- Genmab A/S (GMAB) Q1 2026 Earnings Call Transcript
May 14, 2026 · seekingalpha.com
Genmab A/S (GMAB) Q1 2026 Earnings Call Transcript
- Morgan Stanley Maintains an “Equal Weight” Rating on Genmab A/S (GMAB)
May 13, 2026
Genmab A/S (NASDAQ:GMAB) is one of the
8 Most Promising Biotech Stocks to Buy Now. On May 8, Morgan Stanley reduced its price goal on Genmab A/S (NASDAQ:GMAB) to $33 from $34. It maintained an “Equal Weight” rating on the shares. On May 7, Genmab A/S (NASDAQ:GMAB) reported revenue of $896 million for Q1 2026, rising 25% from $715 million a year earlier. The growth was because of higher DARZALEX and Kesimpta royalties and solid EPKINLY sales. Royalty income did the heavy lifting, soaring to $742 million from $589 million, as underlying drug sales expanded. Costs climbed too, as Genmab A/S (NASDAQ:GMAB) reported operating expenses of $606 million, growing by 25%, showing pipeline growth and marketing investments. Profit held steady, posting an operating profit of $180 million compared to $188 million last year, while adjusted operating profit reached $237 million, up from $191 million.Morgan Stanley Maintains an “Equal Weight" Rating on Genmab A/S (GMAB)
Jan van de Winkel said Genmab A/S (NASDAQ:GMAB) made “tangible progress,” pushing late-stage programs and preparing for launches. It maintained 2026 guidance. Genmab A/S (NASDAQ:GMAB) is a global biotechnology company that works on the development of human antibody therapies for cancer and other diseases. While we acknowledge the potential of GMAB as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. Disclosure: None. Follow Insider Monkey on Google News.
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- Capital Increase in Genmab as a Result of Employee Warrant Exercise
May 12, 2026
Genmab A/S
Company Announcement
COPENHAGEN, Denmark; May 12, 2026 – Genmab A/S (Nasdaq: GMAB) will increase its share capital by 2,346 shares as a consequence of the exercise of employee warrants.
The increase is effected without any preemption rights for the existing shareholders of the Company or others. The shares are subscribed in cash at the following price per share of nominally DKK 1:
908 shares at DKK 1,147.50,
759 shares at DKK 1,334.50, and
679 shares at DKK 1,362.50.
Proceeds to the Company are approximately DKK 3.0 million. The increase corresponds to approximately 0.004% of the Company's share capital.
The new shares are ordinary shares without any special rights and are freely transferable negotiable instruments. The new shares give rights to dividends and other rights in relation to the company as of subscription. The new shares will be listed on Nasdaq Copenhagen after registration with the Danish Business Authority. The capital increase is expected to be finalized shortly.
Pursuant to section 32 of the Danish Capital Markets Act No. 1493 of November 18, 2025, it is hereby announced, that the total nominal value of Genmab A/S' share capital after the capital increase is DKK 62,353,067 which is made up of 62,353,067 shares of a nominal value of DKK 1 each, corresponding to 62,353,067 votes.
About Genmab
Genmab is an international biotechnology company dedicated to improving the lives of people with cancer and other serious diseases through innovative antibody medicines. For over 25 years, its passionate, innovative and collaborative team has advanced a broad range of antibody-based therapeutic formats, including bispecific antibodies, antibody-drug conjugates (ADCs), immune-modulating antibodies and other next-generation modalities. Genmab’s science powers eight approved antibody medicines, and the company is advancing a strong late-stage clinical pipeline, including wholly owned programs, with the goal of delivering transformative medicines to patients.
Established in 1999, Genmab is headquartered in Copenhagen, Denmark, with international presence across North America, Europe and Asia Pacific. For more information, please visit Genmab.com and follow us on LinkedIn and X.
Contact:
Marisol Peron, Senior Vice President, Global Communications & Corporate Affairs
T: +1 609 524 0065; E: mmp@genmab.com
Andrew Carlsen, Vice President, Head of Investor Relations
T: +45 3377 9558; E: acn@genmab.com
This Company Announcement contains forward looking statements. The words “believe,” “expect,” “anticipate,” “intend” and “plan” and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with preclinical and clinical development of products, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products or technologies obsolete, and other factors. For a further discussion of these risks, please refer to the risk management sections in Genmab’s most recent financial reports, which are available on www.genmab.comand the risk factors included in Genmab’s most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. Genmab does not undertake any obligation to update or revise forward looking statements in this Company Announcement nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation to actual results, unless required by law.
