Genmab A/S (GMAB) Fair Value & Analysis
Healthcare · DK · Market cap 115B DKK (≈ $18.0B) · ISIN DK0010272202
What is Genmab A/S really worth?
Structural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
A solid business, but trading 766% above our fair value of kr 250.07.
Strengths
Risks
Fair value as of: Aug 19, 2026
From 24 valuation models · updated 16 days ago
Share price +14.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (kr 328.20). The favourable scenario is already priced in.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- A fairly wide model range (kr 171.93 to kr 328.20) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.
How to read this chart
60‑month range kr 1,169 – kr 3,295 · fair‑value band kr 171.93 – kr 328.20 · the kr 2,165 price screens above the kr 250.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.
Analysis
Genmab A/S (GMAB) currently trades at kr 2,165, while our model-based Fair Value estimate is kr 250.07, implying the stock looks roughly 765.8% overvalued today. The Quality Score stands at 71/100 (solid quality), in the Healthcare sector. Bull case: the Growth Earnings group reads highest at a median of kr 601.44 per share, and 0 of the 24 models we run sit above the kr 2,165 price. Bear case: the Asset-Based group reads lowest at kr 63.67, and 24 of the 24 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, Genmab A/S generated revenue of 3.9B DKK at a net margin of 21.1%. Revenue grew 25.3% year over year. It earns a return on equity of 15.0%. Net debt stands at 3.8B DKK. Fundamentals as of Aug 19, 2026
Our scenario range runs from kr 171.93 (bear case) to kr 328.20 (bull case); at kr 2,165, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 70% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −59% fair-value upside, at −88%, GMAB screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 57.31 per share, which is 22.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Growth Earnings (kr 601.44) versus Asset-Based (kr 63.67). Highest evidence: FCF DCF (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 69 · Market factors (momentum, volatility) 73
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Genmab A/S, a biotechnology company, develops antibody-based products and product candidates for the treatment of cancer and other diseases in Denmark.
Full company description
Genmab A/S, a biotechnology company, develops antibody-based products and product candidates for the treatment of cancer and other diseases in Denmark. The company markets EPKINLY and TEPKINLY for adult patients with relapsed or refractory (R/R) diffuse large b-cell lymphoma (DLBCL), large B-cell lymphoma, and follicular lymphoma (FL); and Tivdak for adult patients with recurrent/metastatic cervical cancer with disease progression on or after chemotherapy. It is also developing Epcoritamab for R/R DLBCL and FL, first line DLBCL and FL, B-cell non-Hodgkin lymphoma, R/R chronic lymphocytic leukemia and Richter's syndrome, and aggressive mature B-cell neoplasms in pediatric patients; tisotumab vedotin for solid tumors; Acasunlimab for solid tumors and non-small cell lung cancer (NSCLC); Rinatabart Sesutecan for platinum resistant ovarian cancer and solid tumors; GEN1059, GEN1055, and GEN1057 for solid tumors; and GEN1286 for advanced solid tumors. In addition, the company offers DARZALEX/DARZALEX FASPRO for multiple myeloma (MM) and light-chain Amyloidosis; RYBREVANT for NSCLC; TECVAYLI and TALVEY for R/R MM; Kesimpta for Relapsing multiple sclerosis; and TEPEZZA for thyroid eye disease. Further, it is developing Amivantamab for recurrent/metastatic head and neck cancer, and advanced or metastatic colorectal cancer; Amlenetug for multiple system atrophy; Inclacumab for vaso-occulsive crises in sickle cell diseases; and Mim8 for hemophilia A. The company has a collaboration agreement with AbbVie Inc., Pfizer Inc., BioNTech SE, Johnson & Johnson, Medarex, Inc., Bristol Myers Squibb Corporation, Lundbeck A/S, Amgen Inc., Novo Nordisk A/S, and argenx. Genmab A/S was incorporated in 1998 and is headquartered in Copenhagen, Denmark.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Genmab A/S reported revenue of 3.9B DKK in FY2025 versus 8.5B DKK in FY2021, a compound −17.9%/yr. Reported net income was 999M DKK in FY2025, compounding −23.8%/yr from FY2021.
of which total revenue +30.6 % · buybacks/dilution −0.7 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
GMAB screens 766% overvalued. Compare with Vertex Pharmaceuticals Incorporated →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Could AbbVie Inc. (ABBV) Win as Genmab A/S (GMAB) Faces a New Regulatory Test for Epcoritamab?
- Capital Increase in Genmab as a Result of Employee Warrant Exercise
- Genmab Stock Rises 4.4% as Drug Royalties Lift Outlook
- Genmab AS (GMAB) (Q2 2026) Earnings Call Highlights: Strong Revenue Growth and Strategic ...
Peer Group
Biotechnology · 622 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Biotechnology median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vertex Pharmaceuticals Incorporated VRTX | $547.55 | $278.78 | −49% |
| Regeneron Pharmaceuticals, Inc REGN | $807.71 | $594.40 | −26% |
| argenx SE ARGX | €877.60 | €292.84 | −67% |
| Samsung Biologics Co 207940 | 1,518,000 KRW | 1,055,793 KRW | −30% |
| CSL Limited CSL | A$174.50 | A$141.68 | −19% |
| Alnylam Pharmaceuticals, Inc ALNY | $228.61 | $51.70 | −77% |
| Royalty Pharma plc RPRX | $60.58 | $24.22 | −60% |
| Celltrion, Inc 068270 | 190,700 KRW | 74,519 KRW | −61% |
| BeOne Medicines AG ONC | $362.51 | $111.35 | −69% |
| BioNTech SE BNTX | $111.40 | $45.66 | −59% |
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