Genmab

Genmab is a Copenhagen antibody company that earns royalties on DARZALEX and other partnered medicines, sells epcoritamab with AbbVie, and is developing the cancer drugs Rina-S and petosemtamab.

The world Genmab works in, not its own labs. Credits in the footer.

Ticker: GMAB
Listing: OMXCOP, Denmark
Next date: After the October 5, 2026 topline
Chief executive: Jan van de Winkel, Ph.D.

Desk view · Opinion · Updated Oct 22, 2026

Genmab's royalty income is paying for a debt-funded bet on its own drugs

Genmab's royalty income, led by DARZALEX, is growing and funds a shift toward drugs it owns, with epcoritamab now showing positive phase 3 toplines in two settings. The Merus acquisition left $5,135 million of borrowings and cash flow that was thin in the first half, and Rina-S and petosemtamab have yet to report phase 3 data. Regulatory feedback on epcoritamab is the nearest test.

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aibio.space Investor Rank · Opinion

7/10 Positive view

DARZALEX royalties are growing and epcoritamab has two positive phase 3 toplines, but the Merus deal left heavy borrowings and royalties are about 64% of revenue.

Technology: 2/2
Odds: 1/2
Balance sheet: 1/2
Risk: 1/2
Momentum: 2/2

Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. How the rank works.

Technology: Proven antibody platform. Genmab's science sits behind eight approved antibody medicines, and epcoritamab now has two positive phase 3 toplines in B-cell lymphoma.
Odds: Good but unfinished. Epcoritamab has two positive toplines and one overall survival miss, while Rina-S and petosemtamab are still in phase 3, where about 43% of solid tumor programs reach a filing.
Balance sheet: Heavy debt, solid royalties. Cash was $1,503 million against $5,135 million of borrowings, and first-half operating cash flow was $54 million.
Main risk: DARZALEX dependence. Royalties of $1,306 million were about 64% of first-half revenue, and royalty growth of 20% trailed sales growth of 21%.
Watch next: Regulatory talks. Genmab and AbbVie plan to engage regulators on both lymphoma phase 3 results, and RAINFOL-02 enrollment is complete.

Dates

After the October 5, 2026 topline
Genmab and AbbVie engage global regulators on epcoritamab plus R-CHOP in newly diagnosed DLBCL; data to be submitted to a future medical meeting; no filing date given Source

Future medical meeting (not named)
Full EPCORE DLBCL-4 data and regulatory engagement on epcoritamab plus lenalidomide Source

Not guided
RAINFOL-02 phase 3 of Rina-S in platinum-resistant ovarian cancer, which completed enrollment in March 2026 Source

Full year 2026
Results against revised revenue guidance of $4,325 million to $4,525 million, including the fourth-quarter DARZALEX figure Source

The money

$1,503 million in cash and cash equivalents at June 30, 2026, against $5,135 million of borrowings, of which $294 million is current. Operating cash flow was $54 million in the first half. Source

First-half 2026 revenue of $2,051 million, up 25%, including $1,708 million of royalties (DARZALEX $1,306 million) and $312 million of EPKINLY/TEPKINLY global net sales. 2026 revenue guidance is $4,325 million to $4,525 million. Source

Risks on the record

DARZALEX royalties of $1,306 million were about 64% of first-half revenue, and royalty growth (20%) trailed J&J's sales growth (21%) because of tiered rates, Halozyme offsets and territories without patents. Source
Borrowings of $5,135 million from the Merus acquisition cost $174 million in interest in the first half, and net financial items swung from a $119 million gain to a $186 million cost. Source
Epcoritamab's EPCORE DLBCL-1 trial improved progression-free survival but overall survival did not reach statistical significance, and Rina-S and petosemtamab have no reported phase 3 results. Source

Questions investors ask

What is aibio.space's Investor Rank for Genmab?

7 out of 10, our positive view. DARZALEX royalties are growing and epcoritamab has two positive phase 3 toplines, but the Merus deal left heavy borrowings and royalties are about 64% of revenue. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. Source

Who is the CEO of Genmab?

Jan van de Winkel, Ph.D., is Chief Executive Officer of Genmab. He is quoted in that role in the company's October 5, 2026 announcement of the EPCORE DLBCL-2 result. Source

How does Genmab make money?

Most revenue is royalties on partnered medicines, led by DARZALEX from Johnson & Johnson, plus Kesimpta, TEPEZZA and others. Genmab also books net sales of EPKINLY in the U.S. and Japan and shares Tivdak profits with Pfizer. Source

How much of Genmab's revenue comes from DARZALEX?

DARZALEX royalties were $1,306 million in the first half of 2026 against total revenue of $2,051 million, about 64% by simple division. Genmab's royalty rate on DARZALEX ranges between 12% and 20%, before reductions. Source

What did the EPCORE DLBCL-4 trial show?

Epcoritamab plus lenalidomide met its primary endpoint of progression-free survival against R-GemOx in relapsed or refractory DLBCL, with hazard ratios of 0.40 under U.S. censoring rules and 0.44 outside the U.S. These are topline results, and full data have not been presented. Source

Why did Genmab hold an extraordinary general meeting in October 2026?

The board's 2026 remuneration proposal was withdrawn at the March 19 annual meeting. After consulting shareholders and proxy advisors, the board put an unchanged proposal to an extraordinary meeting on October 7, where it was approved. Source

Is Genmab a smaller reporting company?

