Detailed financial statements for Genmab A/S (GMAB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Genmab A/S, a biopharmaceutical company founded in 1999 and headquartered in Copenhagen, Denmark, specializes in the discovery and development of innovative antibody therapies primarily for treating cancer and various other serious illnesses.
Analysis Summary
Genmab A/S reported revenue of $3.72B in the most recent fiscal year, growing at a 5-year CAGR of -18.1%. Net income reached $963.8M, with a -27.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 39.9%, operating margin 13.8%, net margin 8.2%. Free cash flow grew at -28.4% CAGR over 5 years.
At $55.12 (closing price, November 4, 2026), GMAB trades at a P/E of 43.44 and an ROE of 13.58%. Market capitalisation stands at $33.9B, placing it among large-cap names.
Balance sheet quality for GMAB: debt-to-equity ratio of 0.89, current ratio of 2.46 over the last 12 months, net debt of $3.71B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.15B represents 119% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.82B | $2.37B | $3.03B | $5.37B | $10.11B | $8.42B | $14.51B | $16.47B | $21.53B | $3.72B |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $226.0M | $985.0M | $309.2M |
| Gross Profit | $1.82B | $2.37B | $3.03B | $5.37B | $10.11B | $8.42B | $14.51B | $16.25B | $20.54B | $3.41B |
| Research & Development | $660.9M | $874.3M | $1.43B | $2.39B | $3.14B | $4.18B | $5.56B | $7.63B | $9.75B | $1.56B |
| Selling, General & Admin | $102.4M | $147.0M | $213.7M | $342.0M | $661.0M | $1.28B | $2.68B | $3.30B | $3.79B | $602.5M |
| Operating Expenses | $763.3M | $1.02B | $1.64B | $2.73B | $3.80B | $5.46B | $8.24B | $10.93B | $13.84B | $2.16B |
| Operating Income | $1.05B | $1.34B | $1.38B | $2.64B | $6.31B | $2.95B | $6.27B | $5.32B | $6.70B | $1.25B |
| EBITDA | $1.17B | $1.44B | $1.70B | $3.00B | $6.17B | $4.18B | $7.35B | $6.00B | $9.70B | $1.34B |
| Interest Expense | $213,000 | $2.0M | $417,000 | $7.0M | $10.0M | $13.0M | $21.0M | $27.0M | $120.0M | $61.0M |
| Pre-tax Income | $1.13B | $1.06B | $1.61B | $2.86B | $5.90B | $3.92B | $6.95B | $5.64B | $9.16B | $1.20B |
| Income Tax | -$56.9M | -$39.8M | $139.8M | $693.0M | $1.15B | $961.0M | $1.49B | $1.28B | $1.32B | $241.2M |
| Net Income | $1.19B | $1.10B | $1.47B | $2.17B | $4.76B | $2.96B | $5.45B | $4.35B | $7.84B | $963.8M |
| EPS | $1.98 | $1.81 | $2.40 | $3.44 | $7.30 | $4.52 | $8.34 | $6.60 | $12.14 | $1.55 |
| EPS (Diluted) | $1.92 | $1.78 | $2.37 | $3.40 | $7.22 | $4.48 | $8.26 | $6.60 | $12.14 | $1.54 |
| Shares Outstanding (Diluted) | 617.7 M | 620.9 M | 620.5 M | 636.4 M | 658.9 M | 660.5 M | 660.1 M | 659.1 M | 646.3 M | 626.9 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.02B | $1.05B | $899.3M | $1.16B |
| Gross Profit | $964.0M | $974.1M | $834.1M | $1.07B |
| Operating Income | $459.0M | $242.3M | $225.8M | $407.0M |
| EBITDA | $503.0M | $98.7M | $186.7M | $431.0M |
| Net Income | $401.0M | $30.9M | $53.2M | $303.0M |
| EPS | $0.65 | $0.05 | $0.09 | $0.49 |