Genmab A/S and/or its subsidiaries own the following trademarks: Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the Y-shaped Genmab logo®; HuMax®; DuoBody®; HexaBody®; DuoHexaBody®, HexElect® and KYSO®.
Story Continues
Company Announcement no. 27
CVR no. 2102 3884
LEI Code 529900MTJPDPE4MHJ122
Genmab A/S
Carl Jacobsens Vej 30
2500 Valby
Denmark
Attachment
120526_CA27_Warrant Exercise
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- Capital Increase in Genmab as a Result of Employee Warrant Exercise
May 12, 2026
Company Announcement
COPENHAGEN, Denmark; May 12, 2026 – Genmab A/S (Nasdaq: GMAB) will increase its share capital by 2,346 shares as a consequence of the exercise of employee warrants.
The increase is effected without any preemption rights for the existing shareholders of the Company or others. The shares are subscribed in cash at the following price per share of nominally DKK 1:
908 shares at DKK 1,147.50,
759 shares at DKK 1,334.50, and
679 shares at DKK 1,362.50.
Proceeds to the Company are approximately DKK 3.0 million. The increase corresponds to approximately 0.004% of the Company's share capital.
The new shares are ordinary shares without any special rights and are freely transferable negotiable instruments. The new shares give rights to dividends and other rights in relation to the company as of subscription. The new shares will be listed on Nasdaq Copenhagen after registration with the Danish Business Authority. The capital increase is expected to be finalized shortly.
Pursuant to section 32 of the Danish Capital Markets Act No. 1493 of November 18, 2025, it is hereby announced, that the total nominal value of Genmab A/S' share capital after the capital increase is DKK 62,353,067 which is made up of 62,353,067 shares of a nominal value of DKK 1 each, corresponding to 62,353,067 votes.
About Genmab
Genmab is an international biotechnology company dedicated to improving the lives of people with cancer and other serious diseases through innovative antibody medicines. For over 25 years, its passionate, innovative and collaborative team has advanced a broad range of antibody-based therapeutic formats, including bispecific antibodies, antibody-drug conjugates (ADCs), immune-modulating antibodies and other next-generation modalities. Genmab’s science powers eight approved antibody medicines, and the company is advancing a strong late-stage clinical pipeline, including wholly owned programs, with the goal of delivering transformative medicines to patients.
Established in 1999, Genmab is headquartered in Copenhagen, Denmark, with international presence across North America, Europe and Asia Pacific. For more information, please visit Genmab.com and follow us on LinkedIn and X.
Contact:
Marisol Peron, Senior Vice President, Global Communications & Corporate Affairs
T: +1 609 524 0065; E: mmp@genmab.com
Andrew Carlsen, Vice President, Head of Investor Relations
T: +45 3377 9558; E: acn@genmab.com
This Company Announcement contains forward looking statements. The words “believe,” “expect,” “anticipate,” “intend” and “plan” and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with preclinical and clinical development of products, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products or technologies obsolete, and other factors. For a further discussion of these risks, please refer to the risk management sections in Genmab’s most recent financial reports, which are available on www.genmab.comand the risk factors included in Genmab’s most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. Genmab does not undertake any obligation to update or revise forward looking statements in this Company Announcement nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation to actual results, unless required by law.
Genmab A/S and/or its subsidiaries own the following trademarks: Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the Y-shaped Genmab logo®; HuMax®; DuoBody®; HexaBody®; DuoHexaBody®, HexElect® and KYSO®.
Company Announcement no. 27
CVR no. 2102 3884
LEI Code 529900MTJPDPE4MHJ122
Genmab A/S
Carl Jacobsens Vej 30
2500 Valby
Denmark
Attachment
120526_CA27_Warrant Exercise
- Junk-Rated Firms Rush to Reprice Risky Debt as Demand Surges
May 12, 2026
(Bloomberg) -- Junk-rated firms are rushing to reprice and refinance debt, seizing on renewed investor appetite for riskier US dollar-denominated loans to slash borrowing costs.
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More than 20 companies have kicked off deals to cut borrowing costs or extend maturities on nearly $30 billion of debt this week, the most volume since January, according to data compiled by Bloomberg.
The rush underscores how sharply sentiment has shifted, with investors now shrugging off fears over AI-driven disruption and the economic fallout from the war in Iran that brought the market to a near standstill just weeks ago. Instead, they’re pouring into the loan market at the fastest pace in several months, driven by resilient US economic growth and strong corporate earnings.
