Genmab Expects 2026 Revenue of $4.1B to $4.4B
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
0mins
Should l Buy GMAB?
Genmab expects its 2026 revenue to be in the range of $4.1B-$4.4B, compared to $3.7B 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. 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," the company stated. Genmab anticipates its 2026 operating expenses to be in the range of $2.7B-$2.9B, compared to $2.2B in 2025. The increase in operating expenses is primarily related to investments in late-stage programs and launch readiness in key markets. Genmab expects its 2026 operating profit to be in the range of $0.9B-$1.4B, compared to $1.3B in 2025.
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Analyst Views on GMAB
Wall Street analysts forecast GMAB stock price to rise
7 Analyst Rating
5 Buy
2 Hold
0 Sell
Moderate Buy
Current: 29.160
Low
26.00
Averages
38.50
High
48.00
Current: 29.160
Low
26.00
Averages
38.50
High
48.00
About GMAB
Genmab A/S is a Denmark-based international biotechnology company. It specializes in the creation and development of antibody therapeutics for the treatment of cancer. The Company is the creator of the approved antibodies: DARZALEX (daratumumab) for the treatment of certain multiple myeloma indications, Kesimpta for the treatment of adults with relapsing forms of multiple sclerosis, TEPEZZA (teprotumumab) for the treatment of thyroid eye disease and FASPRO, for the treatment of adult patients with certain multiple myeloma indications. The first approved Genmab created therapy Arzerra, approved for the treatment of certain chronic lymphocytic leukemia indications, is available in Japan and is also available in other territories via compassionate use or oncology access programs. Genmab develops a broad clinical and pre-clinical product pipeline, and owns four antibody technologies, DuoBody bispecific platform, HexaBody platform, DuoHexaBody platform & HexElect platform.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Strong Financial Performance: Genmab reported revenue of $3.72 billion in 2025, a 19% increase year-over-year, primarily driven by higher royalties from DARZALEX® and Kesimpta®, demonstrating the company's robust competitiveness in the oncology market.
- Strategic Acquisition: Genmab's acquisition of Merus N.V., including its late-stage breakthrough therapy asset petosemtamab, enhances its product portfolio's potential and is expected to provide new revenue streams for the company.
- Optimistic 2026 Outlook: Genmab anticipates 2026 revenue in the range of $4.065 to $4.395 billion, driven mainly by growth in DARZALEX and EPKINLY sales, reflecting the company's confidence in future market opportunities and commitment to ongoing investments.
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- FDA Approval for New Therapy: EPKINLY® (epcoritamab-bysp) received FDA approval in combination with rituximab and lenalidomide for follicular lymphoma, marking a significant advancement for Genmab in early-line therapy and is expected to drive future sales growth.
- Strong Financial Performance: Genmab reported revenue of $3.72 billion in 2025, a 19% increase year-over-year, primarily driven by higher royalties from DARZALEX® and Kesimpta®, demonstrating the company's robust competitiveness in the oncology market.
- Strategic Acquisition: Genmab's acquisition of Merus N.V., including its late-stage breakthrough therapy asset petosemtamab, enhances its product portfolio's potential and is expected to provide new revenue streams for the company.
- Optimistic 2026 Outlook: Genmab anticipates 2026 revenue in the range of $4.065 to $4.395 billion, driven mainly by growth in DARZALEX and EPKINLY sales, reflecting the company's confidence in future market opportunities and commitment to ongoing investments.
See More
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- Oversold Stocks Overview: The healthcare sector's oversold stocks present investors with opportunities to buy undervalued companies, particularly those with a Relative Strength Index (RSI) below 30, indicating potential short-term rebounds.
- Schrödinger Inc Performance: Schrödinger (NASDAQ:SDGR) has seen its stock price fall approximately 28% over the past month, currently holding an RSI of 29.9 and a 52-week low of $11.15, although shares rose 1.6% to $11.81 on Wednesday, indicating some rebound potential.
