Recent News
October 14, 2025: Genmab reported DARZALEX third‑quarter net trade sales of $3,672 million as reported by Johnson & Johnson. November 5, 2025 and December 4, 2025: senior executives scheduled investor fireside chats at major healthcare conferences. November 18, 2025: company increased share capital by 32,059 shares following employee warrant exercises. December 29, 2025: Genmab announced discontinuation of clinical development of acasunlimab and signaled prioritization of EPKINLY (epcoritamab), petosemtamab and rinatabart sesutecan; company stated the decision does not change full‑year 2025 guidance.
Technical Analysis
ADX at 22.95 indicates an emerging trend strength that can support directional moves but lacks the conviction of a very strong trend. The directional indicators show bearish directional pressure: DI+ at 28.66 recorded a peak & reversal (bearish) while DI‑ at 25.86 registered a dip & reversal (bearish), signaling recent loss of upside dominance and increased downside participation; this aligns with a near‑term bias toward lower highs against current valuation levels.
MACD sits at 0.28 with a MACD signal of 0.41 and the MACD trend flagged as peak & reversal, a bearish momentum profile. The MACD below its signal line reinforces decreasing upward momentum and suggests price may retest short‑term support levels implied by moving averages and bands.
MRO registers 25.44 with a peak & reversal trend; the MRO positive reading indicates price currently sits above its modeled target and faces material pressure to adjust downward. The oscillator magnitude indicates that this pressure carries meaningful force versus minor oscillation.
RSI at 55.57 with a peak & reversal trend shows momentum cooling from a recent high rather than sustained overbought expansion; momentum contraction increases the chance of a corrective leg even though the RSI remains in a neutral range.
Price relationships add context: last close $31.80 sits slightly below the 20‑day average of $32.20 and beneath short‑term supertrend resistance at $32.70, while above the 50‑day average ($30.88) and well above the 200‑day average ($25.24). Bollinger bands center near $32.2 with 1x band edges at $31.15–$33.25, implying limited near‑term volatility bandwidth. Volume near the 10–200 day averages shows no extreme divergence from normal liquidity.
Fundamental Analysis
Revenue reached $1,022,000,000 with gross profit $964,000,000 and gross margin of 94.33%, above the industry peer mean of 79.75% and the industry peer median of 83.98%. Operating income $459,000,000 produced an operating margin of 44.91%, and EBIT $485,000,000 produced an EBIT margin of 47.46%, both above the industry peer mean and above the industry peer high of 32.71% for EBIT margin.
Net income $401,000,000 and EPS actual $0.65 exceeded the EPS estimate of $0.45, yielding an EPS surprise of 44.44%, reflecting stronger near‑term profitability versus expectations. YoY EBIT margin rose ~51.36% and QoQ EBIT margin gained ~1.61%, signaling improving operating leverage through the period.
Liquidity and balance sheet metrics reflect ample coverage: cash $1.761 billion and cash and short‑term investments $3.411 billion support a current ratio of 6.03x and a quick ratio of 6.01x. Free cash flow totaled $534,000,000, giving a free cash flow yield of 30.66%, materially above the industry peer mean for free cash flow yield, and free cash growth YoY was 26.60%.
Capital structure remains conservative: total debt $142,000,000 versus total equity $5,751,000,000, producing debt‑to‑equity of 0.0247 and debt‑to‑EBITDA of 0.282. Interest coverage sits at 161.67x. Enterprise value appears negative at -$1,527,051,994, consistent with a cash‑heavy balance sheet relative to market capitalization of $1,741,948,006.
