Financials Genmab A/S

Equities

GMAB

DK0010272202

Biotechnology & Medical Research

Market Closed - Nasdaq Copenhagen Other stock markets 15:59:56 26/04/2024 BST			5-day change	1st Jan Change
1,954 ^DKK	+2.04%		-2.57%	-9.30%

04-16	Genmab, Johnson & Johnson Logs Higher Q1 Sales for Blood Cancer Drug	MT
04-16	Genmab A/S Announces DARZALEX Sales Results for the First Quarter of 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	96,408	161,105	172,063	192,229	140,770	126,773	-	-
Enterprise Value (EV) ¹	85,618	145,026	152,725	169,905	112,635	100,202	93,274	85,722
P/E ratio	43.5 x	34.1 x	57.8 x	35.2 x	32.6 x	25 x	19.2 x	14.9 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	18 x	15.9 x	20.3 x	13.2 x	8.54 x	6.45 x	5.39 x	4.45 x
EV / Revenue	16 x	14.3 x	18 x	11.6 x	6.84 x	5.1 x	3.97 x	3.01 x
EV / EBITDA	30.8 x	22.1 x	46.8 x	25.3 x	20.1 x	15.6 x	11 x	7.78 x
EV / FCF	68.7 x	23.7 x	77.3 x	47.3 x	16.1 x	21 x	14.5 x	9.48 x
FCF Yield	1.46%	4.22%	1.29%	2.12%	6.23%	4.76%	6.87%	10.6%
Price to Book	6.85 x	8.5 x	7.82 x	7.07 x	4.5 x	3.46 x	2.88 x	2.37 x
Nbr of stocks (in thousands)	65,075	65,410	65,423	65,362	65,322	64,862	-	-
Reference price ²	1,482	2,463	2,630	2,941	2,155	1,954	1,954	1,954
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	19,660	23,513	28,505
EBITDA ¹	2,777	6,572	3,266	6,719	5,616	6,410	8,488	11,020
EBIT ¹	2,638	6,313	3,018	6,357	5,321	6,044	8,065	11,057
Operating Margin	49.16%	62.44%	35.58%	43.56%	32.3%	30.74%	34.3%	38.79%
Earnings before Tax (EBT) ¹	2,859	5,904	3,983	7,035	5,637	6,598	8,793	11,702
Net income ¹	2,166	4,758	3,008	5,522	4,352	5,106	6,757	8,934
Net margin	40.37%	47.06%	35.46%	37.83%	26.42%	25.97%	28.74%	31.34%
EPS ²	34.03	72.21	45.54	83.65	66.02	78.08	101.6	131.6
Free Cash Flow ¹	1,247	6,126	1,976	3,595	7,014	4,767	6,411	9,044
FCF margin	23.24%	60.59%	23.3%	24.63%	42.58%	24.25%	27.26%	31.73%
FCF Conversion (EBITDA)	44.9%	93.21%	60.5%	53.5%	124.89%	74.37%	75.52%	82.07%
FCF Conversion (Net income)	57.57%	128.75%	65.69%	65.1%	161.17%	93.35%	94.88%	101.23%
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	3,987	4,964	9,117	5,280	5,429	4,715
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	879.8	1,656	2,815	1,820	1,824	975
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	831	1,607	2,630	1,763	1,789	920
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%	20.85%	32.37%	28.85%	33.39%	32.95%	19.51%
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	1,064	1,845	2,876	1,861	1,802	817
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	832.4	1,411	2,215	1,439	1,415	638
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%	20.88%	28.42%	24.3%	27.25%	26.07%	13.53%
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	12.80	22.38	34.20	22.27	23.34	23.74
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	-	-	-	-	-	-

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	26,571	33,499	41,052
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,247	6,126	1,976	3,595	7,014	4,767	6,411	9,044
ROE (net income / shareholders' equity)	19.6%	28.7%	14.6%	22.2%	14.8%	14.8%	16.6%	18.1%
ROA (Net income/ Total Assets)	18.4%	26.2%	13.1%	20.1%	13.3%	12.1%	13.7%	16.1%
Assets ¹	11,803	18,143	22,885	27,453	32,704	42,141	49,234	55,347
Book Value Per Share ²	216.0	290.0	336.0	416.0	479.0	565.0	678.0	826.0
Cash Flow per Share ²	21.50	97.60	33.70	59.30	112.0	85.80	123.0	159.0
Capex ¹	79	307	252	317	366	451	510	646
Capex / Sales	1.47%	3.04%	2.97%	2.17%	2.22%	2.3%	2.17%	2.27%
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

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,954 DKK

Average target price

2,418 DKK

Spread / Average Target

+23.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Bio Therapeutic Drugs

	1st Jan change	Capi.
GENMAB A/S	-9.30%	18.15B
VERTEX PHARMACEUTICALS INCORPORATED	-2.31%	103B
REGENERON PHARMACEUTICALS, INC.	+0.56%	95.28B
ARGENX SE	+1.69%	22.15B
BIONTECH SE	-17.37%	21.02B
WUXI APPTEC CO., LTD.	-41.01%	16.74B
BEIGENE, LTD.	-14.85%	16.05B
NEUROCRINE BIOSCIENCES, INC.	+3.21%	13.68B
SAREPTA THERAPEUTICS, INC.	+33.54%	12.17B
LEGEND BIOTECH CORPORATION	-24.71%	8.24B

Bio Therapeutic Drugs