Rankings Pharma & medtech Genmab
Genmab
66
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Patent expiry−12
- Capital allocation−8
- Multiples vs own history−6
Strengths
- Raised guidance+2
- Own product growth+2
How the score is built
From 100 to 66, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 19 Oct 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 2,542 DKK
- Median analyst target
- 2,850 DKK
- Upside to median
- +12.1%
- Analysts
- 16
- Target range
- 2,050 – 3,310 DKK
- 52-week change
- +21%
- P/E (trailing)
- 30.2
- Forward P/E
- 23.5
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−11 of −30
- −8Capital allocationMerus was bought for about USD 8bn (closed Dec 2025), funded with USD 5.5bn of loans; ROIC has fallen from 59% in 2024 to 12%, and EPS is USD 12.65 (TTM) vs 17.53 in 2024, even though revenue is up 32%.
- −3Future segmentIts own products are only 12% of revenue (USD 483m TTM); 83% is royalties on partners' products (Darzalex, Kesimpta, Tepezza), which Genmab does not control. Epkinly is shared with AbbVie.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −6Multiples vs own historyEV/EBITDA 17.8 and EV/FCF 28.5 vs 10–13 and 10–14 in 2024–25; P/E 27.8 vs 11.6–20.4. The share price is up 25% in a year while EPS has fallen.
- −4Multiples vs riskForward P/E 24 and EV/sales 6.0 price Genmab as a growth company, even though most of its earnings start falling away in three years; the price assumes the pipeline succeeds.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−20 of −35
- −12Patent expiryThe Darzalex patents expire in the US in 2029, Japan from 2030 and Europe in 2031; Genmab itself expects royalty income to fall sharply from 2029. Darzalex royalties are USD 2.66bn, or 64% of revenue.
- −4DebtFrom net cash of USD 2.8bn in 2024 to net debt of USD 3.76bn (2.7× EBITDA); interest cover 5.0× and Altman Z-score 2.9.
- −4Pipeline riskThree phase 3 readouts in Q4 2026, including Rina-S in platinum-resistant ovarian cancer and petosemtamab + Keytruda in head and neck cancer; the value of the Merus deal rests on petosemtamab. That is a binary risk.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Raised guidanceIn August 2026 guidance was raised to revenue of USD 4,325–4,525m, driven by Darzalex royalties and Epkinly; revenue grew 25% in H1.
- +2Own product growthEpkinly sales rose 48% to USD 312m in H1 2026 on more patients and new treatment sites in the US and Japan.
Caveats
What the score does not capture, or where the data is weak.
64% of revenue is Darzalex royalty with US patent expiry in 2029; three binary phase 3 readouts in Q4 2026; accounts in USD, price in DKK
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