Abstract
Genmab A/S will report its quarter ending December 2025 results on February 17, 2026, Post Market. This preview synthesizes consensus forecasts, company guidance, last quarter’s performance, and the prevailing analyst stance to frame expectations for revenue, gross margin, net margin, and adjusted EPS.
Market Forecast
Consensus points to Genmab A/S delivering revenue of $1.05 billion for the quarter ending December 2025, up 16.55% year over year, with estimated EBIT of $384.93 million and adjusted EPS of $0.49, implying a 75.00% year-over-year rise; margin metrics are expected to remain elevated, supported by a biologics royalty mix. Forecast highlights center on royalties and net product sales, with resilient gross profitability and operating leverage underpinning the outlook. The most promising segment is royalties at $0.84 billion last quarter, which continues to anchor growth and predictability on higher partner sales and label expansion.
Last Quarter Review
Genmab A/S posted revenue of $1.02 billion, gross profit margin of 94.32%, GAAP net profit attributable to the parent company of $401.00 million, net profit margin of 39.24%, and adjusted EPS of $0.646, with year-over-year gains in all key financial lines. A notable highlight was EBIT of $459.00 million, which exceeded estimates by $75.12 million and reflected strong operational execution. Main business momentum was led by royalties at $0.84 billion, complemented by net product sales of $0.10 billion, milestone payments of $0.05 billion, collaboration revenue of $0.02 billion, and reimbursement income of $0.01 billion, collectively sustaining double-digit growth on robust partner performance.
Current Quarter Outlook
Main Business: Royalty Streams
The core of Genmab A/S’s revenue model remains royalties from partnered antibody products, which represented the largest contribution last quarter at $0.84 billion. For the current quarter, ongoing sales expansion of partnered therapies is set to drive royalty accruals, and the forecast revenue growth of 16.55% suggests continued volume and geographic uptake. The high gross profit margin profile is consistent with the asset-light nature of royalties, which also provides operating leverage—supporting the estimated EBIT of $384.93 million. Key watch items include partner sell-through trends, any reported channel dynamics in major markets, and updated label or geographic expansions that can incrementally lift run-rate royalties.
Most Promising Business: Net Product Sales
Net product sales reached $0.10 billion last quarter and sit as a potential growth vector as Genmab A/S expands commercialization activities around its proprietary assets. While smaller than royalties, this segment can deliver a higher strategic value by increasing control over pricing and market development. Quarter-on-quarter progression will likely depend on continued launch execution, formulary access, and physician adoption patterns across key indications. If management signals accelerating demand or expanded access programs, the contribution from net product sales could outpace the broader company growth rate, improving revenue mix and future margin contours even within a royalty-heavy model.
Stock Price Drivers: Profitability, EPS Trajectory, and Execution vs. Forecast
Investors will focus on whether adjusted EPS of $0.49 lands in line with, or above, expectations, considering the recent quarter’s beat on both EBIT and EPS. The interplay between sustained 90%+ gross margins and disciplined operating spending will shape EBIT conversion and net margin resilience; any cost upticks tied to R&D portfolio progression could temper operating leverage, though the top-line forecast offers a cushion. Directional guidance around royalty-bearing products, commercialization progress for owned assets, and any updates to the late-stage pipeline may influence sentiment, as visibility into future revenue streams feeds directly into valuation assumptions for sustainable EPS growth.
Analyst Opinions
Analyst views are predominantly bullish over the past six months, with multiple reiterations of Buy ratings and rising confidence in execution and earnings quality. Notably, Truist Financial reiterated a Buy rating with a $48.00 price target and has maintained a positive stance across several updates, citing favorable fundamentals and earnings trajectory. H.C. Wainwright reaffirmed a Buy rating with a $41.00 target, emphasizing earnings visibility and revenue mix stability tied to royalty streams. Guggenheim also reiterated a Buy rating with a $45.00 target, reflecting conviction in partner sales momentum and margin durability. The preponderance of positive ratings—spanning Truist Financial, H.C. Wainwright, and Guggenheim—suggests a bullish majority, with institutional commentary pointing to the combination of solid top-line expansion, high gross margins, and operational execution as key pillars supporting upside potential this quarter. The positive skew in opinions aligns with the forecast for double-digit revenue growth and a constructive EPS setup, reinforcing expectations for continued earnings resilience and the potential for upside if delivery trends and product uptake exceed modeled assumptions.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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