Genmab AS

GMAB: XCSE (DNK)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	DKK 6,487.00	Bwgbwzg	Pmrypzl

Strong Royalty Revenue From Darzalex Continues to Drive Growth for Narrow-Moat Genmab

Rachel Elfman

Mar 6, 2024

Business Strategy and Outlook

Genmab is focused on the development of monoclonal antibody and bispecific antibody therapies in oncology indications. The company's best-known drug, Darzalex (or daratumumab), was developed in partnership with Johnson & Johnson for multiple myeloma. Darzalex is now entrenched in multiple myeloma care for several lines of therapy, including the frontline setting. Additionally, Darzalex is often used in combination treatments, unlocking even greater market potential. Genmab receives royalties of up to 20% from J&J on Darzalex sales, plus milestones from the company's antibody platform partnerships.

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