Genmab (GMAB) Q1 2026 earnings summary

Executive summary

• Revenue rose 25% year-over-year to $896 million in Q1 2026, driven by higher royalties from DARZALEX and Kesimpta and strong EPKINLY and TIVDAK sales.

• Operating profit increased 23% year-over-year (adjusted $237 million), despite significant investments in late-stage programs and Merus integration.

• EPKINLY and TIVDAK delivered robust commercial performance, with EPKINLY sales up 52% to $137 million and TIVDAK up 18% to $39 million year-over-year.

• Rina-S phase III trial enrollment completed ahead of schedule, supporting earlier pivotal data and regulatory filings.

• Integration of Merus and its asset petosemtamab advanced the late-stage pipeline and commercial growth.

Financial highlights

• Q1 2026 total revenue reached $896 million, up from $715 million in Q1 2025.

• Proprietary portfolio sales rose 43% to $176 million, led by EPKINLY and TIVDAK.

• Adjusted operating profit was $237 million (up from $191 million), while reported operating profit was $180 million (down from $188 million), reflecting acquisition/integration charges.

• Net profit declined to $53 million (down from $195 million), impacted by higher expenses and Merus acquisition financing.

• Royalty revenue increased 26% year-over-year to $742 million, mainly from DARZALEX ($562 million, +25%) and Kesimpta ($116 million, +29%).

Outlook and guidance

• 2026 revenue guidance maintained at $4.1–4.4 billion, with a midpoint of $4.23 billion, representing 14% projected growth.

• Operating profit guidance (excluding certain charges) is $0.9–1.4 billion.

• Operating expenses projected at $2.7–$2.9 billion, supporting late-stage development and launch readiness.

• Guidance assumes stable FX rates and no significant new agreements in 2026.

• Substantial profitability expected to be maintained despite increased investment.