GMAB Genmab A/S - American Depositary Shares

NASDAQ · Biotechnology
$26.37
Price · May 20, 2026
52W Range
$20–$35
40% of range
Analyst Rating
BUY
27 analysts
Price Target
$38
+42% upside
P/E (TTM)
—
ROE
—
Net Profit Margin
—

GMAB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$26.36
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
—
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$20 – $35

GMAB Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

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Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

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GMAB
Peer Median

Profitability Gross, operating and net margins; ROE, ROA, ROIC

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Financial Health Debt, liquidity, solvency — balance sheet strength

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Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

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GMAB
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Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

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Capital Efficiency Asset turnover, inventory turnover, receivables turnover

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GMAB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 27 analysts
  • Strong Buy 5 18.5%
  • Buy 14 51.9%
  • Hold 6 22.2%
  • Sell 1 3.7%
  • Strong Sell 1 3.7%

12-Month Price Target

11 analysts · 2026-05-14
Median target $38.00 +44.1%
Mean target $37.55 +42.4%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.38%
Period EPS Actual EPS Est Surprise
March 31, 2026 $0.83 $1.41 -0.58%
Dec. 31, 2025 $2.13 $3.50 -1.4%
Sept. 30, 2025 $6.46 $4.74 1.7%
June 30, 2025 $5.42 $4.33 1.1%
March 31, 2025 $3.05 $2.04 1.0%

Peer Comparison Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
GMAB — — — — — —
ASND — — — — — —
EVAX — — — — — —

GMAB AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75
↑ Bullish

I see Genmab as a biotech cash machine with sky-high profitability that could drive outsized returns if their pipeline delivers. Their 27.6% ROE towers over peers, meaning they squeeze massive profits from every dollar of shareholder equity in a sector where losses are common. Net margins hit 41.4%, proving they convert nearly half of sales to bottom-line profit thanks to royalty streams and low costs. At a 13.3 P/E, the stock trades like a value play despite earnings doubling recently, leaving room for multiple expansion into 2026.

↓ Bearish

My worry is Genmab's high returns look fragile if drug approvals stall or competition erodes their edge. Debt-to-equity at 2.5 signals leverage that amplifies risks in biotech's lumpiness, where one trial flop could tank equity. Recent price action shows a 7% drop from June highs around $23 to $21.4, with volume spikes hinting at selling pressure. That P/E compression from 82 to 13 reflects market doubts on sustaining 94% gross margins amid patent cliffs.

Claude NEUTRAL 0.62
↑ Bullish

Genmab is printing cash with the profitability of a mature software company, not a biotech. My read is the market has finally woken up to the quality of the earnings here. Net margin sits at 41.35%, which for a company dependent on drug manufacturing and distribution is almost unheard of — that tells me either the portfolio is genuinely differentiated or the cost structure is locked in. ROE of 27.6% compounds capital efficiently. The P/E of 13.25 looks absurdly cheap for a company growing EPS and holding gross margins above 94%. If the pipeline holds and one major drug doesn't crater, this re-rates higher.

↓ Bearish

I'm watching a company that looks cheap on paper but may be a value trap if you dig into the debt. The D/E ratio is 2.47, which means Genmab is leveraged — that 27.6% ROE is partly a function of borrowed money, not pure operational excellence. More concerning: Q3 2025 shows the company was trading at a 82.2 P/E with EPS of only 17.67, then suddenly Q1 2026 shows a 13.25 P/E with the same EPS of 23.50. That's not a rebound — that's either an accounting restatement or a data anomaly I don't trust. Until I see clean quarters, I'm skeptical this margin profile holds.

Gemini NEUTRAL 0.75
↑ Bullish

Genmab is currently a profit-generating machine that has successfully transitioned from a speculative biotech into a highly efficient pharmaceutical powerhouse. The company is delivering a 41.35% net profit margin. This indicates that for every dollar of revenue, they are keeping over 40 cents as pure profit, which is a rare level of efficiency in drug development. Furthermore, with a current ratio of 6.03, they have massive short-term liquidity. This means they can fund their own R&D pipeline and potential acquisitions for years without needing to tap the volatile capital markets for cash.