The move has driven a rebound in loan prices, giving borrowers a chance to reduce financing costs at a time when inflation woes are dampening bets for lower rates.
Firms seeking to capitalize on strong investor demand include Victory Capital Holdings Inc. The investment firm is asking lenders to cut the margin on a $980 million term loan maturing in 2032 by 0.25 percentage point to 1.75 percentage points above the Secured Overnight Financing Rate, according to a person with direct knowledge of the matter.
The loan — originally sold last year at a slight discount — would also be repriced at par, the person added, asking not to be identified because the information is private.
Pacific Dental Services Inc., Genmab A/S and Talen Energy Corp are also trying to lower borrowing costs by 0.25 percentage point to as much as 0.75 percentage point through repricing offerings. Car battery manufacturer Clarios Global LP is seeking to reprice as much as $3.48 billion of existing loans.
Repricings leave most of the terms of a loan the same, changing mainly the interest rate paid. Lenders who agree roll into the new terms, while those who don’t can be repaid and replaced with new investors.
Other firms such as Modern Aviation Inc. and vegetation management company Asplundh Tree Expert LLC are seeking to raise funds to repay existing loans, extending maturities on their debt.
The wave of repricing and refinancing comes as new leveraged buyout debt has been modest, leaving investors with fewer new deals and pushing them to accept tighter spreads on existing loans.
Story Continues
--With assistance from Lara Wieczezynski.
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©2026 Bloomberg L.P.
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- Capital Increase in Genmab as a Result of Employee Warrant Exercise
May 12, 2026 · globenewswire.com
Company Announcement COPENHAGEN, Denmark; May 12, 2026 – Genmab A/S (Nasdaq: GMAB) will increase its share capital by 2,346 shares as a consequence of the exercise of employee warrants. The increase is effected without any preemption rights for the existing shareholders of the Company or others.
- CAPITAL INCREASE IN GENMAB AS A RESULT OF EMPLOYEE WARRANT EXERCISE
May 12, 2026
COMPANY ANNOUNCEMENT COPENHAGEN, DENMARK; MAY 12, 2026 – GENMAB A/S (NASDAQ: GMAB) WILL INCREASE ITS SHARE CAPITAL BY 2,346 SHARES AS A CONSEQUENCE OF THE EXERCISE OF EMPLOYEE WARRANTS. THE INCREASE IS EFFECTED WITHOUT ANY PREEMPTION RIGHTS FOR THE EXISTING SHAREHOLDERS OF THE COMPANY OR OTHERS.
- Major Shareholder Announcement
May 8, 2026
Genmab A/S
Company Announcement
Major shareholder announcement for Genmab A/S
COPENHAGEN, Denmark; May 8, 2026 – Genmab A/S (Nasdaq: GMAB) announces under reference to Section 30 of the Danish Capital Markets Act that Orbis Investment Management Limited has informed us that through shares, as of May 8, 2026, Orbis Investment Management Limited controlled the voting rights to 3,166,357 shares in Genmab A/S, which amounts to 5.08% of the share capital and voting rights in Genmab A/S.
The major shareholder announcement of Orbis Investment Management Limited is attached to this announcement.
About Genmab
Genmab is an international biotechnology company dedicated to improving the lives of people with cancer and other serious diseases through innovative antibody medicines. For over 25 years, its passionate, innovative and collaborative team has advanced a broad range of antibody-based therapeutic formats, including bispecific antibodies, antibody–drug conjugates (ADCs), immune-modulating antibodies and other next-generation modalities. Genmab’s science powers eight approved antibody medicines, and the company is advancing a strong late-stage clinical pipeline, including wholly owned programs, with the goal of delivering transformative medicines to patients.
Established in 1999, Genmab is headquartered in Copenhagen, Denmark, with international presence across North America, Europe and Asia Pacific. For more information, please visit Genmab.com and follow us on LinkedIn and X.
