GENMAB A/S
GMAB, GNMSF · Pharmaceutical Preparations · EDGAR filings ↗
Reference price $97.00 — last insider purchase, 2025-12-29 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
A85Dominant, highly profitable antibody franchise with top-decile margins, returns and cash generation.
Strengths
- Gross margin 93.6%, operating margin ~94th pct, FCF $1.15bn (~96th pct), FCF margin ~95th pct
- ROA 7.5% (~91st pct), ROE 16.5% (80th pct); revenue +19% with a deep wholly-owned/partnered pipeline (epcoritamab, Rina-S, petosemtamab)
Risks
- ~66% of revenue from DARZALEX royalties with US patent expiry/decline beginning 2029
- Integration/financing risk from the Merus acquisition and elevated debt/equity (0.90)
Notable findings
- Customer concentration~66% of revenue from one customer/distributor — , related to daratumumab (marketed as DARZALEX for IV administration and as DARZALEX FASPRO in the US and as DARZALEX SC in Europe for subcutaneous (“ SC ”) administration) for certain indications
- Strong balance sheetStrong balance sheet — $1.7B cash & investments
- Notable holderHeld by 4 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, FMR LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Key metrics
Gross margin
93.6%
Operating margin
28.6%
Net margin
25.9%
Return on equity
16.5%
Return on assets
7.5%
ROIC
7.6%
Revenue growth (QoQ)
19.2%
Net-income growth
-15.0%
Debt / equity
0.9×
Interest coverage
4.0×
Current ratio
2.0×
Free cash flow
$1.1B
Tangible book value
$5.5B
Cash & investments
$1.7B
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-12-29 | GENMAB A/S | Buy | 1.1M | $97.00 |
| 2025-12-29 | GENMAB A/S | Buy | 75.9M | $97.00 |
| 2025-12-26 | GENMAB A/S | Buy | 3.0K | $97.00 |
| 2025-12-26 | GENMAB A/S | Buy | 143K | $97.00 |
| 2025-12-24 | GENMAB A/S | Buy | 96K | $97.00 |
| 2025-12-23 | GENMAB A/S | Buy | 561K | $97.00 |
| 2025-12-22 | GENMAB A/S | Buy | 16K | $97.00 |
| 2025-12-19 | GENMAB A/S | Buy | 66K | $97.00 |
| 2025-12-18 | GENMAB A/S | Buy | 212K | $97.00 |
| 2025-12-17 | GENMAB A/S | Buy | 151K | $97.00 |
| 2025-12-16 | GENMAB A/S | Buy | 121K | $97.00 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-17 | 2025-12-31 | 0001434265-26-000014 ↗ |
| 20-F | 2025-02-12 | 2024-12-31 | 0001558370-25-000846 ↗ |
| 20-F | 2024-02-14 | 2023-12-31 | 0001558370-24-001137 ↗ |
| 20-F | 2023-02-22 | 2022-12-31 | 0001558370-23-001716 ↗ |
| 20-F | 2022-02-16 | 2021-12-31 | 0001558370-22-001256 ↗ |
| 20-F | 2021-03-29 | 2020-12-31 | 0001558370-21-003598 ↗ |
| 20-F | 2020-03-30 | 2019-12-31 | 0001558370-20-003378 ↗ |