| EPS (Diluted) | $0.65 | $0.05 | $0.08 | $0.49 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $307.0M | $1.35B | $532.9M | $3.55B | $7.26B | $8.96B | $9.89B | $14.87B | $9.86B | $1.71B |
| Short-term Investments | $3.61B | $4.08B | $5.57B | $7.42B | $8.82B | $10.38B | $12.43B | $13.27B | $11.24B | 0 |
| Receivables | $975.7M | $579.0M | $1.33B | $2.99B | $2.46B | $3.37B | $5.71B | $4.95B | $6.69B | $1.15B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $57.0M | $62.0M | $18.0M |
| Total Current Assets | $4.90B | $6.06B | $7.43B | $13.96B | $18.79B | $22.74B | $28.22B | $33.14B | $27.85B | $2.88B |
| Property, Plant & Equipment | $32.2M | $113.4M | $161.5M | $414.0M | $736.0M | $975.0M | $1.32B | $1.64B | $263.8M | $279.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $2.54B | $354.2M |
| Intangible Assets | $181.9M | $124.4M | $470.4M | $470.0M | $338.0M | $254.0M | $146.0M | $101.0M | $12.34B | $9.10B |
| Total Assets | $5.24B | $6.60B | $8.46B | $15.14B | $21.14B | $24.63B | $30.12B | $35.29B | $45.81B | $12.84B |
| Accounts Payable | $22.3M | 0 | 0 | 0 | 0 | $350.0M | 0 | 0 | 0 | $1.07B |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $273.0M |
| Total Current Liabilities | $411.5M | $327.1M | $443.3M | $938.0M | $1.25B | $1.57B | $1.82B | $2.48B | $5.31B | $1.42B |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $5.00B |
| Total Liabilities | $411.5M | $330.8M | $446.6M | $1.10B | $2.02B | $2.43B | $2.84B | $3.68B | $9.11B | $7.01B |
| Retained Earnings | -$3.11B | -$1.85B | -$197.5M | $2.13B | $7.11B | $10.02B | $14.81B | $19.02B | $23.55B | $4.09B |
| Total Equity | $4.83B | $6.27B | $8.01B | $14.05B | $19.12B | $22.20B | $27.28B | $31.61B | $36.70B | $5.83B |
| Total Debt | 0 | 0 | 0 | $181.0M | $319.0M | $425.0M | $597.0M | $770.0M | $1.03B | $5.43B |
| Net Debt | -$3.92B | -$5.42B | -$6.11B | -$10.79B | -$15.76B | -$18.91B | -$21.73B | -$27.36B | -$20.07B | $3.71B |
| Working Capital | $4.49B | $5.73B | $6.99B | $13.02B | $17.54B | $21.17B | $26.39B | $30.66B | $22.55B | $1.45B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.76B | $1.71B | $1.52B | $1.50B |
| Total Assets | $7.02B | $12.84B | $12.38B | $12.52B |
| Total Liabilities | $1.27B | $7.01B | $6.69B | $6.56B |
| Total Equity | $5.75B | $5.83B | $5.68B | $5.96B |
| Total Debt | $142.0M | $5.43B | $5.35B | $5.27B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.13B | $1.06B | $1.61B | $2.86B | $4.76B | $3.98B | $7.04B | $5.64B | $7.84B | $963.8M |
| Depreciation & Amortization | $41.0M | $70.0M | $88.0M | $139.0M | $259.0M | $249.0M | $362.0M | $293.6M | $413.0M | $71.1M |
| Stock-based Compensation | $53.2M | $76.0M | $90.8M | $147.0M | $200.0M | $310.0M | $439.0M | $586.0M | $721.0M | 0 |
| Change in Working Capital | -$794.9M | $270.4M | -$634.4M | -$1.22B | $306.0M | -$770.0M | -$1.93B | $1.36B | -$1.59B | $225.2M |
| Operating Cash Flow | $327.7M | $1.59B | $1.01B | $1.33B | $6.43B | $2.23B | $3.91B | $7.38B | $7.77B | $1.19B |
| Capital Expenditure | -$33.1M | -$88.5M | -$477.4M | -$111.0M | -$307.0M | -$252.0M | -$317.0M | -$376.0M | -$187.0M | -$37.0M |
| Acquisitions | $20.9M | 0 | $405.7M | $32.0M | 0 | $709.0M | $2.44B | 0 | -$12.25B | -$7.22B |
