Genmab Publishes 2025 Annual Report
MWN-AI** Summary
Genmab A/S announced the publication of its 2025 Annual Report on February 17, 2026, summarizing significant business progress, financial performance, and outlook for 2026. The report highlights notable achievements, including the FDA approval of EPKINLY® (epcoritamab-bysp) for earlier therapy lines in follicular lymphoma and the acquisition of Merus N.V., which adds a breakthrough therapy asset, petosemtamab, to Genmab's portfolio. Furthermore, Tivdak® (tisotumab vedotin) received approvals in Europe and Japan for recurrent cervical cancer, marking a milestone for Genmab's independent launches.
Financially, Genmab reported revenue of $3.72 billion in 2025, an increase of 19% from 2024, attributed to growing sales of DARZALEX® and EPKINLY, and elevating royalty revenues. Specifically, net sales of DARZALEX reached $14.35 billion, up by 23%, while EPKINLY demonstrated substantial growth, with $468 million in global sales. Royalty revenues rose to $3.1 billion, primarily from increased sales of DARZALEX and Kesimpta®.
Genmab's operating expenses were $2.22 billion, reflective of strategic investments and the Merus acquisition, leading to an operating profit of $1.26 billion, up from $1.02 billion in 2024. Looking ahead, Genmab projects 2026 revenue between $4.065 and $4.395 billion, driven by higher royalties and product sales, including a forecasted $2.7 billion in DARZALEX royalties. Operating expenses are expected to increase to between $2.7 and $2.9 billion as the company prepares for future growth and expansion.
For complete details, investors are encouraged to access the report and a recorded conference call via Genmab's investor relations webpage.
MWN-AI** Analysis
**Market Advice on Genmab A/S Following 2025 Annual Report Release**
Genmab A/S (Nasdaq: GMAB) has demonstrated solid growth in its 2025 Annual Report, highlighted by significant milestones and a robust financial performance. With net revenue soaring by 19% to $3.72 billion, buoyed primarily by increased royalties from key products like DARZALEX® and the growing market penetration of EPKINLY® and Tivdak®, Genmab presents an attractive investment opportunity for 2026.
The company forecasts a revenue increase to between $4.06 billion and $4.40 billion for 2026, indicating a continuation of this growth trajectory. The anticipated surge in royalties, primarily driven by the strong performance of DARZALEX (with expected net sales in the range of $15.6 to $16.4 billion), positions Genmab favorably in the competitive biotech landscape. Furthermore, the FDA's approval of Epcoritamab for earlier lines of therapy in follicular lymphoma and the acquisition of Merus N.V. enhance its late-stage pipeline, which could lead to further revenue diversification.
Investors should consider the increase in operating expenses—from $2.22 billion in 2025 to a projected $2.71 to $2.91 billion in 2026—as part of Genmab’s strategy for sustainable growth. While this indicates increased investment in R&D and commercialization capabilities, the projected operating profit could range from $900 million to $1.4 billion.
The key risks outlined include uncertainties around product development and market acceptance, which investors should closely monitor. However, the potential for revenue growth and innovative product launches may outweigh these risks for long-term investors.
In conclusion, with a strong financial outlook, strategic acquisitions, and product launches, Genmab is positioned for continued success. Investors may find the current share pricing attractive, suggesting now is a prudent entry point into Genmab’s promising future.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Company Announcement
COPENHAGEN, Denmark; February 17, 2026 – Genmab A/S (Nasdaq: GMAB) announced today the publication of its Annual Report for 2025. Below is a summary of business progress in 2025, financial performance for the year and the financial outlook for 2026. The full report is attached as a PDF file and in iXBRL format and can be found in the investor section of the company’s website, www.genmab.com/investor-relations.
Conference Call
Genmab will hold a conference call to discuss the full year results for 2025 today, February 17, 2026 at 6:00 pm CET, 5:00 pm GMT, 12:00 pm EST. To join the call please use the below registration link. Registered participants will receive an email with a link to access dial-in information as well as a unique personal PIN: https://register-conf.media-server.com/register/BI7e0321580ea04c02b212396f9a520d9e.
A live and archived webcast of the call and relevant slides will be available at www.genmab.com/investor-relations.
