What happened with GMAB today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
Most of Genmab A/S’s revenue comes from Johnson & Johnson (J&J), which sells daratumumab under the DARZALEX brand for certain multiple myeloma and light-chain amyloidosis indications. J&J controls and pays for the medicine’s development and commercialization, then pays Genmab royalties based on sales. Genmab therefore depends heavily on J&J’s ability to sell DARZALEX, rather than on its own sales operation. Other partner-marketed medicines also generate royalties.
Genmab also sells medicines with partners. It shares EPKINLY’s commercial responsibilities and profits with AbbVie in the United States and Japan, and receives royalties on AbbVie’s sales elsewhere. With Pfizer, it shares U.S. profits from Tivdak and earns sales revenue outside the United States and China, paying Pfizer royalties on those sales. Its wholly owned candidates Rina-S and petosemtamab remain in late-stage clinical trials and need regulatory approval before they can be marketed.
DARZALEX royalties are not permanent: their duration varies by country, and patent expiry or biosimilar sales can reduce payments. J&J’s separate patents on the subcutaneous formulation do not extend Genmab’s royalty entitlement.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Genmab relies heavily on J&J’s DARZALEX royalties and growth from its priority cancer programs, making Roche—absent from this list—important to watch as LUNSUMIO and COLUMVI compete with EPKINLY.
Genmab depends on Johnson & Johnson to develop and sell DARZALEX and three DuoBody medicines under license; DARZALEX royalties alone supplied 66% of Genmab’s 2025 revenue. Watch DARZALEX sales and new indications, but also the expected material royalty decline starting in 2029 after US patent rights expire, even if sales stay constant.
AbbVie both supports Genmab’s EPKINLY income and competes with its Rina-S program: it manufactures EPKINLY and shares development and commercial economics, while selling rival ovarian-cancer treatment ELAHERE. EPKINLY sales outside the US and Japan generate 22%–26% royalties for Genmab, subject to reductions.
Novartis controls development and sales of Genmab’s ofatumumab and pays Genmab a 10% royalty on Kesimpta net sales. Watch Kesimpta’s global sales in multiple sclerosis: Genmab does not run its commercialization, and no further milestone payments remain.
Pfizer manufactures and co-develops Tivdak with Genmab, giving Genmab 50% of US profits while receiving royalties on Genmab’s sales in Europe, Japan and other markets excluding the US and China. Pfizer’s US Tivdak sales therefore feed Genmab’s collaboration revenue, rather than its own product-sales line.
Sanofi’s Sarclisa competes with J&J-marketed DARZALEX for multiple-myeloma patients, putting Genmab’s royalty income under competitive pressure. Both medicines target CD38, so Sarclisa sales are a concrete rival measure to watch alongside DARZALEX.
Halozyme and Genmab both collect royalties from J&J medicines that pair Genmab antibodies with Halozyme’s technology for delivering drugs under the skin. Watch subcutaneous DARZALEX and amivantamab sales, but note that J&J’s payments to Halozyme can reduce Genmab’s royalties.
Regeneron’s odronextamab competes with Genmab and AbbVie’s EPKINLY for B-cell lymphoma patients and broader treatment uses. Its approvals and Phase III results across B-cell cancers are worth watching as Genmab seeks to expand EPKINLY’s reach.
Bicara Therapeutics’ experimental ficerafusp alfa competes for head and neck cancer patients with Genmab’s wholly owned priority medicine petosemtamab. Watch its clinical results against petosemtamab’s Phase III program in head and neck squamous cell carcinoma.
Eli Lilly competes with two of Genmab’s wholly owned priorities: its established Erbitux treats head and neck cancer, while experimental LY4170156 carries a cancer-killing drug on an antibody and rivals Rina-S in ovarian cancer. Watch LY4170156’s clinical progress as well as Erbitux’s position against petosemtamab.
Amgen develops and sells TEPEZZA, paying for its commercial success through mid-single-digit royalties to Genmab under the Roche licensing chain. Watch TEPEZZA sales and country launches: Genmab’s royalty lasts 10 years from the first commercial sale in each country.
TG Therapeutics sells BRIUMVI for adults with relapsing multiple sclerosis, competing with Novartis-marketed Kesimpta and the 10% sales royalty it generates for Genmab. Watch BRIUMVI’s US sales and overseas rollout as measures of competition for Kesimpta patients.
ADC Therapeutics’ ZYNLONTA competes with Genmab’s EPKINLY for previously treated diffuse large B-cell lymphoma patients. Its US sales to providers and hospitals in third-line and later treatment offer a concrete view of competition in that patient group.
Zymeworks’ experimental ZW191 competes with Genmab’s priority Rina-S for solid tumors expressing folate receptor alpha, or FRα. Watch ZW191’s clinical progress against Rina-S, which is already in Phase III for ovarian and endometrial cancers.
AstraZeneca’s experimental volrustomig and AZD5335 compete with Genmab’s Tivdak in cervical cancer and Rina-S in ovarian cancer, respectively. Watch volrustomig’s Phase III results and AZD5335’s clinical progress for changes in the alternatives available to those patients.
Merck’s Keytruda competes with Genmab’s Tivdak in cervical cancer, while its ovarian-cancer development overlaps with Rina-S. Watch its Phase III sacituzumab tirumotecan maintenance trial, which seeks patients overlapping with Genmab’s Rina-S plus standard-care study.
