of its marketed antibodies like DARZALEX and teprotumumab, plus significant royalties and milestone payments from partnerships with pharmaceutical companies like Johnson & Johnson. The company's key advantage is its proprietary antibody technology platforms — particularly its DuoBody bispecific antibody platform — which enable it to create differentiated therapies with improved efficacy and safety profiles.
Market Cap
$15.5B
Revenue TTM
$8.8B
Net Income TTM
$2.6B
Net Margin
29.6%
GMAB Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
42%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
-7.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$0.54/$0.39
Revenue
$925M/$953M
Q4 2025
EPS
$0.65/$0.48
Revenue
$1.0B/$1.0B
Q1 2026
EPS
$0.05/$0.46
Revenue
$1.1B/$1.1B
Q2 2026
EPS
$0.15/$0.15
Revenue
$896M/$906M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.54/$0.39 | +38.5% | $925M/$953M | -2.9% |
| Q4 2025 | $0.65/$0.48 | +35.4% | $1.0B/$1.0B | +1.1% |
| Q1 2026 | $0.05/$0.46 | -89.1% | $1.1B/$1.1B | -0.8% |
| Q2 2026 | $0.15/$0.15 | +0.0% | $896M/$906M | -1.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$8.8B
0.0% YoY
FY2
$9.0B
+1.3% YoY
EPS Outlook
FY1
$3.70
-9.6% YoY
FY2
$4.10
+10.7% YoY
Trailing FCF (TTM)$1.1B
FCF Margin: 13.0%
Next Earnings
August 6, 2026
Expected EPS
$0.34
Expected Revenue
$1.1B
GMAB beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
GMAB Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Cheap versus peers
Fair value est. $40 — implies +57.8% from today's price.
Upside to Fair Value
57.8%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
GMAB
16.4x
vs
S&P 500
24.4x
33% discount
vs Healthcare Trailing P/E
GMAB
16.4x
vs
Healthcare
22.1x
26% discount
vs GMAB 5Y Avg P/E
Today
16.4x
vs
5Y Average
8.1x
+103% premium
Forward PE
21.9x
S&P 500
18.8x
+17%
Healthcare
18.3x
+20%
5Y Avg
—
—
Trailing PE
16.4x
S&P 500
24.4x
-33%
Healthcare
22.1x
-26%
5Y Avg
8.1x
+103%
PEG Ratio
—
S&P 500
1.66x
—
Healthcare
1.59x
—
5Y Avg
—
—
EV/EBITDA
14.5x
S&P 500
15.2x
-4%
Healthcare
14.2x
+2%
5Y Avg
5.5x
+163%
Price/FCF
13.5x
S&P 500
20.7x
-35%
Healthcare
18.5x
-27%
5Y Avg
8.5x
+58%
Price/Sales
4.2x
S&P 500
3.1x
+35%
Healthcare
2.6x
+58%
5Y Avg
2.4x
+72%
Dividend Yield
—
S&P 500
1.91%
—
Healthcare
1.50%
—
5Y Avg
—
—
| Metric | GMAB | S&P 500 | Healthcare | 5Y Avg GMAB |
|---|---|---|---|---|
| Forward PE | 21.9x | 18.8x+17% | 18.3x+20% | — |
| Trailing PE | 16.4x | 24.4x-33% | 22.1x-26% | 8.1x+103% |
| PEG Ratio | — | 1.66x | 1.59x | — |
| EV/EBITDA | 14.5x | 15.2x | 14.2x | 5.5x+163% |
| Price/FCF | 13.5x | 20.7x-35% | 18.5x-27% | 8.5x+58% |
| Price/Sales | 4.2x | 3.1x+35% | 2.6x+58% | 2.4x+72% |
| Dividend Yield | — | 1.91% | 1.50% | — |
GMAB trades above S&P 500 benchmarks on 2 of 5 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolGMAB Financial Health
Verdict
Strong
GMAB generates $1.1B in free cash flow at a 13.0% margin — returns 2.8% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$8.8B
Revenue Growth
TTM vs prior year
-34.4%
Gross Margin
Gross profit as a share of revenue
93.6%
Operating Margin
Operating income divided by revenue
36.3%
Net Margin
Net income divided by revenue
29.6%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$4.09
Free Cash Flow (TTM)
Cash generation after capex
$1.1B
FCF Margin
FCF as share of revenue — the primary cash quality signal
13.0%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
5.0%
ROA
Return on assets, trailing twelve months
14.3%
Cash & Equivalents
Liquid assets on the balance sheet
$1.7B
Net Debt
Total debt minus cash
$3.7B
Debt Serviceability
Net debt as a multiple of annual free cash flow
3.2× FCF
~3.2 years to full repayment at current FCF run-rate
ROE *
Return on equity, trailing twelve months
20.6%
* Elevated by buyback-compressed equity — compare ROIC (5.0%) for an undistorted picture of capital efficiency.
Shareholder Returns
How capital is returned to owners
Total shareholder yield
2.8%
Dividend
—
Buyback
2.8%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$430M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
614M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt). ROE marked * where buyback-compressed equity base may inflate the figure.