2025 ACHIEVEMENTS
Business Progress
- EPKINLY® (epcoritamab-bysp) moves into earlier lines of therapy in follicular lymphoma (FL) with U.S. Food and Drug Administration (FDA) approval in combination with rituximab and lenalidomide (R2), based on Phase 3 EPCORE® FL-1.
- Epcoritamab Phase 3 EPCORE FL-1 trial met dual primary endpoints of overall response rate (ORR) and progression free survival (PFS), demonstrating statistically significant and clinically meaningful differences in both endpoints, basis for global regulatory submissions.
- Acquisition of Merus N.V. (Merus), including its late-stage breakthrough therapy asset petosemtamab, which provides additional transformational opportunity.
- Tivdak® (tisotumab vedotin) approved in Europe and Japan for recurrent or metastatic cervical cancer, first independent Genmab launches, laying groundwork for the future.
- Rina-S® expands Phase 3 development beyond platinum resistant ovarian cancer (PROC), into endometrial cancer and platinum sensitive ovarian cancer (PSOC).
- Rina-S granted Breakthrough Therapy Designation (BTD) by the FDA.
- Approvals in the US and Europe for J&J therapy, subcutaneous DARZALEX® (daratumumab and hyaluronidase fihj) in smoldering multiple myeloma
- Submission of Biologics License Application (BLA) for Novo Nordisk’s DuoBody®-based denecimig.
- Continued development of Genmab’s broader organizational infrastructure with the addition of over 300 new colleagues.
Financial Performance
- Net sales of DARZALEX® by J&J were $14,351 million in 2025 compared to $11,670 million in 2024. The increase of $2,681 million, or 23%, was driven by share gains in all regions.
- Global net sales of EPKINLY/TEPKINLY were $468 million in 2025 compared to $281 million in 2024. The increase of $187 million or 67% was driven by strong growth in third line plus (3L+) diffuse large B-cell lymphoma (DLBCL) and the expansion to address a second indication, 3L+ FL. Net product sales in the U.S. and Japan by Genmab were $379 million in 2025 compared to $253 million in 2024.
- Royalty revenue amounted to $3,102 million in 2025 compared to $2,517 million in 2024. The increase of $585 million, or 23%, was primarily driven by higher DARZALEX and Kesimpta® (ofatumumab) royalties achieved under our daratumumab collaboration with J&J and ofatumumab collaboration with Novartis, respectively.
- Genmab’s revenue was $3,720 million in 2025 compared to $3,121 million in 2024. The increase of $599 million, or 19%, was primarily driven by higher DARZALEX and Kesimpta royalties achieved under our collaborations with J&J and Novartis, respectively, and increased EPKINLY net product sales. This increase was partly offset by reduced reimbursement revenue associated with Genmab assuming full control of the development of the acasunlimab program, effective in the second half of 2024.
- Genmab’s operating expenses, excluding acquisition-related expenses including amortization, were $2,219 million, compared to $1,956 million in 2024. In addition to the Merus acquisition, this increase was driven by strategic investments in the development of our key late-stage programs and commercialization capabilities.
- Operating profit excluding acquisition-related expenses including amortization, was $1,263 million in 2025 compared to $1,022 million in 2024.
2026 OUTLOOK
| (USD millions) | 2025 Actual Result | 2025 Adjusted Result2 | 2026 Guidance | 2026 Guidance Mid-Point |
| Revenue | 3,720 | 3,720 | 4,065 – 4,395 | 4,230 |
| Royalties | 3,102 | 3,102 | 3,440 – 3,685 | 3,563 |
| Net product sales/Collaboration revenue1 | 468 | 468 | 490 - 555 | 522 |
| Milestones/Reimbursement revenue | 150 | 150 | 135 - 155 | 145 |
| Gross profit | 3,482 | 3,482 | 3,810 – 4,110 | 3,960 |
| Operating expenses | (2,417) | (2,219) | (2,710) – (2,910) | (2,810) |
| Operating profit | 1,065 | 1,263 | 900 – 1,400 | 1,150 |
1. Net product sales and collaboration revenue consists of EPKINLY net product sales in the US and Japan, and Tivdak ex-US net product sales plus Genmab's share of US gross profits.
