NASDAQ : GMAB
Genmab A/S — Financial statements
Healthcare · Biotechnology · Denmark
Last price 56.49 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 33.81B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Genmab A/S (GMAB) reported revenue of 4.13B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.13B | 3.72B | 3.12B | 2.39B | 2.08B | 1.29B |
| Cost of Revenue | 288.00M | 238.00M | 143.00M | 33.00M | ||
| Gross Profit | 3.84B | 3.48B | 2.98B | 2.36B | 2.08B | 1.29B |
| Selling, General & Admin | 727.00M | 626.00M | 549.00M | 478.00M | 384.48M | 196.24M |
| Research & Development | 1.78B | 1.61B | 1.41B | 1.11B | 799.14M | 639.51M |
| Operating Expenses | 2.51B | 2.23B | 1.96B | 1.58B | 1.18B | 835.75M |
| Operating Income | 1.33B | 1.25B | 1.01B | 772.00M | 900.43M | 451.68M |
| Interest Expense | -269.00M | -61.00M | -18.00M | -10.00M | -5.60M | -1.99M |
| Interest & Investment Income | 130.00M | 138.00M | 144.00M | 142.00M | 46.55M | 30.13M |
| Currency Exchange Gain (Loss) | -34.00M | -3.00M | 92.00M | -66.00M | 151.01M | 224.85M |
| EBT Excluding Unusual Items | 1.16B | 1.32B | 1.23B | 838.00M | 1.09B | 704.67M |
| Merger & Restructuring Charges | -262.00M | -185.00M | -43.00M | |||
| Gain (Loss) on Sale of Investments | 7.00M | 65.00M | 136.00M | -21.00M | -94.54M | -105.39M |
| Pretax Income | 906.00M | 1.20B | 1.33B | 817.00M | 997.85M | 599.28M |
| Income Tax Expense | 118.00M | 241.00M | 193.00M | 186.00M | 214.51M | 146.99M |
| Net Income | 788.00M | 963.00M | 1.13B | 631.00M | 783.33M | 452.29M |
| Net Income to Common | 788.00M | 963.00M | 1.13B | 631.00M | 783.33M | 452.29M |
| Shares Outstanding (Basic) | 61.60M | 62.15M | 64.19M | 65.31M | 65.39M | 65.40M |
| Shares Outstanding (Diluted) | 62.34M | 62.69M | 64.66M | 65.90M | 66.01M | 66.05M |
| EPS (Basic) | 12.79 | 15.49 | 17.65 | 9.66 | 11.98 | 6.92 |
| EPS (Diluted) | 12.65 | 15.37 | 17.53 | 9.58 | 11.87 | 6.85 |
| Free Cash Flow | 869.00M | 1.15B | 1.10B | 1.02B | 516.52M | 302.24M |
| Free Cash Flow Per Share | 13.94 | 18.33 | 17.00 | 15.45 | 7.83 | 4.58 |
| Gross Margin | 93.03% | 93.60% | 95.42% | 98.62% | 100.00% | 100.00% |
| Operating Margin | 32.29% | 33.60% | 32.52% | 32.30% | 43.21% | 35.08% |
| Profit Margin | 19.07% | 25.89% | 36.30% | 26.40% | 37.59% | 35.13% |
| Free Cash Flow Margin | 21.04% | 30.89% | 35.21% | 42.59% | 24.79% | 23.48% |
| EBITDA | 1.38B | 1.29B | 1.05B | 802.00M | 941.81M | 481.35M |
| EBITDA Margin | 33.33% | 34.68% | 33.71% | 33.56% | 45.19% | 37.39% |
| D&A For EBITDA | 43.00M | 40.00M | 37.00M | 30.00M | 41.38M | 29.67M |
| EBIT | 1.33B | 1.25B | 1.01B | 772.00M | 900.43M | 451.68M |
| EBIT Margin | 32.29% | 33.60% | 32.52% | 32.30% | 43.21% | 35.08% |
