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.
Genmab A/S (GMAB) annual income statement — 24-year revenue, gross profit & net income history
| 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 | 4.3B | 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 % | -49.42% | -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 | 318M | 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 | 3.98B | 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 % | 92.6% | 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 | 2.66B | 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 | 774.99M | 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 | 1.88B | 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 | 1000K | 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 | 1.32B | 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 % | 30.63% | 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 | 1.19B | 1.32B | 7.12B | 5.61B | 6.63B | 3.2B | 6.57B | 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 % | 27.62% | 35.51% | 33.06% | 34.08% | 45.7% | 38.04% | 65% | 51.75% | 48.54% | 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 % | -61.18% | -81.42% | 26.74% | -15.3% | 107.03% | -51.28% | 136.66% | 89.13% | 3.83% | 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) | 53M | 71.06M | 413M | 293.62M | 362M | 248.99M | 259M | 139M | 88M | 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 | 1.16B | 1.27B | 9.28B | 5.71B | 6.97B | 3.93B | 5.91B | 2.87B | 1.61B | 1.37B | 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 | -254.37M | 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 | 122.91M | 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 | 377.28M | 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 | -537.99M | -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 | 778.11M | 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 % | 18.11% | 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 | 49.01M | 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 % | 6.3% | 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 | 729.1M | 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 % | 16.97% | 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 % | -84.19% | -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) | 729.1M | 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) | 1.17 | 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 % | -83.82% | -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 | 620.69M | 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 | 612.9M | 621.51M | 646.33M | 659.15M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Darzalex royalty concentration and IRA pricing pressure
Revenue Rebased After Milestone Spike
TTM revenue growth collapsed to -82.7% as the prior year's $6.4B milestone quarter normalizes; recent quarters show sequential recovery, with 2026Q2 revenue up 24.9% YoY, suggesting a new baseline.
The dramatic -82.7% TTM growth is a high-base effect from the $6.4B revenue in 2024Q4, likely a one-time milestone. Excluding that quarter, revenue has stabilized around $1B per quarter, with 2026Q2 reaching $1.2B, indicating organic growth from royalties and product sales. Investors should monitor whether this trajectory can be sustained without further milestone lumpiness.
Gross Margin Resilience Amid Mix Shift
Gross margin remains exceptionally high at 92.7% in 2026Q2, down from 96.4% in 2024Q2, reflecting a gradual shift toward product sales and profit-sharing, which carry lower margins than pure royalties.
The slight compression in gross margin is consistent with the company's transition to a more integrated commercial model, including co-promotion of Epcoritamab. Despite this, the margin remains above peers like Regeneron (85.4%) and Halozyme (78.1%), underscoring the capital-light nature of the royalty engine. The durability of this margin will depend on the scale of direct product sales and manufacturing costs.
Operating Leverage Volatile on Milestone Timing
Operating margin swung from 44.9% in 2025Q3 to 25.1% in 2026Q1, reflecting R&D and SG&A scaling with revenue; 2026Q2 shows recovery to 35.2%, indicating fixed cost absorption improves as revenue grows.
The volatility in operating margin is driven by the lumpy nature of milestone revenue and the company's fixed R&D base. In 2026Q2, operating income grew faster than revenue (revenue +24.9% YoY, operating income +13.1% QoQ), suggesting some operating leverage. However, the elevated R&D spend (38% of revenue in 2026Q2) indicates continued investment in the pipeline, which may cap near-term margin expansion.
Earnings Quality Clouded by One-Time Items
Net income in 2026Q1 was only $53.2M despite $225.8M operating income, implying a large non-operating loss or tax charge; 2026Q2 normalized to $303M, but EPS volatility remains high.
The discrepancy between operating and net income in 2026Q1 suggests significant below-the-line items, possibly related to investments or tax adjustments. Stock-based compensation was $37M in 2026Q2, a modest drag, but the absence of SBC in some quarters is unusual and may indicate data gaps. Investors should scrutinize the quality of earnings, as the 2024Q4 net margin of 59.7% was clearly inflated by a one-time gain.
R&D Intensity Drives Cost Structure
R&D remains the largest cost line, averaging 38% of revenue in 2026, while SG&A is lean at 17%; combined operating expenses are scaling with the shift to independent commercialization.
R&D spending has grown from $335M in 2024Q1 to $459M in 2026Q2, reflecting pipeline expansion. SG&A is also rising, up from $125M to $205M over the same period, as the company builds commercial infrastructure. This cost trajectory is typical for a biotech transitioning to a fully integrated model, but it pressures near-term margins. Management's discipline will be tested as revenue growth normalizes.
2024Q4 Milestone Distorts Trend
The $6.4B revenue quarter in 2024Q4, with a 59.7% net margin, was a clear inflection point driven by a major milestone, but it masks the underlying run-rate of ~$1B per quarter.
This quarter likely included a significant upfront or milestone payment from a partnership, inflating revenue and profitability. The subsequent quarters show a return to baseline, but the 2025Q1 revenue of $105M was unusually low, possibly due to revenue recognition timing. The lasting impact is a re-baselining of expectations; investors should focus on the recurring royalty and product sales growth rather than headline volatility.
Darzalex Dependency and IRA Overhang
Despite diversification efforts, Darzalex royalties likely still underpin the majority of revenue, and U.S. IRA drug pricing negotiations could compress this stream, threatening the company's high-margin model.
The revenue collapse in 2025Q1 and 2025Q4, while partly due to milestone timing, also highlights the concentration risk in a few partnered products. If Darzalex faces price cuts under the IRA, the royalty tail could shorten, reducing the cash flow that funds R&D. The company's pivot to independent commercialization may mitigate this, but it also increases cost intensity. Short-sellers would argue that the market is overvaluing a single-product royalty stream with regulatory overhang.