2. Operating expenses and operating profit exclude 2026 and 2025 charges related to: 1) acquisition and integration-related charges of $65 million and $185 million, respectively, and 2) amortization of intangible assets acquired through acquisitions of $45 million and $13 million, respectively.
Revenue
Genmab expects its 2026 revenue to be in the range of $4.1 – 4.4 billion, compared to $3.7 billion in 2025.
Genmab’s projected revenue growth for 2026 is driven by higher royalties, net product sales and collaboration revenue. Royalty growth relates mainly to DARZALEX and Kesimpta net sales growth. Net product sales and collaboration revenue growth is driven by strong performance for both EPKINLY and Tivdak. Net product sales and collaboration revenue consists of EPKINLY net product sales in the US and Japan, and Tivdak ex-US net product sales plus Genmab's share of US gross profits.
Genmab’s projected revenue for 2026 primarily consists of DARZALEX royalties of approximately $2.7 billion at the midpoint. Such royalties are based on estimated DARZALEX 2026 net sales of $15.6 - 16.4 billion compared to actual net sales in 2025 of $14.3 billion. DARZALEX royalties are partly offset by Genmab’s share of J&J’s royalty payments to Halozyme Therapeutics, Inc. (Halozyme) in connection with SC net sales as well as royalty reduction in countries and territories where there is no Genmab patent coverage.
The remainder of Genmab’s revenue consists primarily of royalties from Kesimpta, TEPEZZA®, RYBREVANT®, TECVAYLI®, TALVEY® and TEPKINLY®, net product sales and collaboration revenue from EPKINLY and Tivdak, reimbursement revenue and milestones.
Operating Expenses
Genmab anticipates its 2026 operating expenses to be in the range of $2.7 – 2.9 billion, compared to $2.2 billion in 2025. The increase in operating expenses is primarily related to investments in late-stage programs and launch readiness in key markets.
Operating Profit
Genmab expects its 2026 operating profit to be in the range of $0.9 – 1.4 billion, compared to $1.3 billion in 2025.
More information on the Risks and Assumptions for the 2026 Financial Guidance can be found in the 2025 Annual Report available on our website www.genmab.com/investor-relations.
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: [email protected]
Andrew Carlsen, Vice President, Head of Investor Relations
T: +45 3377 9558; E: [email protected]
The Annual Report 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 pre-clinical 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.com and 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 the Annual Report 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®; KYSO®, ABBIL1TY™, RAINFOL™; ProfoundBio™ and Rina-S® are trademarks of ProfoundBio, US, Co. and Genmab (Suzhou) Co., Ltd. Tivdak® is a trademark of Seagen Inc.; EPCORE®, EPKINLY®, TEPKINLY® and their designs are trademarks of AbbVie Biotechnology Ltd.; Biclonics® and BIZENGRI® are registered trademarks of Merus N.V. Kesimpta® and Sensoready® are trademarks of Novartis AG or its affiliates; DARZALEX®, DARZALEX FASPRO®, RYBREVANT®, RYBREVANT FASPRO™, TECVAYLI® and TALVEY® are trademarks of Johnson & Johnson; TEPEZZA® is a trademark of Horizon Therapeutics Ireland DAC.©2026, Genmab A/S. All rights reserved.
CVR no. 2102 3884
LEI Code 529900MTJPDPE4MHJ122
Genmab A/S
Carl Jacobsens Vej 30
2500 Valby
Denmark
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FAQ**
How does Genmab's recent acquisition of Merus N.V. impact its product portfolio and future revenue projections for the drug Epcoritamab, referred to as "Genmab GNMSF"?
With the significant sales growth of DARZALEX® reported, what strategies is Genmab deploying to capitalize on this momentum in 2026, particularly for "Genmab GNMSF"?
Could you elaborate on the anticipated challenges that may affect Genmab GNMSF's financial outlook for 2026 as stated in the Annual Report?
What specific milestones does Genmab aim to achieve in 2026 to further strengthen its competitive position in the market, particularly for agents like "Genmab GNMSF"?
**MWN-AI FAQ is based on asking OpenAI questions about Genmab (OTC: GNMSF).
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