Genmab Posts 19% Revenue Surge to $3.7B, Projects 14% Growth
Genmab reported a 19% increase in 2025 revenue to $3.7B, driven by proprietary medicine sales of $632M (up 54%) and operating profit expansion to $1.26B. The company expects ~14% revenue growth and ~$1.15B operating profit in 2026 while targeting deleveraging below 3x gross leverage by end-2027.
1. Financial Performance 2025
In 2025 Genmab grew total revenue by 19% to $3.7 billion, driven by proprietary medicine sales of $632 million, up 54% year-over-year. Operating profit expanded to $1.26 billion as strategic investments and the Merus acquisition increased operating expenses by 13% but delivered operating leverage.
2. 2026 Guidance and Capital Strategy
For 2026 the company guides to roughly 14% revenue growth and operating profit near $1.15 billion at midpoint, supported by ongoing product launches and late-stage pipeline advancement. Genmab completed a $5.5 billion debt raise and aims to reduce gross leverage below 3x by end-2027 under its capital allocation framework.
3. Late-Stage Pipeline Catalysts
Management forecasts up to six potentially registrational data readouts in 2026, including two Phase III Epkinly trials in DLBCL, a Phase II Rina-S ovarian cancer study, and Phase III top-line data for petosemtamab. Success in these trials could enable new product launches or label expansions in 2027, further diversifying revenue sources.