Contact:
Marisol Peron, Senior Vice President, Global Communications & Corporate Affairs
T: +1 609 524 0065; E: mmp@genmab.com
Andrew Carlsen, Vice President, Head of Investor Relations
T: +45 3377 9558; E: acn@genmab.com
This Company Announcement contains forward looking statements. The words “believe,” “expect,” “anticipate,” “intend” and “plan” and similar expressions identify forward looking statements. Actual results or performance may differ materially from any future results or performance expressed or implied by such statements. The important factors that could cause our actual results or performance to differ materially include, among others, risks associated with preclinical and clinical development of products, uncertainties related to the outcome and conduct of clinical trials including unforeseen safety issues, uncertainties related to product manufacturing, the lack of market acceptance of our products, our inability to manage growth, the competitive environment in relation to our business area and markets, our inability to attract and retain suitably qualified personnel, the unenforceability or lack of protection of our patents and proprietary rights, our relationships with affiliated entities, changes and developments in technology which may render our products or technologies obsolete, and other factors. For a further discussion of these risks, please refer to the risk management sections in Genmab’s most recent financial reports, which are available on www.genmab.comand the risk factors included in Genmab’s most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. Genmab does not undertake any obligation to update or revise forward looking statements in this Company Announcement nor to confirm such statements to reflect subsequent events or circumstances after the date made or in relation to actual results, unless required by law.
Genmab A/S and/or its subsidiaries own the following trademarks: Genmab®; the Y-shaped Genmab logo®; Genmab in combination with the Y-shaped Genmab logo®; HuMax®; DuoBody®; HexaBody®; DuoHexaBody®, HexElect® and KYSO®.
Story Continues
Company Announcement no. 26
CVR no. 2102 3884
LEI Code 529900MTJPDPE4MHJ122
Genmab A/S
Carl Jacobsens Vej 30
2500 Valby
Denmark
Attachments
080526_CA26_Major Shareholder Orbis Orbis Shareholder Notification
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- Is It Time To Reassess Genmab (CPSE:GMAB) After Mixed Multi‑Year Share Performance
May 8, 2026
Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.
Wondering whether Genmab stock still offers value at current levels, or if the best of the opportunity is already behind it, starts with understanding what the recent price moves really say about expectations. Over the last week the stock is up 4.1%, while the 1 year return sits at 36.3%. This is even though the year to date return is a 12.4% decline and the 3 and 5 year returns are 38.7% and 21.2% declines respectively. These mixed returns have kept attention on Genmab, with recent coverage focusing on how the company fits into investors' portfolios as a large biotech stock and how sentiment has shifted around its long term potential. Articles have also highlighted how current pricing sits against analysts' expectations and different valuation frameworks, which helps explain some of the recent share price moves. Genmab currently has a valuation score of 4/6, reflecting the number of checks where the stock screens as undervalued. The rest of this article will compare the main valuation methods investors often use before turning to a more complete way of thinking about the stock's value.
Genmab delivered 36.3% returns over the last year. See how this stacks up to the rest of the Biotechs industry.
Approach 1: Genmab Discounted Cash Flow (DCF) Analysis
A Discounted Cash Flow, or DCF, model estimates what a company could be worth by projecting its future cash flows and discounting them back to today, so you can compare that value with the current share price.
For Genmab, the model uses a 2 Stage Free Cash Flow to Equity approach based on cash flow projections. The latest twelve-month free cash flow stands at about US$1.12b. Analyst projections extend to 2030, with free cash flow for that year estimated at US$2.33b, and further years extrapolated by Simply Wall St at modest steps beyond that level.
Putting these projections together, the DCF model points to an estimated intrinsic value of DKK 5,600.99 per share. Relative to the current share price, this implies the stock trades at a 68.6% discount, so on this model Genmab screens as materially undervalued.
Result: UNDERVALUED
Our Discounted Cash Flow (DCF) analysis suggests Genmab is undervalued by 68.6%. Track this in your watchlist or portfolio, or discover 228 more high quality undervalued stocks.GMAB Discounted Cash Flow as at May 2026
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Genmab.
Approach 2: Genmab Price vs Earnings (P/E)
For profitable companies, the P/E ratio is a straightforward way to see how much investors are paying for each unit of current earnings, which helps you compare stocks that already generate profits.
Story Continues
What counts as a “normal” P/E depends on how quickly earnings are expected to change and how risky those earnings are. Higher expected growth and lower perceived risk usually support a higher P/E, while slower growth or higher uncertainty usually point to a lower P/E being more appropriate.
Genmab currently trades on a P/E of 17.6x. That sits below the Biotechs industry average of 27.7x and just under the peer average of 18.1x. Simply Wall St’s Fair Ratio for Genmab is 20.6x. This proprietary metric aims to estimate the P/E that might make sense for the stock given factors such as its earnings profile, industry, profit margins, market cap and stock specific risks.
Because the Fair Ratio blends these company specific inputs instead of relying only on broad industry or peer comparisons, it can give a more tailored view of value. With Genmab at 17.6x versus a Fair Ratio of 20.6x, the stock screens as undervalued on this approach.
