Financials Genmab A/S BOERSE MUENCHEN

Equities

GE9

DK0010272202

Biotechnology & Medical Research

Market Closed - BOERSE MUENCHEN Other stock markets 20:43:31 28/06/2024 BST			5-day change	1st Jan Change
234.2 ^EUR	-2.21%		-3.94%	-18.82%

06-28	Would you like some more inflation?
06-28	Genmab, AbbVie's Lymphoma Therapy Recommended for Approval in EU	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	96,408	161,105	172,063	192,229	140,770	110,748	-	-
Enterprise Value (EV) ¹	85,618	145,026	152,725	169,905	112,635	84,864	78,542	71,880
P/E ratio	43.5 x	34.1 x	57.8 x	35.2 x	32.6 x	24.3 x	17.7 x	14.2 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	18 x	15.9 x	20.3 x	13.2 x	8.54 x	5.59 x	4.69 x	3.91 x
EV / Revenue	16 x	14.3 x	18 x	11.6 x	6.84 x	4.29 x	3.33 x	2.54 x
EV / EBITDA	30.8 x	22.1 x	46.8 x	25.3 x	20.1 x	13.4 x	9.45 x	6.58 x
EV / FCF	68.7 x	23.7 x	77.3 x	47.3 x	16.1 x	31.1 x	13.2 x	8.38 x
FCF Yield	1.46%	4.22%	1.29%	2.12%	6.23%	3.22%	7.57%	11.9%
Price to Book	6.85 x	8.5 x	7.82 x	7.07 x	4.5 x	3.27 x	2.66 x	2.23 x
Nbr of stocks (in thousands)	65,075	65,410	65,423	65,362	65,322	63,466	-	-
Reference price ²	1,482	2,463	2,630	2,941	2,155	1,745	1,745	1,745
Announcement Date	19/02/20	23/02/21	16/02/22	22/02/23	14/02/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,366	10,111	8,482	14,595	16,474	19,804	23,620	28,307
EBITDA ¹	2,777	6,572	3,266	6,719	5,616	6,324	8,308	10,930
EBIT ¹	2,638	6,313	3,018	6,357	5,321	5,930	7,849	10,464
Operating Margin	49.16%	62.44%	35.58%	43.56%	32.3%	29.94%	33.23%	36.96%
Earnings before Tax (EBT) ¹	2,859	5,904	3,983	7,035	5,637	5,853	8,292	10,868
Net income ¹	2,166	4,758	3,008	5,522	4,352	4,667	6,544	8,323
Net margin	40.37%	47.06%	35.46%	37.83%	26.42%	23.57%	27.71%	29.4%
EPS ²	34.03	72.21	45.54	83.65	66.02	71.85	98.69	123.2
Free Cash Flow ¹	1,247	6,126	1,976	3,595	7,014	2,730	5,948	8,574
FCF margin	23.24%	60.59%	23.3%	24.63%	42.58%	13.79%	25.18%	30.29%
FCF Conversion (EBITDA)	44.9%	93.21%	60.5%	53.5%	124.89%	43.17%	71.59%	78.45%
FCF Conversion (Net income)	57.57%	128.75%	65.69%	65.1%	161.17%	58.5%	90.89%	103.02%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	19/02/20	23/02/21	16/02/22	22/02/23	14/02/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	6,343	3,553	2,310	2,619	2,119	3,162	5,281	4,087	5,227	2,854	4,198	7,052	4,744	4,678	4,143	4,990	9,039	5,285	5,538	5,236
EBITDA ¹	4,583	1,345	905	1,016	529	1,263	1,792	1,953	2,974	458	1,520	1,978	1,739	1,899	823	1,508	2,412	1,712	2,045	2,850
EBIT ¹	4,568	1,319	890	809	514	1,247	1,761	1,931	2,665	437	1,497	1,934	1,717	1,670	801	390.3	2,229	1,632	1,819	1,547
Operating Margin	72.02%	37.12%	38.53%	30.89%	24.26%	39.44%	33.35%	47.25%	50.99%	15.31%	35.66%	27.42%	36.19%	35.7%	19.33%	7.82%	24.66%	30.87%	32.84%	29.54%
Earnings before Tax (EBT) ¹	4,682	1,846	1,171	966	612	2,489	3,101	3,272	662	286	1,723	2,009	2,702	926	1,716	198.8	3,374	1,714	1,687	1,634
Net income ¹	3,647	1,402	890	716	465	1,891	2,356	2,582	584	226	1,357	1,583	2,129	640	1,325	463.4	2,598	1,371	1,274	1,280
Net margin	57.5%	39.46%	38.53%	27.34%	21.94%	59.8%	44.61%	63.18%	11.17%	7.92%	32.32%	22.45%	44.88%	13.68%	31.98%	9.29%	28.74%	25.95%	23%	24.45%
EPS ²	55.52	21.25	13.47	10.82	7.050	28.66	35.71	39.17	8.820	3.430	20.61	24.03	32.32	9.670	20.18	2.980	39.51	19.53	20.65	21.13
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	12/08/20	11/08/21	10/11/21	16/02/22	11/05/22	10/08/22	10/08/22	09/11/22	22/02/23	10/05/23	03/08/23	03/08/23	07/11/23	14/02/24	02/05/24	-	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	10,790	16,079	19,338	22,324	28,135	25,884	32,206	38,868
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,247	6,126	1,976	3,595	7,014	2,730	5,948	8,574
ROE (net income / shareholders' equity)	19.6%	28.7%	14.6%	22.2%	14.8%	15.3%	16.2%	17.8%
ROA (Net income/ Total Assets)	18.4%	26.2%	13.1%	20.1%	13.3%	13.8%	13.9%	16.1%
Assets ¹	11,803	18,143	22,885	27,453	32,704	33,739	46,969	51,593
Book Value Per Share ²	216.0	290.0	336.0	416.0	479.0	534.0	657.0	784.0
Cash Flow per Share ²	21.50	97.60	33.70	59.30	112.0	87.50	126.0	163.0
Capex ¹	79	307	252	317	366	480	515	647
Capex / Sales	1.47%	3.04%	2.97%	2.17%	2.22%	2.42%	2.18%	2.29%
Announcement Date	19/02/20	23/02/21	16/02/22	22/02/23	14/02/24	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Genmab A/S

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,745 DKK

Average target price

2,464 DKK

Spread / Average Target

+41.20%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Bio Therapeutic Drugs

	1st Jan change	Capi.
VERTEX PHARMACEUTICALS INCORPORATED	+15.20%	121B
REGENERON PHARMACEUTICALS, INC.	+19.67%	113B
ARGENX SE	+18.95%	26.02B
BIONTECH SE	-23.86%	19.39B
BEIGENE, LTD.	-20.90%	15.09B
WUXI APPTEC CO., LTD.	-46.14%	15.06B
SAREPTA THERAPEUTICS, INC.	+63.85%	14.93B
NEUROCRINE BIOSCIENCES, INC.	+4.49%	13.85B
INSMED INCORPORATED	+116.20%	10.8B

Bio Therapeutic Drugs