Revenue growth remains highly volatile due to milestone-dependent income, yet the company maintains structural efficiency with gross margins consistently exceeding 91% as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 8.84B | 3.72B | 21.53B | 16.47B | 14.51B | 8.42B | 10.11B | 5.37B | 3.03B | 2.37B | 1.82B | 1.13B | 850.38M | 663.57M | 484.64M | 350.94M | 582.08M | 586.08M | 745.11M | 529.54M | 135.55M | 98.5M | 4.1M | 68.33M | 0 |
| Revenue Growth % | -34.41% | -82.7% | 30.67% | 13.57% | 72.33% | -16.75% | 88.43% | 77.38% | 27.89% | 30.25% | 60.29% | 33.24% | 28.15% | 36.92% | 38.1% | -39.71% | -0.68% | -21.34% | 40.71% | 290.67% | 37.6% | 2301.98% | -94% | - | - |
| Cost of Goods Sold | 565.21M | 309.24M | 985M | 226M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 532.51M | 582.51M | 0 | 48.81M | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 8.31% | 4.58% | 1.37% | - | - | - | - | - | - | - | - | - | - | - | 151.74% | 100.07% | - | 6.55% | - | - | - | - | - | - |
| Gross Profit | 8.27B | 3.41B | 20.54B | 16.25B | 14.51B | 8.42B | 10.11B | 5.37B | 3.03B | 2.37B | 1.82B | 1.13B | 850.38M | 663.57M | 484.64M | -181.57M | -435K | 586.08M | 696.3M | 529.54M | 135.55M | 98.5M | 4.1M | 68.33M | 0 |
| Gross Margin % | 93.6% | 91.69% | 95.42% | 98.63% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | -51.74% | -0.07% | 100% | 93.45% | 100% | 100% | 100% | 100% | 100% | - |
| Gross Profit Growth % | - | -83.38% | 26.42% | 12.02% | 72.33% | -16.75% | 88.43% | 77.38% | 27.89% | 30.25% | 60.29% | 33.24% | 28.15% | 36.92% | 366.91% | -41640.46% | -100.07% | -15.83% | 31.49% | 290.67% | 37.6% | 2301.98% | -94% | - | - |
| Operating Expenses | 5.06B | 2.16B | 13.84B | 10.93B | 8.24B | 5.46B | 3.8B | 2.73B | 1.64B | 1.02B | 763.29M | 402.66M | 585.21M | 594.32M | 601.32M | 67.85M | 160.25M | 1.08B | 1.35B | 966.67M | 607.76M | 526.43M | -437.17M | 410.54M | 440.17M |
| OpEx % of Revenue | - | 58.09% | 64.29% | 66.33% | 56.79% | 64.92% | 37.56% | 50.84% | 54.37% | 43.17% | 42.03% | 35.54% | 68.82% | 89.56% | 124.08% | 19.33% | 27.53% | 184.98% | 180.53% | 182.55% | 448.38% | 534.42% | -10660.13% | 600.85% | - |
| Selling, General & Admin | 1.43B | 602.47M | 3.79B | 3.3B | 2.68B | 1.28B | 661M | 342M | 213.69M | 146.99M | 102.41M | 91.22M | 79.53M | 66.74M | 64.61M | 67.85M | 160.25M | 148.75M | 143.53M | 38.59M | 37.11M | 38.04M | 72.04M | 64.55M | 86.85M |
| SG&A % of Revenue | - | 16.18% | 17.61% | 20.01% | 18.45% | 15.24% | 6.54% | 6.37% | 7.06% | 6.21% | 5.64% | 8.05% | 9.35% | 10.06% | 13.33% | 19.33% | 27.53% | 25.38% | 19.26% | 7.29% | 27.38% | 38.62% | 1756.74% | 94.48% | - |
| Research & Development | 3.63B | 1.56B | 9.75B | 7.63B | 5.56B | 4.18B | 3.14B | 2.39B | 1.43B | 874.28M | 660.88M | 487.66M | 505.68M | 527.58M | 536.7M | 0 | 0 | 935.36M | 1.42B | 618.5M | 359.95M | 304.1M | 373.33M | 345.98M | 396.23M |
| R&D % of Revenue | - | 41.91% | 45.28% | 46.32% | 38.35% | 49.67% | 31.03% | 44.47% | 47.31% | 36.96% | 36.39% | 43.04% | 59.46% | 79.51% | 110.74% | - | - | 159.6% | 190.95% | 116.8% | 265.56% | 308.72% | 9103.39% | 506.37% | - |
| Other Operating Expenses | 0 | 0 | 300M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -176.22M | 0 | 0 | 0 | 0 | 0 | 0 | -221.18M | 309.57M | 210.69M | 184.29M | -882.55M | 0 | -42.91M |