| Stock Repurchased | -$118.1M | 0 | -$146.0M | 0 | -$25.0M | -$447.0M | -$908.0M | -$564.0M | -$3.99B | -$430.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $294.6M | $1.50B | $537.4M | $1.22B | $6.13B | $1.98B | $3.60B | $7.00B | $7.58B | $1.15B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $536.0M | $300.3M | $3.0M | $51.0M |
| Capital Expenditure | -$2.0M | -$13.0M | -$5.0M | -$3.0M |
| Free Cash Flow | $534.0M | $287.4M | -$2.0M | $48.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $34.0M | 0 | 0 | $37.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +30.2% | +27.9% | +77.4% | +88.4% | -16.8% | +72.3% | +13.6% | +30.7% | -82.7% | |
| Net Income Growth (YoY) | -7.0% | +33.4% | +47.1% | +119.7% | -37.9% | +84.4% | -20.2% | +80.2% | -87.7% | |
| EPS Growth (YoY) | -8.6% | +32.6% | +43.3% | +112.2% | -38.1% | +84.5% | -20.9% | +83.9% | -87.2% | |
| Shares Change (YoY) | +0.5% | -0.1% | +2.6% | +3.5% | +0.2% | -0.1% | -0.1% | -1.9% | -3.0% | |
| FCF Growth (YoY) | +409.3% | -64.2% | +126.1% | +404.2% | -67.7% | +81.9% | +94.8% | +8.3% | -84.8% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 98.6% | 95.4% | 91.7% |
| Operating Margin | 58.0% | 56.8% | 45.6% | 49.2% | 62.4% | 35.1% | 43.2% | 32.3% | 31.1% | 33.6% |
| EBITDA Margin | 64.5% | 60.7% | 56.2% | 56.0% | 61.1% | 49.7% | 50.6% | 36.4% | 45.0% | 35.9% |
| Net Margin | 65.4% | 46.7% | 48.7% | 40.4% | 47.1% | 35.1% | 37.6% | 26.4% | 36.4% | 25.9% |
| FCF Margin | 16.2% | 63.4% | 17.8% | 22.6% | 60.6% | 23.5% | 24.8% | 42.5% | 35.2% | 30.9% |
| Effective Tax Rate | -5.0% | -3.7% | 8.7% | 24.2% | 19.4% | 24.5% | 21.5% | 22.8% | 14.4% | 20.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.48 | $2.42 | $0.87 | $1.91 | $9.30 | $2.99 | $5.45 | $10.63 | $11.73 | $1.83 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 598.8 M | 608.3 M | 612.7 M | 629.6 M | 651.8 M | 654.0 M | 653.9 M | 659.1 M | 646.3 M | 621.5 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 13.58% |
| Return on Invested Capital | 9.91% |
| Return on Assets | 6.30% |
| Gross Margin | 39.92% |
| Operating Margin | 13.81% |
| Net Margin | 8.17% |
Financial Health
| Debt / Equity | 0.89 |
| Current Ratio | 2.46 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 2.83 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 59.18 | 58.77 | 44.72 | 43.26 | 33.93 | 57.22 | 35.29 | 32.56 | 12.39 | 19.91 |
| P/B | 14.54 | 10.32 | 8.20 | 6.67 | 8.44 | 7.62 | 7.05 | 4.48 | 2.65 | 3.28 |
| P/S | 38.63 | 27.36 | 21.73 | 17.46 | 15.96 | 20.09 | 13.27 | 8.60 | 4.51 | 5.14 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 98.6% | 95.4% | 91.7% |
| Operating Margin | 58.0% | 56.8% | 45.6% | 49.2% | 62.4% | 35.1% | 43.2% | 32.3% | 31.1% | 33.6% |
| Net Margin | 65.4% | 46.7% | 48.7% | 40.4% | 47.1% | 35.1% | 37.6% | 26.4% | 36.4% | 25.9% |
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Explore sector: Healthcare · Biotechnology
More sections of GMAB: Overview · Valuation · Estimates · Technical · Ownership
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