Genmab AS

GMAB: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 5,913.00	Gnkqcr	Zlbphcjyt

Genmab Earnings: Strong Royalty Revenue From Darzalex Drives Growth; Shares Fairly Valued

Rachel Elfman

Aug 9, 2023

Genmab reported positive results for first-half 2023, highlighted by revenue exceeding DKK 7 billion, representing a 34% increase compared with the prior-year period. Darzalex, in partnership with wide-moat Johnson & Johnson, remains deeply entrenched in the standard of care for multiple myeloma, and it accounted for 70% of Genmab’s total sales. We maintain our fair value estimate of DKK 2,650 and 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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