Genmab AS

GMAB: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 5,146.00	Sfywm	Psyzhdjd

Genmab Earnings: Robust Darzalex Royalty Revenue Drives Growth; Shares Appear Fairly Valued

Rachel Elfman

May 11, 2023

Narrow-moat Genmab reported solid first-quarter results highlighted by revenue of DKK 2.8 billion, representing a 35% year-over-year increase. Robust royalty revenue grew 32% from the prior-year period to DKK 2.4 billion. The increase in royalties was driven by higher net sales of Darzalex and Kesimpta and exchange rate tailwinds. We’re maintaining our fair value estimate at DKK 2,650, and we view the stock as fairly valued. We maintain our narrow moat rating, which is based on intangible assets from the development of Genmab’s antibody therapeutics for cancer.

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