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Edge20 Feb 2026
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Genmab
Genmab (GMAB) investor relations material
Genmab Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Feb, 2026
Executive summary
Achieved 19% total revenue growth in 2025, driven by proprietary medicines and royalty portfolio, with operating profit increasing 24% year-over-year despite strategic investments.
Expanded late-stage pipeline through the acquisition and rapid integration of Merus, adding petosemtamab and advancing Rina-S® and EPKINLY programs.
Commercial launches in new markets and strong execution in the U.S., Japan, and Europe, with TIVDAK and EPKINLY achieving significant regulatory milestones and sales growth.
Accelerated late-stage pipeline development and maximized commercialized medicines, positioning for multiple potential 2027 launches.
Financial highlights
Total revenue reached $3.7 billion in 2025, up 19% year-over-year.
Operating profit expanded to $1.26 billion, a 30% increase, reflecting increased operating leverage.
Proprietary medicines sales totaled $632 million, a 54% increase year-over-year, with EPKINLY sales at $468 million (+67%) and TIVDAK at $164 million (+26%).
Net profit (adjusted) was $1,161 million in 2025.
Operating margin (adjusted) improved to 34% in 2025 from 31% in 2024.
Outlook and guidance
2026 revenue guidance: $4,065M–$4,395M (mid-point $4,230M), representing 14% growth, driven by EPKINLY and royalty portfolio.
Operating profit guidance for 2026 set at $1.15 billion, with continued investment in late-stage pipeline and launch readiness.
Over 90% of operating expense increase in 2026 due to late-stage development for petosemtamab and Rina-S®.
Multiple registrational readouts expected in 2026, enabling potential 2027 launches.
DARZALEX net sales projected between $15.6 billion and $16.4 billion.
EPKINLY DLBCL-1 OS miss: regulatory strategy
Rina-S differentiation in PROC vs new approvals
Petosemtamab: future indications beyond HNC
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Next Genmab earnings date
TD Cowen 46th Annual Health Care Conference3 Mar, 2026
Genmab
Next Genmab earnings date
TD Cowen 46th Annual Health Care Conference3 Mar, 2026
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