Result: UNDERVALUEDCPSE:GMAB P/E Ratio as at May 2026
P/E ratios tell one story, but what if the real opportunity lies elsewhere? Start investing in legacies, not executives. Discover our 100 top founder-led companies.
Upgrade Your Decision Making: Choose your Genmab Narrative
Earlier it was mentioned that there is an even better way to understand valuation. Narratives on Simply Wall St give you a simple way to put a story behind the numbers by linking your view on Genmab, such as how its oncology pipeline, pricing pressure or cash position might play out, to a set of revenue, earnings and margin assumptions that flow through to a Fair Value you can compare with the current share price. These Narratives live in the Community page, update automatically as new news or earnings arrive, and can differ widely. For example, one bearish Genmab Narrative currently anchors on a Fair Value of about DKK 1,588 while a bullish Narrative sits near DKK 3,017. This helps you see exactly how different expectations about risks, growth and future P/E ratios translate into very different conclusions about whether the stock looks cheap or expensive today.
For Genmab however we will make it really easy for you with previews of two leading Genmab Narratives:
🐂 Genmab Bull Case
Fair value in this bullish Narrative: DKK 2,233.38
Implied discount to this fair value: about 21.3% versus the last close of DKK 1,758.50
Revenue growth assumption: 19.49% a year
Analysts behind this view see Genmab's broader antibody portfolio and late stage oncology assets as supporting higher long term earnings and a larger addressable market. The Narrative leans on recurring royalties from partnered drugs, growing contributions from wholly owned products and ongoing investment in commercial infrastructure. Key risks flagged include pricing pressure, regulatory uncertainty, dependence on major partners and the chance that some pipeline programs or acquisitions underdeliver.
🐻 Genmab Bear Case
Fair value in this bearish Narrative: DKK 1,588.21
Implied discount to this fair value: about 11.0% versus the last close of DKK 1,758.50
Revenue growth assumption: 17.01% a year
This view stresses Genmab's reliance on a small cluster of oncology products and the risk that pricing pressure, patent cliffs and competition limit future earnings. Higher R&D spend, regulatory complexity and potential delays to launches are central to the concern that profit margins could be squeezed over time. Even in this case, analysts still factor in ongoing revenue growth, but argue that execution and concentration risks justify a lower fair value and closer scrutiny of 2026 pipeline catalysts.
If you want to see how these narratives expand into full cash flow, earnings and risk assumptions for Genmab, the Community section on Simply Wall St lets you review them side by side and stress test which set of expectations lines up best with your own view of the stock.
To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Genmab on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.
Do you think there's more to the story for Genmab? Head over to our Community to see what others are saying!CPSE:GMAB 1-Year Stock Price Chart
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include GMAB.CO.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- DARZALEX royalties drive Genmab’s Q1 revenue higher amid expansion push
May 7, 2026
Investing.com -- Genmab reported a 25% year-on-year increase in first-quarter revenue for 2026, driven by strong royalty income from blockbuster cancer drug DARZALEX and multiple sclerosis treatment Kesimpta, as the Danish biotech company continued investing heavily in its late-stage oncology pipeline.
Revenue for the three months ended March 31 rose to $896 million from $715 million a year earlier, while royalty revenue climbed 26% to $742 million. The company said growth was primarily fueled by higher sales of DARZALEX, marketed by Johnson & Johnson, and Kesimpta, marketed by Novartis.
DARZALEX global sales increased 22% to nearly $4 billion during the quarter, generating $562 million in royalties for Genmab. Kesimpta royalties rose 29% to $116 million amid growing demand and wider patient access.
Despite the strong top-line performance, net profit fell sharply to $53 million from $195 million a year earlier. The decline reflected higher research and development spending, integration costs tied to the company’s acquisition of Merus in late 2025, and increased interest expenses from the debt used to finance the $5.5 billion transaction, the company said.
Genmab maintained its full-year 2026 guidance, forecasting revenue between $4.1 billion and $4.4 billion and operating profit between $900 million and $1.4 billion. The company expects continued growth from DARZALEX royalties and expanding sales of EPKINLY and Tivdak.
The company also highlighted progress across its oncology pipeline. Rina-S, an antibody-drug conjugate targeting folate receptor alpha cancers, is advancing through three Phase 3 trials, while petosemtamab, acquired through Merus, continues development in head and neck cancers with two active Phase 3 studies underway.
Genmab ended the quarter with $1.5 billion in cash and cash equivalents and approximately $5.2 billion in borrowings related to the Merus acquisition.
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