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Genmab A/S GMAB

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Stock XCSE Rating as of
DKK 2,002.00 −39.00 (1.91%)
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Company Report

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Genmab Earnings: Robust Darzalex Royalty Revenue Supports Future Growth; Shares Undervalued

Rachel Elfman

Narrow-moat Genmab reported robust first-quarter results highlighted by revenue of DKK 4.1 billion, a 46% increase from the prior-year period. Royalty revenue from Darzalex continued to drive sales, accounting for 57% of total revenue in the quarter. Genmab’s results are tracking our expectations, and we maintain our fair value estimate of DKK 2,650 per share. We view the stock as undervalued, currently trading in 4-star territory at about 27% below our fair value estimate.

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Price vs Fair Value

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GMAB is trading at a 712% premium.
Price
DKK 2,041.00
Fair Value
DKK 2,313.00
Uncertainty
Medium
1-Star Price
DKK 4,875.30
5-Star Price
DKK 6,891.00
Economic Moat
Mzcpc
Capital Allocation
Mxtscsjxb

Bulls Say, Bears Say

Bulls

Darzalex is entrenched in the standard of care for multiple myeloma, and it is unlikely any competitors will completely displace it due to its robust efficacy and well-tolerated safety profile.

Bears

The multiple myeloma market is crowded with other molecules, including immunomodulatory drugs, proteasome inhibitors, HDAC inhibitors, and other targeted therapies.

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News

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Trading Information

Previous Close Price
DKK 2,041.00
Day Range
DKK 2,002.00–2,036.00
52-Week Range
DKK 1,825.00–2,939.00
Bid/Ask
DKK 2,005.00 / DKK 2,007.00
Market Cap
DKK 129.31 Bil
Volume/Avg
104,489 / 118,320

Key Statistics

Price/Earnings (Normalized)
23.83
Price/Sales
7.51
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
0.43%

Company Profile

Genmab is a Copenhagen-based biotechnology company specializing in antibody therapeutics for the treatment of cancer. Genmab’s proprietary antibody technologies are DuoBody, HexaBody, DuoHexaBody, and HexElect. Johnson & Johnson partnered with Genmab to create Darzalex, which is regarded as the standard of care for multiple myeloma and is Genmab’s leading product. Genmab also has Tepezza for thyroid eye disease (partnered with Horizon), Kesimpta for relapsing multiple sclerosis (partnered with Novartis), Rybrevant (partnered with Johnson & Johnson) for non-small cell lung cancer (NSCLC), Tivdak (partnered with Seagen) for cervical cancer, and Epkinly (partnered with AbbVie) for diffuse large B-cell lymphoma. Genmab has several pipeline candidates targeting other oncologic indications.
Sector
Healthcare
Industry
Biotechnology
Stock Style Box
Large Growth
Total Number of Employees
2,266
Website
https://www.genmab.com

Competitors

Valuation

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Metric
GMAB
4502
INCY
Price/Earnings (Normalized)
 23.8315.6615.05
Price/Book Value
 4.060.892.38
Price/Sales
 7.511.533.43
Price/Cash Flow
 19.887.4916.49
Price/Earnings
GMAB
4502
INCY

Financial Strength

Metric
GMAB
4502
INCY
Quick Ratio
 12.420.463.29
Current Ratio
 12.461.063.47
Interest Coverage
 216.181.93333.13
Quick Ratio
GMAB
4502
INCY

Profitability

Metric
GMAB
4502
INCY
Return on Assets (Normalized)
 15.15%2.86%13.25%
Return on Equity (Normalized)
 16.99%6.13%17.32%
Return on Invested Capital (Normalized)
 14.01%4.78%14.51%
Return on Assets
GMAB
4502
INCY
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