Genmab (GMAB) Q4 2025 earnings summary

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.