Upside case
Bull case
$393+1310.0%
GMAB would need investors to value it at roughly 339x earnings — about 315x more generous than today's 24x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 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
$40
+43.1% vs today
Scenario Range
$134 – $393
Model bear to bull value window
Coverage
17
Published analyst ratings
Valuation Context
24.0x
Forward P/E · Market cap $17.2B
GMAB price targets
Three scenarios for where GMAB stock could go
Current
~$28
Confidence
40 / 100
Updated
May 1, 2026
Where we are now
Current · $28
Bear
$134
Base
$199
Bull
$393
Market caseClosest to today
Base case
$199+612.3%
At 171x 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
$134+381.0%
The bear case assumes sentiment or fundamentals disappoint enough to push GMAB down roughly 381% 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
$17.2B
Revenue TTM
$14.0B
Net Income TTM
$6.6B
Net Margin
46.8%
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
75%Exceptional
vs consensus estimates
Avg EPS Surprise
-14.7%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 3 of 4Q2 2025
EPS
$0.31/$0.23
Revenue
$726M/$755M
Q3 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
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $0.31/$0.23 | +34.8% | $726M/$755M | -3.9% |
| 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% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$15.3B
+9.0% YoY
FY2
$21.1B
+37.8% YoY
EPS Outlook
FY1
$10.07
-4.9% YoY
FY2
$13.58
+34.9% YoY
Trailing FCF (TTM)$2.9B
FCF Margin: 20.7%
Next Earnings
May 7, 2026
Expected EPS
$0.15
Expected Revenue
$906M
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
Significantly Undervalued
Fair value est. $121 — implies +357.6% from today's price.
Upside to Fair Value
357.6%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
GMAB
14.6x
vs
S&P 500
25.2x
42% discount
vs Healthcare Trailing P/E
GMAB
14.6x
vs
Healthcare
22.2x
34% discount
vs GMAB 5Y Avg P/E
Today
14.6x
vs
5Y Average
5.2x
+180% premium
Forward PE
24.0x
S&P 500
19.1x
+26%
Healthcare
19.0x
+26%
5Y Avg
—
—
Trailing PE
14.6x
S&P 500
25.2x
-42%
Healthcare
22.2x
-34%
5Y Avg
5.2x
+180%
PEG Ratio
0.50x
S&P 500
1.74x
-71%
Healthcare
1.52x
-67%
5Y Avg
—
—
EV/EBITDA
14.1x
S&P 500
15.2x
-7%
Healthcare
14.1x
+0%
5Y Avg
2.6x
+434%
Price/FCF
14.4x
S&P 500
21.3x
-32%
Healthcare
18.6x
-23%
5Y Avg
6.0x
+139%
Price/Sales
5.1x
S&P 500
3.1x
+62%
Healthcare
2.8x
+80%
5Y Avg
1.9x
+165%
Dividend Yield
—
S&P 500
1.87%
—
Healthcare
1.40%
—
5Y Avg
—
—
| Metric | GMAB | S&P 500 | Healthcare | 5Y Avg GMAB |
|---|---|---|---|---|
| Forward PE | 24.0x | 19.1x+26% | 19.0x+26% | — |
| Trailing PE | 14.6x | 25.2x-42% | 22.2x-34% | 5.2x+180% |
| PEG Ratio | 0.50x | 1.74x-71% | 1.52x-67% | — |
| EV/EBITDA | 14.1x | 15.2x | 14.1x | 2.6x+434% |
| Price/FCF | 14.4x | 21.3x-32% | 18.6x-23% | 6.0x+139% |
| Price/Sales | 5.1x | 3.1x+62% | 2.8x+80% | 1.9x+165% |
| Dividend Yield | — | 1.87% | 1.40% | — |
GMAB trades above S&P 500 benchmarks on 2 of 6 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
Exceptional
GMAB generates $2.9B in free cash flow at a 20.7% margin — 22.2% ROIC signals a durable competitive advantage · returns 3.6% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$14.0B
Revenue Growth
TTM vs prior year
+21.0%
Gross Margin
Gross profit as a share of revenue
94.3%
Operating Margin
Operating income divided by revenue
36.2%
Net Margin
Net income divided by revenue
46.8%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$10.58
Free Cash Flow (TTM)
Cash generation after capex
$2.9B
FCF Margin
FCF as share of revenue — the primary cash quality signal
20.7%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
22.2%
ROA
Return on assets, trailing twelve months
93.6%
Cash & Equivalents
Liquid assets on the balance sheet
$9.9B
Net Cash
Cash exceeds total debt — no net leverage
$8.8B
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE *
Return on equity, trailing twelve months
114.2%
* Elevated by buyback-compressed equity — compare ROIC (22.2%) for an undistorted picture of capital efficiency.
Shareholder Returns
How capital is returned to owners
Total shareholder yield
3.6%
Dividend
—
Buyback
3.6%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$4.0B
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
646M
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 April 29, 2026
High Risk
Product Development Risks
Genmab is heavily reliant on the success of a few products and product candidates, which poses a significant risk to its financial stability. Additionally, uncertainties in clinical trials, including unforeseen safety issues, can adversely affect product development timelines and outcomes.
High Risk
Market Competition
Genmab faces intense competition from numerous companies developing antibody therapies for similar diseases. The rapid success of competitors in achieving patent protection, regulatory approval, or commercialization could significantly impact Genmab's market position.
High Risk
Debt Levels
Genmab has a high level of debt, which increases financial risk and may limit its ability to invest in new projects or manage operational costs effectively. This financial burden could impact the company's long-term growth and stability.
Medium
Regulatory Scrutiny
Escalating regulatory scrutiny can constrain margins and affect the company's ability to operate efficiently. Increased oversight may lead to delays in product approvals and additional compliance costs.
Medium
Personnel Challenges
The inability to attract and retain suitably qualified personnel poses a risk to Genmab's operational effectiveness. A skilled workforce is essential for driving innovation and maintaining competitive advantage in the biotechnology sector.
Lower
Market Acceptance
There is a risk of a lack of market acceptance for Genmab's products, which could hinder sales and revenue growth. Market dynamics and consumer preferences can change rapidly, impacting the company's ability to establish a strong foothold.
Lower
Stock Price Volatility
While Genmab's share price has been stable in the past three months, biotech stocks are inherently volatile. This volatility can lead to significant fluctuations in market capitalization and investor sentiment.
Lower
Unforeseen Risks
Additional risks and uncertainties not currently known or deemed immaterial may arise, potentially impacting Genmab's operations and financial performance. Investors should remain vigilant to emerging risks in the biotechnology landscape.
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 April 29, 2026
Strong Analyst Consensus
Analysts generally hold a 'Strong Buy' or 'Buy' consensus rating for GMAB, reflecting confidence in the stock's potential. Recent upgrades include Truist issuing a 'Strong Buy' and Wolfe Research initiating coverage at 'Outperform', indicating positive sentiment in the market.
Promising Pipeline of Therapies
Genmab is advancing several antibody-based therapeutics for cancer, with key late-stage assets like EPKINLY, Rina-S, and petosemtamab nearing potential registration readouts in 2026. Peak sales estimates for these drugs are substantial, with EPKINLY projected at over $3 billion and Rina-S at over $2 billion.
Consistent Revenue Growth
The company reported strong revenue of $1.06 billion for the latest quarter, meeting expectations and demonstrating financial stability. Additionally, Genmab's revenue is expected to grow by 19.19% in 2025 compared to the previous year, showcasing its robust business model.
Positive Technical Indicators
Technically, GMAB is trading above its key moving averages (20, 50, 100, and 200-day), all in a rising arrangement, indicating positive momentum. The stock has consistently beaten earnings estimates for the past four quarters, further supporting bullish sentiment.
Upcoming Clinical Data Readouts
Significant near- to medium-term catalysts include upcoming clinical data readouts for key pipeline assets, which could drive stock performance. Genmab's transition towards a fully integrated global commercial organization is expected to enhance its growth prospects.
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
$27.89
52W Range Position
54%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$18.89
+47.6% from the low
52-Week High
$35.43
-21.3% from the high
1 Month
+0.50%
3 Month
-9.74%
YTD
-12.4%
1 Year
+36.6%
3Y CAGR
-11.6%
5Y CAGR
-5.6%
10Y CAGR
+6.7%
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
24.0x
vs 13.3x median
+80% above peer median
Revenue Growth
+9.0%
vs +11.4% median
-21% below peer median
Net Margin
46.8%
vs 26.7% median
+75% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
GMA GMAB Genmab A/S | $17.2B | 24.0x | +9.0% | 46.8% | Buy | +43.1% |
REG REGN Regeneron Pharmaceuticals, Inc. | $74.9B | 15.6x | +5.5% | 29.6% | Buy | +20.1% |
SRP SRPT Sarepta Therapeutics, Inc. | $2.4B | 7.7x | +15.7% | -11.2% | Buy | +6.9% |
INC INCY Incyte Corporation | $19.9B | 13.3x | +11.4% | 26.7% | Buy | +9.7% |
EXE EXEL Exelixis, Inc. | $12.4B | 14.7x | +10.2% | 35.1% | Buy | -6.1% |
HAL HALO Halozyme Therapeutics, Inc. | $7.8B | 8.2x | +33.7% | 22.7% | Buy | +18.1% |
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 3.6% annually — null% through dividends and 3.6% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
3.6%
Dividend + buyback return per year
Buyback Yield
3.6%
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
$4.0B
Estimated Shares Retired
143M
Approx. Share Reduction
22.1%
Shares Outstanding
Current diluted share count from the screening snapshot
646M
At 22.1%/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 $40, implying +43.1% from the current price of $28. The bear case scenario is $134 and the bull case is $393.
02What is the GMAB stock price target for 2026?
The Wall Street consensus price target for GMAB is $40 based on 17 analyst estimates. The high-end target is $48 (+72.1% from today), and the low-end target is $32 (+14.7%). The base case model target is $199.
03Is Genmab A/S (GMAB) stock overvalued in 2026?
GMAB trades at 24.0x 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 significantly undervalued. 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) Product Development Risks — Genmab is heavily reliant on the success of a few products and product candidates, which poses a significant risk to its financial stability. (2) Market Competition — Genmab faces intense competition from numerous companies developing antibody therapies for similar diseases. (3) Debt Levels — Genmab has a high level of debt, which increases financial risk and may limit its ability to invest in new projects or manage operational costs effectively. 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 $15.3B (+9.0% year-over-year) and EPS of $10.07 (-4.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $21.1B in revenue.
06When does Genmab A/S (GMAB) report its next earnings?
Genmab A/S is expected to report its next earnings on approximately 2026-05-07. Consensus expects EPS of $0.15 and revenue of $906M. 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 $2.9B in free cash flow over the trailing twelve months — a free cash flow margin of 20.7%. GMAB returns capital to shareholders through and share repurchases ($4.0B TTM).