Valuation and multiples show mixed signals: trailing PE at 43.53 and forward PE at 71.87 reflect market pricing of growth and pipeline optionality; price‑to‑book at 0.30 sits well below the industry peer mean of 6.98, indicating market assigns a modest book multiple relative to peers despite high margins and cash generation. WMDST values the stock as under‑valued given the intersection of durable cash flow, conservative leverage, and prioritized late‑stage assets.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 1.3 B |
| Operating Cash Flow | $ 536.0 M | |
| Capital Expenditures | $ -2.00 M | |
| Change In Working Capital | $ 2.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 465.0 M | |
| End Period Cash Flow | $ 1.8 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.0 B | |
| Forward Revenue | $ 14.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 58.0 M | |
| Depreciation | $ 14.0 M | |
| Depreciation and Amortization | $ 18.0 M | |
| Research and Development | $ 357.0 M | |
| Total Operating Expenses | $ 563.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 964.0 M | |
| EBITDA | $ 503.0 M | |
| EBIT | $ 485.0 M | |
| Operating Income | $ 459.0 M | |
| Interest Income | $ 32.0 M | |
| Interest Expense | $ 3.0 M | |
| Net Interest Income | $ 29.0 M | |
| Income Before Tax | $ 482.0 M | |
| Tax Provision | $ 81.0 M | |
| Tax Rate | 16.805 % | |
| Net Income | $ 401.0 M | |
| Net Income From Continuing Operations | $ 482.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.45 | |
| EPS Actual | $ 0.65 | |
| EPS Difference | $ 0.20 | |
| EPS Surprise | 44.444 % | |
| Forward EPS | $ 0.38 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.0 B | |
| Intangible Assets | $ 2.1 B | |
| Net Tangible Assets | $ 3.6 B | |
| Total Current Assets | $ 4.5 B | |
| Cash and Short-Term Investments | $ 3.4 B | |
| Cash | $ 1.8 B | |
| Net Receivables | $ 1.0 B | |
| Inventory | $ 14.0 M | |
| Long-Term Investments | $ 9.0 M | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 741.0 M | |
| Net Debt | — | |
| Total Debt | $ 142.0 M | |
| Total Liabilities | $ 1.3 B | |
| EQUITY | ||
| Total Equity | $ 5.8 B | |
| Retained Earnings | $ 4.0 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 93.41 | |
| Shares Outstanding | 61.567 M | |
| Revenue Per-Share | $ 16.60 | |
| VALUATION | Market Capitalization | $ 1.7 B |
| Enterprise Value | $ -1.53 B | |
| Enterprise Multiple | -3.036 | |
| Enterprise Multiple QoQ | -0.389 % | |
| Enterprise Multiple YoY | -64.16 % | |
| Enterprise Multiple IPRWA | high: 52.77 median: 24.843 mean: 3.577 GMAB: -3.036 low: -81.356 |
|
| EV/R | -1.494 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.221 | |
| Asset To Liability | 5.528 | |
| Debt To Capital | 0.024 | |
| Debt To Assets | 0.02 | |
| Debt To Assets QoQ | -11.659 % | |
| Debt To Assets YoY | 783.406 % | |
| Debt To Assets IPRWA | high: 1.045 mean: 0.213 median: 0.074 GMAB: 0.02 low: 0.0 |
|
| Debt To Equity | 0.025 | |
| Debt To Equity QoQ | -11.537 % | |
| Debt To Equity YoY | 766.316 % | |
| Debt To Equity IPRWA | high: 1.395 mean: 0.193 median: 0.093 GMAB: 0.025 low: -0.869 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.303 | |
| Price To Book QoQ | 15.899 % | |
| Price To Book YoY | 518.017 % | |
| Price To Book IPRWA | high: 17.968 mean: 6.976 median: 5.8 GMAB: 0.303 low: -8.555 |
|
| Price To Earnings (P/E) | 43.528 | |
| Price To Earnings QoQ | 9.307 % | |
| Price To Earnings YoY | -48.754 % | |
| Price To Earnings IPRWA | high: 56.753 GMAB: 43.528 mean: -3.928 median: -12.154 low: -93.179 |
|
| PE/G Ratio | 2.137 | |
| Price To Sales (P/S) | 1.704 | |
| Price To Sales QoQ | 13.786 % | |
| Price To Sales YoY | 503.559 % | |
| Price To Sales IPRWA | high: 1129.647 mean: 73.558 median: 25.506 GMAB: 1.704 low: 0.466 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 71.865 | |
| Forward PE/G | 3.528 | |
| Forward P/S | 126.873 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.17 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.152 | |
| Asset Turnover Ratio QoQ | 6.927 % | |
| Asset Turnover Ratio YoY | 7.093 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 GMAB: 0.152 mean: 0.117 median: 0.107 low: -0.004 |
|
| Receivables Turnover | 1.0 | |
