Financials Genmab A/S

Equities

GMAB

DK0010272202

Biotechnology & Medical Research

Market Closed - Nasdaq Copenhagen Other stock markets 10:59:49 2024-05-08 am EDT			5-day change	1st Jan Change
2,003 ^DKK	-0.45%		+2.93%	-7.05%

May. 03	GENMAB : A good start to 2024; guidance unchanged
May. 03	Genmab Posts Q1 Net Profit Surge; Revenue Jumps	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	96,408	161,105	172,063	192,229	140,770	129,376	-	-
Enterprise Value (EV) ¹	85,618	145,026	152,725	169,905	112,635	102,342	97,202	90,035
P/E ratio	43.5 x	34.1 x	57.8 x	35.2 x	32.6 x	29.4 x	21.1 x	16.2 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	18 x	15.9 x	20.3 x	13.2 x	8.54 x	6.54 x	5.48 x	4.57 x
EV / Revenue	16 x	14.3 x	18 x	11.6 x	6.84 x	5.17 x	4.12 x	3.18 x
EV / EBITDA	30.8 x	22.1 x	46.8 x	25.3 x	20.1 x	16.1 x	11.5 x	8.22 x
EV / FCF	68.7 x	23.7 x	77.3 x	47.3 x	16.1 x	13.4 x	16.2 x	10.4 x
FCF Yield	1.46%	4.22%	1.29%	2.12%	6.23%	7.49%	6.19%	9.66%
Price to Book	6.85 x	8.5 x	7.82 x	7.07 x	4.5 x	3.65 x	3.04 x	2.53 x
Nbr of stocks (in thousands)	65,075	65,410	65,423	65,362	65,322	64,591	-	-
Reference price ²	1,482	2,463	2,630	2,941	2,155	2,003	2,003	2,003
Announcement Date	2/19/20	2/23/21	2/16/22	2/22/23	2/14/24	-	-	-

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	19,796	23,621	28,310
EBITDA ¹	2,777	6,572	3,266	6,719	5,616	6,361	8,435	10,948
EBIT ¹	2,638	6,313	3,018	6,357	5,321	5,370	7,930	10,573
Operating Margin	49.16%	62.44%	35.58%	43.56%	32.3%	27.13%	33.57%	37.35%
Earnings before Tax (EBT) ¹	2,859	5,904	3,983	7,035	5,637	5,878	8,435	10,901
Net income ¹	2,166	4,758	3,008	5,522	4,352	4,683	6,630	8,345
Net margin	40.37%	47.06%	35.46%	37.83%	26.42%	23.66%	28.07%	29.48%
EPS ²	34.03	72.21	45.54	83.65	66.02	68.03	94.92	123.5
Free Cash Flow ¹	1,247	6,126	1,976	3,595	7,014	7,663	6,015	8,693
FCF margin	23.24%	60.59%	23.3%	24.63%	42.58%	38.71%	25.46%	30.71%
FCF Conversion (EBITDA)	44.9%	93.21%	60.5%	53.5%	124.89%	120.47%	71.31%	79.4%
FCF Conversion (Net income)	57.57%	128.75%	65.69%	65.1%	161.17%	163.65%	90.72%	104.18%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	2/19/20	2/23/21	2/16/22	2/22/23	2/14/24	-	-	-

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	4,143	4,992	9,039	5,286	5,585	5,352
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	823	1,512	2,412	1,716	2,085	2,841
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	801	391.7	2,229	1,633	1,832	1,541
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%	19.33%	7.85%	24.66%	30.89%	32.81%	28.79%
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	1,716	184.1	3,374	1,693	1,715	1,626
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	1,325	455.1	2,598	1,360	1,345	1,274
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%	31.98%	9.12%	28.74%	25.73%	24.08%	23.81%
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	20.18	-2.267	39.51	19.26	18.88	19.85
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/12/20	8/11/21	11/10/21	2/16/22	5/11/22	8/10/22	8/10/22	11/9/22	2/22/23	5/10/23	8/3/23	8/3/23	11/7/23	2/14/24	5/2/24	-	-	-	-	-

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	27,035	32,174	39,341
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,247	6,126	1,976	3,595	7,014	7,663	6,015	8,693
ROE (net income / shareholders' equity)	19.6%	28.7%	14.6%	22.2%	14.8%	14.9%	16.5%	17.8%
ROA (Net income/ Total Assets)	18.4%	26.2%	13.1%	20.1%	13.3%	12.8%	14%	16.2%
Assets ¹	11,803	18,143	22,885	27,453	32,704	36,585	47,521	51,566
Book Value Per Share ²	216.0	290.0	336.0	416.0	479.0	549.0	659.0	792.0
Cash Flow per Share ²	21.50	97.60	33.70	59.30	112.0	87.20	126.0	163.0
Capex ¹	79	307	252	317	366	501	515	647
Capex / Sales	1.47%	3.04%	2.97%	2.17%	2.22%	2.53%	2.18%	2.28%
Announcement Date	2/19/20	2/23/21	2/16/22	2/22/23	2/14/24	-	-	-

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

2,003 DKK

Average target price

2,470 DKK

Spread / Average Target

+23.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Bio Therapeutic Drugs

	1st Jan change	Capi.
GENMAB A/S	-7.05%	18.68B
VERTEX PHARMACEUTICALS INCORPORATED	+3.91%	109B
REGENERON PHARMACEUTICALS, INC.	+10.87%	105B
ARGENX SE	+1.28%	22.25B
BIONTECH SE	-13.14%	22.09B
WUXI APPTEC CO., LTD.	-38.36%	17.58B
BEIGENE, LTD.	-10.66%	16.85B
NEUROCRINE BIOSCIENCES, INC.	+3.75%	13.76B
SAREPTA THERAPEUTICS, INC.	+36.70%	12.46B
VIKING THERAPEUTICS, INC.	+295.70%	8.12B

Bio Therapeutic Drugs