Genmab A/S American Depositary Shares (GMAB) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.35	$0.49	+40.0%	—	$1.2B	—
Q4 25	$0.37	$0.21	-43.2%	—	$1.1B	—
Q3 25	$0.45	$0.65	+44.4%	—	$1B	—
Q2 25	$0.34	$0.54	+58.8%	—	$925M	—
Q1 25	$0.23	$0.31	+34.8%	—	$715M	—
Q4 24	$0.28	$0.84	+200.0%	—	$117.5M	—
Q3 24	$0.33	$0.29	-12.1%	—	$128.5M	—
Q2 24	$0.32	$0.32	0.0%	—	$5.4B	—
Q1 24	$0.14	$0.29	+107.1%	—	$4.1B	—
Q4 23	$0.3	$0.14	-53.3%	—	$4.7B	—
Q3 23	$0.31	$0.46	+48.4%	—	$4.7B	—
Q2 23	$0.29	$0.3	+3.4%	—	$4.2B	—
Q1 23	$0.15	$0.05	-66.7%	—	$2.8B	—
Q4 22	$0.33	$0.13	-60.6%	—	$5.2B	—
Q3 22	$0.2	$0.53	+165.0%	—	$4.1B	—
Q2 22	$0.2	$0.4	+100.0%	—	$3.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.55	—	—	$3.7B	—
FY24	—	$1.71	—	—	$474.4M	—
FY23	—	$6.66	—	—	$16.5B	—
FY22	—	$8.45	—	—	$14.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.8B	$2.4B	$3B	$5.4B	$10.1B	$8.4B	$14.5B	$16.5B	$474.4M	$3.7B
YoY change	+60.3%	+30.2%	+27.9%	+77.4%	+88.4%	-16.8%	+72.3%	+13.6%	-97.1%	+684.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.8B	2.4B	3B	5.4B	10.1B	8.4B	14.5B	16.5B	474.4M	3.7B
Cost of revenue	—	—	—	—	—	0	0	226M	21.7M	238M
Gross profit	—	—	—	—	—	8.4B	14.5B	16.2B	452.7M	3.5B
Gross margin	—	—	—	—	—	100%	100%	98.6%	95.4%	93.6%
Research & development	660.9M	874M	1.4B	2.4B	3.1B	4.2B	5.6B	7.6B	214.8M	1.6B
Selling, general & administrative	102.4M	147M	214M	342M	661M	1.3B	2.7B	3.3B	83.5M	626M
Operating expenses	763.3M	1B	1.6B	2.7B	3.8B	5.5B	8.2B	10.9B	298.3M	2.2B
Operating income	1.1B	1.3B	1.4B	2.6B	6.3B	3B	6.3B	5.3B	154.3M	1.3B
Operating margin	58%	56.8%	45.6%	49.2%	62.4%	35.1%	43.2%	32.3%	32.5%	33.6%
Non-operating income, net	45M	-320M	169M	108M	-583M	781M	375M	-596M	28.3M	-123M
Pretax income	1.1B	1.1B	1.6B	2.9B	5.9B	3.9B	6.9B	5.6B	201.9M	1.2B
Income tax	-56.9M	-40M	140M	693M	1.1B	961M	1.5B	1.3B	29.1M	241M
Net income	1.2B	1.1B	1.5B	2.2B	4.8B	3B	5.5B	4.4B	172.9M	963M
Net margin	65.4%	46.7%	48.7%	40.4%	47.1%	35.1%	37.6%	26.4%	36.4%	25.9%
EBITDA	1.1B	1.5B	1.5B	2.9B	6.8B	3.4B	7B	6.6B	185.4M	1.5B
EPS	1.98	1.81	2.4	3.44	7.3	4.6	8.45	6.66	1.71	1.55
Diluted EPS	1.92	1.78	2.37	3.4	7.22	4.55	8.37	6.6	1.69	1.54

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.7B	4.7B	4.1B	5.4B	128.5M	117.5M	715M	925M	1B	1.1B	896M	1.2B
Cost of revenue	79M	126M	185M	190M	6.3M	6.4M	42M	57M	58M	81M	65M	84M
Gross profit	4.6B	4.6B	4B	5.2B	122.2M	111.1M	673M	868M	964M	977M	831M	1.1B
Gross margin	98.3%	97.3%	95.5%	96.5%	95.1%	94.6%	94.1%	93.8%	94.3%	92.3%	92.7%	92.7%
Research & development	2.1B	1.9B	2.3B	2.5B	53M	47.2M	359M	364M	357M	526M	440M	459M
