Genmab A/S (GMAB) Stock Price & How to Invest

Genmab A/S, founded in 1999 and headquartered in Copenhagen, engineers therapeutic antibodies and has historically licensed them to larger partners rather than selling them itself. The best known is daratumumab, sold by Johnson & Johnson as DARZALEX and DARZALEX FASPRO, which has become a backbone therapy in multiple myeloma and pays Genmab a royalty on worldwide net sales. Genmab also earns royalties on ofatumumab (Kesimpta, Novartis) and teprotumumab (TEPEZZA), and shares in two commercial products it helped develop: epcoritamab, sold as EPKINLY in the US and TEPKINLY in Europe with AbbVie, and tisotumab vedotin (TIVDAK) with Pfizer. The strategic shift under way is toward owning products outright. Rina-S (rinatabart sesutecan), a folate receptor alpha antibody-drug conjugate in ovarian cancer, is wholly owned, and the December 2025 close of the $8 billion all-cash acquisition of Merus N.V. at $97 per share added petosemtamab, a late-stage bispecific in head and neck cancer.

As of August 2026 the ADSs trade around $32 with a market capitalization near $19.9 billion, against trailing twelve-month revenue of roughly $4.1 billion. First-half 2026 revenue grew about 25% to roughly $2.05 billion, operating profit was about $555 million, and adjusted operating profit about $656 million. DARZALEX royalties were roughly $1.31 billion in the half, up about 20%, on worldwide DARZALEX net trade sales of about $4.21 billion in the second quarter alone. EPKINLY and TEPKINLY net sales reached about $312 million in the half, up about 48%, and TIVDAK about $84 million. Management raised full-year 2026 guidance to revenue of about $4.33 billion to $4.53 billion and adjusted operating profit of about $1.07 billion to $1.39 billion. The number that frames everything else is concentration: DARZALEX royalties alone were roughly 64% of first-half revenue, which is why the market spends more time on the pipeline than on the current income statement. Note that US investors buy an ADS rather than the Copenhagen-listed ordinary share, and that Genmab presents its financial statements in US dollars even though the ordinary shares trade in Danish kroner.

Revenue concentration is the first-order risk: DARZALEX royalties were roughly 64% of first-half 2026 revenue, Genmab does not control how the drug is priced or promoted, and daratumumab exclusivity does not last forever, so the whole equity story is a race between pipeline conversion and eventual biosimilar erosion. Multiple myeloma is also the most crowded field in oncology, with Sanofi's Sarclisa, Pfizer's Elrexfio, and Johnson & Johnson's own TECVAYLI, TALVEY, and CARVYKTI all competing for the same patients that daratumumab treats. EPKINLY faces Roche's Lunsumio and Columvi and Regeneron's odronextamab in lymphoma, and Rina-S enters an ovarian setting where AbbVie's Elahere is already established. The wholly owned pipeline concentrates outcome risk in a small number of readouts, and the Merus deal spent a large share of the balance sheet on one of them. AbbVie has also filed a trade secret misappropriation complaint in US federal court touching antibody-drug conjugate technology, which is separate from ordinary commercial risk. Finally, the ADS carries Danish krone exposure and the ordinary share's Copenhagen listing sets the price the ADS tracks.

11 analysts publish price targets on GMAB, averaging $38.84 against a $31.94 price as of August 2026, or +21.6%. The published targets run from $32.00 to $43.20, a narrow spread, and the ratings split 11 buy, 1 hold, 0 sell. Over the last six months there have been 3 raises and 2 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full GMAB forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Genmab A/S. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. DARZALEX royalties still compounding. Daratumumab keeps taking share in multiple myeloma, moving earlier into treatment lines and into subcutaneous dosing, and worldwide net trade sales reached about $4.21 billion in the second quarter of 2026. The most optimistic published target, $43.20, assumes this works close to its best case.

The case against. Revenue concentration is the first-order risk: DARZALEX royalties were roughly 64% of first-half 2026 revenue, Genmab does not control how the drug is priced or promoted, and daratumumab exclusivity does not last forever, so the whole equity story is a race between pipeline conversion and eventual biosimilar erosion. The most pessimistic target, $32.00, is roughly what GMAB is worth if this bites instead.

Read the full bull and bear case on GMAB, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Genmab A/S's investor relations page or your broker.

• Revenue (TTM): ~$4.1 billion, presented in US dollars (H1 2026 was ~$2.05 billion, up ~25% year over year)
• DARZALEX royalties (H1 2026): ~$1.31 billion, up ~20%, roughly 64% of total revenue
• Owned and shared product sales (H1 2026): EPKINLY and TEPKINLY ~$312 million (up ~48%), TIVDAK ~$84 million
• Profitability (H1 2026): Operating profit ~$555 million; adjusted operating profit ~$656 million
• 2026 guidance (raised August 2026): Revenue ~$4.33 billion to ~$4.53 billion; adjusted operating profit ~$1.07 billion to ~$1.39 billion
• Market cap and multiple: ~$19.9 billion at ~$32 per ADS, roughly 4.8x trailing revenue and about 16x the midpoint of guided 2026 adjusted operating profit

Figures are approximate and tied to the asOf date; verify live numbers before acting. Genmab is unusual for a mid-cap biotech in being consistently profitable, because the royalty line carries almost no cost, so screening it on earnings multiples against pre-revenue biotech peers is not informative. The more useful framing is that a large share of current profit comes from an asset Genmab neither sells nor controls, so the multiple reflects a market judgment on the wholly owned pipeline rather than on the current royalty. Reported profit also now absorbs the operating costs and accounting effects of the Merus acquisition, which is why adjusted operating profit and reported operating profit have separated.

Other names that sit close to GMAB: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get GMAB exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so GMAB sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where GMAB fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Genmab is a profitable, royalty-funded antibody developer trading around 4.8x trailing revenue, whose value turns on whether EPKINLY, Rina-S, and petosemtamab can replace DARZALEX royalties before those royalties start to fade.

Whether GMAB is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is GMAB a buy or a sell?, and where the stock could go from here in the GMAB stock forecast.

For income investors, whether GMAB pays a dividend and how the payout looks is covered in does GMAB pay a dividend? And to weigh GMAB against a peer, read the full side-by-side comparisons: GMAB vs SNY and GMAB vs PFE.