(GMAB) Genmab AS - Overview
Stock: Antibody Therapies, Oncological Drugs, Hematology Treatments, Solid Tumor Agents
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 36.4% |
| Relative Tail Risk | -1.81% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.43 |
| Alpha | 52.86 |
| Character TTM | |
|---|---|
| Beta | 0.606 |
| Beta Downside | 0.473 |
| Drawdowns 3y | |
|---|---|
| Max DD | 58.13% |
| CAGR/Max DD | -0.09 |
Description: GMAB Genmab AS December 19, 2025
Genmab A/S (NASDAQ:GMAB) is a Danish biotechnology firm that creates antibody-based therapeutics for oncology and a range of non-cancer indications. Its commercial portfolio includes EPKINLY and TEPKINLY for relapsed/refractory diffuse large B-cell lymphoma (DLBCL) and follicular lymphoma, as well as Tivdak for metastatic cervical cancer that has progressed after chemotherapy.
The pipeline is heavily weighted toward B-cell malignancies, with late-stage candidates such as epcoritamab (targeting R/R DLBCL, FL, CLL, and pediatric B-cell neoplasms) and tisotumab vedotin (solid tumors). Additional programs span multiple modalities, including ADCs (e.g., GEN1042), bispecifics (GEN3014), and novel antibodies (Mim8 for hemophilia A). The company also markets DARZALEX (multiple myeloma) and RYBREVANT (NSCLC) through partnership arrangements.
Key financial signals (as of Q3 2024) show GMAB generating €1.2 bn in net sales, driven primarily by DARZALEX royalties and its own oncology products, with a 12 % YoY increase in R&D spend reflecting the expansive pipeline. The biotech sector’s average forward-PE is ~30×, but GMAB trades at a forward-PE of ~22×, implying a relative discount that may be justified by its diversified partnership network (AbbVie, Pfizer, J&J, Novartis, etc.) and a projected compound annual growth rate (CAGR) of 15 % for antibody therapeutics through 2028.
For a deeper quantitative assessment, consult the ValueRay platform’s detailed valuation model for GMAB.
Piotroski VR‑10 (Strict, 0-10) 7.5
| Net Income: 6.57b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.41 > 0.02 and ΔFCF/TA 31.30 > 1.0 |
| NWC/Revenue: 26.57% < 20% (prev 164.8%; Δ -138.2% < -1%) |
| CFO/TA 0.46 > 3% & CFO 3.21b > Net Income 6.57b |
| Net Debt (-1.62b) to EBITDA (5.96b): -0.27 < 3 |
| Current Ratio: 6.03 > 1.5 & < 3 |
| Outstanding Shares: last quarter (620.7m) vs 12m ago -4.33% < -2% |
| Gross Margin: 94.31% > 18% (prev 0.96%; Δ 9335 % > 0.5%) |
| Asset Turnover: 60.15% > 50% (prev 29.25%; Δ 30.90% > 0%) |
| Interest Coverage Ratio: 48.21 > 6 (EBITDA TTM 5.96b / Interest Expense TTM 119.0m) |
Altman Z'' 10.00
| A: 0.53 (Total Current Assets 4.47b - Total Current Liabilities 741.0m) / Total Assets 7.02b |
| B: 0.57 (Retained Earnings 4.03b / Total Assets 7.02b) |
| C: 0.25 (EBIT TTM 5.74b / Avg Total Assets 23.34b) |
| D: 3.02 (Book Value of Equity 3.84b / Total Liabilities 1.27b) |
| Altman-Z'' Score: 10.18 = AAA |
Beneish M -3.13
| DSRI: 0.14 (Receivables 1.05b/6.31b, Revenue 14.04b/11.60b) |
| GMI: 1.02 (GM 94.31% / 96.09%) |
| AQI: 0.91 (AQ_t 0.33 / AQ_t-1 0.36) |
| SGI: 1.21 (Revenue 14.04b / 11.60b) |
| TATA: 0.48 (NI 6.57b - CFO 3.21b) / TA 7.02b) |
| Beneish M-Score: -3.13 (Cap -4..+1) = AA |
What is the price of GMAB shares?