Selling, general & administrative	860M	934M	857M	894M	20.1M	23.4M	126M	144M	148M	208M	166M	205M
Operating expenses	2.9B	2.9B	3.2B	3.4B	73M	70.6M	485M	508M	505M	734M	606M	664M
Operating income	1.7B	1.7B	801M	1.8B	49.2M	40.5M	188M	360M	459M	243M	225M	407M
Operating margin	35.8%	35.7%	19.3%	33.6%	38.2%	34.5%	26.3%	38.9%	44.9%	23%	25.1%	35.2%
Non-operating income, net	750M	-1B	627M	38M	-12.6M	27.3M	28M	47M	-6M	-192M	-53M	-38M
Pretax income	2.7B	926M	1.7B	2.1B	39.9M	70.4M	244M	423M	482M	55M	74M	295M
Income tax	566M	286M	391M	719M	10.5M	-7.9M	49M	87M	81M	24M	21M	-8M
Net income	2.1B	640M	1.3B	1.4B	29.4M	78.2M	195M	336M	401M	31M	53M	303M
Net margin	44.7%	13.7%	32%	26.1%	22.9%	66.6%	27.3%	36.3%	39.2%	2.93%	5.92%	26.2%
EBITDA	2B	2B	1.1B	2.3B	55.7M	46.2M	237M	401M	509M	312M	268M	469M
EPS	3.22	—	2.03	2.19	0.3	—	0.31	0.54	0.65	—	0.08	0.49
Diluted EPS	3.19	—	2.02	2.17	0.3	—	0.3	0.54	0.65	—	0.08	0.49

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	71.5B	72.6B	72.7B	101.2B	190.8B	187B	200.7B	148.7B	—	19.1B	21.7B
Enterprise value	67.6B	67.2B	66.6B	90.4B	175.1B	168B	179B	121.3B	—	22.9B	24.8B
Shares outstanding	4.3B	4.4B	4.4B	4.5B	4.7B	4.7B	4.7B	4.7B	641.9M	621.5M	621.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	60.2	65.8	49.4	46.7	40.1	63.2	36.8	34.2	—	19.9	28.2
P/S	39.4	30.7	24	18.9	18.9	22.2	13.8	9.02	—	5.15	5.28
P/B	14.8	11.6	9.07	7.21	9.98	8.42	7.36	4.7	—	3.27	3.56
EV/EBITDA	60	46.1	43.5	31.2	25.9	49.5	25.7	18.5	—	15.7	18
EV/Sales	37.2	28.4	22	16.9	17.3	20	12.3	7.36	—	6.14	6.01
Earnings yield	1.66%	1.52%	2.03%	2.14%	2.49%	1.58%	2.72%	2.93%	—	5.03%	3.55%
FCF yield	0.41%	2.07%	0.74%	1.2%	3.21%	1.06%	1.79%	4.71%	—	5.91%	4%
PEG	—	—	—	—	—	—	—	—	—	—	-3.06

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	—	—	—	—	—	100%	100%	98.6%	95.4%	93.6%	92.7%
Operating margin	58%	56.8%	45.6%	49.2%	62.4%	35.1%	43.2%	32.3%	32.5%	33.6%	35.2%
Net margin	65.4%	46.7%	48.7%	40.4%	47.1%	35.1%	37.6%	26.4%	36.4%	25.9%	19.1%
ROE	24.6%	17.6%	18.4%	15.4%	24.9%	13.3%	20%	13.8%	21.4%	16.5%	14%
ROA	22.7%	16.7%	17.4%	14.3%	22.5%	12%	18.1%	12.3%	17.1%	7.48%	8.79%
ROIC	116.4%	158.2%	66%	61.3%	151.4%	67.9%	88.6%	96.8%	36.1%	10.5%	11.9%
Return on tangible assets	24.4%	17.4%	19.6%	15.2%	23.2%	12.3%	18.3%	12.4%	48.9%	-15.8%	-13.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	11.9	18.5	16.7	14.9	15	14.5	15.5	13.3	5.25	2.02	2.46
Quick ratio	11.9	18.5	16.7	14.9	15	14.5	15.5	13.3	5.24	2.01	2.44
Debt / equity	—	—	0	0.01	0.02	0.02	0.02	0.02	0.03	0.93	0.89
Debt / assets	—	—	0	0.01	0.02	0.02	0.02	0.02	0.02	0.42	0.42
Net debt / EBITDA	—	—	-3.99	-3.72	-2.33	-5.57	-3.12	-4.17	-2.39	2.54	2.42