| Effective Tax Rate | 13.02% | 20.02% | 14.56% | 22.77% | 21.50% | 24.53% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.50B | 1.72B | 1.38B | 2.20B | 1.42B | 1.37B |
| Short-Term Investments | 1.57B | 1.97B | 1.79B | 1.59B | ||
| Cash & Short-Term Investments | 1.51B | 1.72B | 2.95B | 4.17B | 3.21B | 2.96B |
| Accounts Receivable | 1.21B | 1.11B | 923.00M | 733.00M | 820.69M | 515.00M |
| Other Receivables | 68.00M | 40.00M | 14.00M | 26.15M | 4.74M | |
| Receivables | 1.27B | 1.15B | 937.00M | 733.00M | 846.84M | 519.75M |
| Inventory | 18.00M | 18.00M | 9.00M | 8.00M | ||
| Total Current Assets | 2.80B | 2.88B | 3.90B | 4.91B | 4.05B | 3.48B |
| Property, Plant & Equipment | 254.00M | 280.00M | 265.00M | 244.00M | 189.94M | 149.13M |
| Long-Term Investments | 39.00M | 37.00M | 32.00M | 20.00M | 19.11M | 56.75M |
| Goodwill | 355.00M | 355.00M | 355.00M | |||
| Other Intangible Assets | 8.87B | 9.12B | 1.73B | 15.00M | 20.98M | 38.85M |
| Long-Term Accounts Receivable | 21.00M | 22.00M | 7.00M | 10.00M | 6.90M | 4.13M |
| Long-Term Deferred Tax Assets | 173.00M | 171.00M | 127.00M | 31.00M | 36.21M | 40.38M |
| Total Assets | 12.52B | 12.87B | 6.41B | 5.23B | 4.33B | 3.77B |
| Accounts Payable | 53.53M | |||||
| Accrued Expenses | 45.28M | |||||
| Current Portion of Long-Term Debt | 294.00M | 273.00M | ||||
| Current Portion of Leases | 18.00M | 18.00M | 13.00M | 13.00M | 10.63M | 9.48M |
| Current Income Taxes Payable | 43.00M | 239.00M | 8.00M | |||
| Current Unearned Revenue | 21.00M | 24.00M | 3.00M | 5.00M | 4.74M | 3.98M |
| Other Current Liabilities | 807.00M | 1.07B | 489.00M | 342.00M | 246.55M | 127.57M |
| Total Current Liabilities | 1.14B | 1.43B | 744.00M | 368.00M | 261.93M | 239.84M |
| Long-Term Debt | 4.84B | 5.00B | ||||
| Long-Term Leases | 120.00M | 134.00M | 131.00M | 101.00M | 75.14M | 55.52M |
| Long-Term Unearned Revenue | 88.00M | 95.00M | 67.00M | 71.00M | 68.97M | 74.49M |
| Long-Term Deferred Tax Liabilities | 364.00M | 364.00M | 330.00M | |||
| Other Long-Term Liabilities | 5.00M | 5.00M | 5.00M | 5.00M | 1.58M | 1.99M |
| Total Liabilities | 6.56B | 7.03B | 1.28B | 545.00M | 407.62M | 371.84M |
| Common Stock | 10.00M | 10.00M | 10.00M | 10.00M | 9.48M | 10.10M |
| Additional Paid-In Capital | 1.92B | 1.92B | 1.96B | 1.94B | 1.77B | 1.84B |
| Retained Earnings | 4.42B | 4.10B | 3.39B | 2.74B | 2.13B | 1.53B |
| Comprehensive Income & Other | -397.00M | -181.00M | -226.00M | -2.00M | 14.08M | 12.39M |
| Shareholders' Equity | 5.96B | 5.85B | 5.14B | 4.69B | 3.92B | 3.40B |
| Total Liabilities & Equity | 12.52B | 12.87B | 6.41B | 5.23B | 4.33B | 3.77B |
| Total Debt | 5.27B | 5.43B | 144.00M | 114.00M | 85.78M | 65.01M |
| Net Cash (Debt) | -3.76B | -3.71B | 2.81B | 4.06B | 3.12B | 2.89B |
| Net Cash Per Share | -60.37 | -59.19 | 43.46 | 61.57 | 47.29 | 43.80 |
