Recent News
Feb. 17, 2026 — Genmab published its 2025 Annual Report, outlining corporate performance and strategic priorities for 2026.
Feb. 17, 2026 — The company initiated a DKK 725 million share buy-back program to repurchase up to 342,130 shares, reporting initial transactions under that program.
Genmab announced the convening of its Annual General Meeting for March 19, 2026.
Genmab closed a private offering of senior secured notes, increasing liquidity and senior secured financing capacity.
Technical Analysis
ADX reads 17.55, indicating a lack of a clear trend; directional indicators nevertheless skew bearish as DI+ decreased while DI- increased, implying sellers currently exert greater directional pressure and limiting upside conviction.
MACD stands at -0.26 and trends downward below its signal line (-0.13), showing bearish momentum and indicating short-term momentum remains negative versus prior signal levels.
MRO registers 18.41 with a peak-and-reversal pattern; because MRO sits positive, price sits above target and carries increased downside potential toward the target level, reinforcing bearish momentum signals from MACD and directional indicators.
RSI at 45.11 and decreasing signals mild downside bias without an oversold condition; the move below the neutral 50 midpoint aligns with weakening short-term internals rather than capitulation.
Price sits under the 20-day average ($27.57) and the 200-day average ($28.76), with the 12‑ and 26‑day EMAs declining; these placements, together with Ichimoku conversion/base levels above the close, position moving averages and indicators as resistance that must be overcome for a constructive recovery.
Bollinger band placement shows the close ($26.52) barely above the 1x lower band ($26.45), suggesting limited immediate downside buffer but confirming proximity to recent lower-range support levels; volume runs below 10‑ and 200‑day averages, reducing the conviction behind intraday moves and increasing sensitivity to news-driven spikes.
Fundamental Analysis
Operating performance shows positive operating margin of 22.97% and an EBIT margin of 9.36%, with EBIT of $99.0M and EBITDA of $120.0M. The EBIT margin sits above the industry peer mean (-0.883%) and above the industry peer median (0.2125%), indicating relative operating resilience versus peers, even as quarter-over-quarter and year-over-year margin deltas contracted.
Revenue totaled $1,058.0M with reported revenue growth of 3.52% on the primary metric but a year-over-year revenue change listed at -78.34%; sequential indicators show revenue weakened quarter-to-quarter. R&D investment remains sizable at $526.0M, supporting pipeline depth but pressuring operating leverage.
Earnings per share came in at $0.21 versus an estimate of $0.37, producing an EPS surprise of -43.24%, and trailing P/E at 150.69 contrasts with a forward P/E of 67.65. Price-to-book at 0.33 sits below the industry peer mean (5.19636) and median (6.16434), while PEG sits negative at -2.23 versus an industry peer mean around -1.08, reflecting a complex mix of elevated valuation multiples and negative growth signals.
Free cash flow shows strength in absolute terms ($288.0M) and a free cash flow yield of 14.78%, well above the industry peer mean (~0.16%), supporting balance sheet flexibility. Cash and short-term investments total $1.715B and cash plus equivalents provide a cash ratio of 1.20 and a current ratio of 2.02, underwriting near-term liquidity.
Leverage presents a counterpoint: total debt $5.426B, net debt $3.559B, and debt-to-EBITDA ~45.2 with interest coverage near 2.25, signaling elevated leverage relative to operating cash generation; the recent secured-note financing increases liquidity but maintains material leverage obligations.
