Genmab A/S is a biotechnology company that creates, develops, and commercializes differentiated antibody therapeutics to treat cancer and other serious diseases. In fiscal 2024, the company reported revenue of $3.1 billion. The group benefits from a high degree of stable recurring revenue through royalties driven primarily by Darzalex, a blockbuster with about 10% sales growth through 2026 and projected peak revenue in 2029 at $17.4 billion; a strong market position in oncology; world-class antibody biology knowledge, and an established and promising clinical pipeline. However, it has high product concentration risk (with the top three royalty products accounting for 69% of annual revenue), limited scale, and weaker pipeline breadth than rated pharma peers. The group plans to acquire Merus, a development-stage
