Recent News
On December 3, 2025 Genmab closed a private offering of secured and unsecured notes to help fund the planned acquisition of Merus; the Merus deal itself was announced at roughly $97 per share and values Merus at about $8 billion. On December 29, 2025 Genmab discontinued its late‑stage acasunlimab program as part of portfolio prioritization. In late January 2026 reports highlighted higher DARZALEX royalties and positive Phase‑3 epcoritamab topline results. Broker coverage updates in February 2026 show a consensus leaning toward buy/moderate‑buy.
Technical Analysis
ADX registers 18.23, indicating no established trend; directional indicators show initiation of bullish directional pressure as DI+ exhibits a dip‑and‑reverse while DI‑ shows a peak‑and‑reverse, implying DI+ rising and DI‑ falling and therefore bullish directional signals despite low strength.
MACD sits at −0.72 with the MACD line below the signal line (−0.37) and a decreasing MACD trend; negative and declining momentum indicates bearish momentum that counters the directional initiation.
MRO reads 4.3 and is decreasing; a positive MRO implies price currently above the modeled target and thus potential downward pressure, with the falling MRO suggesting that this pressure may ease over time.
RSI at 48.11 and falling signals neutral‑to‑weak momentum and tilting toward short‑term weakening; combined with MACD, momentum favors downside while directional indicators hint at nascent bullish orientation.
Price sits at $29.16 below the 20‑day ($31.17) and 50‑day ($32.26) averages but above the 200‑day average ($27.16); Ichimoku reference lines around $31–$32 place price beneath the cloud baseline. Price trades slightly below the 1× lower Bollinger band ($29.58), with volume about double the 10‑day average—elevated participation accompanying the recent move.
Fundamental Analysis
Revenue totaled $1,022,000,000 with YoY revenue growth of 3.10% and QoQ revenue contraction of 64.30% (quarterly pacing effect). Gross profit reached $964,000,000 and gross margin stands at 94.33% (virtually unchanged YoY), supporting robust operating leverage.
EBIT $485,000,000 and EBITDA $503,000,000 translate to an EBIT margin of 47.46%, up 51.36% YoY and 1.61% QoQ, reflecting stronger operating profitability versus last year. Operating margin at 44.91% rose 43.24% YoY and 15.40% QoQ.
EPS came in at $0.21 versus an estimate of $0.37, an EPS surprise of −43.24% (difference −$0.16). Forward EPS stands at $0.48 implying a forward P/E near 71.87; trailing P/E equals 43.53, with a modest QoQ P/E change of 9.31% and a YoY change of −48.75%.
Cash and short‑term investments total $3,411,000,000 with cash alone at $1,761,000,000; current ratio equals 6.03 and quick ratio 6.01, indicating strong near‑term liquidity. Total debt remains low at $142,000,000, producing a debt‑to‑assets ratio of 2.02% and debt‑to‑EBITDA of 0.28x. Enterprise value sits negative at −$1,527,051,994 and enterprise multiple at −3.04, consistent with a net cash position after accounting for market capitalization.
Free cash flow $534,000,000 produces a free cash flow yield of 30.66%, although forward metrics (forward P/S and forward P/E) imply elevated expectations for future earnings. WMDST values the stock as over‑valued, reflecting the combination of rich forward multiples and recent acquisition financing that expands near‑term leverage and execution risk.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-17 |
| NEXT REPORT DATE: | 2026-05-19 |
| 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 | $ 18.8 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 | $ 0.37 | |
| EPS Actual | $ 0.21 | |
| EPS Difference | $ -0.16 | |
| EPS Surprise | -43.243 % | |
| Forward EPS | $ 0.48 | |
| 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: 28.451 mean: 8.499 GMAB: -3.036 low: -82.433 |
|
| 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: 0.24 median: 0.181 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: 1.461 mean: 0.341 median: 0.106 GMAB: 0.025 low: -0.897 |
|
| 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: 16.86 mean: 6.904 median: 6.057 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 median: 30.96 mean: 4.538 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: 1040.421 mean: 64.793 median: 18.442 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: 0.12 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: 5.5 median: 1.573 mean: 1.472 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: 0.495 median: 0.477 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: 175.549 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: 4.043 median: 2.865 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: 2.546 median: 1.998 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: 37.495 median: 6.583 low: -1337.523 |
|
| 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: 8.059 % 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: -8.573 % 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: 81.951 % mean: 79.722 % 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: 42.305 % mean: -84.151 % low: -7772.481 % |
|
| 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: -89.929 % 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: 1.086 % mean: 0.553 % 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: 204.738 % median: 22.832 % mean: 22.468 % low: -206.871 % |
|
| 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: 2.314 % mean: -1.385 % 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: 0.047 mean: 0.013 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: 5.759 % mean: 0.939 % low: -73.241 % |
|