Genmab - ADR
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+ FollowMarket Cap$33.81B
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Earnings Call Q2 2026
August 6, 2026 - AI Summary
Strong financial momentum + upgraded guidance (good)
- Revenue grew 25% YoY in 1H26 to ~$396M for proprietary portfolio (37% growth YoY).
- Adjusted operating profit increased 18% (showing profitability growth while investing).
- Effective tax rate: 3.6% in 1H26 (driven by Merus integration and recognition/use of deferred tax assets); management expects volatility may continue and normalization over 12–18 months.
- Updated 2026 guidance (vs prior):
- Revenue: $4.3–$4.5B (+19% YoY at midpoint; previously lower).
- Operating profit: $1.1–$1.4B.
- Operating leverage: despite higher investment, revenue +5% and operating profit +7%, with OpEx only +2% at midpoint.
Commercial performance: EPKINLY leading growth + broad-based portfolio strength (good)
- EPKINLY net product sales: $312M in 1H26 (+48% YoY, +28% QoQ).
- Growth drivers: new patient starts, site activations in the US, strong uptake of chemo-free fixed-duration EPKINLY + R-squared in 2L FL.
- Community adoption rising: >90% of key customers order for 2+ sites; Europe/Japan/partner footprint expanding.
- TIVDAK sales: $84M in 1H26, supported by US scaling + launches in Japan/Europe; UK reimbursement secured (additional markets progressing).
- DARZALEX +21% YoY, and rest of portfolio +35% YoY → revenue growth described as high growth + broad-based (not only one product).
Pipeline/data cadence: multiple late-stage catalysts with clearer timing (good)
- EPCORE DLBCL-4 (epcoritamab-based combo): Phase III top-line PFS announced in June—statistically significant, clinically meaningful improvement.
- OS was immature at the time; more detail expected at conferences.
- EPKINLY (DLBCL frontline) EPCORE DLBCL-2: interim top-line data expected Q4 26 (based on interim analysis) with discussions implying it could support regulatory filing.
- Rina-S: management expects Phase II + Phase III platinum-resistant ovarian cancer datasets in Q4.
- Petosemtamab (CRC): readout timing supported by ESMO update in Oct and major Phase III expansion described below.
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$5.74
89.6% downside
Current Fair Value
89.6% downsideOvervalued by 89.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $33.81 Billion |
|---|---|
| Enterprise Value | $37.60 Billion |
| Earnings per Share | $1.55 |
| Beta | 0.65 |
| Outstanding Shares | 613,360,320 |
Return
| Return on Equity | 16.02% |
|---|---|
| Return on Assets | 7.62% |
| Return on Invested Capital | 23.38% |
Valuation & Multiples
| P/E Ratio | 45.64 |
|---|---|
| PEG | -464.69 |
| Price to Sales | 3.67 |
| Price to Book Ratio | 6.12 |
| Enterprise Value to Revenue | 3.84 |
| Enterprise Value to EBIT | 14.14 |
| Enterprise Value to Net Income | 39 |
| Total Debt to Enterprise | 0.14 |
| Debt to Equity | 0.89 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 6, 2026
EPS Estimate
$0.37
Consensus analyst estimateRevenue Estimate
$1.12 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 5, 2026
EPS Estimate
$0.36
Consensus analyst estimateRevenue Estimate
$1.20 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 3.40% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.32%▼ 16.38% |
|---|---|
| Total Invested | $70.15M▼ 97.50% |
| Investors Holding | 86▼ 221.00% |
About Genmab
3,029 employees
CEO: Jan van de Winkel
Genmab A/S, established in 1999 and headquartered in Copenhagen, Denmark, is a biotechnology firm specializing in the development of antibody therapeutics for cancer and various other medical conditions, primarily operating from its Dani...