WMDST values the stock as under-valued based on the firm’s cash generation, pipeline assets, and adjusted valuation framework; however, the company’s negative EPS surprise, elevated leverage metrics, and mixed growth signals temper margin of safety and argue for cautious interpretation of the valuation signal.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-17 |
| NEXT REPORT DATE: | 2026-05-19 |
| CASH FLOW | Begin Period Cash Flow | $ 1.8 B |
| Operating Cash Flow | $ 301.0 M | |
| Capital Expenditures | $ -13.00 M | |
| Change In Working Capital | $ 253.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -46.00 M | |
| End Period Cash Flow | $ 1.7 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.1 B | |
| Forward Revenue | $ 226.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 81.0 M | |
| Depreciation | $ 16.0 M | |
| Depreciation and Amortization | $ 21.0 M | |
| Research and Development | $ 526.0 M | |
| Total Operating Expenses | $ 815.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 977.0 M | |
| EBITDA | $ 120.0 M | |
| EBIT | $ 99.0 M | |
| Operating Income | $ 243.0 M | |
| Interest Income | $ 48.0 M | |
| Interest Expense | $ 44.0 M | |
| Net Interest Income | $ 4.0 M | |
| Income Before Tax | $ 55.0 M | |
| Tax Provision | $ 24.0 M | |
| Tax Rate | 22.0 % | |
| Net Income | $ 31.0 M | |
| Net Income From Continuing Operations | $ 55.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.37 | |
| EPS Actual | $ 0.21 | |
| EPS Difference | $ -0.16 | |
| EPS Surprise | -43.243 % | |
| Forward EPS | $ 0.43 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 12.9 B | |
| Intangible Assets | $ 9.5 B | |
| Net Tangible Assets | $ -3.63 B | |
| Total Current Assets | $ 2.9 B | |
| Cash and Short-Term Investments | $ 1.7 B | |
| Cash | $ 1.7 B | |
| Net Receivables | $ 1.1 B | |
| Inventory | $ 18.0 M | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | $ 273.0 M | |
| Total Current Liabilities | $ 1.4 B | |
| Net Debt | $ 3.6 B | |
| Total Debt | $ 5.4 B | |
| Total Liabilities | $ 7.0 B | |
| EQUITY | ||
| Total Equity | $ 5.8 B | |
| Retained Earnings | $ 4.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 94.92 | |
| Shares Outstanding | 61.599 M | |
| Revenue Per-Share | $ 17.18 | |
| VALUATION | Market Capitalization | $ 1.9 B |
| Enterprise Value | $ 5.7 B | |
| Enterprise Multiple | 47.169 | |
| Enterprise Multiple QoQ | -1653.704 % | |
| Enterprise Multiple YoY | -1049.503 % | |
| Enterprise Multiple IPRWA | high: 67.346 GMAB: 47.169 median: 44.062 mean: 12.25 low: -114.076 |
|
| EV/R | 5.35 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.202 | |
| Asset To Liability | 1.832 | |
| Debt To Capital | 0.481 | |
| Debt To Assets | 0.421 | |
| Debt To Assets QoQ | 1983.539 % | |
| Debt To Assets YoY | 1776.67 % | |
| Debt To Assets IPRWA | high: 0.934 GMAB: 0.421 mean: 0.117 median: 0.005 low: 0.0 |
|
| Debt To Equity | 0.928 | |
| Debt To Equity QoQ | 3658.607 % | |
| Debt To Equity YoY | 3209.558 % | |
| Debt To Equity IPRWA | high: 1.519 GMAB: 0.928 mean: 0.142 median: 0.005 low: -0.893 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.333 | |
| Price To Book QoQ | 10.066 % | |
| Price To Book YoY | 813.871 % | |
| Price To Book IPRWA | high: 19.432 median: 6.164 mean: 5.196 GMAB: 0.333 low: -10.511 |
|
| Price To Earnings (P/E) | 150.686 | |
| Price To Earnings QoQ | 246.178 % | |
| Price To Earnings YoY | 507.943 % | |
| Price To Earnings IPRWA | GMAB: 150.686 high: 75.085 mean: -0.822 median: -16.622 low: -119.903 |
|
| PE/G Ratio | -2.226 | |
| Price To Sales (P/S) | 1.842 | |
| Price To Sales QoQ | 8.093 % | |
| Price To Sales YoY | 786.446 % | |
| Price To Sales IPRWA | high: 773.807 mean: 48.9 median: 20.207 GMAB: 1.842 low: -75.758 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 67.651 | |
| Forward PE/G | -0.999 | |
| Forward P/S | 8.198 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -22.594 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.106 | |
| Asset Turnover Ratio QoQ | -29.832 % | |
| Asset Turnover Ratio YoY | -29.432 % | |
| Asset Turnover Ratio IPRWA | high: 0.406 mean: 0.116 median: 0.109 GMAB: 0.106 low: -0.066 |
|
| Receivables Turnover | 0.981 | |
| Receivables Turnover Ratio QoQ | -1.946 % | |
| Receivables Turnover Ratio YoY | -1.809 % | |