Interest coverage	5.3K	533	—	409.4	591.4	302.4	331.7	209.8	77.4	20.7	4.37
Effective tax rate	0%	0%	8.68%	24.2%	19.4%	24.5%	21.5%	22.8%	14.4%	20%	13%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.42	0.54	0.69	1.18	2.15	1.78	3.06	3.53	0.74	5.99	6.71
EPS (basic)	1.98	1.81	2.4	3.44	7.3	4.6	8.45	6.66	1.71	1.55	1.55
EPS (diluted)	1.92	1.78	2.37	3.4	7.22	4.55	8.37	6.6	1.69	1.54	1.26
Book value per share	1.12	1.43	1.82	3.1	4.07	4.7	5.76	6.77	1.26	9.41	9.98
FCF per share	0.07	0.34	0.12	0.27	1.31	0.42	0.76	1.5	0.26	1.82	1.41
Cash per share	0.91	1.24	1.38	2.42	3.43	4.09	4.71	6.03	0.72	2.76	2.53
Capex per share	0	0.02	0.02	0.02	0.07	0.05	0.07	0.08	0.01	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.67%	3.76%	2.38%	1.47%	3.04%	2.99%	2.19%	2.22%	0.87%	—	—
Capex / operating cash flow	4.12%	5.29%	9.1%	5.73%	4.38%	7.75%	5.96%	5.77%	2.39%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.7B	$4.7B	$4.1B	$5.4B	$128.5M	$117.5M	$715M	$925M	$1B	$1.1B	$896M	$1.2B
YoY change	+15.3%	-10.5%	+46.2%	+29.6%	-97.3%	-97.5%	-82.7%	-82.9%	+695.2%	+800.6%	+25.3%	+24.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.9B	5.4B	6.1B	11B	16.1B	19.3B	22.3B	28.1B	465M	1.7B
Receivables	975.7M	579M	1.3B	3B	2.5B	3.4B	5.7B	4.9B	145.2M	1.1B
Inventory	—	—	—	—	—	—	0	57M	1.4M	18M
Total current assets	4.9B	6.1B	7.4B	14B	18.8B	22.7B	28.2B	33.1B	613.8M	2.9B
Property, plant & equipment	32.2M	113.4M	162M	414M	736M	1.3B	1.8B	1.6B	41.7M	280M
Goodwill & intangibles	363.8M	248.8M	940M	940M	676M	508M	292M	101M	655.7M	19B
Total assets	5.2B	6.6B	8.5B	15.1B	21.1B	24.6B	30.1B	35.3B	1B	12.9B
Accounts payable	22.3M	—	—	—	145M	350M	—	—	—	—
Short-term debt	—	—	—	26M	42M	62M	74M	90M	2M	291M
Total current liabilities	411.5M	327.1M	444M	938M	1.3B	1.6B	1.8B	2.5B	117M	1.4B
Long-term debt	—	—	0	155M	277M	363M	523M	680M	20.6M	5.1B
Total liabilities	411.5M	330.8M	447M	1.1B	2B	2.4B	2.8B	3.7B	200.8M	7B
Shareholders' equity	4.8B	6.3B	8B	14B	19.1B	22.2B	27.3B	31.6B	808.7M	5.8B
Total debt	—	—	0	181M	319M	425M	597M	770M	22.7M	5.4B
Net debt	—	—	-533M	-3.4B	-6.9B	-8.5B	-9.3B	-14.1B	-194.6M	3.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	27.5B	28.1B	29.6B	15.7B	401.8M	465M	3.2B	2.9B	3.4B	1.7B	1.5B	1.5B
Receivables	5.4B	4.9B	4.7B	6.2B	146.4M	145.2M	799M	998M	1B	1.1B	968M	1.2B
Inventory	70M	57M	106M	36M	1.6M	1.4M	12M	13M	14M	18M	21M	18M
Total current assets	33B	33.1B	34.4B	21.9B	549.8M	613.8M	4B	3.9B	4.5B	2.9B	2.6B	2.8B
Property, plant & equipment	1.7B	1.6B	2.8B	1.9B	41.8M	41.7M	271M	277M	266M	280M	265M	254M
Goodwill & intangibles	115M	101M	23M	29.1B	645.5M	655.7M	4.2B	4.2B	4.2B	19B	18.6B	18.5B
