Genmab (GMAB) Q4 2025 earnings summary

Executive summary

• Achieved 19% total revenue growth in 2025, driven by both royalty portfolio and proprietary medicine sales, and 24%–30% operating profit growth year-over-year through disciplined investment in R&D and commercialization.

• Expanded operating profit while investing in late-stage pipeline and commercialization capabilities, positioning for multiple potential 2027 launches.

• Key milestones included FDA approval and strong data for EPKINLY, expansion of TIVDAK, and acquisition of Merus, adding petosemtamab to the portfolio.

• Entered 2026 with a diversified, high-quality revenue base and multiple late-stage assets poised for future growth.

• Rapid integration of Merus and expansion of petosemtamab and Rina-S® assets support long-term sustainable growth.

Financial highlights

• 2025 total revenue reached $3.7 billion, up 19% year-over-year, with proprietary medicine sales totaling $632 million (+54%).

• EPKINLY net sales rose 67% to $468 million; TIVDAK net sales increased 26% to $164 million year-over-year.

• Operating profit expanded to $1.26 billion, reflecting strong execution and operating leverage, with adjusted operating profit up 30%.

• Net profit (adjusted) was $1.161 billion in 2025.

• Gross profit for 2025 was $3.482 billion, with operating margin (adjusted) improving to 34%.

Outlook and guidance

• 2026 revenue guidance: $4.065 billion–$4.395 billion (mid-point $4.23 billion), representing 14% growth, driven by EPKINLY and royalty portfolio.

• DARZALEX net sales projected between $15.6 billion and $16.4 billion.

• Operating profit guidance for 2026 set at $1.15 billion at midpoint, with increased investment in late-stage development and launch readiness.

• Over 90% of operating expense increase in 2026 due to late-stage development for petosemtamab and Rina-S®.

• Continued commitment to maintain substantial profitability and target gross leverage below 3x by end of 2027.