| Operating Income | 3.21B | 1.25B | 6.7B | 5.32B | 6.27B | 2.95B | 6.31B | 2.64B | 1.38B | 1.34B | 1.05B | 730.38M | 265.18M | 69.25M | -116.68M | -249.42M | -160.69M | -498.03M | -722.03M | -437.13M | -472.21M | -427.92M | 441.27M | 342.21M | -483.08M |
| Operating Margin % | 36.3% | 33.6% | 31.14% | 32.3% | 43.21% | 35.08% | 62.44% | 49.16% | 45.63% | 56.83% | 57.97% | 64.46% | 31.18% | 10.44% | -24.08% | -71.07% | -27.61% | -84.98% | -96.9% | -82.55% | -348.38% | -434.42% | 10760.13% | 500.85% | - |
| Operating Income Growth % | - | -81.34% | 25.97% | -15.09% | 112.22% | -53.22% | 139.31% | 91.12% | 2.69% | 27.67% | 44.15% | 175.43% | 282.91% | 159.35% | 53.22% | -55.22% | 67.74% | 31.02% | -65.17% | 7.43% | -10.35% | -196.97% | 28.95% | 170.84% | - |
| EBITDA | 3.33B | 1.32B | 7.12B | 5.56B | 6.63B | 3.2B | 6.56B | 2.78B | 1.47B | 1.41B | 1.09B | 762.2M | 277.51M | 80.92M | -101.57M | -234.38M | -139.66M | -414.25M | -642.45M | -422.88M | -454.71M | -396.15M | 494.94M | 405.88M | -435.61M |
| EBITDA Margin % | 37.65% | 35.51% | 33.06% | 33.76% | 45.7% | 38.05% | 64.87% | 51.75% | 48.53% | 59.78% | 60.23% | 67.27% | 32.63% | 12.19% | -20.96% | -66.79% | -23.99% | -70.68% | -86.22% | -79.86% | -335.47% | -402.16% | 12068.67% | 594.03% | - |
| EBITDA Growth % | -31.93% | -81.42% | 27.96% | -16.11% | 106.96% | -51.17% | 136.19% | 89.17% | 3.81% | 29.29% | 43.5% | 174.66% | 242.95% | 179.67% | 56.66% | -67.82% | 66.29% | 35.52% | -51.92% | 7% | -14.78% | -180.04% | 21.94% | 193.17% | - |
| D&A (Non-Cash Add-back) | 119.39M | 71.06M | 413M | 240M | 362M | 250M | 246M | 139M | 87.7M | 70M | 40.96M | 31.82M | 12.33M | 11.66M | 15.11M | 15.05M | 21.03M | 83.78M | 79.58M | 14.25M | 17.5M | 31.77M | 53.66M | 63.67M | 47.47M |
| EBIT | 3.69B | 1.25B | 9.28B | 5.71B | 6.97B | 3.93B | 5.91B | 2.87B | 1.61B | 1.42B | 1.13B | 757.64M | 301.4M | 68.73M | -111.36M | -207.79M | -82.8M | -160.89M | -596.04M | -331.98M | -437.2M | -392.24M | 483.79M | 410.89M | 579.38M |
| Net Interest Income | 36.02M | 77.06M | 875M | 912M | 303M | 184M | 174M | 113M | 63M | 39M | 32.37M | 37.15M | 34.28M | 25.29M | 15.11M | 20.17M | -38.25M | -156.04M | -94.83M | 53.76M | 48.81M | 33.42M | -26.06M | -15.03M | -46.98M |
| Interest Income | 252.33M | 138.11M | 995M | 939M | 324M | 197M | 184M | 120M | 62.92M | 41M | 32.58M | 37.26M | 38.33M | 28.61M | 17.83M | 22.2M | 1.4M | 25.05M | 126.67M | 155.11M | 46.25M | 34.77M | 42.52M | 68.68M | 53.39M |
| Interest Expense | 216.31M | 61.05M | 120M | 27M | 21M | 13M | 10M | 7M | 417K | 2M | 213K | 118K | 4.05M | 3.33M | 2.72M | 2.03M | 39.65M | 181.1M | 220.83M | 1.15M | 1.03M | 1.35M | 68.58M | 83.71M | 100.37M |
| Other Income/Expense | 83.24M | -46.04M | 2.46B | 316M | 678M | 965M | -409M | 221M | 231.69M | -280.45M | 77.38M | 27.15M | 32.17M | -3.85M | 2.6M | 39.59M | 38.25M | 156.04M | -94.83M | 53.76M | 33.98M | 34.33M | -26.06M | -15.03M | 962.08M |
| Pretax Income | 3.29B | 1.2B | 9.16B | 5.64B | 6.95B | 3.92B | 5.9B | 2.86B | 1.61B | 1.06B | 1.13B | 757.53M | 297.35M | 65.4M | -114.08M | -209.83M | -122.44M | -341.99M | -816.87M | -383.37M | -438.24M | -393.59M | 415.21M | 327.18M | 479M |