↓ Bearish

My primary concern is that the market may have already priced in the best of the growth, leaving little room for error if their pipeline hits a snag. The stock is trading at a P/E of 13.25. While that looks cheap on the surface, it suggests investors are skeptical about the sustainability of their current earnings trajectory. Additionally, the debt-to-equity ratio sits at 2.47. This level of leverage means that if their drug sales growth slows down, the interest burden could quickly become a significant drag on their bottom line.

Chatgpt NEUTRAL 0.62
↑ Bullish

Claude, I think Genmab's bullish case rests on durable profitability and strong capital efficiency. ROE TTM: 27.64%. That shows the company converts equity into profits efficiently, supporting a higher earnings trajectory into 2026. Gross margin TTM: 94.27%. That signals premium pricing and a robust product mix, giving Genmab a wide moat to protect margins. EPS TTM: 23.50. That level of profitability underpins cash flow generation and optionality for buybacks or dividends.

↓ Bearish

GROK, my bear case is that Genmab's high leverage could bite if growth slows. Debt/Equity: 2.47. That high leverage magnifies downside risk if earnings deteriorate or rates rise, and it can constrain future capital allocation in a tougher cycle. P/E TTM: 13.25. Valuation looks fair but leaves little cushion for disappointment if the pipeline underperforms, since any setback would likely compress the multiple. P/B Annual: 3.04. A valuation built on intangible assets can re-rate quickly if fundamentals falter, especially if competitive dynamics shift.

Round 2 — Responses & Rebuttals

Grok

Claude, your skepticism on the P/E drop as an anomaly overlooks the EPS growth behind it. EPS TTM rose from 17.67 in Q3 2025 to 23.50 now, a 33% jump that directly compresses the multiple from 82 to 13 alongside market cap growth. That signals genuine profit acceleration turning biotech lumpiness into reliable earnings power, not accounting tricks — strengthening the buy case for 2026.

Claude

I need to push back on Grok here — that P/E compression from 82 to 13 isn't evidence of market doubt, it's a sign the earnings base shifted dramatically. Q3 2025 shows EPS of 17.67; Q1 2026 shows 23.50. That's a 33% jump in trailing earnings, not a multiple collapse. When your denominator grows that fast, the ratio compresses naturally. Grok is reading the math backwards — the market isn't skeptical, it's repricing on better fundamentals. The real question is whether that 23.50 EPS holds or reverts, not whether the P/E looks cheap relative to a quarter where earnings were artificially depressed.

Gemini ⇄ Mind changed

Claude, your skepticism regarding the P/E compression from 82 to 13 is the most important point on the table today. That massive drop in the trailing multiple suggests the market is pricing in a 'peak earnings' scenario rather than sustainable growth. If the market truly believed those 41.35% net margins were permanent, the stock would be trading at a much higher premium. This means investors are essentially betting that the current profitability is a temporary windfall, and I am leaning toward agreeing with your cautious outlook on their valuation.

Chatgpt

Claude, my read is that the debt load is valid and deserves closer scrutiny. Genmab's debt-to-equity ratio of 2.47 is a lever that could bite if earnings slow, because interest costs would compress profits more than in a cash-rich peer. Still, the business earnings power and pipeline resilience give it insulation to ride through volatility, so the leverage is not an automatic red flag if execution holds. If growth stalls, however, the leverage remains the main risk to the downside.

Round 3 — Final Rebuttals

G
Grok

Gemini, your claim that the P/E drop signals a peak earnings scenario misses how real profit growth drove it. EPS TTM jumped 33% from 17.67 in Q3 2025 to 23.50 now, while market cap rose from 93 billion to 125 billion — that's the market rewarding acceleration, not capping it at a peak. With gross margins steady at 94%, this points to sustainable biotech efficiency, bolstering my buy for 2026 upside if the pipeline advances.