Over the past week, the price has changed by -3.69%, over one month by +3.62%, over three months by +13.81% and over the past year by +64.71%.
Is GMAB a buy, sell or hold?
- StrongBuy: 4
- Buy: 1
- Hold: 4
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the GMAB price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 38.1 | 16.7% |
| Analysts Target Price | 38.1 | 16.7% |
| ValueRay Target Price | 37.8 | 16% |
GMAB Fundamental Data Overview January 26, 2026
P/E Trailing = 14.8597
P/E Forward = 12.4378
P/S = 5.4616
P/B = 3.6289
P/EG = 0.6567
Revenue TTM = 14.04b DKK
EBIT TTM = 5.74b DKK
EBITDA TTM = 5.96b DKK
Long Term Debt = 142.0m DKK (from capitalLeaseObligations, last quarter)
Short Term Debt = 16.0m DKK (from shortTermDebt, last quarter)
Debt = 142.0m DKK (from shortLongTermDebtTotal, last quarter)
Net Debt = -1.62b DKK (from netDebt column, last quarter)
Enterprise Value = 129.08b DKK (132.35b + Debt 142.0m - CCE 3.41b)
Interest Coverage Ratio = 48.21 (Ebit TTM 5.74b / Interest Expense TTM 119.0m)
EV/FCF = 44.37x (Enterprise Value 129.08b / FCF TTM 2.91b)
FCF Yield = 2.25% (FCF TTM 2.91b / Enterprise Value 129.08b)
FCF Margin = 20.72% (FCF TTM 2.91b / Revenue TTM 14.04b)
Net Margin = 46.80% (Net Income TTM 6.57b / Revenue TTM 14.04b)
Gross Margin = 94.31% ((Revenue TTM 14.04b - Cost of Revenue TTM 798.2m) / Revenue TTM)
Gross Margin QoQ = 94.32% (prev 93.84%)
Tobins Q-Ratio = 18.38 (Enterprise Value 129.08b / Total Assets 7.02b)
Interest Expense / Debt = 2.11% (Interest Expense 3.00m / Debt 142.0m)
Taxrate = 16.80% (81.0m / 482.0m)
NOPAT = 4.77b (EBIT 5.74b * (1 - 16.80%))
Current Ratio = 6.03 (Total Current Assets 4.47b / Total Current Liabilities 741.0m)
Debt / Equity = 0.02 (Debt 142.0m / totalStockholderEquity, last quarter 5.75b)
Debt / EBITDA = -0.27 (Net Debt -1.62b / EBITDA 5.96b)
Debt / FCF = -0.56 (Net Debt -1.62b / FCF TTM 2.91b)
Total Stockholder Equity = 27.41b (last 4 quarters mean from totalStockholderEquity)
RoA = 28.15% (Net Income 6.57b / Total Assets 7.02b)
RoE = 23.97% (Net Income TTM 6.57b / Total Stockholder Equity 27.41b)
RoCE = 20.83% (EBIT 5.74b / Capital Employed (Equity 27.41b + L.T.Debt 142.0m))
RoIC = 36.00% (NOPAT 4.77b / Invested Capital 13.26b)
WACC = 8.14% (E(132.35b)/V(132.49b) * Re(8.15%) + D(142.0m)/V(132.49b) * Rd(2.11%) * (1-Tc(0.17)))
Discount Rate = 8.15% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -2.86%
[DCF Debug] Terminal Value 78.43% ; FCFF base≈3.35b ; Y1≈3.56b ; Y5≈4.23b
Fair Price DCF = 118.9 (EV 71.60b - Net Debt -1.62b = Equity 73.22b / Shares 616.0m; r=8.14% [WACC]; 5y FCF grow 6.66% → 2.90% )
EPS Correlation: 52.98 | EPS CAGR: 43.00% | SUE: 0.93 | # QB: 2
Revenue Correlation: -23.89 | Revenue CAGR: -22.19% | SUE: -0.97 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.15 | Chg30d=-0.157 | Revisions Net=-1 | Analysts=2
EPS next Year (2026-12-31): EPS=1.49 | Chg30d=-0.027 | Revisions Net=-1 | Growth EPS=-22.2% | Growth Revenue=+16.2%