- Edge Stock Ratings: With a momentum score of 2.78, Schrödinger's performance is relatively weak in the market, yet its oversold status may attract investor interest, especially during market recoveries.
- Industry Dynamics Analysis: As the healthcare sector experiences volatility, investors should focus on the potential rebound opportunities of oversold stocks, particularly those with RSIs near or below 30, to capitalize on gains when the market stabilizes.
See More
Genmab Initiates Share Buyback Program
- Buyback Program Initiation: Genmab A/S has announced the initiation of a share buyback program, allowing for the repurchase of up to 342,000 shares with a maximum aggregate value of 725 million Danish Kroner, aimed at enhancing shareholder value and boosting market confidence.
- Timeline for Buyback: The buyback program is set to commence on February 18, 2026, and is expected to conclude no later than March 31, 2026, reflecting the company's confidence in future market performance and commitment to its shareholders.
- Compliance with Trading Rules: The buyback will adhere to EU regulations, ensuring that each transaction price does not exceed the latest independent transaction price or the highest independent bid on the trading venue, thereby maintaining transparency and fairness in the buyback process.
- Current Shareholding Status: As of February 17, 2026, Genmab holds 2.62 million treasury shares, representing 4.07% of its share capital, indicating a robust strategy in capital management.
See More
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- Earnings Performance: Genmab's FY 2025 GAAP EPS stands at $15.37, with revenue reaching $3.72 billion, reflecting a 19.2% year-over-year increase; however, it misses expectations by $50 million, raising concerns about its profitability.
- Revenue Outlook: The consensus for FY 2026 revenue is $4.36 billion, indicating analysts' confidence in Genmab's future growth, yet the current performance falling short of this expectation may impact investor sentiment.
- Product Development Update: Genmab's stock declined following disappointing trial data for AbbVie-partnered Epkinly in B-cell lymphoma, highlighting market concerns regarding the risk assessment of its product pipeline.
- Asset Development Strategy: The company has decided to terminate the development of the late-stage oncology asset acasunlimab, indicating a more cautious approach in resource allocation to focus on projects with higher potential.
See More
BioNJ Elects New Board Officers and Members
- New Board Members: BioNJ announced the election of new board members during its 33rd Annual Dinner, including Christopher Cozic from Genmab as Chair, indicating a leadership refresh aimed at advancing New Jersey's life sciences sector.
- Strengthening Industry Leadership: Incoming Chair Cozic emphasized his commitment to enhancing New Jersey's life sciences ecosystem and supporting high-quality job creation, reflecting BioNJ's pivotal role in industry transformation and improving patient care.
- Policy and Innovation Advocacy: Emer Leahy, the outgoing Chair, made significant strides in policy and legislative progress during her tenure, enhancing BioNJ's voice and influence, showcasing the organization's leadership in the life sciences field and its focus on patient needs.
- Diverse Board Composition: Newly elected board members include executives from Amicus Therapeutics and Johnson & Johnson, highlighting BioNJ's extensive connections and collaborations within the industry, aiming to drive innovation and growth through a diverse leadership team.
See More
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- Surge in FDA Approvals: In 2025, over 50 FDA approvals were granted, with 20 in Q4 alone, indicating strong institutional confidence in late-stage platforms, which benefits Oncolytics Biotech by attracting increased investor interest.
- Leadership Enhancement: Oncolytics Biotech appointed John McAdory as Executive Vice President of Strategy and Operations and Yujun Wu as Vice President of Biostatistics, both bringing extensive late-stage clinical trial experience to drive complex multi-country registration trials.
- Impressive Clinical Data: In colorectal cancer patients, the combination of pelareorep and chemotherapy achieved a 33% response rate, significantly surpassing the traditional 6-11% response rate, showcasing its competitive edge and potential commercial value in the market.
- Phase 3 Trial Design Approved: Oncolytics Biotech has secured FDA approval for its Phase 3 trial design for pancreatic cancer, marking the imminent launch of its registration trial in this notoriously difficult-to-treat area, further solidifying its market position.
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