Bristol Myers Squibb competes with two Genmab revenue sources: ABECMA rivals royalty-generating DARZALEX in multiple myeloma, while Breyanzi competes in EPKINLY’s lymphoma markets.
GSK’s Blenrep competes for multiple-myeloma patients with DARZALEX, whose sales generate royalties for Genmab. Watch Blenrep’s uptake following its October 2025 approval; its Phase III trial used daratumumab as part of the control treatment.
Novartis AG earningsNVS
Novartis’s report will show how Kesimpta is selling, and Genmab receives a 10% royalty on its global net sales.
Watch global Kesimpta sales. Higher sales mean more medicine sold by Novartis and more royalty income for Genmab; lower sales would weaken this revenue stream. Novartis controls development and sales, so these figures reflect a partner’s commercial results, not Genmab’s own sales.
Sanofi earningsSNY
Sanofi’s report will show how Sarclisa is selling against DARZALEX, the J&J medicine whose sales generate a large share of Genmab’s royalties.
Watch Sarclisa sales; both medicines target CD38. Stronger Sarclisa sales would show a rival gaining ground in the same disease area and raise the competitive risk to Genmab’s royalties on J&J’s DARZALEX sales. Weaker sales would offer less evidence of pressure, but would not prove that DARZALEX sales increased.
ABBVIE INC. earningsABBV
AbbVie co-develops and commercializes EPKINLY with Genmab, and its report can show how the medicine’s sales feed their shared business.
Watch any EPKINLY sales AbbVie reports, keeping the regions separate: in the U.S. and Japan, Genmab and AbbVie share sales and product costs equally; elsewhere, Genmab receives tiered royalties of 22% to 26%, subject to reductions. Higher sales would support shared collaboration income or royalties; weaker sales would mean less support from this revenue source.
Regeneron Pharmaceuticals Inc earningsREGN
Regeneron’s report will show how odronextamab is progressing in B-cell cancers, a competitive measure for EPKINLY, which Genmab develops with AbbVie.
Watch odronextamab’s approvals, clinical progress or sales in B-cell cancers, and compare the patients and uses with those EPKINLY serves. Progress or stronger uptake would point to a more capable rival that could constrain EPKINLY’s reach; setbacks or limited use would offer less evidence of pressure. Regeneron’s progress does not establish a change in EPKINLY sales.
TG Therapeutics, Inc. earningsTGTX
TG Therapeutics’s report will show whether BRIUMVI sales and overseas expansion are adding pressure on Novartis’s Kesimpta in relapsing multiple sclerosis.
Watch BRIUMVI’s U.S. sales and overseas expansion. Growth and successful expansion would show a rival reaching more patients, increasing the competitive pressure on Kesimpta and putting more focus on Genmab’s Kesimpta royalties; weak sales or stalled expansion would point to less pressure. BRIUMVI’s results do not establish whether Kesimpta sales rose or fell.
Halozyme Therapeutics, Inc. earningsHALO
Halozyme’s report may show sales of J&J medicines using its under-the-skin technology, and J&J’s payments to Halozyme can reduce Genmab’s related royalties.
Look for Halozyme disclosures that can be linked to subcutaneous DARZALEX or amivantamab. If sales of those under-the-skin versions rise alongside related Halozyme revenue, also consider that J&J’s payments to Halozyme reduce Genmab’s related royalties; if they do not, the size of that deduction is less evident. Halozyme’s total revenue alone cannot establish Genmab’s royalty amount.
Amgen Inc earningsAMGN
Amgen sells TEPEZZA, and Genmab receives a mid-single-digit royalty under the licensing arrangement; this report can show the sales base behind that income.
Watch any TEPEZZA sales Amgen reports and the markets where it sells. Higher sales would support Genmab’s royalty income; weaker sales would weaken this revenue stream. The royalty runs for 10 years after the first commercial sale in each country, so launch timing by market also shapes how long it lasts.
Pfizer Inc. earningsPFE
Pfizer co-develops Tivdak with Genmab and sells it in the U.S.; its report can show how the medicine feeds Genmab’s shared-profit income and overseas sales.
Read any Tivdak sales Pfizer reports alongside the regions. U.S. profits are shared equally, and Genmab records its share as collaboration revenue; outside the U.S. and China, Genmab records product sales and pays Pfizer royalties in the low-teens percentage range. Higher sales would support these two income paths, while lower sales would weaken them; Pfizer’s U.S. sales are not Genmab’s own product sales.
Genmab A/S earningsThis company
Most of Genmab’s revenue comes from partners, and this report will show whether royalties and own-product sales can support its development and commercialization costs.
Read partner royalties alongside own-product revenue and research, selling and administrative costs. Steady royalties, higher own-product revenue and costs that do not outpace income would show Genmab can fund its own business while relying on partner medicines; weaker royalties or faster-rising costs would show it remains exposed to partner sales, especially DARZALEX.
Bicara Therapeutics Inc. earningsBCAX
Bicara’s report can show clinical progress for ficerafusp alfa, a rival to Genmab’s wholly owned head and neck cancer candidate petosemtamab.
Compare ficerafusp alfa’s clinical progress with petosemtamab’s development in head and neck squamous cell carcinoma. If Bicara’s program advances, another candidate is pursuing the same patient group and Genmab could face a more crowded competitive field; if it stalls, there is less evidence of that pressure. Progress alone does not show which medicine is more effective.