| Receivables Turnover Ratio IPRWA | high: 7.397 mean: 1.448 median: 1.333 GMAB: 0.981 low: -1.505 |
|
| Inventory Turnover | 5.062 | |
| Inventory Turnover Ratio QoQ | 17.834 % | |
| Inventory Turnover Ratio YoY | -0.102 % | |
| Inventory Turnover Ratio IPRWA | GMAB: 5.062 high: 2.026 mean: 0.574 median: 0.471 low: 0.007 |
|
| Days Sales Outstanding (DSO) | 93.061 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 118.234 | |
| Cash Conversion Cycle Days QoQ | 4.76 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 974.716 median: 189.511 mean: 189.033 GMAB: 118.234 low: -1689.26 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.726 | |
| CapEx To Revenue | -0.012 | |
| CapEx To Depreciation | -0.812 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 10.8 B | |
| Net Invested Capital | $ 11.1 B | |
| Invested Capital | $ 11.1 B | |
| Net Tangible Assets | $ -3.63 B | |
| Net Working Capital | $ 1.5 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.202 | |
| Current Ratio | 2.022 | |
| Current Ratio QoQ | -66.493 % | |
| Current Ratio YoY | -61.473 % | |
| Current Ratio IPRWA | high: 27.397 mean: 3.74 median: 2.827 GMAB: 2.022 low: 0.027 |
|
| Quick Ratio | 2.009 | |
| Quick Ratio QoQ | -66.597 % | |
| Quick Ratio YoY | -61.628 % | |
| Quick Ratio IPRWA | high: 13.851 mean: 2.744 median: 2.452 GMAB: 2.009 low: 0.069 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 45.217 | |
| Cost Of Debt | 1.233 % | |
| Interest Coverage Ratio | 2.25 | |
| Interest Coverage Ratio QoQ | -98.608 % | |
| Interest Coverage Ratio YoY | -96.677 % | |
| Interest Coverage Ratio IPRWA | high: 671.002 mean: 40.359 median: 3.11 GMAB: 2.25 low: -1571.333 |
|
| Operating Cash Flow Ratio | -0.013 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 83.35 % | |
| Revenue Growth | 3.523 % | |
| Revenue Growth QoQ | -66.403 % | |
| Revenue Growth YoY | -78.339 % | |
| Revenue Growth IPRWA | high: 420.0 % mean: 12.595 % GMAB: 3.523 % median: 3.463 % low: -242.388 % |
|
| Earnings Growth | -67.692 % | |
| Earnings Growth QoQ | -432.312 % | |
| Earnings Growth YoY | -135.055 % | |
| Earnings Growth IPRWA | high: 204.0 % median: -14.286 % mean: -16.847 % GMAB: -67.692 % low: -237.5 % |
|
| MARGINS | ||
| Gross Margin | 92.344 % | |
| Gross Margin QoQ | -2.1 % | |
| Gross Margin YoY | -2.558 % | |
| Gross Margin IPRWA | high: 102.453 % GMAB: 92.344 % median: 78.702 % mean: 78.511 % low: -63.166 % |
|
| EBIT Margin | 9.357 % | |
| EBIT Margin QoQ | -80.283 % | |
| EBIT Margin YoY | -83.515 % | |
| EBIT Margin IPRWA | high: 3501.566 % median: 21.25 % GMAB: 9.357 % mean: -88.314 % low: -7602.597 % |
|
| Return On Sales (ROS) | 22.968 % | |
| Return On Sales QoQ | -48.86 % | |
| Return On Sales YoY | -59.536 % | |
| Return On Sales IPRWA | high: 1116.376 % median: 27.297 % GMAB: 22.968 % mean: -98.626 % low: -7602.597 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 288.0 M | |
| Free Cash Flow Yield | 14.775 % | |
| Free Cash Flow Yield QoQ | -51.802 % | |
| Free Cash Flow Yield YoY | -92.123 % | |
| Free Cash Flow Yield IPRWA | high: 21.452 % GMAB: 14.775 % median: 0.303 % mean: 0.157 % low: -51.848 % |
|
| Free Cash Growth | -46.067 % | |
| Free Cash Growth QoQ | -104.97 % | |
| Free Cash Growth YoY | -273.844 % | |
| Free Cash Growth IPRWA | high: 177.21 % median: -24.526 % mean: -32.837 % GMAB: -46.067 % low: -201.25 % |
|
| Free Cash To Net Income | 9.29 | |
| Cash Flow Margin | -1.701 % | |
| Cash Flow To Earnings | -0.581 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.312 % | |
| Return On Assets QoQ | -94.754 % | |
| Return On Assets YoY | -96.532 % | |
| Return On Assets IPRWA | high: 33.814 % median: 1.099 % GMAB: 0.312 % mean: -2.706 % low: -65.985 % |
|
| Return On Capital Employed (ROCE) | 0.865 % | |
| Return On Equity (ROE) | 0.005 | |
| Return On Equity QoQ | -92.399 % | |
| Return On Equity YoY | -94.942 % | |
| Return On Equity IPRWA | high: 0.809 median: 0.036 GMAB: 0.005 mean: 0.001 low: -1.16 |
|
| DuPont ROE | 0.535 % | |
| Return On Invested Capital (ROIC) | 0.694 % | |
| Return On Invested Capital QoQ | -90.108 % | |
| Return On Invested Capital YoY | -104.885 % | |
| Return On Invested Capital IPRWA | high: 50.944 % median: 3.016 % GMAB: 0.694 % mean: -0.123 % low: -58.737 % |
|