| Filing Date Shares Outstanding | 59.70M | 61.62M | 63.54M | 65.33M | 65.37M | 65.43M |
| Total Common Shares Outstanding | 59.70M | 61.62M | 63.54M | 65.33M | 65.37M | 65.43M |
| Working Capital | 1.66B | 1.46B | 3.16B | 4.54B | 3.79B | 3.24B |
| Book Value Per Share | 99.78 | 94.89 | 80.85 | 71.74 | 59.96 | 51.89 |
| Tangible Book Value | -3.27B | -3.63B | 3.05B | 4.67B | 3.90B | 3.36B |
| Tangible Book Value Per Share | -54.77 | -58.93 | 48.06 | 71.51 | 59.64 | 51.29 |
| Machinery | 175.00M | 139.00M | 135.00M | 93.25M | 82.14M | |
| Construction In Progress | 3.00M | 14.00M | 6.00M | 33.48M | 7.95M | |
| Leasehold Improvements | 132.00M | 101.00M | 101.00M | 59.20M | 61.18M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 788.00M | 963.00M | 1.13B | 631.00M | 783.33M | 452.29M |
| Depreciation & Amortization | 60.00M | 57.00M | 52.00M | 43.00M | 52.01M | 29.67M |
| Other Amortization | 77.00M | 14.00M | 8.00M | |||
| Asset Writedown & Restructuring Costs | 32.00M | 32.00M | 17.00M | |||
| Loss (Gain) From Sale of Investments | -7.00M | -65.00M | -136.00M | 21.00M | 94.54M | 105.39M |
| Stock-Based Compensation | 156.00M | 128.00M | 105.00M | 85.00M | 63.07M | 47.42M |
| Other Operating Activities | -90.00M | -168.00M | 56.00M | 93.00M | -166.52M | -186.15M |
| Change in Accounts Receivable | -190.00M | -166.00M | -230.00M | 116.00M | -305.03M | -154.33M |
| Change in Inventory | -5.00M | -9.00M | -1.00M | -8.00M | ||
| Change in Accounts Payable | 80.00M | 400.00M | 122.00M | 90.00M | 40.66M | 46.50M |
| Change in Unearned Revenue | -10.00M | |||||
| Operating Cash Flow | 891.00M | 1.19B | 1.13B | 1.07B | 562.07M | 340.79M |
| Capital Expenditures | -22.00M | -37.00M | -27.00M | -53.00M | -45.55M | -38.55M |
| Cash Acquisitions | -7.21B | -7.21B | -1.78B | |||
| Sale (Purchase) of Intangibles | -1.00M | -18.00M | -17.00M | -1.00M | ||
| Investment in Securities | 1.60B | 1.63B | 380.00M | -131.00M | -351.15M | -108.45M |
| Investing Cash Flow | -5.63B | -5.64B | -1.45B | -185.00M | -396.70M | -146.99M |
| Long-Term Debt Issued | 5.50B | |||||
| Long-Term Debt Repaid | -13.00M | -9.00M | -14.00M | -10.49M | -8.87M | |
| Lease Payments | -16.00M | -13.00M | -9.00M | -14.00M | -10.49M | -8.87M |
| Net Debt Issued (Repaid) | 5.36B | 5.49B | -9.00M | -14.00M | -10.49M | -8.87M |
| Issuance of Common Stock | 19.00M | 23.00M | 19.00M | 21.00M | 40.23M | 20.65M |
| Repurchase of Common Stock | -147.00M | -448.00M | -576.00M | -96.00M | -143.10M | -76.02M |
| Other Financing Activities | -275.00M | -273.00M | ||||
| Financing Cash Flow | 4.96B | 4.79B | -566.00M | -89.00M | -113.36M | -64.24M |
| Foreign Exchange Rate Adjustments | -7.00M | 3.00M | 63.00M | -12.00M | 82.47M | 130.01M |
| Net Cash Flow | 207.00M | 335.00M | -824.00M | 785.00M | 134.48M | 259.57M |