| Pretax Margin % | 37.25% | 32.37% | 42.57% | 34.22% | 47.88% | 46.55% | 58.39% | 53.28% | 53.29% | 44.97% | 62.23% | 66.86% | 34.97% | 9.86% | -23.54% | -59.79% | -21.04% | -58.35% | -109.63% | -72.4% | -323.31% | -399.56% | 10124.65% | 478.85% | - |
| Income Tax | 677.33M | 241.19M | 1.32B | 1.28B | 1.49B | 961M | 1.15B | 693M | 139.83M | -39.83M | -56.86M | -5.99M | -3.95M | -4.75M | -2.63M | 5.92M | 20.87M | 5.91M | 583K | 0 | 0 | 0 | 42.52M | -66K | 326K |
| Effective Tax Rate % | 20.58% | 20.02% | 14.4% | 22.8% | 21.5% | 24.53% | 19.41% | 24.24% | 8.67% | -3.74% | -5.03% | -0.79% | -1.33% | -7.27% | 2.31% | -2.82% | -17.05% | -1.73% | -0.07% | 0% | 0% | 0% | 10.24% | -0.02% | 0.07% |
| Net Income | 2.61B | 963.76M | 7.84B | 4.35B | 5.45B | 2.96B | 4.76B | 2.17B | 1.47B | 1.1B | 1.19B | 763.51M | 301.3M | 112.36M | -487.12M | -596.37M | -321.46M | -1.01B | -965.09M | -383.37M | -438.24M | -393.59M | -415.21M | -327.11M | -479.33M |
| Net Margin % | 29.58% | 25.89% | 36.44% | 26.42% | 37.59% | 35.13% | 47.06% | 40.37% | 48.66% | 46.65% | 65.36% | 67.39% | 35.43% | 16.93% | -100.51% | -169.94% | -55.23% | -172.46% | -129.52% | -72.4% | -323.31% | -399.56% | -10124.65% | -478.75% | - |
| Net Income Growth % | -52.54% | -87.71% | 80.24% | -20.18% | 84.38% | -37.85% | 119.67% | 47.13% | 33.4% | -7.04% | 55.48% | 153.41% | 168.15% | 123.07% | 18.32% | -85.52% | 68.2% | -4.73% | -151.74% | 12.52% | -11.34% | 5.21% | -26.93% | 31.76% | - |
| Net Income (Continuing) | 2.61B | 963.76M | 7.84B | 4.35B | 5.45B | 2.96B | 4.76B | 2.17B | 1.47B | 1.1B | 1.19B | 763.51M | 301.3M | 70.16M | -111.45M | -215.75M | -143.32M | -347.9M | -817.45M | -383.37M | -438.24M | -393.59M | -415.21M | -327.11M | -479.33M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.09 | 1.54 | 12.14 | 6.60 | 8.26 | 4.48 | 7.22 | 3.40 | 2.37 | 1.78 | 1.92 | 1.26 | 0.53 | 0.22 | -1.06 | -1.33 | -0.72 | -2.25 | -2.16 | -0.87 | -1.13 | -1.26 | -1.57 | -1.43 | -2.15 |
| EPS Growth % | -59.7% | -87.31% | 83.94% | -20.1% | 84.38% | -37.95% | 112.35% | 43.46% | 33.15% | -7.29% | 52.38% | 137.74% | 140.91% | 120.75% | 20.3% | -84.72% | 68% | -4.17% | -148.28% | 23.01% | 10.32% | 19.75% | -9.79% | 33.49% | - |
| EPS (Basic) | - | 1.55 | 12.14 | 6.60 | 8.34 | 4.52 | 7.30 | 3.44 | 2.40 | 1.81 | 1.98 | 1.31 | 0.54 | 0.22 | -1.06 | -1.33 | -0.72 | -2.25 | -2.16 | -0.87 | -1.13 | -1.26 | -1.57 | -1.43 | -2.15 |
| Diluted Shares Outstanding | 638.55M | 626.92M | 646.33M | 659.15M | 660.1M | 660.46M | 658.86M | 636.37M | 620.45M | 620.94M | 617.66M | 607.74M | 572.51M | 519.1M | 460.43M | 449.07M | 449.07M | 449.04M | 446.42M | 439.45M | 389.27M | 312.55M | 264.7M | 228.31M | 223.36M |
| Basic Shares Outstanding | 613.84M | 621.51M | 646.34M | 659.19M | 653.87M | 653.96M | 651.79M | 629.63M | 612.68M | 608.34M | 598.76M | 585.21M | 563.15M | 509.77M | 460.43M | 449.07M | 449.07M | 449.04M | 446.42M | 439.45M | 389.27M | 312.55M | 264.7M | 228.31M | 223.36M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory pricing pressure risk