SEC records list Genmab A/S's filer category as: Large accelerated filer. Source

Where is Genmab headquartered?

SEC records list its business address as TOLDBODGADE 33, 1253 COPENHAGEN K, Denmark, 00000. Source

What did Genmab last file with the SEC?

Its most recent filing in our record is a 6-K filed 2026-10-13. All of its filings are on SEC EDGAR. Source

What industry is Genmab in?

Its SEC industry code (SIC 2834) is Pharmaceutical Preparations. Source

Legal and investor matters

Checked against Genmab filings and press releases. Allegations are allegations; nothing here is a finding of fault. Reviewed Oct 25, 2026.

The Legal Matters section of the half-year 6-K filed 2026-08-06 says Genmab is involved in pending legal proceedings arising out of the normal conduct of its business, the most significant of which it describes: the Chugai patent suits in Tokyo and the AbbVie trade secret and ITC matters. It covers that report only. Source

Aug 6, 2026Litigation
AbbVie withdraws ITC complaint against Genmab and ProfoundBio entities
Genmab's half-year report filed August 6, 2026 says AbbVie withdrew its Section 337 complaint at the U.S. International Trade Commission in the second quarter of 2026 and filed an unopposed motion to terminate the investigation. AbbVie had filed it in the fourth quarter of 2025 against ProfoundBio and Genmab entities, seeking to exclude certain antibody drug conjugate products from importation into the United States. The district court trade secret action in the Western District of Washington had been stayed during the ITC investigation, and Genmab says AbbVie has indicated its intention to resume it. Genmab says it refutes AbbVie's allegations and will defend the case.
U.S. International Trade Commission; U.S. District Court for the Western District of Washington · Status: pending
Genmab Form 6-K, 2026-08-06
Feb 17, 2026Litigation
AbbVie sues Genmab and ProfoundBio over alleged trade secrets in Rina-S
The 20-F filed February 17, 2026 reports that AbbVie sued Genmab A/S, ProfoundBio entities and former AbbVie employees in the first quarter of 2025 in the U.S. District Court for the Western District of Washington. AbbVie alleges misappropriation of trade secrets on disaccharides in ADC drug-linkers used in Rina-S. It seeks damages and an injunction. Genmab says it refutes the allegations, will defend the case and has recorded no provision.
U.S. District Court for the Western District of Washington · Status: pending
Genmab Form 20-F, 2026-02-17
Feb 17, 2026Litigation
Chugai pursues three Tokyo patent suits over Epkinly against Genmab and AbbVie units
The 20-F filed February 17, 2026 reports that Chugai sued AbbVie's and Genmab's Japanese subsidiaries in the Tokyo District Court in 2024, alleging that Epkinly (epcoritamab) activities in Japan infringe two Chugai patents. Chugai filed two more suits in September 2025 on two newly granted patents. Chugai seeks damages and an injunction. Genmab and AbbVie say all four patents are invalid or not infringed, and Genmab has recorded no provision.
Tokyo District Court · Status: pending
Genmab Form 20-F, 2026-02-17
Dec 12, 2025Financing
Genmab closes Merus acquisition, financed with $5.5 billion of borrowings and cash on hand
Genmab completed its acquisition of Merus on December 12, 2025. In December 2025 it entered into a $1 billion Term Loan A, a $2 billion Term Loan B and a $500 million revolving credit facility, and issued $1.5 billion of senior secured notes and $1.0 billion of senior unsecured notes, to contribute to financing the acquisition. The 2026 half-year report says Genmab borrowed $5.5 billion and used cash on hand to finance the acquisition.
Genmab Form 20-F, 2026-02-17

Pipeline

Program	Indication	Stage
Epcoritamab plus lenalidomide (EPCORE DLBCL-4)	Relapsed or refractory DLBCL	Phase 3 met primary endpoint (topline, June 2026); regulatory talks planned Source
Epcoritamab plus R-CHOP (EPCORE DLBCL-2)	Newly diagnosed DLBCL, IPI 2 to 5	Phase 3 positive topline on progression-free survival (October 2026) Source
Rina-S (rinatabart sesutecan)	Platinum-resistant ovarian cancer (RAINFOL-02)	Phase 3 enrollment completed March 2026; four more phase 3 trials active or announced Source
Petosemtamab	First-line and second/third-line head and neck cancer (LiGeR-HN1, LiGeR-HN2)	Two phase 3 trials (LiGeR-HN1, LiGeR-HN2), both listed as active, not recruiting on ClinicalTrials.gov; FDA breakthrough designations Source
Tivdak (tisotumab vedotin)	Recurrent or metastatic cervical cancer	Approved in the U.S., Europe and Japan; co-developed with Pfizer Source

Stock chart

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SEC filings and registration

SEC name: Genmab A/S
CIK: 1434265
Industry (SIC): Pharmaceutical Preparations (2834)
US tickers: GMAB (Nasdaq), GNMSF (OTC)
Filer category: Large accelerated filer
Business address: TOLDBODGADE 33, 1253 COPENHAGEN K, Denmark, 00000

Recent filings (8-K and 6-K are the company's own announcements)

6-K filed 2026-10-13
6-K filed 2026-10-07
6-K filed 2026-10-05
6-K filed 2026-10-02
6-K filed 2026-09-29
6-K filed 2026-09-24
6-K filed 2026-09-09
6-K filed 2026-09-09

Source: SEC EDGAR, retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices.

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