| Receivables Turnover Ratio QoQ | -2.865 % | |
| Receivables Turnover Ratio YoY | 12.618 % | |
| Receivables Turnover Ratio IPRWA | high: 6.279 mean: 1.453 median: 1.39 GMAB: 1.0 low: -0.057 |
|
| Inventory Turnover | 4.296 | |
| Inventory Turnover Ratio QoQ | -5.783 % | |
| Inventory Turnover Ratio YoY | -15.805 % | |
| Inventory Turnover Ratio IPRWA | GMAB: 4.296 high: 2.635 mean: 0.416 median: 0.301 low: -0.015 |
|
| Days Sales Outstanding (DSO) | 91.25 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 112.862 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 1241.621 median: 189.366 mean: 186.935 GMAB: 112.862 low: -1809.09 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.274 | |
| CapEx To Revenue | -0.002 | |
| CapEx To Depreciation | -0.143 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.8 B | |
| Net Invested Capital | $ 5.8 B | |
| Invested Capital | $ 5.8 B | |
| Net Tangible Assets | $ 3.6 B | |
| Net Working Capital | $ 3.7 B | |
| LIQUIDITY | ||
| Cash Ratio | 4.603 | |
| Current Ratio | 6.034 | |
| Current Ratio QoQ | -2.936 % | |
| Current Ratio YoY | 16.734 % | |
| Current Ratio IPRWA | high: 25.502 GMAB: 6.034 mean: 4.386 median: 3.195 low: 0.02 |
|
| Quick Ratio | 6.015 | |
| Quick Ratio QoQ | -2.917 % | |
| Quick Ratio YoY | 16.718 % | |
| Quick Ratio IPRWA | high: 13.391 GMAB: 6.015 mean: 2.782 median: 2.493 low: 0.02 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.282 | |
| Cost Of Debt | 1.721 % | |
| Interest Coverage Ratio | 161.667 | |
| Interest Coverage Ratio QoQ | 236.806 % | |
| Interest Coverage Ratio YoY | 67.53 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 GMAB: 161.667 mean: 39.713 median: 4.213 low: -1538.4 |
|
| Operating Cash Flow Ratio | 0.499 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 8.617 % | |
| Revenue Growth | 10.486 % | |
| Revenue Growth QoQ | -64.298 % | |
| Revenue Growth YoY | 310.411 % | |
| Revenue Growth IPRWA | high: 301.849 % GMAB: 10.486 % mean: 7.837 % median: 4.118 % low: -259.856 % |
|
| Earnings Growth | 20.37 % | |
| Earnings Growth QoQ | -72.545 % | |
| Earnings Growth YoY | -415.716 % | |
| Earnings Growth IPRWA | high: 162.5 % GMAB: 20.37 % median: -6.312 % mean: -13.243 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | 94.325 % | |
| Gross Margin QoQ | 0.519 % | |
| Gross Margin YoY | -0.786 % | |
| Gross Margin IPRWA | high: 105.39 % GMAB: 94.325 % median: 83.975 % mean: 79.747 % low: -35.147 % |
|
| EBIT Margin | 47.456 % | |
| EBIT Margin QoQ | 1.612 % | |
| EBIT Margin YoY | 51.355 % | |
| EBIT Margin IPRWA | high: 3270.865 % GMAB: 47.456 % median: 36.648 % mean: -119.707 % low: -8139.786 % |
|
| Return On Sales (ROS) | 44.912 % | |
| Return On Sales QoQ | 15.399 % | |
| Return On Sales YoY | 43.242 % | |
| Return On Sales IPRWA | high: 573.037 % GMAB: 44.912 % median: 26.431 % mean: -114.0 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 534.0 M | |
| Free Cash Flow Yield | 30.655 % | |
| Free Cash Flow Yield QoQ | 716.813 % | |
| Free Cash Flow Yield YoY | -75.839 % | |
| Free Cash Flow Yield IPRWA | GMAB: 30.655 % high: 24.673 % median: 0.686 % mean: 0.248 % low: -57.887 % |
|
| Free Cash Growth | 926.923 % | |
| Free Cash Growth QoQ | -1262.038 % | |
| Free Cash Growth YoY | 2660.342 % | |
| Free Cash Growth IPRWA | GMAB: 926.923 % high: 199.867 % mean: 27.758 % median: 22.832 % low: -198.468 % |
|
| Free Cash To Net Income | 1.332 | |
| Cash Flow Margin | 36.204 % | |
| Cash Flow To Earnings | 0.923 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 5.947 % | |
| Return On Assets QoQ | 15.498 % | |
| Return On Assets YoY | 83.833 % | |
| Return On Assets IPRWA | high: 30.5 % GMAB: 5.947 % median: -0.134 % mean: -2.284 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | 7.723 % | |
| Return On Equity (ROE) | 0.07 | |
| Return On Equity QoQ | 10.036 % | |
| Return On Equity YoY | 75.819 % | |
| Return On Equity IPRWA | high: 0.948 GMAB: 0.07 median: -0.002 mean: -0.006 low: -1.385 |
|
| DuPont ROE | 7.256 % | |
| Return On Invested Capital (ROIC) | 7.016 % | |
| Return On Invested Capital QoQ | 8.405 % | |
| Return On Invested Capital YoY | -194.479 % | |
| Return On Invested Capital IPRWA | high: 31.965 % GMAB: 7.016 % median: 4.45 % mean: -0.101 % low: -73.241 % |
|