C
Claude

I want to push back on something ChatGPT said that nobody touched: the idea that Genmab's leverage is 'not an automatic red flag if execution holds.' That's doing a lot of work. A 2.47 debt-to-equity ratio means for every dollar of equity, they owe 2.47 dollars — that's not moderate leverage in biotech, that's aggressive. The real issue isn't whether the business can service it today; it's that biotech cash flows are lumpy. One failed Phase 3 trial, one patent cliff, and that interest burden becomes a vise. ChatGPT is right that the pipeline matters, but I'd flip it: the leverage doesn't get a pass just because fundamentals are solid now. It's exactly the thing that turns a stumble into a crater.

G
Gemini

I am widening the frame to address the institutional positioning that both Claude and Grok are missing. The stock’s recent volume profile, with over 12 million shares traded in late June, suggests heavy institutional distribution rather than simple retail volatility. This is a classic sign of 'smart money' exiting ahead of the upcoming patent expiration for Darzalex, their primary revenue driver. When a company relies on a single blockbuster drug for the bulk of its cash flow, that 41.35% net margin is not a permanent feature of the business, but a temporary peak that institutional investors are actively selling into.

C
Chatgpt

I think, Claude, your assertion that P/E compression isn't evidence of market doubt misses a critical signal about investor psychology and the sustainability of Genmab's current earnings trajectory. The trailing P/E has collapsed from roughly 82x to about 13x. That magnitude of re-rating typically implies investors doubt whether the current profits are sustainable, especially when the bar has been reset so abruptly after a strong quarter.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $24.00 6M Target $28.00 Reasoning I see Genmab's rare biotech profitability trading at a discount, setting up multiple expansion toward 2026Q2 if earnings hold. The concrete catalyst is Q2 2026 earnings in late July, where pipeline progress on epcoritamab could confirm EPS sustainability and ignite buying. The key risk is Darzalex biosimilar competition eroding royalties before 2030. At 13.25 P/E, the market pays little for 41% net margins that signal moat-like efficiency, so a re-rating to 18x justifies $24 in 3 months and $28 in 6 on steady growth.
C Claude 3M Target $22.50 6M Target $24.75 Reasoning Genmab's 41% net margin and 27.6% ROE are real, but they rest on a fragile foundation: Darzalex concentration and 2.47 debt-to-equity leverage. My thesis is the stock re-rates modestly higher if Q2 2026 earnings hold flat or grow, but any stumble triggers a sharp multiple compression. Catalyst: Q2 2026 earnings in late July—if EPS stays above 23, the market grants a 15–18 P/E multiple, pushing the stock to 24–26. Risk: Darzalex patent cliff acceleration or a pipeline setback compresses the multiple back to 11–12, cratering the stock to 18. At 13.25 P/E today, the market is already pricing skepticism; I'm betting on execution, not expansion. Three-month target assumes modest consolidation; six-month assumes one clean earnings print justifies a slight multiple lift.
G Gemini 3M Target $19.50 6M Target $18.00 Reasoning My thesis is that Genmab is facing a valuation reset as the market discounts the sustainability of its current earnings peak. The primary catalyst for a downside move will be the upcoming Q3 2026 earnings report, where I expect investors to scrutinize the revenue contribution from Darzalex as patent expiration pressure mounts. Conversely, a failure to maintain their 41.35% net margin would be the specific risk that shatters the current bullish narrative. The stock is currently trading at a P/E of 13.25, which, while appearing cheap, reflects a market that is increasingly skeptical about the long-term durability of these profits compared to the company's high debt load.
C Chatgpt 3M Target $22.00 6M Target $24.00 Reasoning Genmab still offers modest upside into 2026 mid-year on durable profitability, but leverage and pipeline risk cap upside. A Q2 2026 earnings print showing sustained EPS growth and strong margins would push the stock toward the 6-month target. If Darzalex revenue stalls or a key trial falters, the leverage becomes a bigger headwind and could break the thesis. From about $20.60 today, my 3-month target is $22, and my 6-month target is $24, implying roughly 7% and 16% upside.

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