| Free Cash Flow | 869.00M | 1.15B | 1.10B | 1.02B | 516.52M | 302.24M |
| Free Cash Flow Margin | 21.04% | 30.89% | 35.21% | 42.59% | 24.79% | 23.48% |
| Free Cash Flow Per Share | 13.94 | 18.33 | 17.00 | 15.45 | 7.83 | 4.58 |
| Levered Free Cash Flow | 870.62M | 1.07B | 915.12M | 777.92M | 305.10M | 259.80M |
| Unlevered Free Cash Flow | 995.75M | 1.11B | 926.38M | 784.17M | 308.60M | 261.04M |
| Free Cash Flow After Leases | 853.00M | 1.14B | 1.09B | 1.00B | 506.04M | 293.37M |
| Cash Interest Paid | 201.00M | 10.00M | 5.00M | 3.00M | 2.30M | 1.84M |
| Cash Income Tax Paid | 241.00M | 460.00M | 50.00M | 155.00M | 227.44M | 113.49M |
| Change in Working Capital | -125.00M | 225.00M | -109.00M | 198.00M | -264.37M | -107.83M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 34.92B | 19.63B | 13.16B | 20.84B | 27.62B | 26.32B |
| Enterprise Value | 38.59B | 16.36B | 10.89B | 16.88B | 24.29B | 23.52B |
| Last Close Price | 57.06 | 30.80 | 20.87 | 31.84 | 42.38 | 39.56 |
| PE Ratio | 46.12 | 20.38 | 11.62 | 33.03 | 35.26 | 58.19 |
| PS Ratio | 8.45 | 5.28 | 4.22 | 8.72 | 13.25 | 20.44 |
| PB Ratio | 5.86 | 3.36 | 2.56 | 4.45 | 7.05 | 7.75 |
| P/TBV Ratio | 4.31 | 4.46 | 7.08 | 7.84 | ||
| P/FCF Ratio | 40.18 | 17.08 | 11.98 | 20.47 | 53.47 | 87.08 |
| P/OCF Ratio | 39.19 | 16.55 | 11.69 | 19.46 | 49.14 | 77.23 |
| EV/Sales Ratio | 9.34 | 4.40 | 3.49 | 7.06 | 11.66 | 18.27 |
| EV/EBITDA Ratio | 28.03 | 12.68 | 10.36 | 21.05 | 25.79 | 48.86 |
| EV/EBIT Ratio | 28.93 | 13.09 | 10.73 | 21.87 | 26.98 | 52.07 |
| EV/FCF Ratio | 44.41 | 14.24 | 9.91 | 16.59 | 47.03 | 77.81 |
| Debt / Equity Ratio | 0.89 | 0.93 | 0.03 | 0.02 | 0.02 | 0.02 |
| Debt / EBITDA Ratio | 3.78 | 4.15 | 0.13 | 0.14 | 0.09 | 0.14 |
| Debt / FCF Ratio | 6.07 | 4.72 | 0.13 | 0.11 | 0.17 | 0.21 |
| Net Debt / Equity Ratio | 0.63 | 0.64 | -0.55 | -0.87 | -0.80 | -0.85 |
| Net Debt / EBITDA Ratio | 2.73 | 2.88 | -2.67 | -5.06 | -3.31 | -6.01 |
| Net Debt / FCF Ratio | 4.33 | 3.23 | -2.56 | -3.98 | -6.04 | -9.57 |
| Asset Turnover | 0.43 | 0.39 | 0.54 | 0.49 | 0.53 | 0.37 |
| Inventory Turnover | 18.58 | 17.63 | 16.82 | |||
| Quick Ratio | 2.44 | 2.01 | 5.23 | 13.33 | 15.48 | 14.50 |
| Current Ratio | 2.46 | 2.02 | 5.24 | 13.35 | 15.48 | 14.50 |
| Return on Equity (ROE) | 14.00% | 17.54% | 23.07% | 14.46% | 22.04% | 14.31% |
| Return on Assets (ROA) | 8.79% | 8.10% | 10.89% | 9.96% | 14.31% | 8.06% |
| Return on Invested Capital (ROIC) | 12.07% | 16.82% | 58.66% | 83.50% | 108.72% | 64.65% |
| Return on Capital Employed (ROCE) | 11.70% | 10.90% | 17.90% | 15.90% | 22.10% | 12.80% |
| Earnings Yield | 2.17% | 4.91% | 8.61% | 3.03% | 2.84% | 1.72% |
| FCF Yield | 2.49% | 5.85% | 8.35% | 4.88% | 1.87% | 1.15% |
| Buyback Yield / Dilution | 1.73% | 3.04% | 1.88% | 0.17% | 0.06% | -0.24% |