Total assets	35.2B	35.3B	36.7B	38.6B	920.1M	1B	6.6B	6.5B	7B	12.9B	12.4B	12.5B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	83M	90M	92M	94M	2.1M	2M	14M	16M	16M	291M	293M	312M
Total current liabilities	2.9B	2.5B	2.8B	4.4B	106.4M	117M	756M	629M	741M	1.4B	1.2B	1.1B
Long-term debt	710M	680M	918M	925M	20.8M	20.6M	129M	132M	126M	5.1B	5.1B	5B
Total liabilities	4.1B	3.7B	4.2B	7.7B	179.5M	200.8M	1.3B	1.2B	1.3B	7B	6.7B	6.6B
Shareholders' equity	31.1B	31.6B	32.5B	31B	740.6M	808.7M	5.3B	5.3B	5.8B	5.8B	5.7B	6B
Total debt	793M	770M	1B	1B	22.9M	22.7M	143M	148M	142M	5.4B	5.4B	5.3B
Net debt	-13.5B	-14.1B	-13.7B	-3.3B	-124.2M	-194.6M	-1.5B	-1.1B	-1.6B	3.7B	3.8B	3.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.1B	1.1B	1.6B	2.9B	5.9B	3.9B	6.9B	5.6B	201.9M	1.2B
Depreciation & amortization	41M	70M	88M	139M	259M	248M	362M	295M	9.1M	71M
Stock-based compensation	53.2M	76M	91M	147M	200M	310M	439M	586M	15.9M	128M
Change in working capital	-849.5M	193M	-768M	-1.7B	819M	-1B	-2.1B	740M	-35.1M	-175M
Operating cash flow	297.5M	1.7B	791M	1.4B	7B	3.3B	5.3B	6.3B	172.5M	1.2B
Capital expenditure	-12.3M	-89M	-72M	-79M	-307M	-252M	-317M	-366M	-4.1M	—
Investing cash flow	-993.7M	-668M	-1.4B	-2B	-2.4B	-961M	-2.8B	-1.3B	-215.7M	-5.6B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-118.1M	0	-146M	0	0	-447M	-908M	-564M	-85.5M	-430M
Financing cash flow	-117.4M	0	-146M	3.6B	-69M	-555M	-1.1B	-758M	-89.2M	4.8B
Net change in cash	-813.6M	1B	-727M	3B	4.6B	1.7B	1.5B	4.3B	-132.4M	364M
Free cash flow	294.6M	1.5B	537M	1.2B	6.1B	2B	3.6B	7B	164.5M	1.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	2.7B	926M	1.7B	3.6B	42.9M	70.4M	244M	423M	482M	55M	74M	295M
Depreciation & amortization	85M	—	—	173M	2.7M	2.1M	16M	16M	18M	21M	29M	26M
Stock-based compensation	162M	—	—	325M	4.5M	3.2M	25M	33M	34M	36M	49M	37M
Change in working capital	-559M	—	—	-1.1B	-8.3M	-3.3M	121M	-202M	-48M	-46M	148M	-259M
Operating cash flow	2.1B	-33M	1.8B	2.6B	38M	69.8M	350M	62M	536M	301M	3M	51M
Capital expenditure	-98M	-67M	-28M	-51M	-918.5K	-1.9M	-12M	—	—	—	—	—
Investing cash flow	1B	-442M	-1.4B	2.3B	-2.3M	20.3M	-25M	36M	-52M	1.7B	-4M	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-545M	-3.5B	-9.9M	6.3M	0	-406M	-24M	0	-96M	0
Financing cash flow	-20M	-31M	-654M	-3.6B	-10.7M	6.4M	-14M	-412M	-30M	-278M	-179M	-76M
Net change in cash	3.1B	-506M	-344M	1.3B	25M	96.5M	311M	-314M	454M	1.7B	-180M	-25M
Free cash flow	1.9B	1.6B	1.5B	2.8B	48.4M	47.3M	257M	52M	534M	288M	-2M	48M

Genmab A/S American Depositary Shares Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement