Financials Genmab A/S

Equities

GMAB

DK0010272202

Biotechnology & Medical Research

Real-time Estimate Cboe Europe Other stock markets 02:21:45 13/06/2024 pm IST			5-day change	1st Jan Change
1,844 ^DKK	-0.16%		-5.05%	-14.50%

10/06	Transcript : Genmab A/S Presents at Goldman Sachs 45th Annual Global Healthcare Conference, Jun-10-2024 09:20 AM
04/06	Truist Securities Raises Price Target on Genmab to $53 From $50, Maintains Buy Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	96,408	1,61,105	1,72,063	1,92,229	1,40,770	1,18,633	-	-
Enterprise Value (EV) ¹	85,618	1,45,026	1,52,725	1,69,905	1,12,635	92,742	86,418	79,757
P/E ratio	43.5 x	34.1 x	57.8 x	35.2 x	32.6 x	27.2 x	19.8 x	15 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	18 x	15.9 x	20.3 x	13.2 x	8.54 x	5.99 x	5.02 x	4.19 x
EV / Revenue	16 x	14.3 x	18 x	11.6 x	6.84 x	4.68 x	3.66 x	2.82 x
EV / EBITDA	30.8 x	22.1 x	46.8 x	25.3 x	20.1 x	14.6 x	10.4 x	7.3 x
EV / FCF	68.7 x	23.7 x	77.3 x	47.3 x	16.1 x	34 x	14.5 x	9.3 x
FCF Yield	1.46%	4.22%	1.29%	2.12%	6.23%	2.94%	6.88%	10.8%
Price to Book	6.85 x	8.5 x	7.82 x	7.07 x	4.5 x	3.46 x	2.81 x	2.35 x
Nbr of stocks (in thousands)	65,075	65,410	65,423	65,362	65,322	64,230	-	-
Reference price ²	1,482	2,463	2,630	2,941	2,155	1,847	1,847	1,847
Announcement Date	19/02/20	23/02/21	16/02/22	22/02/23	14/02/24	-	-	-

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	19,809	23,613	28,302
EBITDA ¹	2,777	6,572	3,266	6,719	5,616	6,334	8,307	10,925
EBIT ¹	2,638	6,313	3,018	6,357	5,321	5,352	7,843	10,460
Operating Margin	49.16%	62.44%	35.58%	43.56%	32.3%	27.02%	33.21%	36.96%
Earnings before Tax (EBT) ¹	2,859	5,904	3,983	7,035	5,637	5,863	8,282	10,862
Net income ¹	2,166	4,758	3,008	5,522	4,352	4,673	6,538	8,319
Net margin	40.37%	47.06%	35.46%	37.83%	26.42%	23.59%	27.69%	29.4%
EPS ²	34.03	72.21	45.54	83.65	66.02	67.98	93.38	123.1
Free Cash Flow ¹	1,247	6,126	1,976	3,595	7,014	2,730	5,948	8,574
FCF margin	23.24%	60.59%	23.3%	24.63%	42.58%	13.78%	25.19%	30.3%
FCF Conversion (EBITDA)	44.9%	93.21%	60.5%	53.5%	124.89%	43.11%	71.61%	78.49%
FCF Conversion (Net income)	57.57%	128.75%	65.69%	65.1%	161.17%	58.43%	90.98%	103.06%
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	19/02/20	23/02/21	16/02/22	22/02/23	14/02/24	-	-	-

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	4,991	9,039	5,284	5,549	5,229
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	1,511	2,412	1,711	2,081	2,850
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	2,229	1,631	1,831	1,547
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%	7.83%	24.66%	30.87%	33%	29.58%
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	185.2	3,374	1,698	1,733	1,634
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	455.7	2,598	1,363	1,300	1,280
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%	9.13%	28.74%	25.79%	23.42%	24.47%
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	-2.253	39.51	19.33	19.13	14.88
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	12/08/20	11/08/21	10/11/21	16/02/22	11/05/22	10/08/22	10/08/22	09/11/22	22/02/23	10/05/23	03/08/23	03/08/23	07/11/23	14/02/24	02/05/24	-	-	-	-	-

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	25,891	32,216	38,876
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,247	6,126	1,976	3,595	7,014	2,730	5,948	8,574
ROE (net income / shareholders' equity)	19.6%	28.7%	14.6%	22.2%	14.8%	15.4%	16.2%	17.8%
ROA (Net income/ Total Assets)	18.4%	26.2%	13.1%	20.1%	13.3%	13.8%	13.9%	16.1%
Assets ¹	11,803	18,143	22,885	27,453	32,704	33,779	46,924	51,570
Book Value Per Share ²	216.0	290.0	336.0	416.0	479.0	534.0	657.0	784.0
Cash Flow per Share ²	21.50	97.60	33.70	59.30	112.0	87.50	126.0	163.0
Capex ¹	79	307	252	317	366	480	515	647
Capex / Sales	1.47%	3.04%	2.97%	2.17%	2.22%	2.42%	2.18%	2.29%
Announcement Date	19/02/20	23/02/21	16/02/22	22/02/23	14/02/24	-	-	-

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

1,847 DKK

Average target price

2,464 DKK

Spread / Average Target

+33.41%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Bio Therapeutic Drugs

	1st Jan change	Capi.
GENMAB A/S	-14.50%	17.26B
VERTEX PHARMACEUTICALS INCORPORATED	+16.93%	123B
REGENERON PHARMACEUTICALS, INC.	+17.01%	111B
BIONTECH SE	-7.23%	23.63B
ARGENX SE	+3.20%	22.58B
BEIGENE, LTD.	-6.79%	17.6B
WUXI APPTEC CO., LTD.	-37.63%	17.61B
NEUROCRINE BIOSCIENCES, INC.	+2.17%	13.55B
SAREPTA THERAPEUTICS, INC.	+24.42%	11.34B
INSMED INCORPORATED	+98.94%	9.94B

Bio Therapeutic Drugs