Genmab (GMAB) Q2 2026 earnings summary

Executive summary

• Total revenue grew 25% year-over-year to $2,051 million in H1 2026, driven by strong proprietary portfolio sales, higher royalties from DARZALEX and Kesimpta, and disciplined capital allocation.

• Adjusted operating profit rose 18% year-over-year to $656 million, reflecting focused investments and operating leverage.

• Strategic investments were made in late-stage programs, launch readiness, and the integration of Merus, while still growing operating profit.

• Multiple late-stage pipeline assets, including EPKINLY, Petosemtamab, and Rina-S, are advancing with several Phase 3 readouts and potential launches anticipated by 2027.

• Positive Phase 3 results for Epcoritamab plus lenalidomide in relapsed/refractory DLBCL and European approval for EPKINLY plus lenalidomide and rituximab in follicular lymphoma were achieved.

Financial highlights

• H1 2026 total revenue reached $2,051 million, up from $1,640 million in H1 2025.

• Proprietary portfolio sales reached $396 million, up 37% year-over-year; EPKINLY sales grew 48% to $312 million, and TIVDAK sales rose 8% to $84 million.

• Adjusted operating profit for H1 2026 was $656 million, compared to $554 million in H1 2025.

• Net profit for H1 2026 was $356 million, with adjusted net profit at $457 million, impacted by higher R&D, SG&A, and financing costs from the Merus acquisition.

• Royalty revenue increased 24% year-over-year to $1,708 million, mainly from DARZALEX and Kesimpta.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $4.33–4.53 billion (DKK 4.3–4.5 billion), representing 19% year-over-year growth at midpoint and 5% above previous guidance.

• Adjusted operating profit guidance increased to $1.07–1.39 billion, with operating expenses expected at $2.81–2.95 billion.

• Majority of revenue outperformance expected to translate into higher operating profit while supporting continued investment in late-stage development and launch readiness.

• Guidance assumes no significant new agreements and is subject to risks including milestone achievements, development timing, inflation, and FX rates.