Genmab A/S has improved its full-year 2026 revenue guidance to $4.325 billion-$4.525 billion (up 5% versus previous forecast) and operating profit guidance of $1.065 billion-$1.385 billion (+7% versus previous guidance). Genmab reported faster-than-expected deleveraging of 3x EBITDA in 2025, versus our expectation of over 4x, and therefore, we expect leverage to remain comfortably below 3x in 2026 and 2027. Genmab has successfully reinforced its pipeline with high-impact late-stage assets, managing 16 Phase 3 trials, specifically including three high-impact late-stage assets positioned for potential 2027 launches. We therefore raised our long-term issuer credit rating on Genmab to'BBB-'from'BB+'. The stable outlook indicates our expectation that Genmab will maintain leverage below 3x on average over the next two years and