As reported in recent financial filings, Genmab's revenue growth has exhibited extreme volatility, with a TTM decline of 82.70% that reflects the lumpy nature of milestone-driven income rather than a structural deterioration of the company's core royalty-based business model or its long-term commercial prospects.
The dramatic fluctuations in top-line figures appear to be a function of accounting recognition for success-based milestones rather than a decline in underlying demand for partnered assets. Investors should monitor the transition toward net product sales, which may provide a more consistent, albeit lower-margin, growth trajectory compared to the historical reliance on episodic milestone payments.
Based on reported figures, Genmab maintains a robust gross margin profile consistently exceeding 91%, a hallmark of its royalty-heavy revenue structure that requires minimal cost of goods sold and provides significant insulation against the inflationary pressures currently impacting broader manufacturing and biotechnology cost structures.
This exceptional margin profile suggests that the company's DuoBody platform remains a highly efficient engine for generating high-margin cash flows. However, the potential shift toward a fully integrated commercial model may necessitate higher SG&A investment, which could compress operating margins as the company scales its own sales infrastructure.
According to recent SEC filings, Genmab's cost structure is dominated by R&D expenditures, which are essential for advancing its proprietary pipeline and maintaining its competitive edge in antibody engineering, despite the inherent volatility this creates in quarterly operating income and overall net profitability metrics.
The company's expense discipline appears focused on long-term asset development rather than short-term earnings optimization. Analysts should evaluate whether the current level of R&D investment is sufficient to sustain the pipeline's momentum as the company transitions toward its 'Genmab 2030' vision of independent commercialization.
While the company's royalty streams are currently lucrative, the implementation of U.S. drug price negotiations under the IRA poses a significant risk to the long-term terminal value of Darzalex, potentially undermining the primary cash engine that funds the company's extensive research and development activities.
Short-term investors should be wary of the potential for margin compression if regulatory actions force price concessions on high-spend biologics. The reliance on a concentrated portfolio of partnered assets warrants further investigation into the specific contractual protections Genmab possesses against such legislative shifts in the U.S. healthcare market.
Quick answers to the most common questions about buying GMAB stock.
For fiscal year 2025, Genmab A/S (GMAB) reported total revenue of $3.72B.
Genmab A/S (GMAB) is profitable, generating $963.8M in net income for the fiscal year ending 2025 with a net profit margin of 25.9%.
Genmab A/S (GMAB) reported an operating income of $1.25B, resulting in an operating profit margin of 33.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Genmab A/S (GMAB) generated $3.41B in gross profit for the year, representing a gross profit margin of 91.7%. This demonstrates the company's core pricing power and production efficiency.