GMABNasdaq CopenhagenBiotechnologyIFRS · USD

Genmab A/S

Genmab A/S is a Danish biotechnology company focused on discovering and developing antibody medicines for cancer and other serious diseases. Its business spans proprietary antibody platforms, partnered commercial products, and a clinical pipeline of approved, late-stage, and earlier-stage programs, with operations across North America, Europe, and Asia.

Revenue3,720m USD
−82.7 %y/y
Operating profit (EBIT)1,065m USD
−84.1 %y/y
EBIT margin28.6%
−2.5 ppy/y
Net income963m USD
−87.7 %y/y
Free cash flow1,149m USD
−84.8 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

0510152025bn USD2021: 8.5 bn USD2021: EBIT 3.0 bn USD20212022: 14.6 bn USD2022: EBIT 6.4 bn USD20222023: 16.5 bn USD2023: EBIT 5.3 bn USD20232024: 21.5 bn USD2024: EBIT 6.7 bn USD20242025: 3.7 bn USD2025: EBIT 1.1 bn USD2025TTM 2026: 4.1 bn USDTTM4.1
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year

Business

Share of revenue
Commercial antibody medicines45 %

Approved therapies sold directly or through partners, plus related royalty streams.

Collaboration revenue30 %

Revenue from partnered products, milestones, and shared commercialization arrangements.

Clinical pipeline programs15 %

Late-stage and earlier-stage wholly owned and partnered antibody drug candidates.

Research platform technologies10 %

Antibody engineering platforms used to create bispecifics, ADCs, and other modalities.

Customers

Genmab sells primarily into the global biopharmaceutical ecosystem rather than to end patients directly. Its revenue base is driven by pharmaceutical partners, licensees, and commercial collaborators that develop, market, or royalty-fund Genmab-originated antibody medicines. Where products are commercialized, the end demand comes from oncology patients treated through hospitals, oncology centers, and specialty pharmacies.

Pharmaceutical partners

Large drug companies license Genmab assets, fund development, and commercialize partnered medicines.

Royalty-generating marketers

Partners that sell Genmab-originated products and generate royalty income from net sales.

Clinical development collaborators

Biotech and pharma partners that share cost and expertise on late-stage studies.

Healthcare providers

Hospitals and cancer centers administer approved oncology products to patients.

Strategy

Genmab’s strategy centers on building and advancing antibody-based medicines through proprietary discovery platforms and selective partnerships. The company emphasizes late-stage pipeline expansion, especially in oncology, while using collaborators to broaden commercialization reach and convert approvals into durable royalty streams.

Advance late-stage pipeline assetsShort term

Later-stage programs are the main route to future approvals and self-owned value creation.

Leverage partnering for commercializationMedium term

Partners provide scale in sales, medical affairs, and regional market access.

Build next-generation antibody modalitiesMedium term

Bispecifics and ADCs can create differentiated oncology assets and broaden the pipeline.

Geography

Genmab is headquartered in Copenhagen, Denmark, and has an international operating footprint across North America, Europe, and Asia. Its business is global because antibody medicines are developed through multinational clinical trials and commercialized through regional pharma partners and healthcare systems. The company's exposure is therefore tied to regulatory approvals, partner execution, and treatment adoption across major oncology markets.

Risks

Genmab is exposed to clinical-development, regulatory, and manufacturing risk because its value depends on proving safety and efficacy in complex oncology programs. It also faces partner concentration, patent, and commercialization risks, since many products are marketed by others and royalty value depends on their execution and market uptake.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Partner concentration and execution risk1Clinical development setbacks2Intellectual property risk3Manufacturing and quality risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Partner concentration and execution riskImpact: HighLikelihood: High

    A meaningful part of value depends on third parties commercializing partnered medicines.

    Exposure: Royalties and collaboration revenue

  2. Clinical development setbacksImpact: HighLikelihood: Medium

    Antibody medicines must show acceptable safety and efficacy in trials before approval.

    Exposure: Late-stage oncology pipeline

  3. Intellectual property riskImpact: HighLikelihood: Medium

    Biologics depend on strong patent and proprietary platform protection for exclusivity.

    Exposure: Antibody platforms and marketed products

  4. Manufacturing and quality riskImpact: MediumLikelihood: Medium

    Complex biologic production can face batch, scale-up, or supply-chain issues.

    Exposure: Commercial supply and clinical material

Accounting

Judgemental items
Royalty and milestone revenue recognition

Payments tied to partner sales, approvals, or development events can be recognized at different times.

Impact: Can cause uneven quarterly revenue and make trend analysis harder.

Acquisition-related accounting

Purchased pipeline assets and integration charges affect comparability and future amortization.

Impact: May create intangible asset balances and non-recurring charges.

Impairment of intangibles

Drug candidates and acquired rights depend on clinical and commercial success assumptions.

Impact: Downward revisions can lead to material write-downs.

Clinical and legal estimates

Development obligations, disputes, and provisions require management judgment.

Impact: Can affect liabilities and reported operating expense.

Publicly listed companies with a comparable business focus.

Last updated: 24/10/2026