Open full ratios pageGMAB Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated June 18, 2026
High Risk
Pipeline execution risk
Genmab's $8 billion acquisition of Merus and its bispecific antibody highlights significant capital deployment, with potential integration and clinical trial execution risks.
High Risk
Regulatory and clinical risk
As a biotechnology company focused on cancer therapies, Genmab faces inherent risks in clinical trial failures, regulatory delays, or adverse safety events.
Medium
Financial health concerns
Deep dives into Genmab's financial health suggest potential risks related to revenue growth sustainability and earnings volatility.
Medium
Competitive pressures
The crowded oncology space and rapid advancements in AI-driven drug discovery increase competition, potentially impacting Genmab's market share.
Lower
Operational execution risk
Leveraging AI for drug discovery and clinical trials introduces operational complexities and execution risks, though with potential high rewards.
Lower
Market sentiment volatility
Analyst price target revisions and short interest fluctuations may lead to stock price volatility unrelated to fundamentals.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why GMAB Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated June 18, 2026
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.
Late-stage pipeline expansion
Genmab is aggressively building its wholly owned late-stage cancer pipeline, including through $8B acquisitions.
Platform technology moat
The company's proprietary antibody development platform creates sustainable competitive advantages in oncology treatments.
Phase III optionality
Multiple Phase III assets provide near-term catalysts and diversification across cancer indications.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
GMAB Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$25.27
52W Range Position
33%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$20.23
+24.9% from the low
52-Week High
$35.43
-28.7% from the high
1 Month
-4.17%
3 Month
-2.24%
YTD
-20.6%
1 Year
+17.2%
3Y CAGR
-13.0%
5Y CAGR
-10.1%
10Y CAGR
+3.8%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
GMAB vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
21.9x
vs 13.0x median
+68% above peer median
Revenue Growth
0.0%
vs +11.3% median
-100% below peer median
Net Margin
29.6%
vs 26.7% median
+11% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
GMA GMAB Genmab A/S | $15.5B | 21.9x | 0.0% | 29.6% | Buy | +51.6% |
REG REGN Regeneron Pharmaceuticals, Inc. | $63.4B | 13.1x | +9.0% | 29.6% | Buy | +37.1% |
SRP SRPT Sarepta Therapeutics, Inc. | $1.9B | 5.0x | +9.3% | 3.0% | Buy | +43.4% |
INC INCY Incyte Corporation | $19.6B | 13.0x | +11.3% | 26.7% | Buy | +11.8% |
EXE EXEL Exelixis, Inc. | $13.2B | 14.7x | +13.0% | 35.1% | Buy | -8.8% |
HAL HALO Halozyme Therapeutics, Inc. | $8.1B | 8.5x | +17.9% | 23.1% | Buy | +28.7% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
GMAB Dividend and Capital Return
GMAB returns 2.8% annually — null% through dividends and 2.8% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
2.8%
Dividend + buyback return per year
Buyback Yield
2.8%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$430M
Estimated Shares Retired
17M
Approx. Share Reduction
2.8%
Shares Outstanding
Current diluted share count from the screening snapshot
614M
At 2.8%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
FAQ
7 questionsGMAB Investor Questions
Common questions answered from live analyst data and company financials.
01Is Genmab A/S (GMAB) stock a buy or sell in 2026?
Genmab A/S (GMAB) is rated Buy by Wall Street analysts as of 2026. Of 17 analysts covering the stock, 12 rate it Buy or Strong Buy, 4 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $38, implying +51.6% from the current price of $25. The bear case scenario is $42 and the bull case is $88.
02What is the GMAB stock price target for 2026?
The Wall Street consensus price target for GMAB is $38 based on 17 analyst estimates. The high-end target is $42 (+64.2% from today), and the low-end target is $32 (+26.6%). The base case model target is $67.
03Is Genmab A/S (GMAB) stock overvalued in 2026?
GMAB trades at 21.9x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals cheap versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Genmab A/S (GMAB) stock in 2026?
The primary risks for GMAB in 2026 are: (1) Pipeline execution risk — Genmab's $8 billion acquisition of Merus and its bispecific antibody highlights significant capital deployment, with potential integration and clinical trial execution risks. (2) Regulatory and clinical risk — As a biotechnology company focused on cancer therapies, Genmab faces inherent risks in clinical trial failures, regulatory delays, or adverse safety events. (3) Financial health concerns — Deep dives into Genmab's financial health suggest potential risks related to revenue growth sustainability and earnings volatility. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Genmab A/S's revenue and earnings forecast?
Analyst consensus estimates GMAB will report consensus revenue of $8.8B (0.0% year-over-year) and EPS of $3.70 (-9.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $9.0B in revenue.
06When does Genmab A/S (GMAB) report its next earnings?
Genmab A/S is expected to report its next earnings on approximately 2026-08-06. Consensus expects EPS of $0.34 and revenue of $1.1B. Over recent quarters, GMAB has beaten EPS estimates 42% of the time.
07How much free cash flow does Genmab A/S generate?
Genmab A/S (GMAB) generated $1.1B in free cash flow over the trailing twelve months — a free cash flow margin of 13.0%. GMAB returns capital to shareholders through and share repurchases ($430M TTM).